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BIH: Massive Directoral Change – Pannu Removed, Panos Resigns
Birmingham International Holdings have announced to the stock exchange changes at board level that see seven directors resign including Panos Pavlakis, two suspended and two removed, including Peter Pannu. The new board consists of the receivers alone – however Panos and Victor Ma remain directors at club level.
The 11 page announcement is here. In brief:
Cheung Shing, Chen Liang, Victor Ma and Panos Pavlakis have all resigned along with independent non executive directors Gao Shi Kui, Li Enxue and Li Hanguo.
Peter Pannu and Matthew Chan Shun Wah have both been removed.
Anthony Cheung Kwai Nang and Carson Wong Ka Chun have both been suspended from their duties.
The new board consists of the three receivers; Stephen Liu Yiu Keung as Chairman and executive director , David Yen Ching Wai as CEO and executive director and Koo Chi Shum as Executive Director. Cheung Yuk Ming, Law Pui Cheung and Henry Stephen Lai Hin Wing have been appointed independent non-executive directors.
This has all been done pending an investigation into the company by the receivers. It’s important to note that Panos and Victor remain directors at the club with the blessing of EY – their resignation is more than likely to allow the investigation to go on unhindered and to ensure that the club runs smoothly day to day. As I understand it, there is expected to be no change at club level and points will not be deducted.
In my mailout on Monday morning, I mentioned that I thought the brown stuff was about to hit the fan. Evidently, it has and now we have to wait and see what the results of the investigation are from EY.
With respect to the EGM – this had no validity any way but I should think it’s got even less credibility now as there is no way Ernst and Young will allow the three directors to take their place – especially considering they found enough to remove Pannu outright as a director.
With respect to the sale of the club – this I believe will help move things forward. It means that the holding company can now have proper procedures put into place and the finances can be properly investigated, the appropriate authorities notified where necessary and both the corporate and financial governance can be brought to order – which will please the stock exchange no end.
In short – as I tweeted this afternoon this is huge news. It’s a big step in the right direction and while no doubt there will be skeletons to come out of the closet at least we will know for sure what those skeletons are.
Edit – BCFC Statement here
Tags: BIH, Carson Wong Ka Chun, Chan Shun Wah, Chen Liang, Cheung Kwai Nang, Cheung Shing, Ernst and Young, Gao Shi Kui, HKSE, Li Hanguo, Liu Enxue, Panos Pavlakis, Peter Pannu, Victor Ma Shui Cheong
71 Responses to “BIH: Massive Directoral Change – Pannu Removed, Panos Resigns”
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This is massive news and the start of the stables being cleared out. Are we really rid of Pannu forever???
A massive step forward I think.
Of the remaining Board members how many of them have connections to Carson Y.
If so how strong are the ties and can CY still influence them from where he is…
Bearing in mind Carson tried to get them kicked off the board do you think they are on his Christmas card list?
What remaining board members, the only directors on the bihl board are new directors from the appointed receiver’s.
Panos and Mai remain directors at club level
his son Ryan Yeung.
I think you’ll find that ALL board members are now Ernst and Young so CY does not have a conduit.
Bye bye pannu and remember dont be spending all that money just yet you might be getting a knock on the door very soon.
Please God, — This is the commencement of E+ Y, laying down their dominance,?.
For now, I am content with leaving them do their job properly, With hopes raised high, at Peter Pannu’s, ” demise “,?.
Tara Pannu! Light is getting brighter at the end of this very very long tunnel
KRO
Wouldn’t it be nice if, after a full investigation, there is sufficient evidence for certain people to be held to account in an H.K. court. Would make a great second book!
With the exception of Mr Pannu, resigned or removed directors have left all positions held by Group companies. Mr Pannu has been removed as “an executive director” without reference to specific roles held. Is this significant? (I hope not)
Ernst & Young………..no family connection to Carsen Y we hope………..LOL
I can`t tell you how delighted I am at this news, I have just got the bloody Christmas tree back out the loft and its going up in a minuet might even put the trimmings back up. This has to be the start of the end game. Thanks for all your coverage Dan very much appreciated mate..
I must admit that I did laugh out loud at that comment (much to the disgust of everyone else in the office). I agree wholehearted with zxcv and think we should all join him in hs return to Chistmas.
Have yourselves a merry little Christmas,
la la la la la ,
From now on our troubles will be far away,
here we are all in wonderland la la la la la,
Wish I new the words. lol.
