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When is an EGM not an EGM?
Just when you thought things looked like they have been sorted out, it appears that they are a bigger mess than ever. Carson Yeung, in a 5 page notice in the Hong Kong Standard has unilaterally called an EGM for March 12.
As the announcement isn’t online, but available from the Hong Kong Standard app I have taken screenshots from my tablet of the full notice and uploaded it here.
This sparks off a whole raft of new questions – chiefly being how legal is this EGM and how binding will the results be. Carson has not got access to the shareholder register as he was denied this in court; however as he controls 27% and U-Continent a further 16% I’m fairly confident he can get a quorum of shareholders together that would be sufficient.
Carson’s reasoning for the removal of the directors – which now includes Panos – is two-fold. Firstly, he believes that Cheung Shing and Victor Ma have not been financially prudent nor have run the company properly. He makes reference to the convertible bond last year that didn’t go through; to the misappropriation of funds (where it is noted that Victor Ma is a signatory to over 60 cheques involved) and he says that the chairman and vice-chairman may have substantially increased their remuneration without formal approval of the board. He also makes it clear that he is not happy with the immediate reappointment of Panos.
Secondly, he makes it clear he has no interest in the company investing in oil and gas and that he believes the receivers have been appointed to facilitate the sale of BCFC – something else he doesn’t want. To reiterate, Carson in his letter makes it clear he has no interest in the sale of BCFC.
What does it mean for Blues?
Until we know how binding this would be, it’s difficult to tell. If it is binding then it’s really bad, as one potential director named – Joanna Wang Manli cannot be a director as she would not only fail the owners and directors test but also her identification documentation is not in order – what the league would do in that situation I have no idea but I don’t think it would be good for the club.
Likewise, I believe if Panos is removed then it reopens the possibility of Peter Pannu coming back in some guise – and that I believe would be catastrophic for morale within the club and could make things very difficult.
Even if it’s not binding, this is going to cost money, and lots of it as you can imagine it’s going to be fought over legally. If you can imagine BIH had to spend £20,000 on hiring a barrister to get Carson’s court case thrown out, then you can imagine it’s going to cost them more to fight this. Throw in the cost of the receivers – which will be in the millions of pounds – and the possibility that the one thing that guarantees their payment, ie the sale of the club, might night happen, and you’ve got stormy waters ahead.
March is going to be a pivotal month for BIH – and for BCFC. If it goes well we could be on the path (but an expensive one) to a sale; badly and I don’t even want to think about it.
One thing is for sure. In the light of this announcement I’m going to put some questions to Panos Pavlakis about how BIH are going to function in this imbroglio, and guarantee the financial safety of the club.
Tags: BIH, Carson Yeung, EGM
54 Responses to “When is an EGM not an EGM?”
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You can read it online here. Got to 26/2 and page 12/13
http://paper.thestandard.com.hk/?archive=1
Why would they fight the EGM? They would be better off letting it happen, letting Yeung pass whatever motions he wants, and ignoring them. It would be up to Yeung to go to Court to get the thing made binding – which is going to be impossible as he’s already had two stabs at it.
If the board wanted to make assurance doubly sure, they could get an injunction declaring that any EGM Yeung calls is invalid and non-binding as E&Y have the sole power to call for one.
As it is, in the long term, the assumption will be that E&Y will recommend selling Blues as the only way of recovering anything for the shareholders of BIHL. Which include Yeung. So he can’t even bring a decent damages claim, as it will be impossible for him to show any loss.
One thing jumps out at me from CY’s latest statement…….
That is that CY has no intention to sell. His own words, right?
So this means that Peter Pannu, when in his rant, he said that he and Carson WANTED to sell the club but were being prevented from doing so by the current board, that this was a COMPLETE LIE!
Ok, im not surprised, but at least there can be no further doubt what a complete tosser this guy is.
Are we now allowed to officially call Peter Pannu a liar?
Can anyone tell me what Carson’s end game is? Is it a money thing? Is it a pride and kudos thing? Or is it a company listing on the HKSE thing?
It seems to me that the arse has fallen out of BIH – There is nothing left… What is he fighting for? And why is he being so stubborn?
Do you think that Yeung has ANY IDEA WHATSOEVER that is held in absolute contempt by Birmingham supporters everywhere? Over the past 3 years, this man and his overweight, overbearing lackey have done more to destroy our club than anyone else in it’s history.
I just can not understand CYs agenda, does he want to be remembered as the man who ruined a football club. What does he intend to do with the club, he can not afford the running expenses and the return of Pannu would, I believe, lead to a revolt of both fans and club employees. If he has a plan I would love to know what that plan is, of one thing I am sure and that is it will not work just like all his other plans.
