Often Partisan

BIH Announce Accounts Delayed For The Sixth Time And Resignation of Auditors

In a statement to the Hong Kong Stock Exchange Birmingham International Holdings have delayed their overdue accounts for the year ending 2011 for the sixth time.

The announcement confirms that the accounts which are now 13 months overdue are to be delayed indefinitely.

The statement goes on to say that since Mr Pannu’s appointment as MD, CEO and Executive Director of BIH, he has been attempting to rectify outstanding audit issues without success and thus BIH have parted company with auditors BDO. The company will look to appoint new auditors ASAP as they look to bring the company back into line and become a candidate for relisting on the stock exchange.

Whilst the ongoing delay of accounts will no doubt be concerning to the shareholders of BIH it is not anticipated that the delay will hold up either the day-to-day running of BCFC or any potential sale of the club.

 

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38 Responses to “BIH Announce Accounts Delayed For The Sixth Time And Resignation of Auditors”

  • Gary says:

    As long as it doesn’t hold up the sale of the club, or it’s day-to-day running, then as a Blues fan that’s all I care about.

    Almajir – do you think this news might even help progress the sale of the club further? Obviously it puts more pressure on BIHL to sell.

    • almajir says:

      I’m of the opinion it’s a clever announcement.

      Pannu has ensured that the previous incumbent in the MD chair (Vico Hui) has taken the fall for the delay in the accounts by making it clear he’s tried to sort it out (and implying Vico didn’t). He’s also ensured by forcing the auditors out that the announcement is now indefinitely delayed meaning he can sort the sale of the club and then potentially close down BIH without the accounts ever appearing – and without any further announcements on delays.

      I don’t think it will affect the speed of any takeover; I think that comes down to when they decide that they cannot hold out any longer and that they need to talk to one party exclusively. At the moment, as much as I don’t like it personally, Paladini is the man with the potential bid on the table. Pannu might have to take it and deal with that as best as he can.

      • Gary says:

        Almajir – obviously these people trying to buy us (all of them) are business people, and therefore they want to get the club at the best possible/fair price. But at the end of the day, they must also look at the footballing side, for that is where the football club – and therefore the business – will gain it’s successes and failures along the way. Which means, in my opinion, that anyone wanting to buy the football club will want to be in and feet under the desk in time for the January Transfer window – that’s where the new owners will be able to make their IMPACT. Is that how you see it, that any buyer will want it sorted in time for January?

      • Oldbluenose says:

        Almajir,;, various snippets from the press, seem to indicate that The Thia’s interest has virtually eveporated,,!!. Plus any Indian Interest seems to be playing a waiting game, !!.

        Have YOU any information or feelings, That it may well be that both of the named parties are no longer really interested, ??.

    • NooBloo says:

      More concerning is the fact that such reputable auditors resigned. . If they resigned stating that they found major discrepancies and that they resigned for that reason. Well anything could happen.

      it could lead to CT and PAYE Investigations by HMRC and if that happens and they find discrepancies then who knows what could end up being in store

  • tamuffblue says:

    Sooner the circus and nellie leave town the better

  • Ste Coy says:

    Almajir,
    I heard news from a source within sports that Paladini has already formed a “board of directors” and have made contact with an individual to take over from Lee Clark. The rumoured board will include Trevor Francis and Ron Akinson while Graeme Souness???? will be set to take over as manager.
    Have you heard anything simular?

  • James says:

    Ron Atkinson & Graeme Souness??? I think I’d give up all together!

    Whoever takes over the club will have a lot of debt and players to sell. Paladini’s track record isn’t great but we can’t have this continual circus of owners delaying the accounts.

    KRO

  • Jay Sidney says:

    Almajir said the other day that he did not support the “any owners must be better than Carson Yeung” argument and I generally agree with him. However, the sooner the frankly shadowy BIHL has its links severed with BCFC (and this must include Yeung), the better but, from what I’ve read of Gianni Paladini, he ain’t the man for Blues.

    A point I’d invite anybody to comment on is whether Yeung (and his man man Peter Pannu) would accept £30m after turning a reported offer of £25m down.

    Perhaps Oldbluenose is right when he says other potential bidders may be playing a waiting game…

  • Jay Sidney says:

    James.

    I don’t usually agree with your positions but your earlier posting (3:36pm) was absolutely bang on.

