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BIH Interim Report – Questions over Pannu’s Consultancy Fee
Birmingham International Holdings released its interim report to the Hong Kong Stock Exchange today, confirming the figures set out last week.
The report however is interesting due to some of the additional information provided that wasn’t in the accounts document released last week. It confirms that:
During the six months ended 31 December 2012, Asia Rays Limited (“Asia Rays”) provided consultancy services to the Group amounting to approximately HK$2,531,000 (six months ended 31 December 2011: HK$5,133,000) based on the contractual terms of the agreement. Peter Pannu, a director of the Company has beneficial interests in Asia Rays.
This equates to circa £212k for the six months to December 2012 and circa £431k for the six months to December 2011. A search of the Hong Kong company registry confirms that Peter Pannu is the sole shareholder and director of Asia Rays Ltd. Assuming he was paid the same amount of money for January 2011 to June 2012 as he was for the first half of that year, it would mean Peter Pannu was paid just over £1mil in consultancy fees in an eighteen month period in addition to the wages he picked up from BCFC.
Furthermore, there is confirmation in the accounts of the money owed to iMerchants, as revealed on this blog last August, totalling HK$10mil plus just under HK$3.2mil in interest (circa £1.1mil).
Please be aware of libel laws when commenting on this blog.
Tags: Accounts, BIH, HKSE, Peter Pannu
47 Responses to “BIH Interim Report – Questions over Pannu’s Consultancy Fee”
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Bearing in mind the UK’s draconian libel laws, this is what I have to say about Peter Pannu;
” .”
After careful consideration, taking into account the prevailing libel laws, here is my contribution to the debate.
“.”
Those sort of figures seem ever so reasonable for someone of his undoubted footballing knowledge, skill and expertise don’t you think?
Yes
seriously ……I do want my hat back now please.
What a surprise. The devil is in the detail as they say. This is just what they have to report. They could possibly be more interesting ‘expenses’ in the accounts but we will never know. This monies could of keep us Jordan Mutch or at a push Butland!
Good work Dan. Keep it up
As or the fans “I care not” the man is complete scum,scum of the highest order.
Also mayor you do good work and all of that,but we have been reading stuff like this about pannu for about 18 mths now and what” ACTUALLY ” changes down there after this stuff comes out about it/him??nothing sticks at all….we just all plod on until the next bit of gossip about the bloke,as you know I’m the biggest pannu hater in brum I reckon, but even I’m becoming bored as feck with the bloke….takeover my arse.
comment edited – for your own sake as well as mine
What a shock ! And I thought it appeared he was sorting out the unprofessional or alegedly improper operations and activities in and around the Company boardroom. I’m sure my concerns about your comments are unfounded and I have jumped to the wrong conclusions.
One might assume that an honourable man would wish to explain these matters regarding his income. Likewise as a respectable strategic head of a (formerly) quoted Company it might be appropriate for a statement about the future and the plan for the business now all the accounts are in the open!
Or as I suspect will the silence be deafening !
I am so pleased that we are in the hands of a man that has soley the interest of the club at heart. Lord forbid that we should fall under control of somebody that wants to fleece the club for every last penny it has, to feather his own nest, whilst willfully obstructing and delaying any possible sale of the club – so that he can continue to treat it as a cash cow.
As I said, good job we have Mr Pannu in charge – we’re in safe hands there!
As repeated so often, by myself and countless others,!!. — PLEASE — let us be sold away from these people, !!!.
Interesting, the weeds are growing in his parking space at St Andrews and his office has a thick layer of dust, at least we are not having to pay any expenses are we………….
A savvy man of high calibre and integrity who has the clubs best interests at heart would surely be paying 18 gardeners to tend the weeds in the car parking space you speak of and 8 cleaners to keep the dust off his desk and pay it out of his own salary of course?
Another piece of outstanding investigative reporting by OP. Well done.
Nevermind where is Lord Lucan, where is Peter Pannu?
We need to see Asia Rays accounts to see what costs are there. Their wont be enough detail to see if any CY’s companies are billing them for services rendered
Enquiries have been made on that front; unfortunately unlike in the UK their accounts are not searchable via their companies house online system. I am still working on it.
Doug Ellis is solely to blame. He was the first Football Club Director or Chairman to pay himself a salary, which set a precedent for Pannu.
Mr Pannu ! Mr Pannu !
Telephone call for Mr Pannu, oh, what do you mean his not here ? and his desk is empty !
Has anybody seen Mr Pannu ? Mr pannnnnuuuu
It would be interesting to know whether the contract between Asia Rays and BIHL was signed pre or post CY’s arrest.
Would it confirm that CY handed PP a bigger ‘say’ in running the show??
Does PP have his BIHL salary paid this way or is it an entirely separate agreement??
So many questions…
My. That is a big sum.
id like to see him on a slow boat to China all be him self alone. (WATCH OUT FOR THE OTHER CHINESE CRACKERS)
he should be back with his sidekick yuung have done a good job of nearly destroying our club
comment edited – please be warned ref making libellious statements
I fear that this is still just the tip of the iceberg which has been exposed by painstaking research and observation by Almajir over the past couple of years or more. We owe him a big vote of thanks for all he has done so far and hope he continues as he has been our only source of real information.
I am sure that everything is “above board” legally but that is where my trust stops. I commented months ago about the big loan we took out from one of CY’s ‘Associates’ paying over-the-odds interest on the deal. What a superb way of legally taking funds from a Company.