Carson is at war with the board and now the receiver. If he somehow undermines the role of the receiver I think the club are on a path that will certainly lead to a 10 point deduction.
@Mineheadblue:
I would hazard a guess that his lackey Pannu has probably mentioned that they both are not welcome back in the city or anywhere near the club/ground but i would also hazard a guess that Carson really doesn’t care what we think about anything. Both his and Pannu’s actions have proven this time and time again.
Its been said before that carson loves the fact that he owns a football club, i would assume that it brings him a certain amount of kudos and bravado and thats the driver behind him not wanting to sell the club.
Here’s hoping for a good march both on the field and off it!!
Just when it seemed the dark clouds had began to vanish! Birmingham City A.F.C anyone??? Distraught….again.
Look we have been told by Dan and others that the receivers have legel and total control of BIH and it is they who now run BIH, so please tell me how Carson is allowed to hold a AGM
I have watched this debate over the last few months and thought I would throw in my thoughts. In truth I now don’t know who to believe. What I do know is that the supporters deserve answers and Daniel is quite correct in that Panos should be saying something (he is after all a Director of both club and plc)
It’s my understanding that unless BIH is in administration that Ernst and Young have a duty to protect shareholders. Only if BIH is insolvent does that responsibility turn to creditors which could force a sale of assets i.e the club. If BIH is insolvent then we must expect the Football League to issue us with a penalty and at best that is going to put us right in the relegation battle, maybe worse. The club will be pre-packed with no guarantee who buys us or that they will have sufficient funding for the future. The receivers are duty bound to get the best price for the club and not to get the best deal for the club. I think that makes for a bleak future.
What we want is a managed sale of the club that secures proper investment for the future. Do I think that is achievable by E&Y – no. Do I think it achievable if Carson gets his way – unlikely.
I don’t think any of the Directors of BIH seem to have covered themselves in glory over their management of their company or of our club. But I join with Dan in saying “Panos give us some answers” – you say that you care about the club. Prove it and tell us where the money is coming from to secure our future.
Just got home from work and read today’s events and I think lost the will to live. Quite how at one stage could CY’s application to call an EGM amongst other things be thrown out by a judge only for him to announce an EGM anyway is confusing to say the least. If his chances of getting his EGM are that good why didn’t he just do this in the first place.
One reason carson does not want to sell is his son is on the board of bcfc and one would think he is drawing a salary I think he is based in London also carsons ears at the cub so he would no what’s going on at the club .
Ryan Yeung draws no salary
Mayb CY is trying to stop the receivers from discovering somthing amongst the companys books which would prove his conviction for money laundering was valid. They’re appointed by the court after all and would therefore be duty bound to report whatever they found to the court.
I know nothing of legal matters but it sounds to me like you might have hit the nail on the head there, CY is definately panicing over something
Despair!!!!!
Shocking. This is so depressing to read after work today. Carson Yeung “Get Out Of Our Club – take Peter Pannu – With You” Our Supporters deserve more. ” I will be there on Saturday and Wednesday indeed at All home games.
Should we kick-Off The Protests Again?
Would this be awkward for Gary Roweet, his Coaches and the Players?
I am really concerned now about the Possible outcomes????
“We need As supporters of our Great Club to show up in numbers for the Next Two Games”
Get Down To St.Andrews and support Your Team if You can.
Keep Right On!
Lea Vilage Blues.
Maybe he just wants to run it into the ground after hearing that song about him?
I’m so fed up of this never ending sarga it’s about time the football authorities acted against these persons. They appear to have no interest in what’s happening to the club other than prolonging the agony. As suggested above we need to get behind our team turn up in numbers and get the points on the board so if a 10 point deduction happens we are stil in this division next season. In addition its time for the trust and vile mail to help get these persons out of our club
Not just the football authorities but our so called local paper. They were good to go with their Lambert out campaign just as he was sacked so why, given the mountain of evidence from incompetence to CY’s illegal activity, can they not get a campaign going about BIH? I really cannot understand what’s been holding The Meaning Evil back.
Answers on a post card please to the Club’s recently appointed media guru and ex Post & Mail employee.