  • Paulo says:

    I agree with almajir on this ..it is an announcement that has been timed pretty well, and a decision that was a difficult one, although a very clever move by PP, and is ‘probably’ a sign to the HKSE that at the very least, something is being done. I doubt however, many auditors can make the X-TEP fiasco go away, so I’m also of the opinion that the accounts may never be fully finished and accepted which may lead to BIHL simply having to accept defeat ..but with PP now at the helm, who knows. As long as BCFC is looked after and a sale is made to those who are prepared to invest in the right places, then as for the accounts not being published again, I’ve only got one thing to say …were the auditors themselves from a very reputable and powerfull firm?

  • mark says:

    No real news because its been said previously we will never see their accounts they have no intention of ever producing them!!! Auditors have been sacked off because they quite clearly don’t want to sign off fictitious accounts.

    They say it wont affect the sale but I disagree!

    The material link as previously mentioned by the football league can prevent any potential legitimate suitors from deciding that bcfc is a valuable purchase. We are stuck with what I call a bunch of chancers rather than reputable folk.

    Hence why Carson is hell bent on sellin to someone from his neck of the woods!

    Our best outcome sadly is now paladini! He is no stranger to ducking and diving and at least there is a form of affiliation to the club. But if he thinks we can afford London prices then we are screwed.

    At present such is the apathy I believe if they said blues v Ipswich is totally free the crowd wud still not top 25000

  • DoctorD says:

    If you read the statement, it’s clear that within two days of PP taking over he’s tried to sort the whole mess out via a meeting with the auditors. They were then sent a load of detailed info and clearly didn’t think they had enough info to take the accounts any further so have stepped down. Obviously BIHL were just not running things properly — end of.

    I’m not sure what the legality is of not having proper accounts but one thing’s for sure, this has been a stinking mess and thankfully we have PP who’s at least been trying to sort it out. I still think that if new owners come in, it could be a case of from the frying pan (wok?) and — if not into the fire — then certainly into another heavy-duty cooking implement. Maybe a casserole dish in which we’re slowly oven roasted at 250 degrees, or possibly slow cooked to perfection, depending on how optimistic you’re feeling.

  • Blueboy88 says:

    Nothing clever about this statement . It is obvious Pannu has had this bombshell dropped on his desk yesterday morning & has had to cobble together a quick response to the HK stock market
    He is completely rattled , firing off a list of recent dates he has had contact with the auditors as some sort of defence to an improving situation .

    The hard fact is BDO have binned BIH & why ? Because they have had the good sense not to put their good name to any accounts due to reservations on the effectiveness of corporate governance , and the system of internal controls of the company.

    If BIH are still the parent company by January 2012 , we will be nostril deep in the smelly stuff.

    While BIH fiddles , St Andrews burns….!!

    • almajir says:

      So in effect what you are saying is that you think Pannu has lied to the stock exchange about what happened?

      Bold statement there.

      Suffice it to say from everything I know I am fairly certain that he hasn’t.

    • Oldbluenose says:

      Blueboy88;, I fear your last paragraph may come true, !!. Leaving aside Carson Yueng’s, predicament B,I,H. is like a millstone around B,C,F,C’s, neck, The sooner we are rid of it, — The better, !!.

      My fear is one oft quoted, — Who may buy us, ?. I pray [ as qouted above ], It is not out of the frying pan and into another wock, !!!!!!!!!!!.

    • Flying Doctor says:

      Strange the announcement saying BDO resigned on the 29th Oct, according to Private Eye of 2 weeks ago, they resigned at start of Oct.

      • NooBloo says:

        It does not matter when they resigned.

        A large firm like that disowning you means that not top 20 accountancy firm in the country will touch the club now. That means a smaller firm of accountants will probably take it on and sign off on things as was previously presented.

        After that then HMRC will come in and tear the accounts to pieces because there probably isnt enough documentary evidence to support the accounts.

        If they then find major discrepancies in Corporation Tax accounts and PAYE irregularities then that is when we will really be in trouble because thats what happened up at Rangers |Football club in Scotland.

        HMRC cannot step in at the moment because they have nothing to investigate, whilst accounts remain outstanding.

        Birmingham are treading water until they find a buyer it seems to me and that is Catch 22 because who would buy the club when accounts presented cannot be relied upon.

        So in my opinion we should all brace ourselves for very dark days ahead because 2 years ago we had several million pound players that we could offload to stay afloat.

