In search of the missing millions...
According to The Telegraph the investigation into 'missing money' has began with the administrators 'preparing to investigate unexplained payments totalling at least £1.5 million made by the club during the four-month ownership of Ali Al Faraj.'
The report says that 'multiple sources with direct knowledge of the club's finances during Al Faraj's tenure have confirmed that the money flowed out of the club as they battled to stave off administration,' with a 'source' saying: 'a number of transactions have been highlighted as unexplained in the process of the club's accounts being reconciled.
'They are unexplained and it is a bit of a jigsaw. The total so far is about that (£1.5 million) but it may not stop there.'
£4m is 'said' to have been paid to our current owner as well, as part of a repayment of the £17m he loaned us...
Tanya Robins resigned her position as finance director - but remained on the board - in January, and again according to this report, as a direct result of payments made by Daniel Azougy, as well all know a convicted fraudster with multiple convictions to his name, to Fuglers during his time in charge of the 'day-to-day' running of the club under Ali Al Faraj's time as owner.
Another now coming under the spotlight is Mark Jacob, who was working for Fuglers at the time but has since resigned, as 'Fuglers are understood to have concerns about the payments and have conducted their own investigation,' although when quizzed on this payment issue he is quoted as saying: 'that is inaccurate.'
So, it 'seems' that money 'flowing' through the club, when we struggled to even pay the wages of the lowest earning staff on time - let alone anything else we had to pay! - between October 2009 and January 2010 was flowing out of the club, but 'probably', as most have suspected, into streams that it should not have been flowing into?
For me looking into this 'black hole' of money is a start but I cannot help but think we need to also be looking further back, and hopefully someone is...
For the full Telegraph article click - here.
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