Alfred Kemfe

Magna Global’s MIX2 posts £1 million loss as owner scrubs luxury lifestyle from Insta

Struggling property investment scheme Magna Global has filed July 2019 accounts for its MIX2 entity, reporting a £1 million loss.

This follows Magna investors reporting they have not been repaid on time, and one of Magna’s other companies which took in money from investors, Magna Investments X (aka MIX1), also posting a £1 million loss.

MIX2 issued 12-month bonds to investors paying 12% interest over the term. Bonds were promoted to investors by unregulated introducers.

MIX2 owes a total of £5.4 million and has assets of £4.4 million, described mostly as “unlisted investments”. The accounts used small company exemptions and contain little other information.

The accounts were filed at the last minute on 30 July before the 12-month deadline expired.

Magna’s final entity that I know of, MIXG Limited, is due to file its first accounts by the end of October.

Magna joint-owners Chris Madelin and Oliver Mason have recently scrubbed their Instagram profiles. Madelin’s in particular was notable for its dedication to posting public photos of him enjoying a luxury lifestyle.

Chris Madelin Instagram
Living in the crap of “luxuary”.

Where Madelin got his wealth from is unclear. At time of writing, companycheck.co.uk lists Madelin as the director of 26 active UK companies that I was able to find. Most of these had negative or zero net assets and none of those with positive net assets had more than £30k.

Chris Madelin Instagram
Mr Madelin is not accused of any wrongdoing other than crimes against taste.

(Hat tip to a Bond Review reader who saved the photos from Instagram.)

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