Member Info for Bobsto12

Guardian reports that the issue is that government doesn't like rmd division being ringfenced for lenders as it would make the rest of the group valueless and they would be unable to award it contracts.

They also say that the company refused to share the PWC report with the banks. I wonder what was in it?

Begs the question what on earth is the point in paying for an audit? Just paying hundreds of 000 pounds for nothing that can be relied on.
Firms might have to find some other way of reassuring investors their financial statements are accurate as these chartered accountants don't seem credible.

head of grant thornton has explained to mps that it is not his firm's responsibility to ensure financial statements are correct let alone detect fraud....explains a lot.

And of course the media is now reporting that Mike Ashley is bidding for Patisserie Valerie!
Seriously.
I nearly spat my tea out laughing when I read it..

I started using Tesco again recently partly because the bread was quite good quality. I doubt I'll continue if they start using frozen dough.
Treating customers and staff with a ruthless contempt in an attempt to restore margins wrecked by being less ruthless with suppliers can't be the right way to run a supermarket.

I have always found that reading the opinions of people who don't agree with you is an essential part of successful investing, helps form a balanced view.

You start to wonder if Tesco is being managed properly. I can't believe removing the better quality elements that differentiate Tesco from the discounters is really going to help.
If the margins are under pressure is that because Tesco stopped being robust with suppliers for PR purposes some years ago?

Yes and there are some disgruntled now former employees saying the cafes are faux posh. Nothing is fresh it's all bought in frozen just like cheap pub food from 3663.

Well the Times is now saying that HMRC raised issues with the company about suspicions of fraud and forged documents 2 years plus ago so there really is no excuse for the directors or auditors not to have spotted anything. Indeed if it hadn't been for HMRC 'S winding up petition then maybe it wouldn't have come to light yet.
Makes you wonder if audits should be run by some arm of government as the current arrangements simply don't work.

Yes its extreme but it's hard to criticise the Chinese when you see all the dodgy stuff that goes on here virtually unpunished. The city of London used to pride itself on being straight "my word is my bond", now its teetering on the brink of credibility thanks to some very greedy people.

My thoughts too. Seems to imply that never was anything that amounted to fraud. Very strange.

I think Luke Johnson's problems are far from over if the IPO was based on fraudulent figures.

I do remember being a bit surprised to see Pat Vals springing up in ordinary high street.s everywhere. High end teashops are normally in upscale affluent locations.
Having said that the Basingstoke one was always busy.

I don't think anyone has any idea how profitable it is. It may never have made a profit for all we know.

If it turns out the figures used for justifying the IPO were also wrong then
Luke
Johnson is going to have to pay it back.

Well said. I learnt to avoid ipo's years ago. All overpriced.

Exactly. Nemesis wreaks her revenge on those guilty of hubris as the ancient greeks noticed.

According to Times bank accounts were fiddled by writing cheques between bank accounts at year end to show positive balances. The cheques would always bounce a couple of days later but apparently it was enough to fool everyone. Sounds like fiddling trading figures was a separate activity but indirectly supported the cash figs reported.
Still can't grasp how auditors didn't notice.

This is turning out to be one of my best investments ever.. Can't believe more people aren't interested in it.