The BBC has one of the Richest News Gathering Organisations in the World, and I have Ecojon!

I have huge respect and affection for the BBC. We are lucky to have an organisation of its calibre providing information and entertainment to us here in the UK.

However it is interesting to see the pace at which it moves, and the journalistic use of the word “revealed”.

Tonight, for example, in this piece Chris McLaughlin, BBC Scotland’s Senior Football Reporter, declares, under the headline ”Rangers: Ibrox club’s largest shareholder revealed” :-

“BBC Scotland can reveal that a Dubai-based businessman is currently the single largest shareholder in Rangers.

Arif Naqvi, chief executive of private equity firm Abraaj Capital, owns just under 18% after agreeing to invest £2m back in June.

Naqvi is the man behind Blue Pitch Holdings, but BBC Scotland understands that he has a personal holding in the club….

Other investors include Imran Ahmad … from Zeus Capital, who owns 9.8% ….”

Today is the 24th August.

However, as long ago as 14th July, you could have read the following on my humble site.

The heading was “Who Are the Mysterious Sevco/Rangers Investors – Some Answers – Guest Post by Ecojon”. The article read, in part:-

Arif Naqvi, the man with the biggest shareholding in Rangers FC

“Arif Masood Naqvi is one of the 50 most influential people in the global private equity industry who holds Pakistan’s highest civilian honour.

Both he and his wife attended the London School of Economics and graduated in 1982 with Fayeeza joining a London-based global bank. She is renowned internationally as a collector and patron of Middle Eastern art and a tireless voluntary worker for underprivileged women and children in India and Asia.

Mr Naqvi is the founder and CEO of the Dubai-based investment bank Abraaj Capital – the leading private equity firm in the Middle East, Northern Africa and South Asia with US$ 1.5 billion of paid-up capital which since inception in 2002 has raised approximately US$ 7 billion with about US$ 3 billion distributed to investors.”

It went on to say:-

“The Manchester-based Zeus Capital states on its website that: ‘Zeus Capital and its associates are also investors’ in the new Rangers although the amount invested isn’t revealed and no associates are identified. However the firm, which offers investment advice, now has its Managing Director Imran Ahmad sitting on the Rangers board with Brian Stockbridge, another Zeus director, serving as Rangers chief financial officer specifically tasked with raising capital.’

The only credit I can claim is that Ecojon, and other very wise folk like him, are kind enough to post on this site. I am privileged that they feel happy to do so, and I hope what they all contribute helps make up for my “legalistic nit-picking” as one commenter accused me of.

A photo rumoured to show Ecojon hard at work looking for his latest story for the Scots Law Thoughts Blog…

Maybe the lesson is that, if you want scoops regarding the doings at and surrounding Ibrox, look out for the Internet Bampots, and not the mainstream media!

Posted by Paul “Gumshoe” McConville

About these ads

38 Comments

Filed under BBC, Blogging, Charles Green, Rangers, Trumpet Blowing

38 responses to “The BBC has one of the Richest News Gathering Organisations in the World, and I have Ecojon!

  1. ecojon

    I hope Paul doesn’t mind but I will post a piece here about the BBC exclusive I have put up on my previous post which examines the AIM share Flotation Green is going for. You can take your time in reading it as at the speed the MSM works it will be a while before it gets revealed and becomes ‘NEWS’.

    What is interesting about the BBC story is how the succulent lamb has been served up yet again on a huge platter this time carried to the table by means of a PR structured leak IMHO. (The lamb btw was stone cold as I had revealed the Naqvi connection on 14 July).

    In his story the Beeb’s Chris McLaughlin lists approx 52% of shareholding but obviously in a bid to reassure Rangers fans he adds: ‘The shares will be diluted, though, after Green launches an IPO share issue allowing fans to buy into the club.’

    I fail to see that happening as the Rangers fans shareholding prior to Green only reached 15% of the total shareholding and in the main story I pointed out that the share marketing presentation given by Green in May still saw the fans only having 15% of the shareholding.

    There is also the problem that the founder shareholders raising £10million between them can double their shareholding for £1 a share. This as I see it will actually be more likely to dilute the fans’ shareholding,

    It’s a great pity that there is no mention of the other shareholders confirmed by Mr Green such as Colin Mather and Glenmuir as well as Malaysian hotelier Jude Allan, apparently also known as Javed Abdullah; Middle Eastern lawyer Mazen Houssami; Elias Kaisar; and Jean Haddad.

    So what happened to them – did they invest – or did they cut and run? As the going rate appears to be roughly 10% for £1million those six are worth £6million and 60% of the shareholding. Going on the Beeb story 52% of the shares have gone for approx £6.8million which values Rangers at approx £13million.

