Following on from the news last week that Owen Oyston, Karl Oyston and Blackpool FC Ltd were taking legal action against some fans, one fan wrote to Owen Oyston questioning various payments to directors listed on the clubs accounts. That letter is below at (1.) Another fan, believing that letter deserved a much wider audience copied it to the Blackpool Gazette, Companies House and HMRC with an explanation of why he was forwarding it to them. He stated that the Oyston family own Blackpool Football Club, Segesta Ltd and various other companies, all registered at the stadium, to which money earned by the football club has been loaned, and that there appear to be irregularities regarding Directorships and renumerations. Today Companies House replied to that letter with some advice and information on what steps to take and who to contact - the Insolvency Service as well as ActionFraud, the National Fraud & Cyber Crime Reporting Centre. Their reply is at (2.) The Tangerine Knights applaud both fans for their efforts. The suggestion being made by the fan concerned is for those people who can and are willing to do so, take the course of action suggested by Companies House. --------------------------- (1.) Letter to Owen Oyston, majority owner of Blackpool Football Club: Dear Mr Oyston I refer to your open letter to the (*) BST Committee posted on this forum on 9th January 2015. I am writing to you as a long standing fan of the club. Although I am a member of BST, I am not on the committee . I confirm I have read the clubs accounts for the financial years ended 31 May 2011 and 31 May 2013. I have also read the articles of association that were in place until 9 July 2014. Article 21 of those articles reads: A Director shall be entitled to repaid any disbursements or travelling expenses properly paid by him in the performance of his duties, BUT HE SHALL NOT BE ENTITLED TO RECEIVE ANY REMUNERATION IN RESPECT OF HIS OFFICE AS DIRECTOR OR AS AN EMPLOYEE OF THE COMPANY (my emphasis). If I have misread the articles please let me know, but if not I am at a loss to explain note 8.1 to the 2011 accounts which shows directors remuneration and emoluments of £11,067,554. Similarly I do not understand note 6.1 in the 2013 accounts which shows which shows directors remuneration and other emoluments at £568,024. I also believe that for the preceding year it stood at £117,599. As you say, as at 31 May 2013 the net assets of the club stood at £25m (obviously as a result of our fantastic year in the PL engineered by Mr Belokon). However it appears from note 12 to the 2013 accounts that more than 24m of those assets comprised money owed by other group undertakings (i.e. Oyston owned businesses) which seems to have been lent by the club on an interest free and unsecured basis. Obviously if those loans are not repaid then the net asset position of the club would look very different. In light of the above could you please ask your son Karl Oyston: 1. To explain why remuneration was paid to directors apparently in breach of the articles of association and what steps he intends to take to recover that money? 2. Whether any further remuneration has been paid to directors since the 2013 accounts. 3. To explain why he thought it was in the interests of the club to lend money to other businesses rather than spending it on football. 4. Why, as a director of BFC, he thought it appropriate for those loans to be unsecured and interest free. 5. How much interest would have been received if those loans had been made on a proper commercial basis. 6. Which directors voted in favour of these loans and whether potential conflicts of interest were properly considered. 7. When he expects the loans to be repaid. If you can provide answers to these questions then the fans will be able to judge for themselves whether the claims of asset stripping and misappropriation of funds, that you allege have been made, have any merit. I imagine your failure to answer these questions will also be judged by both the fans and in a court of law. The supporters of BFC await your reply with interest. Yours (name & address supplied) (*) For non-Blackpool fans, BST refers to Blackpool Supporters Trust who had written an open letter to Owen Oyston about the situation at the club and his son Karl. (2.) Reply from Companies House with information and advice as to a course of action to take: Dear ***** Thank you for your email. Current parliamentary legislation only allows Companies House to register and display information to the public. It does not provide us with investigative powers that would allow us to become involved in matters such as those raised in your e-mail. If your complaint involves the conduct of a company or its officers you should contact the Insolvency Service. The Insolvency Service is an Executive Agency of the Department of Business, Innovation and Skills (BIS). The Company Investigations team within the Insolvency Service has the power to investigate limited companies where information received suggests corporate abuse; this may include serious misconduct, fraud, scams or sharp practice in the way a company operates. To complain about a limited company that is still trading: Tel: 0845 601 3546 By post: Intelligence Hub Intelligence & Enforcement Directorate Investigation and Enforcement Services Insolvency Service 3rd Floor Cannon House 18 Priory Queensway Birmingham B4 6FD Email: [email protected] Web: bis.gov.uk/insolvency The Insolvency Service will usually take on any complaint that provides good reason for an investigation and where there is both a public interest in investigating and the prospect of follow up action resulting. I would also suggest that you consider contacting Action Fraud - actionfraud.police.uk/ Kind regards Angharad Bridges Fraud Team Integrity Unit Companies House
Posted on: Wed, 14 Jan 2015 21:00:34 +0000
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