The Development Bank of Wales (DBW) has been in the news a lot recently, and it’s usually bad news. About loans for individuals or companies of questionable probity and / or dubious commercial viability.

The case that’s gained most publicity was the £400,000 loan made to the generous, landfill-owning mate of our mercifully short-lived first minister Vaughan Gething.

The (R) you’ll see next to some names will be explained at the end.

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BETWS-Y-COED

I should warn you that what might appear to be a simple tale of the DBW making a loan to some guy opening a hostel in Betws-y-Coed gets rather complicated. But interesting, so it’s worth paying attention.

For those unfamiliar with this large village in the Conwy valley, maybe it’ll help if I tell you the wife and I avoid it between Easter and October. It’s a tourist trap; nice for all that, but best enjoyed when it’s not choked with coachloads of wrinklies from Warrington and Wolverhampton.

The piece you’re about to read took off when a comment to last week’s posting drew my attention to this item in the Daily Post. Intrigued, I naturally got to wondering about the man named, Rowern Wong (R), so I made enquiries.

It turns out that Mr Wong has a number of property companies, and many associates. Put together it paints an interesting picture. And opens up quite a few possibilities.

Before delving into who’s who and what’s what, I can tell you that whoever now owns Bryn Llewelyn, the change of ownership has not yet been notified to the Land Registry. So there’s little point in me showing you the title document I downloaded.

Though this Google image from May this year suggests the builders are at work.

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CONNECTIONS

Mr Wong’s company is named as Base Camp Snowdonia. Here’s the website. And here’s the Companies House entry.

You’ll see that the company in Wales was formed in December last year, and has since been joined, in July, by Base Camp Hathersage Ltd. Hathersage being a village in the Peak District. Both are controlled by Base Camp Hostels Ltd, formed in April last year.

So who’s behind the parent company?

If we turn to the ‘Persons in significant control’ tab it tells us that Wong was running things until the first of January, but now there’s no one listed as PSC. This probably links with the arrival of Mr Alexander Gibbs as a director on New Year’s Day.

And who is Alexander Gibbs?

Well, if it’s this guy (R), then he’s the Principal of Terra Firma Capital Partners. Here’s the Companies House entry. And if we click on the ‘significant control’ tab, we learn that the company is owned by Mr Guy Hands, who lives in sea-girt Guernsey.

Someone who became a Terra Firma director in May was Ajay Kumar Bahl, a chartered accountant. Looking at Bahl’s other directorships, among them is Pant y Maen Wind Ltd, which he joined in July.

This company is said to be owned by Brenig Wind Holdings Ltd. Which I can’t find. I can only find Brenig Wind Holdings II Ltd, based in Guernsey. So can we guess who’s behind this?

The only other director of Pant-y-Maen Wind is Oliver Gordon Hughes, who is a very busy boy indeed. With a number of Welsh names among the ‘renewables’ companies he’s been involved with.

The most recent among them is the International Sustainable Forestry Coalition, which Hughes joined in April. This looks like greenwashing. Finding land on which to plant trees and harvest whatever grants are going. Only formed last December.

‘Social justice’! ‘Circular bioeconomy transitions’! Did youse ever read such simpering bollocks! The company is owned by Australian Ross Hampton. The other directors are Aussies, Americans, Japanese, a few Scandinavians, a Brazilian and an Englishman.

Under the ‘About’ tab, we learn . . .

The ISFC is a Company limited by guarantee (not for profit) registered in the United Kingdom. Each member company has the right to nominate one individual to become a Director of the ISFC.

So each director of this cuddly, not-for-profit front is there representing a major corporation looking to plant trees in order to save the planet make lots of easy money out of the ‘carbon is evil’ nonsense.

Before pushing on, let’s recap. This story started with someone opening a hostel for hikers in Betws-y-Coed, and landing a £500,000 DBW grant.

But the parent company, Base Camp Hostels Ltd, links with a big-shot financier in the Channel Islands, and various green scams, quite a few of which seem to be in Wales, including Pant-y-Maen wind farm south west of Denbigh.

I’ll end this section by mentioning two other companies run by Rowern Wong.

The first, Mount Fitzroy Partners Ltd, was launched in October 2016 and dissolved two years later without apparently doing anything.

July 2023 saw the birth of Walbrook Ventures Ltd (originally The Marylebone Trading Co Ltd). Now six weeks late with the first confirmation statement.

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SHARES

On the same day in April this year Base Camp Hostels moved its address from Wong’s pad to the second floor at 168 Shoreditch High Street and an intriguing share distribution was registered with Companies House.

These are divided into Founder shares and Ordinary shares. Wong has 100,000 of the former, Gibbs 75,000.

The Ordinary shares introduce a number of interesting players. I’ll take them in the order they appear on the Companies House document. Leaving aside Wong and Gibbs, the first name we come to is:

BERNIE BOYLAN, and I think this is our boy.

BARTOSZ JASKULA (R), may be this guy. But Companies House says he’s no longer with Mergerlinks Ltd. He goes climbing with Wong.

CALLUM LAITHWAITE must be this guy.

TERANCE LI. Is it this guy?

