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Do you think this was planned for some time, and Ali upped the spending and advertising so that when he took over the company, it should have been operating at its highest level possibly ever !!
Last year the company was in a cash conservation mode spending 750k per month
At the end of this year the company stated they were in cash conservation mode, on the 21st oct the cash balance was 3.3 million, come the 10th Dec the cash balance was 400k, where did 2.9 million quid go in 6 weeks????
The frp report states the company knew early in Oct the rbi had declined flfl to invest, at that point the company probably had 4.5 million cash, had the company of reverted to 750k per month cash burn we would of had until end of feb to find funding
The purposeful negligence here is beyond the joke
VERY DODGY what happened here .Imo LORDS on companys normally ends in pain as people investors go well he is a lord .. Take a step back look at some of the so call lords on the stock mkt and check them out
Guys, can i advise each and every one of you to contact the fca individualy, also send the same concerns to the sfo (serious fraud office)
You should also contact your local mp, they need to be made aware of this scam, we have been ripped off by a labour peer and lord, he has also pulled this off before, first time round he ripped off banks and a large investment firm namely 3i, this time he has ripped off shareholders
I know of people who have lost everything, the list of people that have been ripped off by all the lies is disgusting -
People at retirement age left with nothing
Disabled people
People that have lost their children
Everyone invested put their faith in Waheed Alli but he has no morals and no integrity
We all need to keep pushing, do not give up!!
Even the frp administration report was packed with lies, lies that are easily proved by reading the recent rns's
The administrator were so say appointed after 11.30am and 6 hours later the business was valued and sold to Waheed Alli for a pittance, last year with 6 million revenue they valued the company at 60 million with the 15p placing yet this year with double the revenue it was Valued at just 250k?!
Something's very wrong here
Welldone Neyori!
I request as much peope to email FCA.
I have created a Facebook page on How Waheed Alli has robbed his shareholders in the Name of ASOS of India.
https://www.facebook.com/How-Lord-Waheed-Alli-Robbed-KOOVS-shareholders-in-the-name-of-ASOS-of-India-101188174738712/?modal=admin_todo_tour
Its just a beginning. We have lots of time to build that page and share it to the indian consumers. Its people justice.
I hope Putneylad and others working with him, can put together a strong case which requires detailed information, not easy but i hope they persevere and make Lord Alli accountable .
Thank you, Neyori for posting this.
From what I gather below, the FCA will not publish details about the content of their assessment (fair enough), however did they say they would come back to you directly with their conclusion one way or the other?
Thank you to others for your persistence in flagging and shouting about these awful actions.
putneylad, well done for your relentless effort.
Also a long term holder and unfortunately lost 91% of several thousands of my pension invested in this share along with hundreds of pounds for my little boy. I wrote to the FCA using the address provided and this is their response:
Thank you for your email of 2 January 2020 regarding Koovs Plc. We have noted the concerns that have been raised around the company’s conduct.
This matter has been passed to the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (the Market Abuse Regulation or MAR). We note that you have cited fiduciary duties - please note that the FCA is not the enforcer of Company law. Further, the FCA is not responsible for enforcing the AIM Rules of the London Stock Exchange.
We are reviewing this matter with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of any misconduct that may have occurred.
As noted in our Approach to Enforcement (see https://www.fca.org.uk/publications/corporate-documents/our-approach-enforcement ), not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
As a matter of policy, we do not provide details to members of the public about the content of our assessments (including where we decide that there are no grounds for further action). Unless our work results in a public disciplinary outcome, the FCA does not comment on these matters. We understand that this can sometimes be frustrating but you can find further information on why we take this approach at https://www.fca.org.uk/freedom-information/information-we-can-share
HI PUTNEY, Shame didn't know about Chorion before as i for one would have sold out.
keep up the good work . i cant add to what you are doing other than file a complaint , which i assume the FCA has been flooded anyway.
As previously mentioned, shareholders have been in active discussions with The FCA with regards to the scandal that has unfolded here. If anybody has any relevant information, no matter how small, please contact The FCA on:
MIUMailbox@fca.org.uk
Lord Alli pulled off a similar stunt at CHORION, when he took it into administration & bought it with SILVERGATE MEDIA
This time he plundered £100 million of shareholders money, took Koovs into administration & bought it on the same day with a company he set up two months earlier SGK3.
He actually bought the IP for £250k!!!!!
The link
https://twitter.com/Trebuchet_Kid/status/1209769403627294720
Here is a link to putneylads recent twitter comment for anyone on twitter.
