[Maresca Was A Baggie]

We won't be seeing any money. In fact I wouldn't be surprised if he doesn't take even more out of the club to prop up his business interests in China. This club is going nowhere whilst he remains in charge.

[SmethDan]

We won't be seeing any money. In fact I wouldn't be surprised if he doesn't take even more out of the club to prop up his business interests in China. This club is going nowhere whilst he remains in charge.

Big Ron has already gone on record to say no more money will be leaving the club. OK so he had every faith the other money due in loans would have been returned by now, but other than that there's nothing to worry about. At all........ taps watch etc.

[Maresca Was A Baggie]

Big Ron has already gone on record to say no more money will be leaving the club. OK so he had every faith the other money due in loans would have been returned by now, but other than that there's nothing to worry about. At all........ taps watch etc.

As major shareholder surely he can do as he pleases??

[gerry m]

As major shareholder surely he can do as he pleases??

And he is!

[costa blanca baggie]

And he is!

He must be a viler.

[overseas baggie]

As major shareholder surely he can do as he pleases??

Nope.  Only if he owned 100%.  And the eyes of many are watching very closely

[tambag]

Nope.  Only if he owned 100%.  And the eyes of many are watching very closely

He can do what he wants as the minority shareholders can ask for a EGM but any motion would not get voted on as his majority shares would get want he want.

Mr Peace did things like moving the AGM to London so he didn't have to listen to the minority shareholders and there is nothing the minority shareholders can do. 

[Philly88]

As major shareholder surely he can do as he pleases??

He can, realistically but I get the idea that Ron would block him. He has every power to sack Ron though and put a 'yes man' in. 

[overseas baggie]

He can do what he wants as the minority shareholders can ask for a EGM but any motion would not get voted on as his majority shares would get want he want.

Mr Peace did things like moving the AGM to London so he didn't have to listen to the minority shareholders and there is nothing the minority shareholders can do.

He can do it - but not without potential consequences for the directors - who are personally exposed for any breach of fiduciary duty

[overseas baggie]

He can do it - but not without potential consequences for the directors - who are personally exposed for any breach of fiduciary duty

And note to the point it would be a breach of the MSD loan security and as an event of default they could enforce their security immediately.  It won’t happen.  In fact it’s a lot safer position than it was before MSD’s security was put in place.

[graka]

Better already after the changes. Please don’t start that formation with those players in those positions again

[SmethDan]

Better already after the changes. Please don’t start that formation with those players in those positions again

Oh, so Lai was responsible for that first half last night then?

It's slowly beginning to make more sense to me now    .

[BigFrank20]

Do we know if any sort of 'forensic' review of the clubs accounts has been done and specifically into Lai's financial dealings from the start of his tenure at our club?
I wouldn't be surprised to find out that he is a serial offender and has been salting away the clubs cash from much earlier than we are finding out about at the moment.
I'm particularly suspicious about the period we were a premiership club and more 'awash' with cash?
COYB 

[baggiejohn]

Do we know if any sort of 'forensic' review of the clubs accounts has been done and specifically into Lai's financial dealings from the start of his tenure at our club?
I wouldn't be surprised to find out that he is a serial offender and has been salting away the clubs cash from much earlier than we are finding out about at the moment.
I'm particularly suspicious about the period we were a premiership club and more 'awash' with cash?
COYB

I think HMRC would be all over anything suspicious in the accounts.

[overseas baggie]

Do we know if any sort of 'forensic' review of the clubs accounts has been done and specifically into Lai's financial dealings from the start of his tenure at our club?
I wouldn't be surprised to find out that he is a serial offender and has been salting away the clubs cash from much earlier than we are finding out about at the moment.
I'm particularly suspicious about the period we were a premiership club and more 'awash' with cash?
COYB

Yes - the annual audited financial statements

[BigFrank20]

I think HMRC would be all over anything suspicious in the accounts.

