Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I do agree with everything you have said, fairdealer 20, I would think the BoD knew of the potential black holes at least 3 years before the sh*t his the fan. Regrettably, all the deceptive, dishonest and incompetent Management, will receive is a rap over the knuckles and possibly banned as directors for a short period of time. As always - many good people suffer because of the greed of a few.......
It has now been revealed Howson negotiated a secret package upon his removal. The BOD agreed and secret accounts were created too accommodate Share options Howson had demanded. Those options were not exercisable until 2019 & 2020 so are worthless...ha ha. This yet again, demonstrates the deceptive, dishonest and incompetent Management Cariilion employed. Trust the full weight of the Law will be thrown at the Individuals responsible, if only to show others " you cannot manage a Major, or any, Company, in a self-serving manner as operated in Carillion".
Sorry fairdealer20, "Some should end up in Gaol" not enough gaols,the UK would have to build a number gaols each year. ATB DAR
Believe Kiltearn were looking to sue after the July announcement. Whether they still have the Interest is anyone's guess, but worth a contact. Seeing how the BOD payed Financial advisors �5m just 24 hours before filing for Compulsory Administration is deplorable. Some should end up in Gaol
Think it was pretty much private investors at the end. That doesn't matter too much as the likes of Standard life,Kiltearn,Letko are cheesed off because they still took a massive hit reducing thier positions from late summer.
Does anyone have a list of institutional investors with percentage holdings before this company went belly up? Spare a thought for the investors who invested in CLLN via the II who lost their clients� money and charged them a management fee for the privilege!
H-hi,i don't think anyone on here was able to shut you up.We all got called idiots,morons,muppets etc etc its a part of posting. Yes you got it right,best ponzi for a long time. Its great watching this story unfold.Would like to know why Blackrock attempted to reduce so quickly towards the end,seems suspicious.
They liquidated the company via excessive pay, negligence and huge cash divi from imaginary profits. Some dumb guys here tried to shut me up, calling me emotional woman...........Coch knew the game plan back in July 17 and his job was to tip CLLN to liquidation.
KPMG quoted this,Scope of review "We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements". Wouldn't you think "going concern" is a misstatement?Page 24 states, "For this reason, and notwithstanding that the interim balance sheet shows a net liability position, the Board continues to adopt the going concern basis in preparing the interim financial statements".
Clln know of no material reason that all share holders are plssed off lol !! Sounds like the scam of the century those mongrels pulled!!
The insiders liquidated the company and never attempted to rescue it. With the order book, why didn�t they raise money in July? Serco and Balfour Beatty raised capital so why didn�t they raise cash to plug hole, slash costs, sell assets, reduce overheads, some clawbacks from previous bonuses. The directors were scared they would have to repay their fake bonuses so they went down liquidation route. They knew banks won�t lend them money and the government would be stupid to be paying the directors huge salary too.
Minutes have revealed, a Senior Lawyer warned Directors at a Board Meeting last May, they may be guilty of misleading the Stockmarket
Here's another one,Adams sold his share in March 2017 and May 2017,prehaps someone tipped him off on the 1st of March 2017 that there was going to be a massive write down. https://www.theguardian.com/business/2018/feb/26/ex-carillion-cfo-sold-800000-in-shares-after-retirement
Whata.Was an internal auditor back in the 1970's and the boss at the time was more than happy for us to make some discreet phone calls to customers and politely request for any payments they had made so we could check its progress through our accounts. The external auditor for KPMG must of said it over 30 times that when he approved the accounts for 31st Dec 2016 all was in order(a going concern).I think he was concerned about the 12 month rule,yet at audit committee meeting in Feb they knew the debt was higher than the �76m on the Qatar contract but never amended the debt on the published accounts released in March 2017.
http://parliamentlive.tv/event/index/0c6ee4d2-6b17-4782-9db4-5c615904a55b?in=09:15:48 Internal audits role is not only to install robust procedures but to follow up and make sure they are working.If it requires phone calls on major contracts(Qatar) to see if revenue is following its correct route then this should be done.Even if its only to prove that money isn't being nicked. Internal audit is there to investigate and question.
Thanks for your wise words. I have dabbled in oil before and made and lost fortunes Lol. So far so good 25% up this week on MATD and thanks for the tip on I3E. I will derisk on the way but I cannot imagine loosing the lot like here. GLA. You all deserve it.
Well could start with contempt of Parliament.Coch said no payments recieved from Qatar for 18 months but Qatar are saying that they did pay.Cannot be to difficult to prove that. If KPMG are complicit i couldn't think they are short of a few bob. If HMG want to make an example,there has never been such a good opportunity.
Whatamess.The shares went into oblivion together with the company.Who should refund the shareholders,and where does the money come from?The Government certainly will not.there is no crock of gold. As for jailing the directors,the only way this could happen is if could be proven that they continued trading when knowing that the company was insolvent,this is a criminal offence.Difficult to prove,and would take hours of accountancy to find the fraud.It would not get your money back though unless you took out civil proceedings against the directors,and this would be costly and unlikely to succeed.
Thank you for your compliment.Great fun between us! Who dares wins!Be careful,you are entering dangerous territory,and may not recoup your losses. Do not crash and burn.I do not want to be writing a second stanza!
I3E appears to be gaining traction. Obvs DYOR and all that
Oh I know - i was being a little facetious. Nobody is lily white in the industry unfortunately and whilst the board must be held accountable people in the industry and big clients need to take a long hard look at themselves. The issue with low margins and poor cash flow ultimately stems from clients not wanting to pay their way. I've seen it time and time again.
Mick,great explanation. Must add though the Scouser never gets paid and files for bankruptcy,happy days.
Great Post Anybody. I am sticking to dodgy AIM oil exploration shares from now on! MATD looks the best of a bad bunch. It is do or die time to recoup some cash. He who wins!
Tis a silly joke m8 Better to laugh it off than remain bitter ALL equities are high risk btw
So you're saying that government officials are on the take and incompetent in their procurement practices and are equally to blame?