    So there will need to be a lot of pzazz and PR to get the AIM Flotation price soaring because there can’t be a lot of that £6.8million left which leads me to believe there could be cornerstone investors who needn’t have a shareholding but would be issued with interest bearing debentures to cover their loan to Rangers and it would be usual to have this secured on the likes of Ibrox and Murray Park.

    Again it would have been helpful if Mr McLaughlin had asked some probing questions instead of just probing the cold lamb with his fork :)

    And what about Ian Hart and his shareholding which was paid for out of money lying around in youth development at Ibrox – did Mr McLaughlin not think to raise that question. I think it’s one that BDO most certainly will.

    And Ally, what can one say? The obvious question is did you pay for your shares or was it a reward for all the work you have been putting in recently supporting Green?

    • Thomas

      Thank you ecojon.
      A good read.I worry about BDO, why the time?
      I see a whitewash with them too!
      Are they indeed the Peeple! Where is the tangible backlash to SFA Rangers Lovein?
      T.

    • jacob1972

      A good two posts from yourself ecojon, let me relate to yourself and Paul’s readers what happened in a company that I worked for.

      The company had been sold just before I had joined it and after a year I was offered shares in the company. I took up this offer and invested £1k in 1000 of the ordinary shares, 49% (of the 5M total) of which were owned by the management and workforce, the remaining being owned by a private equity company . There were never any dividends and I knew from the start that the plan was to work hard for 3-5 years and then sell the company on to another investor.

      Fast forward 4 years and the company’s accounts come out and I am sent a copy. I notice that this time there is a bracket around the equity in the company and wonder why as this meant that we were insolvent. There is a note beside it and when reading this it refers to something called “fixed interest preference shares” and how this is long term “equity”.
      Basically the private equity boys and some of the senior chaps have had another set of shares (debentures) that rank higher than the ordinary shares. As well as ranking higher these shares had a fixed interest rate of 13% compounded, but they had a clause that they would only pay out at exit or after 5years. So the company had to grow relate a massive profit just to keep ahead of the future liability. It finished when the company was bought out by another private equity house for £400M, the money owed on the preference shares was deducted after the charges of the investment bankers and consultants and the ordinary shareholders with their 5M shares got to share £800,000, or 16p in the pound. So despite all my hard work and the obvious growth in the company and the profit we made in those four years,the value of my investment was only 16% of what it was. I was lucky in that I had only put £1k in there were others much much more exposed than I.

      And that in my opinion is how private equity works and is what I fully expect to see when the Rangers fans buy into their club. They won’t own anything of value, and are IMO being blinded by their passion for their team. The only way for them to own the club and have control is through a German-style co-operative, and there should have been a campaign from the start led by some prominent ex-players to help the support facilitate this.

  2. danbucket

    Ha ha Paul, a perfect example of what we Internet Bampot Followers already know…. if only the msm churnalists had the slightest inkling of professional pride in themselves and recognition of their important role in society.
    I am indebted to you and the other regular posters on your site and others like this, too many to mention, including ecojon of course, for writing with a desire to explain the truth so often hidden behind dangerous and inciteful headlines.
    Please keep up the good work – all of you. I rarely feel knowledgeable enough to contribute anything worthwhile or new to the discussions posted, but with each post I read I learn more and I reallly appreciate that.
    I no longer buy newspapers, I always look to see what the latest topic is on sites like yours Paul, that is where the real facts can be found.
    Hats off to you all.

  3. Excellent pieces by both Paul and Ecojon. Keep up the good Bampot work.

  4. Thanks for reminding us of Ecojons’ 14th June post Paul and an excellent back up reply from Ecojon himself. Great stuff guys, a much appreciated antidote for the craig whyte and colin nish we read and hear elsewhere.

    This has been discussed often enough before, but I am still mystified how Charles Green can claim that the shares he will be offering for sale in his proposed AIM flotation are shares in Rangers. As we know, thanks to pontifications (like what I did there?) from Charlie, Ally McC, the MSM, Sky Sports News, the BBC et all, Rangers “the club” survived the crash of the corporate entity that owned them. They are very distinct and under no circumstances are to be confused with each other. By the same token, they must be distinct from the company formerly known as Sevco. So, what exactly are Rangers fans being asked to buy shares in? Would any intelligent Rangers supporter willingly invest in these shares, fully aware that they are not in fact shares in Rangers, “the club”? Of course not.

    Actually, I am not mystified at all. There is no such thing as an intelligent Rangers supporter. Charlie boy knows that – in fact I wager he’s banking on it.

