Member Info for cristalball

how long has the offer been on the table? years?

there are a lot of new requirements on Directors to attest to the Auditors that what they have provided is accurate and that they have been open and honest. GT will probably hide behind arguments like this.

A very interesting development. If, (and if) Costis hasn't run off with the company cash, and there are sufficient agreements in place (eg. 40-50%) of the claimed revenue, then any administrator would attempt to run this as a going concern. The pressing issue is the de-listing. basically we are screwed.

why do you keep posting the same summary?

we can all live in hope. i would suggest the fraud goes deeper than simply inflated revenue / receivables though. if Costis is willing to do this and also serious insider trading; are you sure he hasn't just done a smash and grab with bank funds as well?

You have to laugh mate. For me it's nearer 15%. In a week we have gone from denying all allegations to suspending to protect our interests (thanks for that btw), to resignation of one then both brokers, di ck head fessing up to fraud and having shipped a big chunk of his holding on the sly, the board not having a clue how to handle it so jacking it in as well. I really hope there are some undesirables that held this stock and are currently hunting cost is down. Hopefully they get to him before the authorities and feed him his severed balls.

£385k from memory. Bigger than the fees for some ftse 350 businesses.

Where do we stand if they delist?

This is a joke. what is the bank balance as at yesterday, what payments are due, publish a bloody unaudited trial balance you inept morons.

MM was highlighted in one of my previous posts. Obviously taken in dribs and drabs, shifted to unsuspecting PIs , who would have run a mile had they known.

small beans though.

the 140k is mine, along for the ride north.

Surely. Must be pulling together a strategy update to reactive customer accounts etc. Hopefully anyway.

Depends. Forensic report and restatement of prior year financial statements. I would assume we will lose various genuine customers. Depends also if cash balances were falsified (harder for GT to get that wrong) or if the Greek and his merry men have raided the coffers as well as committing accounting fraud. I would hazard a guess at bankruptcy and winding up with a small amount returned to shareholders, of anything. Best guess. Gutted.

From memory, (I did 3 years in external audit, currently an FCCA but please don't work in a technical field anymore)... There were two main ways to test receivables, key risk being overstatement. . 1) after date cash receipts ( I.e. get comfortable as to the level of debtor balance being paid off after the YE), or 2) debtor letters from customers written independently to the auditors. Basically if their customers were set up as shell entities, purely to facilitate the fraud, it would be pretty hard to audit. Interestingly the level of debtors >1 year was pretty small

Maffa, what a brilliant post. I do appreciate that. All the best.

It is very likely that Papadimitrakopoulos is long gone, and is now to be found - or rather not found - in some quiet, non-extradition country, as this latest episode of truly hilarious corporate fraud concludes. As for shareholders who suddenly have absolutely nothing, maybe they can address their complaints to the regulators or the auditors who allowed this fraud to continue for years, or perhaps to Globo's corporate broker, Canaccord Genuity, which moments ago also resigned with immediate effect, effectively admitting it never did any underwriter due diligence on the company for the duration of its paid tenure. No matter who they appeal to though, one thing is certain: their money is forever gone, in this latest example of corporate greed gone absolutely wild. Article on ZH.

So which top City broker helped fraudster Konstantinos Papadimitrakopoulos of the fraud Globo (GBO) dump most of his shares last week? Given that the size of the dumping could have meant only one sellers surely its compliance officer was alerted and did something. Or maybe not. So which broker was it. The table below shouts out just one name.

Fictitious sales, bogus debtors. You simply write off the debt and write back the sales. (eg unwind it all, and restate the previous year(s) FS).

Feel for you mate. I had circa 15% of my portfolio here. I have many contacts at GT so will be trying to get a better understanding of how bad this is. Will update if anything helpful comes back. My guess is they had the wool pulled over their eyes. Co Will be wound up and they will be defending class actions for the next 3 years.