Vital Football

In search of the missing millions...

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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Writer:pompeyrug
Date:Friday March 12 2010
Time: 10:01AM

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Comments

0
So are these 'irregularities' the basis of AA's appeal against the 9 points deduction, i.e. the company being defrauded and thus having to go into admin?
Lemmi
12/03/2010 10:14:00
0
I don't think 1.5m would of been enough to bring around the downfall of the club but it's certainly a start, even if it stops there hopefully it will be enough to punish some of the people involved with the full force of the law!
stooH
12/03/2010 10:24:00
0
i guess so Lemmi, altho are there enough irragularities - during that time period, as it still seems there 'could have' been some before this for me tbh - to have prevented admin from taking place? it seems the only money going in was the money we generated, and the loan chainrai loaned us, the surplus streamed away?
altho does it become something of a doubled egded sword? if there is proof that there was enough revenue flowing that was going out that should not have to have prevented us from going into admin would HMRC not have had a stronger case and would we have been wound-up by now...
'perhaps' if there can be proof that previous owners' motives were purely, without a shadow of a doubt, to try and stream off what they could for as long as they could and nothing else - as seemed the case anyway - could this not see a compremise on the points penalty, given the rules on financial irraglarities and administration? a pts penalty will happen but not as harsh as the 9pts?
pompeyrug
12/03/2010 10:30:00
0
fingers crossed for 3 points then,or none obviously, but anymore and i think we'll be playing doncaster next season
ruffcider
12/03/2010 10:40:00
0
'Black Hole?' what black hole? It does not exist or does it? When we met the Administrators last week we got an impression that they were worried about irregularities.
eastneydave
12/03/2010 11:39:00
0
I fear this may only be the tip of the iceberg,
Lemmi
12/03/2010 12:13:00
0
I'm glad this is being investigated, I'm sure it won't be all that straightforward as people will have made some effort to cover their tracks - good luck Admin Andy!
tracyc
13/03/2010 07:54:00
0
Not really a massive suprise now is it!!!! The money we made on the transfers was huge, I have always had a hard time believing that the cash was used purely on running costs!
NZ_Portsmuff
13/03/2010 15:43:00
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