  5. Alex Doherty

    charlie will bring good times to rangers 2012 pity oldco gone white green what colour missing A yes GREEN

    • ecojon

      @Alex Docherty

      On 31/07/2012 Green changed the name of RFC 2012 Ltd to ASDFGHJKL Ltd. In case you think that name looks familiar you are quite correct. It is the middle row of letters on a computer keyboard. Wow, what an imagination that man has. And don’t forget that RFC 2012 Ltd started of life as RFC 0712 Ltd. What next: NOWISTHETIMEFORALLGOODMENTOCOMETOTHEAIDOFTHEPARTY LTD?

  6. Peter

    Paul or Ecojon

    Have you had time to digest the latest Progress Report
    From D&P, 24th August.

    Be interested in your thoughts.

  7. ecojon

    @Peter

    I knew there was one due but haven’t seen it yet – have you got a link to it? Cheers.

  8. ecojon

    @Peter

    Just downloaded it from Rangers offishal site.

  9. ecojon

    D&P Progress Report

    Well the BIG news is:

    EBT Case – Big Tax Case
    13.17 The Big Tax Case is disputed by the Company and is subject to a first tier tax Tribunal. An outcome has yet to be determined by the Tribunal and is expected in September 2012.

  10. ecojon

    D&P Progress Report

    NEWS FLASH

    BDO will be arriving shortly.

    16.2 The Joint Administrators are taking steps to place the Company into Liquidation and anticipate that this will occur shortly. A final report will be sent to all creditors advising of the move to CVL and the appointment of Malcolm Cohen and James Bernard Stephen of BDO Stoy Hayward LLP at this time.

  11. On the fence

    In the interests of accuracy.
    The interweb “exclusive” about the Naqvi connection came from FF on July 9th.

    • ecojon

      @On the fence

      I have replied to this down below – as you can imagine there probably isn’t a lot of people on here who read or visit FF and I am one of those.

  12. K19

    Just wondering when Ally went from being a doubter to a shareholder. Same with Ashley and co and is it Charles Gren (the sole owner?) who is selling these shares? Are Ashley, Ally and others actually giving cash to Charles Green? Is Ally going to persuade The Rangers supporters to back the share issue and make him rich?

    • ecojon

      @K19

      When I last looked the only shareholder publicly listed for The Rangers Football Club Ltd is Charles Green and that’s the company which holds the assets of Rangers.

      But what are the shares going to be in – is it Rangers, is it The Rangers FC Ltd, or, might it even be ASDFGHJKL Ltd which Green is also the sole shareholder of. I just hope that the Bears ask what they’re investing in before they part with their cash. They should also be asking if they have voring shares – although that will be academic if they only have 15% of the shareholding as originally planned by Green – whether dividends will be paid on their shares and check whether the Big Bhoy investors have secure debentures or any different rights on their shares.

    • cmh64

      It certainly isn’t the first time a football manager has had shares in the holding company / club. It tends to happen in lieu of wages when there’s not much money floating about. I’d love to know what the situation is here…..

  13. Duplesis

    To be fair, the first reference to Naqvi’s involvement seems to have been on FollowFollow on 6th July, so the Beeb are just the 7 weeks or so out of date…

    • ecojon

      @Duplesis

      I think you will actually find that Kerrydale Street may have pipped FF on that one. I think and I could be wrong on this that I was the first to spot the link between Naqvi’s wife and Celano through them both being directors of the London company. Celano’s directorship was known but the wife’s wasnt. It was that key piece of info which connected Celano with Naqvi which had only been conjecture before.

      I would also point out that I had sent numerous emails to Naqvi and Abraj Capital as well as Naqvi’s personal Swiss solicitor prior to that date as I was checked the facts.

      But at the end of the day the internet is a broad Church and I am not in competition with fellow interbet bampots but maybe just a little bit with the MSM and I think that was the point I was making.

      Lett’s all keep clattering although I see that Leggo appears to have thrown the towel in on Green which I suppose means the end of all Blue resistance to Green which I suppose will end up as a green on blue incident.