I'm not suggesting anything illegal more devious or near the knuckle, as I said I somehow doubt this is his first offence (against the spirit of the rules)

[BalisPen]

I think HMRC would be all over anything suspicious in the accounts.

No they wouldn't.

All they care about is getting what they are owed.

They don't go through every set of accounts to see if the owner has been taking money out.

[graka]

Do we know if any sort of 'forensic' review of the clubs accounts has been done and specifically into Lai's financial dealings from the start of his tenure at our club?
I wouldn't be surprised to find out that he is a serial offender and has been salting away the clubs cash from much earlier than we are finding out about at the moment.
I'm particularly suspicious about the period we were a premiership club and more 'awash' with cash?
COYB

I think the hegazi and pereira sales were suspicious
I’d love to see a trail of the transfer fees paid to us, I mean even Dowling was rumpured to be involved in a dodgy deal with not all the pereira fee coming to us

[BigFrank20]

I think the hegazi and pereira sales were suspicious
I’d love to see a trail of the transfer fees paid to us, I mean even Dowling was rumpured to be involved in a dodgy deal with not all the pereira fee coming to us

This is the sort of thing I was trying to get at! Will the accounts show if both those fees have been paid up? Have they been paid up?

[baggiejohn]

This is the sort of thing I was trying to get at! Will the accounts show if both those fees have been paid up? Have they been paid up?

As I said yesterday, they won't show on the accounts.

It's similar to the "cash in hand" trade deals, where only part of the transaction is shown on the accounts to avoid paying tax.
 
On the other hand, you can bet your life that GL borrowing £7 million from WBA to support a vague company in China, will be a red flag to HMRC.
Also the allegations made by the Times, as refered to above, won't have gone unnoticed.

[overseas baggie]

No they wouldn't.

All they care about is getting what they are owed.

They don't go through every set of accounts to see if the owner has been taking money out.

Correct.  It’s the auditor’s job and they’d be all over it like a rash.  They have a duty to disclose anything untoward.

[overseas baggie]

As I said yesterday, they won't show on the accounts.

It's similar to the "cash in hand" trade deals, where only part of the transaction is shown on the accounts to avoid paying tax.
 
On the other hand, you can bet your life that GL borrowing £7 million from WBA to support a vague company in China, will be a red flag to HMRC.
Also the allegations made by the Times, as refered to above, won't have gone unnoticed.

Sort of…

The contracts for all international transfers must be filed with FIFA.  That paperwork will be available to the auditors, who then check whether what is due has actually been received by the selling club and, if not, disclose the shortfall in the accounts.   However, if the paperwork itself didn’t show the full figure (ie the transfer fee is understated and part of the money goes directly to the owner) then that is possible - although if it ever came to light the owner would be charged with fraud.

The money going out of the club won’t itself directly be of interest to HMRC as no tax liability would have been evaded or avoided.  However, it may indirectly cause HMRC to investigate what else may have been done in an underhand manner.

We have to trust the auditors. They have too much to lose by turning a blind eye.  The current auditors will be all over the current situation.

[NJS]

Sort of…

...

We have to trust the auditors. They have too much to lose by turning a blind eye.  The current auditors will be all over the current situation.

Just like the auditors of Carillion? 
https://www.cityam.com/high-profile-scandals-saw-uks-audit-watchdog-hand-out-record-46-5m-in-fines-last-year/
 
They big boy auditors keep getting contracts despite their track records.

[overseas baggie]

Just like the auditors of Carillion? 
https://www.cityam.com/high-profile-scandals-saw-uks-audit-watchdog-hand-out-record-46-5m-in-fines-last-year/
 
They big boy auditors keep getting contracts despite their track records.

Fortunately they aren’t all like that, especially the new auditors

[gazberg]

As football clubs are starting to release the books for last season now and in the near future it will be interesting to see what ours show.

Did Lai dip into the bank of WbaFC or has he had his fill.