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The EGM: More Boardroom tussles
Birmingham International Holdings have issued a statement to the stock exchange to confirm that they have received notice that the “EGM” was held, and that a “meeting” has been convened with the intention of taking the legal steps necessary to remove the receivers.
The announcement confirms that the receivers had received notice that the EGM had gone ahead despite their warning with regards to validity and that Arjun Gurung Kumar, Joanna Wang Manli and Li Wen Jun were all appointed to the board, and that Kumar had called a board meeting to deal with the removal of the receivers. The receivers have confirmed that they have exercised what they feel is the most prudent form of action which is to terminate the “appointments” of the three directors and to serve them this termination in writing.
The very fact that the Carson faction went ahead with the EGM shows the contempt that they hold the receivers in, and I have no doubt in my mind that they will undertake some sort of legal action to remove Ernst and Young as receivers – which of course will cost BIH more money in barrister and solicitor fees to defend it. I can’t help but think this is the next step in a desperate attempt on the behalf of not just Carson but Pannu also to maintain their grip on BIH; and the fact it’s been so brutally slapped down in public will not matter to them.
As I have said continuously, there is a long way yet to go in this receivership and it is a gamble on the side of the Panos faction in that Ernst and Young have to be watertight in what they do to ensure no slip ups – as we have seen from the Carson side, a simple slip up can derail legal actions quite easily. However, there is no reason to read despair into this announcement as I am sure that if these continuously fail, then Carson will take an olive branch with regards to the sale of the club when he is offered it. I would even stick my neck out and say that if he received better legal advice than a disbarred solicitor and a retired barrister then he might not be in the situation he is right now.
There is a long way to go yet in this story – and these daily announcements are starting to get a little Eastenders-like. Lets hope it can end soon.
Tags: Arjun Gurung Kumar, BIH, Carson Yeung, Ernst and Young, HKSE, Isaac Sadiq, Joanna Wang Manli, Li Wenjun, Peter Pannu
66 Responses to “The EGM: More Boardroom tussles”
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I think it’s great entertainment were seeing between Carson and E&Y , it’s like mayweather and pachio.. Move for move , jab for jab , punch for punch, one trying to gain authority over the other to try and win the fight ,…great entertainment and lets hope the best team win ??? .. Who’s it gonna be guys ??? .. Take your bets!! Kro
More like Mayweather vs Jeremy Clarkson. One is a highly experienced, strong, fighting machine and the other is an old fat bloke who thinks he can do as he pleases.
I wouldn’t say E&Y are fat and can do as they please Pete now come on mate!! Kro
He can
is it possible their playing right into the receivers hands an proving by their tactics they are unfit to run a company, your thoughts dan?
I think you are correct with that John, well at least I hope you are. I bet you are rubbing your hands together Dan (in a business sense ) there must be at least 1 more book in this, Kro
Anyone else scared when they saw the name Kumar? :-)
I wonder if cy faction have a realistic chance
It’s a total nonsense.
I know E&Y have stated that selling Blues is a last resort, but CY must be worried that his grip on the club is slipping – hence why he is going to these lengths.
I think if the receivers are ousted somehow, or when they walk away; we will never be free of BIHL, so it’s imperative that E&Y sell us while they have the chance.
But surely they can’t sell us. They can only recoemnd a sale to the shareholders, and the one with the most shares is Carson.
Is it a case of CY and PP1 trying to keep skeletons firmly locked in the cupboard. Reading these blogs i have a feeling that there is much more to be uncovered over the next few weeks. Is it also possible that any revelations could drop CY further in the brown stuff and maybe take others down with him…
Only my warped mind thinking
Not warped – logical.
So now we can add another significant amount of legal costs to the already growing costs of E and Y’s involvement. Where the hell does all this money come from, BIH have no business interests other than BCFC which is just about keeping its head above water. I know that you’ve said CY’s backers are still behind him, but have they got a bottomless moneypit?
Looks like it mate!! Kro
Wouldnt E&Y have to authorise spend on barristers to remove E&Y?
There working for BIHL Richard not us .. There not bothered about what they leave behind !! Kro
It’s a right old game of cat and mouse!
Now I know this means nothing and EY are heads of the table, but should there be any future validity in this egm, or CY grapples back control, would any of these 3 so called directors that have been appointed, pass the football leagues ‘fit and proper owners test’?
If not, then sure it would breach this, and at worst could lead to the expulsion of bcfc from the football league, and at best, a 10 point deduction, thus potentially leading to a relegation. Now how the hell is this in the interests of bihl?!?! One league lower and worth even less money than they are now!
Dan, which party ultimately holds the upper hand here CY or EY, as they both seem to think they have the power to do what they want ? Is it an equal fight ?
I realise they cannot sell the club without CY approval.
Its all a little confusing for us mere mortals,
Markymark , I don’t think anybody can answer that question !! Kro
Everyday it justs gets better with these idiots ,hopefully carson keeps getting his advice from the mugs that are pannu and sadiq,let him just crack on with them as the hole will just get bigger.