  14. timtim

    I have huge respect and affection for the BBC. We are lucky to have an organisation of its calibre providing information and entertainment to us here in the UK.
    ——————————————–
    I have utter contempt for this media mouthpiece , this state megaphone is not only forced upon the people, it demands that the people pay for its Pravda style indoctrination whether they wish to listen to it or not. There is no choice for the people ,if they dont pay the licence fee they are subject to a fine ,if they dont pay the fine they are subject to imprisonment.
    Being forced to pay for State indoctrination on threat of imprisonment is nothing to champion , Stalin would be proud.
    That apart love the blog as usual Paul -keep up the good work

  15. “I have huge respect and affection for the BBC”… This statement does surprise me, Paul. For me, the BBC is now just a distributor of cut-price news collected by others, a propaganda machine for the Westminster government and a conduit for pap about the royal family and minor celebs. Dumbed down it most certainly is.
    On the Rangers story, the daily news progs on Radio Scotland (Good Morning Scotland, John Beattie Show and Newsdrive) have churned out the usual drivel, lacking clarity and analysis, and without asking the presenters asking obvious questions, and allowing their sports journalists to spin the line that they “don’t understand all this business stuff”.
    Sorry, I have no respect for the BBC.

    • ecojon

      @redetin

      In a sense I echo Paul about huge respect and affection for Auntie – sadly like a lot of once-good newspapers my current position is much more jaded. But I also judge the BBC on more than just news and sometimes when underan ideological attack from a vicious Tory right-wing government the Beed has had to keep the head ever so slightly below the parapet.

      But none of that is an excuse for poor journalism although the sad fact and this extends across the media including print that, in reality, most sports journalists really “don’t understand all this business stuff”.

      And in a way that is because their audience for decades has allowed them to get but peddling rumours without a shred of hard fact behind them so you do, in a sense, the consumer gets the media you deserve. The internet has been an enormous liberator in changing this but it seems to me that most of the online newspaper sites are staffed by computer jockeys or very inexperienced journos.

      And returning to the public getting what it deserves I look to all the dictatorships where there is no dissent allowed and a state media that really is under the government line. But always remember that even there you will find brave journalists who are tortured and murdered for attempting to reveal the truth.

      And then we have America – the land of the free – with the worst TV news media in the world and where any even moderately intelligent citizen would give their right-arm for our dysfunctional BBC.

      The biggest problem with the BBC is its centralisation in London and that is where the pressure comes from – it’s not really a Government that forces its line on the Corporation. It’s more that the spin doctors and advisors PR guff isn’t questioned by lazy journos who get an ‘exclusive’ story fed to them and that’s then off the hook for the day or a week or whatever depending on how ‘good’ it was judged by their bosses.

      Regionalise the BBC IMHO with real funding and you will start to see much better investigative journalism which is more relevant to the audience who also gets to participate. But that approach brings its own problems as the money required for the big period dramas and minority interests can be squuezed.

      And always ponder on why the Murdoch organisation was so hostile towards the Beeb especially its online activities and would be happy with nothing less than complete eradication. If that is what Murdoch needs and wants then instinctively I know I am right to defend the BBC with all its flaws.

  16. I have no doubt that Paul or Ecojon will give us a disection of the Progress Report to Creditors (24 August) and are probably working on it as I type.
    In the meantime I have just noticed (as I had problems getting it at the time) that the D&P Interim Report of 10 July was headed:

    The Rangers Football Club PLC (In Administration) (“the Company” and “the Club”)

    So, there we have it from the horse’s mouth – “the Club” is now to be liquidated.

  17. Snowy

    ‘Arif Naqvi, chief executive of private equity firm Abraaj Capital, owns just under 18% after agreeing to invest £2m back in June.’ announces BBC Sport today. Three cheers for transparency regarding shareholders in The Rangers… but the double-edged sword also reveals that UAE-based Abraaj Capital is reputed to be owned by Asif Zardari, President of Pakistan, and staffed with his family and associates. [1].
    Mr Zardari tagged ‘Mr Ten Percent’ is the widower of Benazir Bhutto and, by most accounts, is a Very Naughty Boy.
    ‘The present chairman of UAE-registered Abraaj Capital, Arif Massod Naqvi, was the general manager of Sakrand Sugar Mill located in Shaheed Benazirabad district (formerly called Nawabshah), which is the home district of President Zardari and owner of the mill, Abdul Sattar Kerio, is a close friend of the president.’ [2]
    Which suggests that Naqvi is the placeman of Zardari in Abraaj Capital, a vehicle for probable graft and misappropriation of state assets such as Karachi Electric Supply Company (KESC) [3].
    It must be a comfort to Rangers supporters and new shareholders in a possible flotation to know that they are in such esteemed company as majority shareholder Mr Naqvi.

    [1] http://reviewandanalysis.blogspot.ca/2011/07/why-karachi-is-held-on-ransom-by.html
    [2] http://www.pakistantoday.com.pk/2011/07/18/city/karachi/the-kesc-conundrum-%E2%80%93-president-zardari-holds-the-answer/
    [3] http://fkpolitics.wordpress.com/2009/08/13/kesc-swindles-past-present-and-future/

    • ecojon

      @Snowy

      The amazing thing for me is the way in which Naqvi, who is Pakistan born, operates and is accepted by Arabs at the highest levels. I doubt that many, if any, non-Arabs have that level of power and connection with Arab Royalty.