Taz, don`t you be laughing to loud now, you`ll upset those villa miseries you work with. lol
Dan great news- going to bed with a smile on my face- almost as good as beating the vile and winning the Carling cup together-still some way to go but definitely forward and on the right track
A really positive move and, not being smart-alecky – but not unexpected. Receivers usually take over from incumbent directors in stuffed-up companies. The courtesy of allowing ‘resignations’ to 7 directors speaks volumes, as does the less courteous ‘suspension’ and ‘removal’ of others.
Parliament has been overthrown – a new republic now reigns supreme.
As I’ve said before; you don’t mess with receivers, especially of the E&Y calibre.
AussieBlue…would the directors who’ve been removed or suspended be able to appeal the decision or to seek reasons for their dismissal?
At last, Ernst and Young turn on the jets and begin to flush the rats out of the sewer. It’s been a long time coming!
Just woken up to this fantadtic news in Cyprus.
It’s pay back time for Pannu and frankly I can see him being procecuted.
Good bye Pannu-you could be joining your mate soon in a prison cell!,
Expect at least 4 contenders to bid for the Club now. I predict new owners in before last home game.Real pre season ticket boost.
Praise be the lord! at last that rat Pannu has gone.
Thanks for the info Dan and helping me start the day with a big smile on my face . This may not be the beginning of the end but it could be the end of the beginning or whatever WC said KRO
Wow, big news! Appreciate the news update Dan which has radically changed the directors qorum. I note that Pannu was removed which would suggest his reluctance to go gracefully. Hopefully that’s the last we see of him. I’m happy that Panos is still involved with the club as he appears to be doing a great job in the circumstances.
E and Y flexing their muscles ahead of Carsons bogus EGM,preempting any of his cronies being elected,well done E and Y,glad Panos is still there,now lets move forward.
About time the Fat Bluebottle that is Pannu was twatted with the rolled up newspaper!!
Wow,at last!!.sounds like EY have found something pretty major to take that action.Pannu removed lol. Love to know what they’ve uncovered. Big spring in my step this morning!!
This sounds bril and if Dan likes it I’m happy.wonder how much this will aid sale of the club.
I still can’t get to exited till they’ve gone lock, stock and barrell but its a move in the right direction and maybe next season will be one to look forward to now with new owners new investment and new hope for a full on promotion push … Looking forward to the last 10 games of this season first though with no relegation fears to worry about! Kro & dnm
With that too, is the fact that if we continue picking up points, the higher in the table we’ll finish, which in turn, will mean that we may be able to attract players that might not come if we were to finish, say, in the bottom 6. So what do points make? Prizes. :)
The dawning of a new era. where this will take us nobody knows (Not strictly true) but I feel really good at the moment.
Thanks Dan but I think your role in this whole thing is not over yet. More reporting and investigating to be done. Not quite enough data for the second book yet.
KRO
I told you before MUST NOW selling bcfc and new fresh takeover at blues and blues fans bring here!!! ” Getting lost to CY time waste breath and talk too much”!!!…. Move On and new busines takeover at blues HURRY UP sell club now!!…
I don’t think the broom has finished sweeping yet, when receivers are called in they start at the top to show their intentions and then work down through the company, I am not cheering yet, because we do not know how much streamlining they intend or require to do, I just hope that this is a step in the right direction and blues make it through to the other end.
It has been declared that we have finances/assets to finish the season but there is no mention of any thing beyond this, sorry to be a pessamist but this is what supporting Blues does to you. Kro.
Next seasons finances as far as BIH and Blues are concerned now seem irrelevant. They won’t be there.
Great piece Dan thanks for this. Is Ryan Yeung still on the BCFC board? How does he fit into all of this?
Hi Karlos – looks like he is (RY) and, interestingly, Dan’s got him in the Pannos camp in terms of support and not his Dad’s!
Cheers dude – Dan any comment on RY at all?
According to the Mail, he’s still involved. Seems odd that E&Y would get rid of everyone but keep Carson’s son……
Carson’s son isn’t on Carson’s side. ;)
Dan 2 questions, do you know of if there are any seriously interested parties in buying the club (I understand you can’t name them if there are) & do you think (if there are) IYHO they could take over before the start of next season
Yes and no idea, hopefully. Answered both questions several times before.
