Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
This is the first time I've posted here - although I've followed the posts (usually with dismay) off and on for many years. I was originally a MW investor which looked genuinely promising prior to the takeover by Integumen. My solicitor advises that it ought to be possible to go after one of the directors, the accountants or the auditors for fraud. The difficulty would be proving, or at least demonstrating, it.
Starter question for ten: What do people believe happened that was fraudulent and what evidence might, conceivably, be obtainable?
You will need an employee to whistle blow but that is always likely in time. It all takes time and even years: https://www.rte.ie/news/business/2023/0609/1388341-insider-trading-case/ but in the end it always happens.
A few things below that I would focus on:
- Currently Deepverge has not paid any of the staff their holiday pay from 2023 which is likely illegal on some level. Whether they purposely didn't pay it is another thing. For those staff in Ireland it is likely one for the https://www.workplacerelations.ie/en/ and those in the UK maybe Acas https://www.acas.org.uk/acas-code-of-practice-on-disciplinary-and-grievance-procedures
- probably the big one in terms of how us investors were deceived is the 2022 accounts were indeed just lies and inflated over 100% and more by DVRG Group Financial Controller Shiv Rawal. He worked as the assistant manager of Jeffreys Henry LLP Group FCO before switching over to Deepverge as a direct employee. This would need investigating as the new fincancial controller they brought in corrected it and put some excuse around it other than a cooking of the books as they say. Interestingly in 2023 none of these orders came through either as time has gone on, so as I say complete fabrication.
- Then you have the buying of a cleaning company Glanaco for a million and being sold back to Glanaco for a pound and that is a family company of Deepverge Director Fionan Murray. Glanaco have no connection to Modern Water and do not have any expertise in specialised water testing equipment. Any ex employee of Modern Water would attest to this.
- Then you have the deal Nigel Burton and Gerard Brandon did with Deepverge via Microsaic whereby a contract was signed that allowed Microsaic extract potentially over 1 million from Deepverge for services that staff at both companies could definitely not attest to.
- Then of course all the RNS's with all numbers for this and that, that are all lies.
- still no audit in 2023 by an external company.
I am sure ex staff posting here can add to this list but of course it will need a staff member to formally bring this forward. Now of course you will see Microsaic move assets from Modern Water into Microsaic and there circus continues. The Irish mafia exists.
Many thanks - that's a great summary. I see Declan Service was a director of Integumen, but was terminated on the 5/4/2018. Do you happen to know where he resurfaced?
The circus trick has been completed over at Microsaic https://www.lse.co.uk/rns/MSYS/conditional-placing-0s767ezlnbh712u.html