Dan,why oh why wont he sell he cant take the club forward there is no cash so eventually under these we will be in league 1 and worth nothing
Ffs what next come pannos speak up
From reading the Standard piece I have come to the conclusion that CY has now deposited all of his toys from his Silver Cross
Also, I have noticed that one of the proposed electees (Mr Aurjun Kumar Gurung) is the CEO of Sahara UK FC – playing in the Aldershot & District Sunday League!!!! Perfect credentials to run a Championship club!
check them out here: https://www.facebook.com/pages/Sahara-UK-Football-Club/388578324490520?sk=timeline&ref=page_internal
this appears to be him from what I can gather: https://www.facebook.com/kumar7856?fref=hovercard
You can’t help but laugh….
sadly nothing to do with the present article( anyone who thought it was over are living a pipe dream) lol
back to football GR needs to break this awful run of games 8 now methinks..this is his baby last two games out-thought imo too many goals conceded. imo he finds it hard against better managers…but we must consider its a step up for GR in the championship as a manager, and may need couple seasons to adjust, in getting his tactics rights against better managers……in keeping the faith kro
Thank you Daniel for the YouTube video. Very interesting, very informative.
Proof if ever the FL needed it that Carson Yeung has more than a little influence over the affairs of the club!!!!
Like all good soap opera’s it never ends. Like everyone else i’m trying to work out carson’s endgame.
If bcfc was sold whilst he is inside would his money from the sale be seized? if so surely he is trying to cling on to control until the final appeal which dan has said he has a CHANCE of winning so he can be a free man and sail off into the sunset/casino/PP’sAhole with a few quid in his pocket?
im sure there’s a lot more to it than this and im probably well wide of the mark(SAVO!) but just another idea that’s come to mind.
as always its a case of back the boys in blue on the pitch and wait and see(plus check emails/OP for updates from dan daily)
KRO
Thanks Dove for the link which was eminently readable using zoom.
The first thing that struck me was that Carson has his address wrong on the requisition “31 Barker Rd”. I believe he is resident elsewhere and has been for some months. The second thing is, Carson has signed his requisition ‘By Order’ of himself, a convicted felon currently serving a sentence. He has used official exchange announcement paper when this is in fact not an official announcement to the HKSE. By which authority has he notified this to shareholders via the Standard newspaper?
Carson is clearly using the ‘possession is 9 points of the Law’ principle to force his will and of course with the huge bloc owned by him and his de facto wife, he must have some shareholder right there. The point he seems to be missing is that Receivers have been appointed to BIHL and it is up to them now to manage the company in such a way as to get the best return to shareholders and creditors. This of course includes Carson and Ms Wang. The Court appointed the receivers, only the Court can dismiss them.
In conclusion, Carson seems to be petitioning more in the role of a director (which he is not) than a shareholder, and assuming powers he does not have. Perhaps the whole thing was written by someone who is a director.. Mr Pannu for example?
Question is who placed the ad in the paper – Carson or BIH?
Blimey mate, this is getting blacker than Broadchurch!
It’ll be interesting as to how E&Y react to this call for an EGM and what powers they have to resist or ignore it. Some of CYs accusations are a bit rich though considering his previous pay award to Pannu with board approval; the ‘pocket expenses’ farce; the previous auditor issues and not forgetting that he is a convicted money launderer.
I can only assume that he wants to hold onto BCFC so much as it is his only source of ‘income’.
Ask some questions of Pannu, Yeung the HKSE authorities and Tom Ross who seems to be working with Pannu
I have unfortunately seen Tom Ross and the way he goes about his machinations for years and my experience is that he panders to anybody and everybody if it gets him column inches and attention. He was in the Kumars’ pocket until the Gold’s came along, then he jumped into Yeung’s pocket as soon as everything was finalised there. As long as he thinks he has some sort of affiliation and unofficial mouthpiece status for the club he will always look after #1. The public image of him is of course very different.
Carson is a proven crook who continues to think and act like a crook.
He’s not capable of thinking straight and this is why we are in such a blood mess.
Crooked thinking- crooked mentality-crooked man!
whether you like it or not he probably spent more money that you probably take several life times to earn…..so he can afford a mentality of not giving up……
Mark,
He used crooked money – this is why he was sentenced to 6 years.
He’s a crook- nothing more -nothing less and he’s doing tremendous damage to our club- the club you are supposed to be supporting.
Rocking horse mentality comes to mind!
Forgot so say Dan, thanks for the video blog summarizing events to date. Very informative, easy to understand and saved trawling through reams of text.
And I second it you could do with some early morning make up but an excellent first take. As for our situation this is I believe to be a pivotal moment where the two forces are head to head and whoever wins will be the ultimate master and from there our destiny will lie.
Only E&Y can have any influence and that is bound by the courts March the 12th is very much D Day.
CY must be really bored in prison that’s all I can say, he needs to go & get himself a shower or 2 with some nice sexy sumos, let’s face it he’s tried to f*** everyone else
Just like to wish all blue noses a happy ” obefemi martins day” .., 4 years ago today was our finest hour ..never forgotten, never equaled!! Lo& kro
What I don’t understand is how is CY doing this when he is supposed to be behind bars??