Thanks Dan, as things change on a daily basis at Blues I thought i’d just re-ask the question
I think Pannu’s rage at Dan and our fans bombarding the FL with e-mails have been side effects that prompted some action by the company and inviting the receivers in was a turning point too. With E & Y being appointed by the court CY’s antics behind the sceneas have now been curtailed. Just wants his appeal to be rejected now and the future is new owners. Huge thanks to Dan for his influence in this. KRO No wonder the sun’s shining brightly this morning. There is a god!
Birmingham City is the biggest name in English football. No London club carries the name of their city, and we are the only club to carry the name of the second city. Surely rich buyers should find us an attractive proposition! K.R.O.
You called Raymondo, my son?
Who did? Missed that. Was it Aussie Shieila?
snip from Raymondo post
Hence
“You called?”
:-)
Somebody should have warned Pannu, “beware the ides of march” !!!
Et tu Johnne! :)
A massive step forward this may be, but a massive step into the unknown. Surprised at the speed of E & Y’s work really.
brilliant work dan!!
I’m surprised that Pannu is actually still around. I was certain that Princess Leia strangled him with a chain in “Return of the Jedi”.
Nah that was Hands So Low!!!!
Nope, it was definitely Leia. Han was busy warming up the plane in case PP needed a fast escape from HK :)
Even when I hear good news I don’t believe it. There’s been so much this and that it’s hard to know when it’s true and if it’s good or bad.
I’m hoping this is the start of a fresh beginning.
This seems like great news but it would be tipical of blues that something or someone conspired to try and throw a spanner in the works. As supporters all we can do is wait with hope that the four year nightmare is finialy over. It would be great if we could have some if not all of the stay away fans back this Saturday to show any potential buyers what they could have for there money. We still need a few more points just to be sure of safety
Come let’s get behind the boys in blue KRO
We do need the Stay Away Blues Fans back. “To show GR his staff and our Players that we appreciate what has been achieved. Those of us who go down every week are the hard core of our fan base. I am not knocking those Fans who stay away as I’ve said here before. In Austerity hit Britain it is hard for some people we must remember this. Let’s start pumping up the volume again in Support of our club Birmingham City FC. KRO – TTEOTR.
I think a win Saturday and its 49 points and guaranteed safety bearing in mind that 31 is the total now so no danger whatsoever … I even think the 46 we’ve got is enough but were wait and see… As for Saturday it will be the usual 15,000 or so that will be there because those stay away fans will always find another excuse not to go so were get on with it and lets wait and see next season if things change what the attendances will be then … Interesting!! Kro
Whoever buys the club will face the facts that CY will still own 27per cent. However if he has to be carried throughout his prison term-so be it. He can always be outvoted on every issue. Just a pity he will not sell his share.I am hoping he has a change of mind and feels time is up. This club is now an extremely attractive buy for the right football minded people. Hope we don’t sell to the highest bidder as it will certainly go back to China or worse.
Sorry but where do you get the notion that CY is going to still be a part of it??? I cant find any mention that if the club is sold CY comes as part of it still having a 27% stake.
He’d just get 27% of the sale price wouldn’t he?
On that assumption, anyone that had any shares would have a forced share repurchase / buyback? They could not just target CY?
That’s called a ‘squeeze out’ in stockbroking circles and can normally only to compulsorily buy the last 10-15% of shares not sold in a takeover. Main thing is…will Carson’s 27-odd% be seized and disposed of as proceeds of crime? Maybe Wang Lei’s 17% too??
I hope stevie and Raymondo are right. It is just his stubbornness to resist selling that leads me to think we may have to suffer him as a shareholder. As I say,perhaps you are both right. Hope so.
I hope they can dig up enough dirt on Pannu to put him in the clink with his partner in crime cy
Pannu dismissed? How wonderful, I would have loved to have been a fly on the wall to see his little corpulent face brim with anger and frustration when he received his marching orders!!! Maybe he went to a girlie bar in downtown Kowloon to try and unwind!
You know what? I’m going to miss him, we may never get such a fat, stupid panto villain like him ever again, (or at least let’s hope!)
it will be really interesting to see what dirt is dug up what with the missing millions and where money is coming from into the club hopefully enough evidence to lock a few more up and sieze their assets
[…] news broke late on the night of the 9th of March and caused much speculation amongst fans but nothing will be confirmed until at least after the end of the season when proceedings are able […]