Easy bad CY and PP name at St.Andrews Stadium future not worth it and CY still in prison in china???…E&Y is work hard trying frighting up Blues fans will few less 15,000 or less than…Brilliant good manager gary rowetts and some good player not all…IMPORTANT THINKING TWICE BLUES FANS BRING HERE NOT SAME TO CY and PP!!!…………Why why why they cant sell the bcfc club ????
What the bloody hell are you banging on about
Couple of things.
CY is in prison in HK, not China. Completely different scenario.
Secondly – Can you drop me a line – almajir@oftenpartisan.co.uk – cheers
All read format “announcement” Hope E&Y support to with BCFC and work hard member and bring new some player…Brilliant good manager Gary Rowetts and will bring blues fans on here new season 2015/16
Ian, you should put your real name on here and get some better translation software
Ian is Mark in disguise. The ….. Dots give him away as well as the insanity.
Or maybe someone else
Far east “Hong Kong” The Hong Kong Special Administrative Region of the People’s
Republic of China
If CY owns 29% of the shares then can the owners of the other 71% agree to sell the club without
carsons say so??
If hes the major shareholder no!!! I
I’m happy to be corrected here but I believe it’s common for decisions to be supported by 75% of the shareholders, So anyone with 25.1% or more, as CY does, has the power to block. That said I believe there may be laws/regulations to protect the small shareholders if it can be proved that those blocking are willfully and deliberately damaging the interests of those shareholders.
Pure speculation but if, in the case of BIH,71% of shareholders wanted to sell the club they could have a case against CY.
You just have to laugh at them don’t you! I wonder if they even realise that if their new board were to be accepted by the authorities we would get an automatic 10 point deduction as Joanna Manli would fail the directors test.
And you think that botheres them?
What is it with this lot? They just don’t seem happy unless they are sueing someone or taking legal action against someone, they’re totally obsessed. You would have thought CY would have had enough of courts to last a lifetime!!
As Above top Tag name team, BHIL and EMG I dont understand without FA support union member to BCFC cos FA in England rules policy act NOT same in china ????…. I dont understand now!!… Nothing done wrong with blues fans !!!!
I have been a Blues fan since 1961 when I was 12 seen three semi finals defeat and of course the Carling Cup win seen some great players and great matches and in some perverse way the goings on in Hong Kong are edge of your seat stuff .Which way will it go I have no idea
As I recently emailed, E&Y are top people.They are also streetwise and come at a huge cost. Buyers are up their sleeves..let’s not have any doubts about that. To shout it from the rooftops is not what they do. Believe me CY and Co.are acting childlike and the Authorities know it. Dignity rules ok here and we as the passionate followers must not get sucked into any depressive doubts about E&Y. Always remember this..if handbag squabbles in the Boardroom was the only issue here then E & Y would not be here. Also, Football League well behind E&Y.
Surely I can’t be the only Blues fan who his confused by this farce. I also don’t see how CY and PP believe they would ever be welcome at Blues. They are proven liars and corrupt in every way possible.
I still blame the previous owners for our predicament they knew Yeung was shady but still went ahead with the sale of the club knowing full well what the outcome would be.
Still a long way off ridding the club of these parasites.
Blue nose gaz, Were not confused.., you are !!kro
Gaz, I don’t think PP nor CY give a shiny sh*t whether they’d be welcome at StAns or not…
It is only my unqualified opinion and I am probably well wide of the mark but I don’t think this is about owning a football club. Surely CY being the largest shareholder would welcome E&Y to put the house in order. Everything he is doing suggests in some small way that he is trying to keep something well and truly hidden and out of the public gaze. Since E&Y have come in he seems desperate to get his own nominations onto the board of directors, also to win his appeal (second one is understandable). If he does get his own way what will change? Nothing, the club will not be sold we will continue to limp along with no investment. So what reason is there for these drastic expensive actions. As I said at the start I no longer think this is about the prestige of owing a football club.
no its about getting his money back by the pie in the sky chance we get into the prem so the club would be worth £60 million upwards
Lets be honest guys, none of us really know the true situation at present, were just speculating but rest assured E&Y will be watching the antics of these idiots very closely and they are digging there own hole as intimated in messages above.
One interesting thing..at any EGM/Board Meeting there has to be a minutes drawn up and has to also state the location and time of the “event”. Maybe E&Y are looking at this as we speak and if there is no minutes then this meeting would be viewed as void(if ever there was any such meeting???)
KRO, there is a shining light at the end of the tunnel, trust me!
Paulie – the location and agenda was published in two HK newspapers (and on here), I don’t think they’d have had to look hard :)
Well done Ian ambrose I’m loving your points of view, I haven’t got a clue what your on about but I’m still loving your comments
This smacks of Pannu and his silly games.
Interesting to note this follows CY appeal which he probably feels confident of winning.
