Patisserie Share Discussion Threads

[sandy133] 23/1/2019 13:03

monte,

The reason they need it would be helpful if they can sell the remaining business is that it just might allow the Administrator/Liquidator to pursue Grant Thornton.
As I said one day a case will go before a Judge who is fed up of Auditors being paid to do nothing.If that is the case GT will find this very difficult to defend.
As many people on the thread have said there are more than enough red flags to indicate that this was wrong from the start.

[monte1] 23/1/2019 12:56

FFS - what money?

[ny boy] 23/1/2019 12:46

Who would have thought this would happen to an outlet selling an assortment of fine French patisseries etc it all went wrong with an over expansion. Basically Greed, using shareholders money and very poor internal financial controls, how can someone get away with a fraud of millions, it’s just ridiculous. Where has the money gone?

[monte1] 23/1/2019 11:55

#2718

“Shareholders.....need to hope...,”

Shareholders are wiped out. It will make no odds to them in whatever pittance a sale will raise. Any proceeds will be long gone before it reaches their place in a very long queue.

[edmondj] 23/1/2019 11:52

Another 'triumph' for the SFO:

A former director of Tesco has said he should never have been charged after being acquitted of fraud at the supermarket chain.

Carl Rogberg also questioned why Tesco had agreed two years ago to a fine for overstating its profits in 2014.

On Wednesday he was acquitted of the charges, which date back to 2014.

He is the last of three former directors who had been charged to be acquitted, in a blow to the Serious Fraud Office.

Last month, a judge, Sir John Royce dismissed cases against Chris Bush and John Scouler, saying "in certain crucial areas the prosecution case was so weak it should not be left for a jury's consideration".

The investigation was sparked by an announcement by Tesco in September 2014 that its profits were overstated by £250m.

'Serious questions'
Mr Rogberg said: "It's a huge relief that this day has finally come. While I always had faith that it would, the journey here has not been an easy one. The trial has had enormous consequences on my health and exemplary career, as well as for my wife, my son, my family and my friends."

He had not been well enough to stand trail with his former colleagues, after he suffered heart-attack during the first trial.

After Wednesday's developments in Southwark Crown Court, Mr Rogberg said he had "serious questions" for the SFO and Tesco about the way the case had been handled.

"In short, there was never any evidence of my wrong-doing and I should never have been charged," he said.

Chris Bush (left) and John Scouler (right) have already been acquitted
In the trial of Mr Bush and Mr Scouler, the SFO had described them as "generals".

It claimed "foot-soldiers" working below them were "pressurised and coerced" into wrongly booking income to hit targets and make the Tesco look healthier than it was.

Tesco agreed to a deferred prosecution agreement (DPA) with the SFO in 2014 and the £129m fine.

Mr Rogberg said Tesco had rushed its investigation and, by agreeing to the fine, had damaged employees, shareholders and pension funds which invest in the company's shares.

"Truth and justice were abandoned for their commercial imperatives," he said.

[bookbroker] 23/1/2019 11:39

The Bradford Westfield must be on the block, impossible to understand how that could have been profitable!

[rackerrs1] 23/1/2019 09:56

whoever downticked my post is probably in on the swindle.

low life scum

[sandy133] 23/1/2019 09:54

I think this may be the equivalent of UK's Enron, I suspect that GT will find it hard to survive this in their present form.
Once the truth about Enron came out Arthur Anderson went under very quickly.
However the UK system is so different from the US that GT may escape due to there being no monies to pursue matters.Shareholders and other stakeholders need to hope that KPMG can sell the remaining outlets for a decent price.Even £20 million would be enough to take things forward.
It is a cardinal rule fro crooks who bankrupt companies, make sure there is no money left and no assets that can be sold for an Administrator/Liquidator to use to investigate.
The Insolvency Service has no money and no staff to do this sort of thing.

[rackerrs1] 23/1/2019 09:42

the auditors need to do time from now on if they dont spot this.

thats the only way to see this stopped again in the future. Lengthy jail terms and hefty fines for the directors AND auditors.

[this_is_me] 23/1/2019 09:25

It would seem that auditors are just pointless if they can't spot such a massive fraud going on.

[qantas] 23/1/2019 09:03

What amazes me they are not even in play total waste of spaces.

[diku] 23/1/2019 08:00

Q...you done your research...

[debsdowner] 23/1/2019 07:59

What can I say if Q has been eating cake here what can one expect.

[owenski] 23/1/2019 07:26

The only good thing to have come out of this is the cessation of LJ's Times column of trumpet blowing.

[diku] 22/1/2019 21:50

The auditors were busy auditing!!...fancy job titles but hollow...

[lefrene] 22/1/2019 21:46

Well at least they have learned how to read the EPOS for the 70 no hopers to be identified! Lets see who picks up the rump of this estate, and if they have any mates.

[tradejunkie2] 22/1/2019 21:33

Like the shareholders stuffing themselves with cake of course.

[zibrahimovic] 22/1/2019 21:08

Forget this dog, FRR is the share to have soon.


Come over to LSE website FRR thread, where the pro's are.

Zib

[konradpuss] 22/1/2019 21:08

When I knew LJ 'back in the day' he would buy a personal holding in a small stock with little float. He would then get it tipped in a paper and encourage his 'mates' in at the same time selling his stock to them as the price rose.

The price would then usually fall back as there was no news. His 'mates' would then be sitting on a loss.

His old partner Hugh O was worse.

A charming pair.

[diku] 22/1/2019 20:45

Maybe there is more to it (fraud) than what is known in the public domain...