Often Partisan

Rumours of HKSE Investigation Into BIH Over Delayed Accounts.

Sources from Hong Kong indicate that Birmingham International Holdings have been asked to answer questions surrounding the prolonged audit for their 2011 accounts. The accounts in question were finally released a year and a half late amid controversy over a consultancy agreement between Carson Yeung and Peter Pannu.

As of yet there is no public announcement of any investigation; the Stock Exchange will not comment on individual cases and it is thought that enquiries are only at a preliminary stage anyway. The Stock Exchange are thought to have acted (after a protracted delay) on information provided to them at the same time as the information which provided the basis of the joint investigation between this website, the Blues Trust and the Birmingham Mail in April 2013.

That information confirmed that the auditors at that time – BDO HK – had concerns over the validity of the consultancy contract signed by Carson on behalf of BIH and Pannu on behalf of Asia Rays Ltd. It also confirmed that the auditors had flagged issues with respect to the donation made by Carson and BIH to the China Welfare Fund for the Disabled and the controversial kit deal with Xtep. Documentation had emerged that the BIH board of directors did not know of any consultancy deal and the auditors had questioned the validity of the deal due to non-disclosure of documents along with various tax and legal implications.

It is understood that BIH are in the midst of preparing their response to questions posed by HKSE; this all comes at an awkward time as the holding company are in negotiations to try to sell a stake in the football club. Investigations of this nature are by law secret in HK and no public announcement will be made prior to HKSE completing their findings.

Comments for this article have been disabled for legal reasons.

Tags: , , , , ,


Personalised Gifts for a Bluenose
Haircuts and League Cups
Open Tax Services
Corporate Solutions UK
PJ Planning
Rodal Heating

Archives