Let’shope a few of us can get to meet him and shake him warmly by the throat.
Why are Asia Rays consulting? If they are owned by the man that is being paid by blues to run the club, then why are we paying further costs to a company he owns, ultimately proceeding profits to him as the owner. This represents, under UK law, a conflict of interests. In effect he is being paid two salaries by blues.
very good point….. does this have any practical application re who could expose and prosecute such a legal ‘faux pas’!
Teflon Pete,,,,,the only thing that sticks is money,,,,the clubs !
Wow!!!!! N to think he makes a fair bit from masterchef!!!!! Sorry bad joke. Then again joke of owners
Any chance of a rough estimate as to how much Pannu has been paid in total, in expenses and salaries, from the various BCFC companies over the last two years or so? Between 2 and 3 million is it?
I know from past experience that a lot of your readers are big fans of Pannu, so I look forward to reading their justification for his rather high level of renumeration.
Keep up the good work OP.
£200k + for 6 months consultancy service to the group. I am not sure if this is a lot of money for 6 months work or as it was to the “group” whether it would reasonable and they have had to do a lot of work.
Charging the company that employs by a company that you are sole share holder doesn’t seem right to me. Win win win for PP
No surprises here!
This is why I will not buy my families season tickets for next season.
Lets hope there is a formal investigation which will lead to the truth.
I’m sure there is a lot more to come out.!
Well done for exposing the information.
Personally I’ld like to thank Mr Pannu and Mr Yeung for helping deliver one the greatest days of my life in 2011.
The same goes to Mr McLeish too
What has happened since in terms of trust Integrity loyalty and indeed the law beggars belief
Each party will have a point of view
I know what mine is . This is a fantastic website and I wouldn’t want to jeopardize it
However It is Mr Yeungs company Mr Pannu is his aide and if they want to hypothetically strip the club bare and syphon money back to Hong Kong to save the holding company or pay Mr Yeungs tax bill they are perfectly entitled to do so and there is nothing we can do about. Just as if they hypothetically decided to invest in players
Marlon Ziggy Curtis Chris et al I am sure will all go this season to fund the next 12 months and we will be reliant on the kids with sky money down by £8million
The irony is I’lld rather pay good money to see Mitch , Callum, Jack and Nathan ‘metaphorically die’ for the club than some of the other good time charlies we’ve had to put up with ….
Personally with the Vile squad paid £70million the 7th biggest wage bill leading up to £200 million at Man City – who cares ?
you made some good comments there mate…..
Blues’ manager Freddie Goodwin was one of the early people who were employed through a consultancy (that him and his wife owned). The club employed his company, who employed him.
Nothing new.
Calls for investigations…really ?
Nothing illegal going on.
The main issue is the amount of money and his remit.
Sourcing investment and so on, is that it – – when you think about it, Harris took nearly 5 times as much as Pannu from Seymour Pierce (who nearly owned Blues) in his “consultancy” role as well as being paid. What was it SP got from Blues? £2million??
The main issue is the amount of money and his remit.
There is nothing illegal here. Sorry, but those prices, to me, look pretty commonplace and it hasn’t been ‘swept under the carpet’ it is out in the open, even as an addendum after the initial release.
Move on now, forget the slagging. Nothing illegal and nothing worth risking this blog about.
As usual, fine work AJ, although with your pre-emptive advice, I think you gauged the reaction perfectly. Almost orchestrated it a cynic might suspect…anyway well done.
:-)
Your loyalty to Pannu is commendable… unfortunately I fear it may be misplaced.
Dan maybe you could do some consultancy work…. it obviously pay well tongue in cheek bud. Pannu named his price if someone willing to pay I don’t see the problem………….how can he be blamed if his fee been accepted…. Glad to accept the fella back if nothing illegal has happened, then hopefully we can all move on, and get behind our club……
first of all thanks for the all info you put up as im sure most of us would not even have half an idea whats going on behind the scenes without this blog. Its hard to see the numbers thou seeing money paid out to people and places most have never heard of before to do with blues. Another thing is the time scale left until the court case is over and we are one step closer to finding out where we stand. Its a waiting game thats for sure……
We cant afford to buy Caddis for £300k but can afford to pay Pannu £1m+. Nice to know we have our priorities right.
They say there’s no smoke without fire ,i guess there’s an empty office at the blues with a roaring fire sending smoke signals back to hk.I wonder if its possible to start a company to consultant on other consultants who consult on how to make easy money consulting on a company i get paid by anyway.
i guess pp really is a big cunsultant !!
I just feel let down by all the disengenuous quotes attributed to PP regarding his pay etc etc – clearly he’s been doing quite well out of BCFC for services rendered whilst stating the club is financially crippled !!
the only way forward for any clubs supporters is a supporters trust to run the club or have shares (swansea) – the fa ‘s fit to run football clubs rules are a joke !! i fear the best long term solution for blues is to do a pompey and slide down the divisions so foreign investors wont buy us – and i suspect after the summer of sales it may happen
comment removed
I would like to add what I think of PP, which is “…..” and “……”, furthermore, I’m taking a risk in bordering on the libel side by adding “….” or even “…….”. Yet, we wonder how he got away with it? or still is?
Where is Peter Pannu I hear many ask? Last seen flying out of the window with Wendyu and Tinkerbellu to the Never-Never Land of fiscal fantasy. Watch out for crocodiles.