3059 days ago
I start with back news, not good but at least I have a handy tip for dodging passport control. Then it is onto the son of the late Brian Schneider of OEM infamy. He wants you and I to pay far more tax from our legitimate earnings though he has lived a privileged life - and still does - thanks to the proceeds of crime. He is a leading Jeremy Corbyn organiser. Right on Comrades. I look at Petropavlovsk (POG) and the idea of buying shares for the bid. I move onto a new biotech IPO, Levrett. I explain why its a bargepole but also how the coverage of this in the Mail on Sunday (Simon Watkins) shows again the corrupt nexus between certain financial journalists and the PR world with an aim to dupe you, the investor. Then it is onto Jabba The Hutt's Afriag (AFRI) where I follow on from today's bombshell HERE and the follow up HERE by explaining the real problem it - and AIM - now faces.
3140 days ago
This is disgusting. Directors of OEM (OEM) stole £6 million from the company before it went bust - see HERE. Accountant’s Baker Tilly sued them and the case was set to come to court next month. But do the City fat cats give a FF about creditors or shareholders? Of course not. A shoddy deal and a gagging order to protect fat cats and thieving director alike has just been agreed.
At the outset Baker Tilly and City fat cat lawyers Lesters Aldridge took Counsels opinion on the likelihood of recovery. This was sufficiently robust to obtain insurance cover on fees as they set about recovering £6 million of stolen funds from the directors.
Shareholders were assured that ex director Robin Turner alone had £10 million of free and clear assets. Meanwhile former CEO Robert Noonan had transferred his prime assets into the ER Trust (controlled by his wife) But shareholders were assured that Baker Tilly would ' break the Trust ' and pursue Noonan to bankruptcy.
But scumbag lawyers
3694 days ago
Why are so many in the City so keen that the matter of OEM (OEM) the fully listed company that went tits up in 2009 be buried and hushed up? I have revealed in recent days how administrators at Baker Tilly are going after four directors for £6 million that disappeared and how this leaves accountants Hacker Young so red-faced. Now let’s turn to the London Stock Exchange.
OEM as fully listed. Hence regulatory responsibility lies not with a Nomad as on AIM but with the UK Listing Authority, the LSE.
In 2005 OEM appointed as its Company Secretary a Brendon McDuggan.
3695 days ago
I recounted at the weekend how Baker Tilly, administrators to ex fully listed stock OEM (OEM) is seeking to claw back almost £6 million from four of its former directors. I have more information about a scandal which will embarrass many in the City but notably accountants Hacker Young – see HERE.
I have been told that Baker Tilly sent out Letters Before Action to the directors 10 days ago. One director (the head honcho Robert Noonan) last Wednesday asked for an additional seven days to reply. The clock is still ticking and is now at T-11, that is to say by 28th March all four must cough up or Baker Tilly will start the process of getting its hand on the cash. What price an estate just behind Nice Mr Noonan?
How much could shareholders get?
3697 days ago
OEM (OEM) was a fully listed company whose shares were suspended in 2008 after it emerged that the asset backing folks thought was there had er…gone missing. A couple of years later it was wound up. And certain individuals must have hoped it would end there. But it has not. A reliable source has told me that a £6 million bombshell is on the way which will embarrass a lot of well known City players.
The directors appointed accountants Hacker Young as administrators. Its initial report found nothing was amiss. The UK Listing Authority did nothing. The Old Bill did nothing. “Move along now plebs you have lost your money now piss off” was the official line.
But it appears that Hacker Young was removed as the administrator at some stage and we gather that the new administrators, Baker Tilly, will shortly send a letter announcing that they are going after four directors for £6 million
