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Ongoing Battles
Birmingham International Holdings will hold their postponed AGM tomorrow in Gold Coast, Hong Kong with controversial director Peter Pannu seeking re-election as an executive director along with Panos Pavlakis and four others.
With all that has happened over the last month people could be forgiven for thinking that this may be the end of an era; that Peter Pannu will be unceremoniously dumped from the board of BIH and that the company can move on in the wake of his consultancy agreement and “pocket expenses”. However, I don’t think that life is ever that simple and despite the continuing levels of instability and erraticism from the former police officer in the press and behind the scenes, it’s my belief on the information I have heard that he will be re-elected to the board.
The chief reason for that is that the largest bloc of shares is still owned by the imprisoned Carson Yeung. Despite his ongoing incarceration in Stanley Prison for money laundering, Carson still owns nearly 30% of the company and he is still absolutely entitled to vote in the AGM – albeit via a proxy as he cannot attend. The word from Hong Kong and mainland China is that Pannu is very much still in favour with Carson and that he will maintain his place on the board. Indeed, it’s my belief that if anyone is in danger of not being re-elected then it is Panos Pavlakis – which would make his continuing involvement at BCFC interesting to say the least.
The second largest bloc of shares is currently owned by the mysterious U-Continent, which was formerly the province of Yang Yuezhou and is now apparently owned by a person by the name of Wang Lei. It’s still very difficult to confirm precisely who Wang Lei is, but there are strengthening rumours in Hong Kong that Joanna Wang Manli – the current common-law partner of Carson Yeung – is behind U-Continent. I have no idea at all which way that person – if it is indeed Joanna Wang – will vote and whether they would support Pannu or not.
What does worry me is the chatter fom the Far East that the AGM isn’t the D-Day that we were expecting, but that there is something much bigger – and not at all better – looming on the horizon. It’s a fact that Peter Pannu has publicly lambasted the Vice-Chairman of BIH Victor Ma Shui-Cheong in the Hong Kong press of late and I don’t think it’s outside the realm of possibility that Pannu has fed this vitriol into Carson too, causing the erstwhile hairdresser to lose faith in his brother-in-law’s abilities as a director. I’ve been hearing from people in Hong Kong since my last visit there that there was ongoing friction between Carson and Victor Ma and it appears that friction may be hitting breaking point.
If that is the case, and Carson feels that he cannot trust his brother-in-law, then the possibility stands that there will be some sort of machinations to remove him and to appoint someone more pliable – and with the rumours of Joanna Wang being involved I’m fearful she could be the one given the nod. Whether the HKSE, the SFC (Securities and Futures Commission) or even the Football League would stand for that, I have no idea.
One thing is for sure – the civil war inside BIH is by no means over and there is nothing like a clear winner yet; and that is extremely bad news for the club and the sale process.
Tags: AGM, BIH, Carson Yeung, HKSE, Joanna Wang Manli, Peter Pannu, Victor Ma Shui Cheong
51 Responses to “Ongoing Battles”
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pannu is a vile leach, not sounding good for pav which is a massive shame, the guys the best thing to happen to blues in the last 4 years
I hope pav remains at blues he seams to genuinely care and try
I expected this. Pannu would be able to dig the dirt on Young as to where the money came from – unless he is given a lucrative contract
That would certainly seem the most likely reason for Carson’s continued support of him, particularly after the damage his drunken ramblings have caused.
Thanks Dan, you have confirmed my worst fears. I have had a gut feeling for some time that Pannu would win the day, it never rains but it pours. God help us.
I agree that the guy looks and sounds genuine and hope he stays on until someone buys us lock stock and barrel but that’s a million miles away at the moment, as for pannu he can go and disappear but again that ain’t happening so my energy and thoughts are on the playing side only because the last 3/4 years of the pitch are not worth talking about anymore IMO kro
If Pannu remains and Pavlos exits, then we are back to the dark days of selling our best assets and dark side of the moon communications. If that situation arises, them I really do believe that the time will have arrived for extra curricular activities!
Sorry, pet hate (and it’s not just you) – it’s Panos with an ‘n’ not Pavlos with a ‘v’.
