Fool me once...

[Thinker 875]

Directors are obliged by law to avoid benefitng from conflicts of interest and failure to declare such is a criminal offence. "An interest can be direct or indirect. A conflict of interest could occur, for example, where a director is a director of another company which is a competitor, a major supplier, or a customer of the first company. An example of an indirect conflict of interest could be where a director represents a major shareholder in the company whose interests conflict with those of the company."

 

Thanks BH, I bow to your superior knowledge of the law in these matters,

 

What do you suspect is at the root of the last two years of mismanagement?

[Zappa 0]

I read on Saturday night about someone who was given abuse FOR singing 'sack the board'.

 

I witnessed someone getting abuse for chanting 'sack the board', but in fairness, the woman dishing out the abuse was a sandwich or two short of a picnic.

[BrahimHemdani 1]

Thanks BH, I bow to your superior knowledge of the law in these matters,

 

What do you suspect is at the root of the last two years of mismanagement?

 

Without seeing any documents it is very hard to know; but I suspect that a combination of incompetence and greed are the main factors. I would doubt it has been misappropriation (in a criminal sense) but certainly wouldn't rule out conflicts of interest. That said I would stress I am not making any allegations; I have no evidence of any wrong doing.

 

I think the issue for the current Board is do they spend more time and money on a forensic examination of the books and records to establish whether or not there has been any criminality by previous directors or just "move on" as Americans would say.

 

I would have a great deal of sympathy with anyone who wanted to pursue the former course but you would have to weight the costs and potential benefits. I may be wrong but I would guess that such a report would cost hundreds of thousands of pounds, I doubt it would be £10,000 or £20,000; the accountants on here would know better than me. I think the chances of recovering any money would be slim and might incur the further costs of legal action.

 

As I said if anyone has evidence of criminality by past or present Board members then they should take it to the proper authorities who will decide whether or not to investigate and raise charges. So IF someone has been guilty of a criminal offence then they could face stiff penalties and that might give shareholders some satisfaction but doesn't really help the Club a great deal other than perhaps removing any such current directcor from the Board.

 

Again I must stress that I have no knowledge of any criminal activity.

Edited April 28, 2014 by BrahimHemdani

[aweebluesoandso 290]

I witnessed someone getting abuse for chanting 'sack the board', but in fairness, the woman dishing out the abuse was a sandwich or two short of a picnic.

 

I would have relished the confrontation with that fruitcake , although i am bit of a chicken i would have took a breadstick and ciabatta her about her person. No doubt i would have been in a pickle but you wouldn't hear me wine about it. Anyway enough of this cheesey post hope it added to her picnic.