http://www.telegraph.co.uk/sport/football/teams/leeds-united/9597049/Leeds-United-buyer-Gulf-Finance-House-shrugs-off-800m-cash-loss.html GFH only had £4million in cash in June this year, £800million less than at the end of 2008, according to the Daily Telegraph...?
Has Ken Bates been had....? Although I would be upset if we were left with Bates. I would finf it funny if they have been having the old man on at his own game.
Seemf lots of "investors" have been £had" by GFH http://mobile.reuters.com/article/idUSTRE75F4LF20110616?irpc=932
They could just be tied up in a lot of investments, anyone buying cheap in these tough times could be on for a big pay day.
And remember like all other financial institutions, certainly in my neck of the woods, they didnt have to run to the eu funds to be bailed out or propped up
AN ACCOUNT WITH GOD In a courtroom in Manama last September, Janahi waited as ordinary families trooped before a judge to settle their disputes. When his turn came, the tall, heavyset businessman stepped forward, arranged his meticulously starched white head-dress and took an oath on a golden-framed copy of the Holy Quran. The ceremony came when the court could not decide if his version of a $250 million business deal gone sour was real. After his many property projects had begun to run out of funds in early 2009, investors and business partners lined up to question the integrity of GFH's business model. One man in particular pointed a finger: Qatari businessman Khaled al-Suweidi, who accused Janahi of using him to gain access to land needed for a proposed "energy city" in Qatar and then reneging on a promise to share an expected $250 million in profit. Registry documents show that Janahi and Suweidi did jointly register a company in the Cayman Islands. But Suweidi lacked sufficient proof of a financial agreement -- hardly surprising in a region where multi-billion projects are often agreed with minimal documentation. By the time of Janahi's court appearance, Bahraini Prime Minister al-Khalifa had already made up his mind about his one-time business partner. In May 2010, he seized full ownership of Bahrain Financial Harbour and cut ties with Janahi. In return for a chunk of prime property that had been valued at $175 million during the boom years, GFH received $40 million in cash and a few plots of land. Unable to pay its debts, the company's balance sheet fell below the regulator's capital adequacy ratios at the end of last September. The firm has since raised just over a fifth of the $500 million it has targeted in fresh capital to cover losses. NO SCRUTINY One of the reasons the company is still creaking on, argue critics of Bahrain's government, is that Janahi's ties to the prime minister allowed him to escape the scrutiny of the country's regulator, the Central Bank of Bahrain (CBB). "Janahi did business with the prime minister who was just beyond the (influence of) the CBB," said the former business associate with intimate knowledge of GFH. The central bank did not force GFH to disclose the departure of its CEO Ted Pretty in February, a piece of news that would be seen as important and market-moving in other jurisdictions. And when last year GFH's auditors said the firm no longer complied with the regulator's minimum capital adequacy requirements, the CBB did nothing -- at least publicly.
Keep GFH away from EL. They will destroy us further. We need a local business man who has the passion for Leeds U. FFS Leeds is the 2nd financial centre after London. Surely there must be some rich blokes around who are willing to part with their money for a prime real estate like Leeds U.