Almost as bad as people who spelt it Lee Clarke…
Sorry Dan, I thought Pavlos was a pet name derived from his surname :-)
So let me get this right, one person who is incarcerated and legally can have no say in the running of the club, ( If his assets have been frozen surely his 30% vote, has no sway? Football League over to you), has more say than the 28000 blues fans that support them, I say lets have a general referendum.
I know that the vote is for Bihl and not the football club but as we are their only asset then Bihl is BCFC.
Kro
Adam – his current shareholding is not covered by the restraining order against his assets (believe it or not) and even if it was, I think he’d still be allowed to vote with them.
Unfortunately, unless you are a shareholder you legally have no say in what BIH do – sorry, but that’s the way it is.
” the 28000 blues fans that support them….” when did we last have 28,000 fans?
Try 14,000. the other 14,000 gave up after the Prem and Wembley.
Hall gone back to spurs, and Morrison here for 3.5 years.
Kro
let the battle begin…………*yawn* how many years has this been goin on……on…on…well done to the thousand or so who went to Blyth………keep right on……
There would have been more than 3000 if Blyth had a bigger ground!!
Mark
You may yawn, but you won’t be yawning when it comes back to bite us on the arse…
You are wasting your valuable time Dan-most of his posts are deliberately designed to be controversial drawing attention to himself.
There are very very supporters who don’t understand the severity of what you are saying but sadly Mark is one of the few.
Tomorrow could be a very black day for the club!
Art dont flatter yourself………..
Me my wife and son were all there mark but what a bloody journey that was..hope it’s a bit closer if drawn away tonight but looking forward to going wherever it is because that’s what supporters do .. A home tie means a 2 mile trip not an 200 plus mile trip there and back Saturday!! Kro
dave it just a 2 mile trip then, as for those fans dont worry they come out woodwork if there chance of wembley trip lol kro
Just as things were getting going again pannu pops his head out the swamp.after publicly slating the club does he really think he will be welcome at St Andrews? O we forgot he was never there. Go away pannu pavlakis is 10 times the general you are.
So CY owns nearly 30%, his girlfriend who may be behind U-Continent holds the next tranche. So, it is distinctly plausible that CY ‘owns’ or has a direct influence over the majority of shares. Therefore the vote will always go the way that CY wants it to.
My message is “Carson, U-Cont”.
My plaintive continuous bleat is — When will this nightmare ever end,???.
If Dan’s beliefs are indeed correct, Then Carson Yueng indeed does have overall control over BIH, and there is nothing ANYONE can do about it.
Pannos has the goodwill of the majority of fans/supporters, and seems to be running the club well, [ in conjunction with our great backroom staff ], — Is it conceivable that C,Y. can ” see that ” and leave BCFC, in the present capable hands,?.
On the other hand Dan, might it not be a good thing if Carson’s pals are all in charge? After all, there would be no more boardroom divisions.
You really can’t make it up can you. I’m not really surprised by any of this, I’m just sick to death of it. I also can’t get my head round the possibility that Pannu who I understand is the subject of an investigation by the HKSE as a result of comments made, can seriously be considered for re-election. I thought that BIHL were embarrassed by his conduct and comments, so WTF are they thinking????
We need a resolution to this power struggle on way or the other asap to have any chance of a sale even if CY and Pannu win this battle. What concerns me most about CY re-appointing Pannu is the impact on the day to day running and any negative impact on Pavlikis who is a big stabilising influence. Also Pannu in the past has acted as a conduit to extract cash for CY from the club and CY needs to fund his legal appeal. Whoever wins needs to keep the finances in reasonable shape as administration will mean that all shareholders lose everything but I am worried that if CY is in full control that other shareholders with available funds will step aside.
Earlier this year on the pre recorded interview with Tom Ross, Pannu stated that if his contracts were no renewed he would be off to pastures new. Well they were not renewed, how strange therefore that this honourable man should still be around and seeking re-election.
Never posted before so firstly,Thanks Dan for all your incredible work and devotion in bringing clarity to this murky/mucky situation. Around the time of Pannu’s sensationally unprofessional brutish outburst on OP I had to laugh when i came across this gem of a poem from the 14th century Sufi poet Hafiz which suggests that things have not changed much across the intervening centuries. Poignant to the AGM and the re-election issue, dedicated to Mr Peter Pannu, The Board, and all fans of BCFC,
Crooked Deals
There is
A madman inside you
Who is always running for office-
Why vote him in,
For he never keeps the accounts straight.