Exactlu Andy, how does he get out to go to court so often? Does he have his own semi -permanent prison warden escort? Or is he renting a room at the courthouse at BIHL’s expense?
His lapdog Pannu.
The evil presence as always, one day to be gone if the receivers do their job efficiently and correctly. He apparently dared Dan to go to Hong Kong on one occasion and meet him. I dare him to come to Brum and meet us!
I think a lot of fair-minded people will just totally start to lose interest in Birmingham City Football Club after this latest debacle. This latest action has Peter Pannu’s fingers all over it — I think he has now a vendetta against the club and wants to really piss people off as much as he can. I wait to see how the rest of the board reacts…it’s a game of back-and-forth at the moment. Just when you thought Carson had his last throw of the dice, out comes something else.
I’m utterly fed up with this mess. Daniel, a very big thank you for keeping us all abreast of the awful situation we find ourselves in. As alluded to by some of the other bloggers, I can’t understand what Carson is going to get out of this. He won’t get back what he paid for the club, and if the worst happened and we did end up in League 1, the club will be worth even less.
I actually feel more sad than angry right now, we are a great club with great support, and it seems like the life is being slowly sucked out of us.
great blog video Daniel thought your lights had gone out lol appeared quite dark…
Thanks as always Dan for another well thought out and informative piece. Whilst I read a lot of press, this really is the only place I trust for well balanced news on BCFC.
I think I understand Young’s pride has been hurt and he’s determined to put right what he sees as wrongs. From your piece many months ago Dan it seems he’s genuinely interested in the game and I’m sure he wanted the best for the club, after all it’s a showpiece for him.
I do wonder about Pannu, he worries me, I fear there’s a lot more to him than meets the eye despite everything that’s been written about him. I fear there are many skeletons in his cupboards and he’s got something else on Young so he can pressure him. I hope it comes out someday, will certainly make for another cracking read on here.
Until then, KRO and stay blue. It’s a long road and all that.
Finally, a Happy Obafemi Martins Day. I saw the other (later) entry about living in the past, but 2011 ain’t 1982 is it?
Cheers,
Adam
Thanks Dan, excellent coverage as always.
Quick query though, as E&Y have been appointed voluntarily by BIHL and if CY succeeds and the new Board is made up of his cronies, would the new Board have the power to say “Thank you E&Y, we don’t need you anymore, everything is grand, off you go”?
This would be a nightmare scenario. The only saving grace for me in all of this was that at least E&Y would bring in some decent management experience at Board level and provide an independent view on what was best for BIHL (and hopefully BCFC) rather than CY or other major shareholders. If E&Y are forced to go, I really do fear for the future.
No, I don’t believe they would as EY are court appointed.
Sorry I wasn’t clear Dan, but I was concerned that Carson’s new ‘Board’ could apply to the Courts to have the voluntary receivership order rescinded.
Hopefully I am worrying over nothing though as the general consensus seems to be that the EGM on the 12th is unofficial and shouldn’t have the legal basis to cause concern over the current make up of the Board. Fingers crossed.
Any news on your call to Tom Ross to get an update from Panos?
Panos won’t talk at the moment as the situation is too delicate.
I do not normally post on any sites but on this occasion thought I would put my two pennyworth in.
The Receivers are appointed by the court, I understand that opposing directors submitted their written opposition to the appointment of E/Y to the court. Despite this the court decided their was sufficient evidence to appoint the receivers. They now have sole control of BIH, they cannot now be influenced by the directors or any officers of the company. This presumably means any opposition directors / shareholders. Yeung,s request to try and stop them from doing their job has been rejected by the Court this is a legal decision based on all facts. The only people now who could call an EGM is E/Y , the so called request by Yeung to hold an EGM has no legitimacy under law!
I would have thought by now any particular Judge of the court would be fully aware of the goings on at BIH and in particular Yeung,s attempts to disrupt court appointed officials. They have looked previously at requests by Yeung,s cronies and rejected them as such I would not have thought they would overturn any previous decisions, the receivers will now do what is best for BIH, this may or may not be the sale of BCFC, I may be wrong but don,t they have powers to remove company officials if they deem this to be in the best interest of the company.
These are my thoughts they be me right they may be wrong , who knows what else will be thrown in the ring by Yeung and his sidekicks in the coming weeks.Hopefully this will not be detrimental to the every day running of BCFC for the time being.
Dan you are doing a sterling job, and as others have said it is only because of your investigations that Blues supporters have information on what is going on behind the scenes . Lets hope the team can get some wins under their belt to get some confidence back!