The shambles continues.
EGM….. Very extraordinary to hold an EGM in a prison. Can imagine it now “Porridge” with Fletcher and “Groutie” Kro
I hope you’re being facetious… Carson can (and would have) sent a proxy to the meeting…
E&y have intentions to sell blues full stop! Of course they are not going to make it known they need to sell, because it then becomes a buyers market and would lead to derisory offers. They are experts in their field and know what they are doing. It’s well documented that there has been a number of parties interested in buying blues this will most likely have increased due to the news the receiver’s have taken over. The potential bidders must be licking their lips at the thought of getting blues on the cheap! They are there to clean up the mess and get the best return for the shareholder’s including Carson, which I’m sure Dan was referring to as the olive branch. they will attempt to get the best price possible for blues knowing there are several parties interested makes it a sellers market. The club will be even more appealing to the potential investors, because once E&y have sorted out the mess, they will be buying a club with transparent accounts and ultimately know there will be no dodgy skelingtons left in the closet. KRO
the price must surely fall as they have now lost £8 million income for next season
I still think Carson is scared stiff of what E & Y are going to find which could prove he WAS money laundering and that is why he’s in such a desperate panic.
As I said before the receivers are court appointed, when they were appointed the court would have considered all facts pertaining to the application this would have included the fact that there were opposing directors.They still authorised the appointment of the receivers , they presumably cannot go back on this decision, the EGM called by Yeung has no legitimacy in law! I would have thought that even if Yeung supporters try and take legal action to remove them , again I do not think the court will accept it, because the whole reason why the receivers were appointed in the first place is because there was a dispute between pro Yeung directors and anti Yeung directors. The receivers are there to sort this matter out, together with looking at the financial records in depth. They will not be blocked from doing this by anyone! As Dan said this smacks of desperation by Yeung and his supporters, what reason can Yeung come up with as to why the receivers should be removed. They have already said that the club would only be sold as a last resort, the previous attempt by Yeung to have an EGM was thrown out by the court his argument was that the club would be sold but E/Y have already covered this in their statement to the authorities.So what is his reason now, he cannot say he is worried that they may find further irregularities , when he is possibly behind any such irregularities. E/ Y are obviously confident they have enough ammunition to sink attempts by Yeung and his supporters.As Dan stated they will come up with a deal that will be hard for Yeung to resist, the process may now take a bit longer but it will be resolved.
Almajir: why would he pay so much as he did for blues & allow all this to happen, we are all missing a trick here, something went seriously wrong here, I believe he had good intentions for our club but something big has happened & we are still not realising what went wrong????
What went wrong? We got relegated… (and he got caught)
Are you been facetious now? I meant the season leading up to the relegation it started then ,as I said earlier, who would pay that much for a club then allow ( by buying cheap players) to be relegated? Why was the right kind of players who were needed to stay in the premier league brought instead of journey m€n & loanees!
he didn’t pay it, Grandtop did and he had to have a share issue and loans/consortium to do it.
did he even consider relegation or even understand such things could happen?
its a poor business person that pays £80 million with shareholders/consortium money for something worth approx £43 million when BCFC shares were last trading
would the real Ian Ambrose please stand up .
Thanks cheers
It’s a long long road there’ll be joys n sorrows too. Be patient, this filth will be long gone soon
Dave I stopped saying things like that 2 seasons ago !
Each day brings another set of circumstances and for entertainment value it’s priceless,pure theatre!! Being reading this stuff for a year or so now and I’m completely hooked. I just wish it wasn’t my football club that was at stake in all of this but I suppose that’s what makes it so addictive.
Whatever happens it will make the good times that bit sweeter when they arrive and if Carling could make Bluenoses…it’s got to be Dan!!
Dou you know I actually think the Football League in their wisdom understand our torment which is why the’ve done nothing to punoish us although our Villa neighbours would love it as we would if they finish in the bottom three. Hope QPR win in the early match tomorrow on BT Sports1 away to Crystal Palace and that Vill lose away to Sunderland. That would put them in the bottom three again prior to losing in the FA Semi Cup at Wembley.
Lets hope your right Raymondo and QPR beat palace and the Mackens beat the vile and then Liverpool beat Blackburn and then the vile in the semis ….but of course lets look after number 1 and we beat Huddersfield today with a good performance and a few goals which would cheer all of us while this pantomime goes on between Carson & E&Y !!! Kro
I think we should be asking who owns Carson Yeung.
Can CY have his shares confiscated if EY find something dodgy? That would explain CY desperation and the move to appoint EY by the other faction. Also a longer spell doing porridge? Presumably EY fill find out where the missing money has gone. Do they examine every transfer since relegation during Pannu’s reign?
This is purley speculative but could it be that the Carson faction are frightened as to what EY may reveal? If so this could have serious implications on CY, as the judge in his appeal said he would have expected further charges agaunst CY or words to that effect. As I say a purely speculative view.