RE: gas project is worth £50 million plus25 May 2020 14:41
Can anyone seriously doubt that we are in a recession that is going to make earlier depressions look like child’s play in terms of how governments reverse them? They must be hoping that agricultural production holds up well, or we could be on a pretty sticky wicket. Huge falls in production and employment, far lower average incomes, governments and most companies and consumers massively in debt. Demand for all but essentials will continue to fall. This is without factoring in further spread of the virus.
RE: Angus back in the news again with Paddy Clanwilliam22 May 2020 08:25
Alan2017: thanks for this. Crocqman was kind enough to enlighten me. The meetings of the Boards of which the Earl of Clanwilliam is/was a member will be less amusing affairs without him - their audit committees even more so. It’s not often that you find a company on which information on the senior management is more likely to be found in the pages of Tatler than in the FT.
Aloy99, Autonomy1: the Butti boys’ accounts were frozen in the UAE on the same day (27 April?) as Mr. Shetty’s and others’. There’s no question that the police forces in the UK, UAE and India should be working together to pursue the culprits and find out what’s happened to all that money. I still think it’s going to be hard to find it, if the malware attack on Travelex has obliterated records of transactions over the two weeks following publication of the Muddy Waters report.
RE: Angus back in the news again with Paddy Clanwilliam21 May 2020 13:18
Crocqman: thanks. I can only read the first paragraph of their piece but I think you’re right. He’s no mincer of words, is he? Lord Lucan must wish he were in a position to instruct Messrs. Sue, Grabbit and Run.
RE: Paul Vonk very generous Golden Handshake19 May 2020 17:42
Alan2017: you’re welcome. At least he wasn’t singled out by the administrators. The whole Board was sacked. Not adding much value to the business, presumably. As you know, NMC has been brought down by a massive accounting scandal, involving the covering up of the presumed theft of billions of dollars. The Board didn’t know about the existence of $4.1bn. of bank debt and no one seems to know where the proceeds have gone. The auditors are under investigation here and in the UAE. The Board’s Audit Committee seems to have been asleep at the wheel too. I don’t know how the Earl of Clanwilliam justified his (much larger) salary and emoluments at NMC, or how he came to be considered for a non-executive directorship there (or anywhere else) in the first place. Can anyone suggest how this may have come about?
RE: Paul Vonk very generous Golden Handshake19 May 2020 17:17
Alan2017: may I correct one error in your otherwise excellent post? The Earl of Clanwilliam is no longer a Director at NMC. He and the rest of the Board were sacked recently by the company’s Administrators. He will be missing his emoluments there, so you may hope that he will double and re-double his efforts on behalf of the Angus Energy shareholders. He was, by the way, Chairman of NMC’s Audit Committee, though lacking any known qualification in accountancy or experience in that area. You may also remember him as Chairman of Eurasia Drilling at a time when the non-Russian investors felt they had grounds for dissatisfaction with what had gone on.
He and the Earl of Lucan were both at Eton, some years apart. Lucan comes from a line of eccentrics. His father famously gambled irresponsibly and allegedly murdered his son’s nanny, mistaking her for his Countess. He is still missing. Another forebear led the Charge of the Light Brigade. The Earl of Clanwilliam, as I’ve remarked on here before, shot off one of his fingers at a stag party in the late 1980s. A touch of the dilettante, you might think.
..or more correctly, Mr. Shetty. The doctorate is an honorary one from the UAE branch of the University of Middlesex. There’s some doubt also over the veracity of his claim to a bachelor’s degree in pharmacy.
Adzy: I suppose it gives the banks the option of having an experienced healthcare manager run the hospitals for them on a contract, in the event they can’t get a bid for them that they think is enough. When the dust has settled, they might get a higher bid or this lot might want to take it over themselves - managing the hospitals in the interim will give them the inside track.
I don’t know. It’s the very shiny brown John Lobbs worn with the dark business suit, the shirt in one of those photos and the 1--minute advertisement for NMC where he speaks to the camera. Who knows though? Are there penalties for it in Dubai?