Yesterday we revealed that while Daniel Stewart (DAN) does not have enough regulatory capital to operate as an FCA authorised firm it has enough capital to plan a lavish Champagne Christmas party (where’s my invite?) HERE. But it gets worse. Much worse. This is crony capitalism in a nutshell.
All FCA firms must file quarterly returns on Reg cap. Yet this shortfall was only flagged up by new auditors in September. When did the shortfall arise? Were prior quarterly returns inaccurate? Who has been fired?
Why does Daniel Stewart not have enough capital (i.e. cash)? Because it is run as a firm for the benefit of Chairman Peter Shea, fuck the shareholders. As such I draw your attention to the 2013 accounts. In that year Mr Shea took a salary of £170,000 plus a subsidiary (DS Leasing) paid 312,000 to the Daniel Stewart Partnership which is in fact a partnership of which the beneficial owner is …Peter Shea. So in a bad year for DS PLC Shea took out £182,000. Contracts that with 2012 which was a good year for the PLC. In that year Shea took out £457,411 (including the £12,000 to the “partnership”.
That is the way it works. In a bad year
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