  18. Ecojohn, this one is fun, Rangers (2012) Ltd, ken anything aboot it? Shots, mind you.

    Director Summary
    Thomas James Wale has 1 company director or secretary appointments.
    Short name – Thomas Wale
    Director ID : 916736485
    Year of Birth: 1987

    Address
    40 Hunter Street
    Shots
    Scotland
    ML7 4BS

    Company Summary
    Company Name Company Status
    RANGERS (2012) LTD Active

  19. This Rangers (2012) Ltd also appears in CDREX with
    Company Number SC418962

    http://www.cdrex.com/rangers-2012-ltd-8190446.html

  20. Geddy Lee

    LOL,
    once again the MSM hacks are exposed as simply not up to the job.

    They have to rely on BLogs like this to point them in the right direction, although even then, they seem clueless concerning what they are trying to report on.

    Surely we are looking at a few awards here from the Blogging community? Can you imagine what would be going on behind the scenes if we had to rely on the likes of Mclaughlin, or any of the numpties “working” at the Record to keep us “informed”( SHUDDER)

    How those people keep their jobs is beyond me. They have become a laughing stock and readers are fleeing their publications at a frightning rate.

    Correspondingly, I bet this site is seeing week on week increases in visitors. That can only be a good thing.

  21. I’m not sure what you changed but this is the last post to work in my RSS Reader (SharpReader), it’s now returning a 410 error

    This feed no longer exists: The remote server returned an error: (410) Gone.

  22. The problem is wider than the Beeb and includes it. Oh, and before getting down to what is sick in the Media I don’t buy into wicked Tories (where are Tories now anyway?) or nice “we are the people lefties” (Oops! But where are they not?). No journalist should have to admit he had never read Joshua Goldberg’s Liberal Fascism, and no journalist should attempt to reduce British history to Left v Right play-school badinage. Why do we imagine did Stefan Courtois and the six top European historians of The Black Book of Communism nail that weird simplistic bollocks as “a paralysis of intellectual debate”? The media generally betrayed its role before I had left Fleet St. As the chattering classes embraced a “whatever” culture and moral sanity rotted into moral relativism something similar was invading the louch world of the newspapers, In press club and hostelry conversations one began to hear remarks on the lines of: “The press ought to be morally neutral.” It horrified me. They were throwing off human responsibility, the primary editor, but doing something even more deadly; they were throwing open the gates to any and every pressure interest; they were also losing the natural discipline of the craft, becoming slothful. Inevitably the skilled journalists were pushed aside by the cunning, political, and self-serving time-servers. Nothing radically new really, but now there was a flag for the rats, a thing that became a justifying theme, and then it became an ideology posing as a liberal cause. Of course, as with all essential things when they are damaged, the baleful effects are practically infinite (perhaps, morally speaking infinite and based in hell. Had my father been told that every publication in Britain would one day advocate abortion he would have laughed.).
    In the end we now have a media which, in metaphor, is a universal ouija board. Many fingers on the tumbler, free will abandoned, and therefore judgement suspended — but guiding that silly glass is an unexamined energy. Might we adopt a Halloween mood and call it a hoof?
    Just think of a clown like Murray, son of a time-served jail bird, scamming the banks to such an extent that managers like Fred the Shred found symbiotic advantage in his crimes: but all under the eye of a totally accommodating press which had convinced itself that a readership of anti-RC bigots associated with Murray (Rangers being one of his companies) justified its “blindness”. So now in Scotland we have another media obfuscator in the public conscience, 18th century church inculcated hatred and fear of the fountain of peace and justice. All of Britain suffers from this beam in the eye, but in Scotland it is as fresh as in the dirty days of Knox. As they say: “if Christ came back?”
    So suddenly we have blogs. It is a staggering phenomenon, and to my surprise it is maturing and refining itself by the day and hour. Certainly a lost of good people are doing what the press has lost the grace to do. As with all publications we must choose our blogs wisely. The good ones are not just good in the sense that they expose corruption and become a watchdog for society, but they write to a high standard and so educate the readership. My mother was a great teacher; honours graduate of Glasgow University when it truly was a shining light. Her watchword was “Raise the mind” Keep it human!”The problem now is clear; will the new journos aim high enough and think deepl enough to avoid the inhuman swamps of relativism? If not, they will degrade back to something even worse than our present MSM.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s