        Look at the squad now and there are are olny 2 or 3 of those valuable players still around. Crowds are dwindling and very soon there will be nothing to sell.

        Someone from the local press really needs to do some very good investagative journalism and fast because if they dont then I fear the club as it stands may have to close its doors.

        Money must be going out of the club at an alarming rate and someone needs to find out where it is going and fast

  • Bluenosesol says:

    I am losing the will to live

  • Mickey07 says:

    Does anyone actually believe there are “other interested parties” in buying us???it’s only paladini….all the other “so called parties” dont even exist…they have been made up by pannu and co…..paladini is the only one that’s put his money where his mouth is….

  • Jay Sidney says:

    Interesting shout, Mickey. Colin Tattum has said in public that as many as FOUR parties may be interested. Is it possible, assuming the other “parties” exist, that they are biding their time?

    Also, the “out of the frying pan and into the wok” line (not Mickey’s) seems mildly xenophobic. That said, BIH is certainly behaving utterly disgracefully and where are the laws on corporate organisations to bring them to account?

  • Mickey07 says:

    All paladini got to do is just sit back bide his time,then he will have all the power over pannu and co then start calling the shots with a take it or leave it offer,as no other parties has offered anything…it’s only paladini prepared to weigh in the £60k to look at the books ain’t it,no other bullshit party has done it have they?

  • Adam says:

    I think for BIHL this is a good move. Ever since Peter Pannu has been ‘in-charge’ at the blues, he has quietly gone about stabilising the club behind the scenes.
    I believe this to be the case now that he has become a big-wig at BIHL. With him now being part of that too, it seems as though he is shaking them into some sort of order.

    • NooBloo says:

      He is a lovely really nice guy but he is tainted by people higher than him in the company. he has been left to clear up or cover up a mess.

      in my opinion he needs to come clean and blow the whistle or i have a feeling he may be living in a 6feet by 3 feet living room very soon

  • Paul Carter - The Voice Of Reason says:

    Anyone else surprised that this was a job too far for Pannu?

    Given that this is the first business he’s ever ran I’m not.

    MD, CEO and Executive Director? Conjures up images of those one man bands you used to see down subways.

    • Blueboy88 says:

      Depends on what his job is VOR

      1) To look after CY’s interests

      or

      2) Look after BCFC’s interests

  • tamuffblue says:

    I must say once again Pannu is the man that got money out of the Cockney barrowmen on the steps of the high court and also 2 million off the Vile for agent Judas so give a little respect

    • Flying Doctor says:

      Big deal.

      • Paul Carter - The Voice Of Reason says:

        Also tamuff the reason he got that dough was cos it was legally due. No more or no less. Unless of course you’re saying Sully and co and the filth just gave him dough for feck all.

        He’s a lawyer and has never run a business before. FFS any fool put into all these positions at BIH would have at the very least appointed a financial director and internal auditors.

  • Paul Carter - The Voice Of Reason says:

    Thanks for proving my point.

    The mans a lawyer.

    Next.

  • Agent McLeish says:

    I do hope the Paladini bid is unsucessful if Briatore is involved in anyway. Briatore may be even worse than CY as he has previous i.e convicted of fraud in the 1980’s and of race fixing in 2008. How could this man be deemed as ‘fit and proper’?

  • B25dave says:

    Nooblue

    HMRC cannot step in at the moment because they have nothing to investigate, whilst accounts remain outstanding.

    sorry but the matter in hand is BIHL accounts which are not relevant to the UK or HMRC
    BCFC accounts have been filed albeit with a failiure to qualify statement from the Auditors,but filed none the less.The next set of accounts are due to the Football League Dec 1st and that is the only real relevant date for the club.Failing to do that will mean yet another Embargo

    do not get the two confused,particularly with regard to accounts it does help when dealing with conspiracy theories.

    • NooBloo says:

      That is where you are wrong because if the findings are that there is a larger than 5% shareholding of directors of BIH and the UK company then the companies may be grouped for tax purposes and who is to say that is not one of the reasons for the resignation of the auditors. This is why some good journalist needs to look into the reasons for the resignation of such a reputable auditor

      • almajir says:

        Noobloo – I think the broad reasons are clear, and were outlined in the statement to the HKSE – they didn’t get the information that they required.

        As for the first part of your statement, could you repeat it in English, for a layman?


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