Seems that there was plenty subterfuge going on at Koovs.
Re Koovs on Fb...i thought i read that under the prepack administration thing that you would not be able to continue trade under the same name.
I see Koovs advertising hard on Facebook today !!!
You could go on twitter and everywhere their goods are advertised, and say what you think under the advert. It is easy to make a brand unfashionable.
This is their email:
https://www.thebureauinvestigates.com/got-a-story/public
Putneylad
Came across this website via a different scam. I believe they could represent us and publicize our plight. Maybe you could send them a dossier for them to do their stuff.
Thanks
https://www.thebureauinvestigates.com/about-us
Maybe, but its a competitive + fickle market..
The brand will make it for sure now, now alli and his cronies have made sure he’s got rid of the shareholders they will push the brand hard, before they had there foot on koovs head on purpose, there will be a lot of shareholders making noises very soon, every man and his dog will know very soon just how shafted we’ve been.
I wish I'd got out when I first began to think their brand wasn't going to make it big in India - I thought I must be wrong, or not seen enough of the range...
Yeah i understand that he has the best lawyers and advisors that money can buy and legally it will be difficult, maybe impossible to get our money back, certainly without some serious free help from someone with deep pockets. Not sure we can get any help from the House of Lords either. My understanding is that its very difficult, if not impossible to get someone removed and after all..they all p*ss in the same lordly pot, dont they.
I think the least we can do is publicise our plight and try to make things uncomfortable for him and see how it goes.
I read somewhere that hes ready to quit Labour and join an independent party. Good move for him, as he clearly has no socialist principles. He doesnt represent ordinary working people.
Probably gets to keep his life peer status anyway. Im sure he doesnt want to give up being a Lord...opens a lot of doors.
Bloodshot, it will be hard proving anything criminal here. He did this before & knows all the tricks.
It is clearly wrong & immoral. This is where we have to question his peerage. That will hurt him
His peerage has got him to where he is today. Myself & most other shareholders only invested in Koovs because of his standing in society. We trusted him because he was a Lord.
I also urge everyone to write to their local MP's. He has destroyed 100's of lives & doesn't give a crap. The stories I am hearing are horrific.
He obviously wanted to take this private. If he had any morals, he could have bought out the other shareholders. He did not have to do this.
As many of you know, I was suspended on here for apparent defamation. I am being closely monitored on social media for speaking the truth. I am telling the total truth & am willing to testify under oath. Those reporting me- I challenge you to the same! You will not bully or silence me.
Fortunately, I have forwarded all correspondence with Koovs & its associates to the FCA over the last several months.
Lord Waheed Alli did a similar thing at Chorion in 2011 (He too used to be Chairman there). It went under & his new company Silvergate Media bought them- sound familiar?
Since IPO, Alli always promised returning shareholder value
“If you take investors’ money, you have an obligation to deliver returns on them. We’re going to win the race that we’re in, our brand is going to win in India,” says Alli, confident Koovs will be in the black by 2022-23.
https://www.standard.co.uk/business/meet-waheed-alli-the-labour-peer-suffering-birth-pangs-of-india-s-answer-to-asos-a4183176.html
There is clearly a pattern of misleading shareholders here- he did not provide shareholder value. In fact he even refused to meet shareholders at recent AGMs & EGMs, but attended the Board meetings.
Is this a way a Lord should behave? This scandal is being circulated everywhere & it's only a matter of time before his antics are laid out bare to the public.
It's clear that he has a huge legal team & is very well connected. But the voice of the little guy WILL be heard.
A detailed submission to the House of Lords Standards committee is being prepared. We need individuals stories for this.
You know where to contact me.
Looks like Tony Blair was involved in the peerage + Ed Milliband in the presentation of 2014 Politician of the year..
Such misplaced promise..
Manx, pthc..ive thought of both those scenarios and both could be right. I tend towards thinking that his ego wouldnt allow him to be mugged by Biyani and thats why he did what he did.
Whats for sure is that he has no regard or care for anyone but himself and his money. In hindsight, a man without morals and not to be trusted in the slightest.
Lesson learned but an expensive one for us.
Gutted for you pthc..so sorry that youve lost so much. Nothing I can say except try to keep your spirits up.
That bastard has plenty money but he has no heart and will probably die lonely and unhappy.
Money can buy you comfort but it cant buy you love or happiness..it has to come from within..from having a generous spirit..something hell never possess.