ALEXANDER MAXWELL-SCOTT. I’m fairly sure this is him.

B72 VENTURES UG. As the name suggests, is German, based in Mannheim.

LIDEN HOLDINGS LTD, is registered in Gibraltar.

NANKILLY INVESTMENTS LTD. Is registered with Companies House.

You must admit, that is a very eclectic collection of investors in what is after all just a small company running one, possibly two, hostels. And they’re all money men.

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THE MANCHESTER CONNECTION

Let’s move over now to the land of the Mancs, for Mr Wong has been busy there buying up property. Done through his company Kaltain Ventures Ltd. The other director, with an equal number of shares, is Babaola Alabi Omiyale (R).

Omiyale is also a director of Bisley Solar Ltd. I found, by a tortuous route, that this company is owned by Impax Asset Management. Which ‘pioneers’ . . .

. . . investment in the transition to a more sustainable global economy and today is one of the largest investment managers dedicated to this area.

Kaltain Ventures Ltd has bought six properties in Manchester with loans or mortgages from the Paragon Bank PLC (5) and The Mortgage Works (UK) PLC (1). Other properties might have been bought without loans, or with loans that do not need to be declared to Companies House.

But clearly, Rowern Wong and his mate Omiyale, are into the buy to rent sector. Which would appear to be something of a departure for Omiyale.

Because from his Linkedin entry it seems he’s representing planet-saving Impax at Bisley Solar. Which makes sense. But how do we explain his involvement with Wong in Manchester? Is he freelancing, making some pocket-money?

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FURTHER QUESTIONS

The Development Bank of Wales loan was delivered January 15, a month after Base Camp Snowdonia Ltd was launched. Which was remarkably quick, especially as Christmas and New Year intervened.

It’s reasonable therefore to assume the DBW was dealing originally with Base Camp Hostels Ltd (launched April 2023), and perhaps advised that English company to set up a Welsh entity to avoid exciting the likes of me.

Though if we look closely at the DBW deal we see that it’s actually two transactions. There’s a mortgage for Bryn Llewelyn, and then . . .

All other freehold and leasehold property now or in the future belonging to the company together with all buildings, trade and other fixtures

July saw the launch of Base Camp Hathersage Ltd. Presumably after buying a property in the village of that name. Was it bought with DBW money? Because no charge is shown against the company.

If that is the case, then not only did DBW give an English company money to buy property in Wales, it might even have funded the purchase of property in England.

Then, and as I mentioned earlier, there’s the fact that although Bryn Llewelyn must have been bought earlier this year, the change of ownership has not yet been registered with the Land Registry.

And until the new title document is available we won’t know a) who actually owns the property, or b) if there’s another charge, for money received from some other source.

We’ve already considered the share issue at the parent company, Base Camp Hostels Ltd, in April. But what brought them all together? What’s the common denominator?

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CONCLUSION

It’s a long time since I’ve written a piece with so many unanswered questions, so many loose ends. But that’s how it’s worked out. Because, I suspect, there may be a lot more going on here than just a hostel in Eryri.

Now it’s time to explain the (R) you’ve seen after a few names. And I’ll do it by showing you Rowern Wong’s Linkedin profile.

For without checking all whose names have cropped up here I was still struck by how many of those mentioned had, like Wong, worked for Rothschild & Co. Of course, it could all be pure coincidence. But maybe not.

Returning to his Linkedin bio, we see that Wong’s day job seems to be Chief Operating Officer of an outfit called General Projects. I eventually found it on the Companies House website.

Their Linkedin profile says:

A creative-led real estate developer that builds innovative and inspiring buildings wholly designed for the new economy

What’s the “new economy“?

I also found the website. But there’s no mention of Wong. Has he left? Is he now a full-time hostelier? (Is there such a word?) Does he need to update his Linkedin bio?

On the General Projects website, under ‘Purpose’, I found this chilling statement, leaving us in no doubt about the kind of people we’re dealing with:

A commitment to be operationally Net-Zero Carbon across our whole portfolio by 2030 in addition to the supply of energy from 100% renewable sources

Which ties in with something else that struck me, almost a thread running through every involvement and angle I looked into, was corporations seeking profitable investments that could be dressed up as saving the planet.

Is there a link between Rothschild and the planet savers? If so, where might Rowern Wong fit in?

Look at it this way. If you were a company, even an individual, in the greenwashing business, and you were looking for ‘pliable’ politicians who’d already bought into the climate scam and would therefore guarantee you easy money, then Wales would be very attractive.

Maybe Rowern Wong is testing the water with his hostel in Betws-y-Coed; getting to know people in Corruption Bay, seeing how things are done. Just a theory.

But whether I’m right or wrong, given all the money men involved with Base Camp Hostels the Development Bank of Wales should not have dished out £500,000 of our money. Especially if some of it was used to buy a place in the Peak District.

Though it may be significant that the money men appeared after Rowern Wong’s ventures had been primed with DBW money.

That said, the apparent change in control of the parent company, Base Camp Hostels Ltd, may have taken place before the DBW loan.

Does the Development Bank of Wales know who it’s really dealing with?

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© Royston Jones 2024