Often Partisan

BIH News

Birmingham International Holdings made two announcements to the Hong Kong Stock Exchange this morning as they continue to endure problems in complying with Stock Exchange regulations.

Firstly they confirmed that under the terms of the censure agreement that all bar one of the director involved has undergone the training required. However, as one director, Mr Zhou Han Ping, had not undergone the training in the time required his position as an independent non-executive director was now in question.

The second announcement compounded the first as it shows why the company cannot simply fire Mr Zhou as the current board is short one non-executive director as is and has had to notify the stock exchange that they are not in compliance with the rules.

In his interview with Tom Ross Peter Pannu discussed how he had to ensure he met the rules of the stock exchange as the regulators were watching the company closely and it appears that this proves the case. This is a good thing, as it means that the pressure will now be on BIH to act as a proper company etc – which in my mind will ensure any sale of BCFC will have to be done in a proper manner.

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37 Responses to “BIH News”

  • Blueboy88 says:

    You can’t polish a turd….

  • Gary R says:

    Almajir – …but at the same time it’ll make the sale of the club drag on further and further and further. I’m getting to the yawning stage with it all. I’ve gone through anger, frustration, and now I’m simply fed up and bored of their inept attitudes and lack of professionalism. As a company what do BIHL actually do? What is their “product”? Can anyone tell me, because all I can see is that their “product” is to act “as unprofessionally” as possible.

  • John says:

    All this proves is that,the sooner B.C.F.C is out of the clutches of any Hong Kong organisation,the better. Pannu is reported as saying,that he wants to know who is backing Paladini. What we would like to know,who is backing B.I.H.L. The Charlie Chan films were famous, for being full of intrigue and deceipt !

  • DoctorD says:

    So the company is “endeavouring to identify suitable condaidates” as an additional, independent non-executive director.

    I know of one really good person who knows the club inside out, is independent and has the supporters’ backing….

    Step forward Lord Almajir of Bordesley Green. You’ve got my backing for the job. Seriously, why not. I would love it.

    PS I would also have loved to be an eye on the wall with that training course the directors went on. Can you imaginge it with a David Brent-style figure doing the course and Yeung getting out his guitar and singing KRO.

  • Carl says:

    Is this just moving deck chairs around on the Titantic?

    Of course, if the board had sold the club earlier in the month then we probably wouldn’t care about this: “which in my mind will ensure any sale of BCFC will have to be done in a proper manner”.

    So can the club not be sold in a proper manner now or is it just greed from the BIH/CY/PP (take your pick) that they’re are stubbornly holding out for 40mil? Obviously, it’s their prerogative to hold out for X price but please don’t lie to us PP that it’s because they care about selling it to someone who can take the club forward.

    So many complications achieving so little – or so it seems.

    • JohnR says:

      I think the whole situation is worse than the issue of non-executive directors. According to Tatts in today’s Birmingham Mail Pannu cannot sell the club until the BIHL accounts are published, which he said will be at the earliest in March. So we have at least two months of more uncertainty whilst the club heads for the rocks.

      • almajir says:

        I’m awaiting confirmation on that from my own contacts

        • Gary R says:

          So is this a new thing or has Pannu had a light bulb suddenly go off in his head and thought: “oh, I might need the BIHL accounts after all. Bugger, bugger, bugger”. Jesus, surely the man who is running the club knows the RULES for heaven’s sake. He’s acting as though he, too, has to get clarification on it. he should KNOW this. Anyone worth their salt should know this. Pathetic.

          • almajir says:

            Gary – the rules to the stock exchange run at a few thousand pages. I can forgive the man for needing clarification on things.

