In the seemingly unrelated worlds of challenger banking and online lottery operations, two businesses share uncanny connections – Kroo, a new entrant in challenger banking, and Lotto Billions, a digital lottery. While they may seem poles apart at first glance, a closer look reveals peculiar common threads.
Firstly, both entities call the United Kingdom home, or at least in the case of Lotto Billions, its parent company does.
Secondly, both operate in highly regulated industries, where meticulous scrutiny and due diligence are the norm, these businesses navigate the financial landscape with a shared backdrop of oversight.
Lastly and most notably is the Valimahomed connection shared by both companies. In a bizarre coincidence, both Kroo and Lotto Billions were each founded by a Valimahomed sibling, with Kroo being the brainchild of Nazim and Lotto Billions having been brought to life by his notorious brother Nooreddin.
Strangely, both brothers, though founders, do not hold director positions in their respective ventures. This departure from convention raises eyebrows. In the case of Nooreddin, he not only abstains from a director role but also refrains from being a shareholder despite his public claims of being the Co-Founder and Chief Strategy Officer for the group. Thus, leaving industry observers scratching their heads as the norm dictates that a founder typically assumes a director role in a developing company.
After doing all of the hard work required to set up UK challenger bank Kroo, Nazim suddenly stepped down from his role as a director on 21 April 2021, slap-bang in the middle of the Financial Conduct Authority’s (FCA) due diligence on directors of the firm. So, after having the inspiration and gumption to get Kroo off the ground, Nazim is left holding the position of Chief Product and Design Officer & Co-Founder. A role that clearly does not require FCA approval.
https://kroo.com/blog/building-a-bank-its-getting-real
https://kroo.com/files/kroo-annual-report-2021.pdf
https://kroo.com/leadership-team
https://register.fca.org.uk/s/individual?id=0034G00002t7u8BQAQ
Despite both of the brothers boasting about their entrepreneurial successes, a closer examination reveals a trail of spectacular collapses. Nooreddin’s track record encompasses a litany of missteps and failures, ranging from a mobile handset manufacturer to a telecom operator, a nightclub, a record label, and Cadbury Russia. Whilst Nazim’s ventures include a successful PR and marketing company that he set up and sold. In recent interviews and press releases, he has specifically expounded on his success in handling the marketing for Cadbury Schweppes in Russia.
https://www.cityam.com/one-of-the-uks-fastest-growing-fintechs-says-it-will-outpace-starling-soon/
Considering his untrustworthy sibling’s involvement, it’s a peculiar “achievement” to highlight. Especially as whilst Chairman of Cadbury Russia, Nooreddin drove the company to the edge of disaster. The financial turmoil he left in his wake necessitated the company’s prolonged liquidation process, which concluded only last week (16 February, 2024). After leaving the helm at Cadbury Russia, Nooreddin was made personally bankrupt and according to court reports, was subjected to financial investigation by two banks who were significant creditors in this whole debacle.
The burning question is why the Valimahomed brothers are reluctant or unable to be officially listed as directors at the regulated companies they individually founded? Perhaps the clue is in the word “regulated”.