He gets all kinds of crooked deals
Happening all over town
That will just give you a big headache
And glue to your kisser
A gigantic
Confused
Frown.
That Thom is not the language of a 14 century poet. rather a translation using modern language.
I had kinda figured that out tbh, but thanks for pointing it out anyway Tony!
No shit Sherlock !
Tony, I think you’ve just upset Thom.
Fans should keep their eyes on the bigger picture here. Not become embroiled in the internal wranglings of an organisation that has brought the club to its knees. Pavlakis and Pannu both represent BIHL and whoever wins the day one things for sure,we cannot move foreward with a divided board. The prospect of a sale will be a lot closer once everyone is singing off the same hymn sheet and to me that’s the most important issue.
Blues fans often do not agree – except for the need to be rid of Pannu.
Reading Dans report it sounds like he’s pretty much back.
Wba in the. FA cup a kind draw for us…..
In any numbers game – boardroom spills; political party leadership changes etc – it all gets down to the required majority vote. If indeed Wang Li//Wang Lei is Carson’s squeeze; Pavlakis is toast and Pannu’s back at BIHL. Carson + Wang = about 45% of BIHL shareholding. No doubt there will be other smaller blocs held by Carson-friendly parties hiding behind Cayman and BVI entities.
If this is allowed to happen, the deep shame that burdens BIHL with go even deeper. Majority shareholder convicted of money laundering and gaoled – SHAME! Executive Director kicked off board for unprofessional reckless comments and behaviour – SHAME! Mystery 16% shareholder suspected of being in cahoots with gaoled majority owner – SHAME! Quarter after quarter of red ink losses and zero shareholder dividends – SHAME! Veiled threats made to media person & book author who reports the truth – SHAME!
There is only one authority who can address this shameful situation and that is the HKSE.
I forgot…shares suspended for second lengthy time – SHAME!
Good post but…….Carson will never sell.
I’m not sure why people think he will.
I’m amazed at how naive fans are in believing they wanna unload the club..
We could get promoted and then what?
This is a Post on todays Blackpool Fans Forum, bearing in mind how many times Dan has asked Posters to be careful of what they post and the threats made by Members of our Board, it might be wise to read it and temper some of the comments made, no matter how angry we are.
http://www.backhenrystreet.co.uk/thread-23516.html#.VKrt-lKzVok
Not a bad draw BAGGIES at home… Can’t wait , absoluetley buzzing. Kro
Might be a candidate for one of the live games on TV. Struggling Premier League team away to bang on form Championship team.
or man utd v lowly opposition…….
Baggies at home in the Cup.
If its live then 20,000 if not 25,000, I just hope fans don’t use the same boring excuses that its on telly so I can’t be bothered… Proper fans ?….yeah really.zzzzzzz!!! Kro
Dave,your comments about other fans, zzzzzzzzz.
Cheers Steve ime glad you agree with me… Pathetic aren’t they?. Yes! Cheers Steve..have a good evening! Kro
stop worrying about other fans.As long as you go,don’t worry about it.I go to as many games as you. I don’t care about anybody else. You seem to have an unhealthy obsession about it. If people don’t want to go,fine. It’s their decision.
Dave, please!!!!!
It’s “I’m” — “I’M” – I M
It’s not “Ime”.
It may not be as important as matters surrounding the crooked thief and his equally dodgy henchman who seem set on ruining our club, but it really is irritating ( end of rant – Ime [oops ;-)] in a bad mood as I’ve only just seen this news and it’s made me have a “shtty on”)
Yes it is there decision but don’t come on here and tell me there supporters…ime pissed off with people having opinions and sitting on there arses telling me and thinking they no it all … When they no sod all and don’t go down .., Steve I’ve no problem with you because as you say you go down but don’t have a problem with what it think ok!!
Here’s hoping that BIHL have the good sense to get rid of the cancer in our club’s midst tomorrow. The self seeking, self promoting greedy leech. KRO.