  • JDP says:

    Gary R
    BIHL don’t do anything, it is a holding company i.e. a company that ‘owns’ other companies. BCFC is 98% of BIHL business and therefore anyone buying BCFC needs to have fully audited and compliant BIHL accounts as well as BCFC accounts.
    Pannu hasn’t a clue what he’s doing and is out of his depth. It won’t stop him feeding compliant outlets with his agenda in an effort to keep people onside, but his ONLY objective is to support CY in Hong kong and get as much money back for CY out of BCFC.
    Money from sales of players in January ‘might’ be used to ‘repay’ the ‘loans’ to CY.
    Enough said.
    KRO

  • Mark Y says:

    The corporate governance of BIH has been shambolic from start to finish and basically CY and his cohorts have never had the nouse to be in charge of a quoted company. The situation was further aggravated by Vico Hui’s shananigans involving the Wstep deal. Any potential buyers have been and will put off by this can of worms. We know that CY hasn’t personally asset stripped the club butI fear that the background of his financial affairs and the corporate incompetence of the Directors is plummeting Blues into a very dangerous downward spiral. I just hope we can stay up this year and buy some time.

  • bluenose1949 says:

    Could the possible sale of players in the January window for maybe £10 million plus, cover and repay CY for his personal loan? Then the cupboard would truly be bare!
    Prospects bleak.
    Stay strong,we will recover.
    IN US WE TRUST. KRO.

  • tim says:

    er… i would like a little chat with the Golds, sullivan and Brady… left the club in safe hands my spotty arris!!!!

  • harryh says:

    Don’t forget Gold/Sullivan et al (inc. Sullivan jnr) were all abused and hated by the fans. It’s a bit rich trying to blame them for this mess. What they did in selling BCFC was all above board. What Pannu has come to realise is that we have rules re how a company can be run – which have been persistently contravened – late arrival of accounts/incorrect non-execs/auditors resigning/directors being sacked/”unusual” transactions…

    Would you say that Pannu and Yeung are “fit and proper” owners as required by the FA? If proven not to be (how hard can that be) I wonder if that might expedite any sale….

    • almajir says:

      Harry – the sad thing is they are.

      People put too much faith in the owners and directors test – it is almost impossible to fail. In fact, since it has been brought in only two people have actually ever failed it.

      Should Carson Yeung be convicted, then yes he would fail at that point but until then he is fine.

      • Lersby Avenue says:

        ” it is almost impossible to fail. In fact, since it has been brought in only two people have actually ever failed it…..”

        ……………

        Which is (imo) a strong factor in Pannu’s seeming lack of speed regarding Paladini.
        If the rumours are true, one or possibly two, of Paladini’s money men would be unacceptable to the FA.
        At the very least they could impose an embargo on a sale to Paladini until investigations were made – even though it’s mainly convictions that can disbar they would have enough leeway to delay a sale.

        So yes, if Pannu is seeking a genuine straightforward bid, or investment even, then Paladini would not be the first or even third choice – omo.

        Being bored out of my skull over Christmas, I actually read the BDO audit for BIHL for 2010.

        Everything was hunky-dory.

        Then came Carson’s asset freeze and a virtual free hand by Vico Hui in the XStep alliance.
        Unsupervised and unchecked a true case of “when the cat’s away-the mice will play”.

        Pannu has done his best to sort that out and had to be promoted in the UK and Hong Kong to be able to get access and have the clout.to take on Hui and XStep.

        As I said, before Hui and Xstep, BDO had absolutely no problems with BIHL.

        Let us hope that Pannu can keep Blues solvent and viable.

        ………………

        Happy New Year AlJ, and to all your readers and contributors.

        x x x

        • almajir says:

          A lot of truth in that Letsby.

        • carlos says:

          I love the way Hui has been made out to be some sort of renegade director going behind the back of CY and the rest of the board. So Pannu gained some kudos for looking out for BCFC interests in the affair, but it wasn’t brought to light until after the BCFC audit was published (although not signed off) what else could he do or say or his credibility would have been blown out of the water last summer. Remember “we are all family” they told us.

          • Letsby Avenue says:

            Carlos said:
            “…So Pannu gained some kudos for looking out for BCFC interests in the affair, but it wasn’t brought to light until after the BCFC audit was published (although not signed off) …”

            ………………

            Timeline Facts:

            * Vico Hui resigned in June-July 2012.
            * Peter Pannu put in charge in HK and UK September 2012
            * BDO resign WITHOUT PUBLISHING audit October 2012
            -reason given …”Birmingham International Holdings said in a statement accountants BDO had stood down, saying they had not been able to get “consistent, reliable and complete” information from the company….”

