The U.K. Serious Fraud Office (SFO) on Wednesday announced an ongoing criminal investigation into the business practices of individuals associated with Arena Television and its linked entities.
The outside broadcast company abruptly ceased trading late last year after more than 30 years in business. Arena Television entered administration in November; its administrators at Kroll filed a report with Companies House in January that stated the company had debts of more than 280 million pounds (U.S. $374 million) owed to 55 asset-based lenders
The SFO announced two individuals were arrested as part of three sites searched Wednesday morning by the regulator with support from the National Crime Agency. “These searches and arrests form part of wider investigative activity being undertaken by the SFO in relation to this matter,” the regulator said in a press release.
The SFO offered no further information.
Arena Television’s most recent accounts (from 2019) showed the company reporting assets worth £58.6 million (U.S. $78.2 million).