I was nonplussed to read that the two LGO directors are staying on if certain resolutions are not passed. They should have gone already but now that London Power Corporation has also gone into adminstration what possible excuse is their for them hanging on a day longer? As for FM thanking them for their efforts and their valuable contacts, with political skills like those no wonder Echo ditched her.
Leaks are least of the problems. This project 's finances are under the microscope and you don't need one of those to see how flakey they are. Nigerian take off promises from Dubai shell offices were classic red flags. Now we have an unnamed institution with unidentified conditions and no government guarantees. Time to look again at those planning approvals to see if the balance has changed before more damage is done.
So, it's an observer of the board not anyone on the board whose been substituted. So much confusion. Bet the first face to face board meeting's fun then, when the CFO and councel explain the contract is worth diddly squat if the loan turns out to be from the proceeds of crime in front of him/her. After due process of course.
LCF administrators are now on the board here so it says. As director not observers and very aware that LCF bondholders know that LCF appointed them. Not much scope for being helpful to IOG and that remaining loan amount looks unavailable now.
Agree. Lots of warm words designed to ease the pain of being mixed up in an FCA investigation, an administration and possibly an unlawful means conspiracy or worse. Anyone negotiating a farm in will have slowed the pace right down and be treating this like a Dutch auction from now on.
Sadly, it is. Although the administrators don't spell it out yet they clearly acknowledge that the borrowers were all parties related to LC&F. If LC&F was a ponzi scheme and the beneficiaries failed to do DD that's one thing, bad enough, but if they were best mates or the same people even.....