            Vico Hui was responsible (from his position) throughout the audit process, until he resigned.
            That was the time BDO were frustrated at getting all the info.
            Pannu was in charge for one month before BDO walked.

            If there has been non-compliance or dubious actions, that has been before Pannu’s time.
            He’s just clearing up the mess of blues.

          • almajir says:

            I think Carlos may have been referring to the BCFC accounts rather than the BIH ones.

    • Save Your Club - Don't Go Down says:

      Harry the fit and proper persons test is not an FA initiative.

      A person will fail the test if:

      They have power or influence over another Football League club
      They hold a significant interest in another Football League club
      They become prohibited by law from being a director
      They are filing for bankruptcy
      They have been director of a club while it has suffered two or more unconnected events of insolvency
      They have been a director of two or more clubs of which, while they have been director, has suffered an event of insolvency

    • chris says:

      Gold and Sullivan either knew damn well the mess they were landing Blues in or they were inept business men.
      Doug Ellis and Reading’s owner both refused to sell their clubs to them knowing Yeung and his unknown investors were dodgy, but our selfish owners couldn’t wait to land us in the mire and didn’t care less what was going to happen, so take your rose tinted glasses off.

      • James Black says:

        Can u blame them chris as they was getting the same hate that the current board are getting. Would u give a turd after being ganged up on and spat at by morons. Seems people just hate boards round here regardless and i cant blame Suilivan for getting out and not caring about the people who spat at them or what they think. After all they did take us from Div 2 to premiership but you still spat at them.

  • Cocka says:

    Yueng & pannu are just rubbish business men,What Sullivan & gold done to Blues was callous!

  • Mickey07 says:

    How the hell has pannu been dealing with the likes of smeg and other so called parties out in h.k. When only today it turns out he needs the accounts to do a deal?something ain’t adding up.

    • almajir says:

      That something that isn’t adding up is possibly your understanding of the situation.

      It is EASILY possible that Pannu has been dealing with these parties and this kind of question has come up in diligence talks as something that needs to be ironed out to get a deal done.

      • Mickey07 says:

        He seems incompetent of the highest degree,he better pull his socks up mayor has hes been dilly dallying about for the last 12 months now.He has been rumbled over the past month and people have woken up to who this fool really is.stop cutting him slack mayor as I feel he will always been one step in front of you and us,this man is not to be trusted.the deal with someone will only go through when it suits mr pannus pocket and what he gains personally.he’s a mug.

  • Murph says:

    On a different note , we are short of strikers so why not recall a Rooney , I think the guy gets short changed and think he could do the job at least till others come back ???

  • Murph says:

    Why ? As we have caddis still?

    • almajir says:

      Partly.

      Partly because rules proclude from breakng a standard loan outside of the transfer windows (which admittedly start tomorrow).

      I doubt very much we’ll ever see rooney in a blues shirt again

  • Murph says:

    That’s why I asked as window opens again , thought they were both loaned till jan and we could recall ?? Not sure of ins and outs but I liked him as a player , I’d let but land go for 10 mil and no less and build with 4 mil of it , new year hopes , don’t want him to leave as reminds me of seaman but what do we do ?? Kro

  • Paulo says:

    Am I right in assuming that all this is simply ‘making things fit’? ..a bit like BIHL firing the last auditors so they can get some in that have a magic wand.

  • The Purple Cow says:

    Nobody has ever failed the F.A. fit and proper persons test. So unless Palladidni’s boys are on the al Qa’eda management committee I don’t think that will be the issue

    comment edited – sorry, I’m being really careful

    • almajir says:

      Factually incorrect.

      Dennis Coleman – Rotherham United – 2008
      Stephen Vaughan – Chester City – 2009

      Flavio Briatore would have but he quit QPR before they had chance.

  • RichardM says:

    I’ve heard from sources that Pannu stands to make over £2 million commission on any sale of the Blues – not sure if this is a good or bad thing, but surely that means there is an incentive for Pannu to close ANY deal as quickly as possible? Even Paladini’s. I just don’t get it….


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