Everton finances and transfer kitties......

[Duncan Disordely]

@Bungle for mod.
Returned briefly from xhamster and melt-down occuring. WTF.
Barclays - have 2 charges relating to overdraft, 1 intercreditor charge tidying bits up with ICBC.
Could they have money laundering issues with SportPesa- don't know amd no one on here does unless the beans are spilled.
ICBC not really arsed about SportsPesa cos they've got a charge on PL income stream for the 60m credit facility (1 charge), 2 charges relating to the bank accounts at Barclays that had to be set up for LCC SPV to function and LCC to act as guarantor.
Final ICBC charge would appear to be the reciprocal of the intercreditor charge registered by Barclays.
So why Barclays have allegedly got a bee in their bonnet at this point is beyond me, as the due diligence and MLR work done prior to agreeing the overdraft should have sorted it.
Or are they not keen on the owners of SportsPesa - again, should have been well sorted at this point.
That's just my take, non-vaultable due to my current state of ......


*heads back to xhamster

 

[Blue_Berry]

If, and its a big if, there are suggestions/suspicions of money laundering somehow mixed up in this sponsor deal, then I would be absolutely astonished.

1. If a company/person/organisation, in this day and age, was trying to launder cash, about the last place on the planet to try it would be the UK. Not saying it doesnt go on, but the UK part of any laundering operation would be the final stage. "Legitimise" iirc. In other words, the final destination, say, a London property or two.......

2. The point of laundering money is to clean it. As above, to make it seem legitimate. Any cash being paid into Everton from this mob will never be seen by them again.

Now, the Money Laundering Officer(s) at Barclays, acting under their (very) heavy regulations, may have a procedure to run their noses over any large deposits from previous, or unlikely, payers, into a customers account. So if the transfer from Kenya, for several million, hit the EFC account, chances are a siren went off.

That is pretty likely. As is your assumption that cleansing through a UK bank would be the last stage of a money laundering operation (there are 3 distinct phases).

Look I'm not suggesting at all that this is laundering and efc will have done its diligence on that, as would the other clubs that are associated with them.

It's just a plausible explanation of the noise that @navidson referred to at the ouset being related to such extra diligence by a bank.

In the absence of a less vague story that is....

 

[roydo]

That is pretty likely. As is your assumption that cleansing through a UK bank would be the last stage of a money laundering operation (there are 3 distinct phases).

Look I'm not suggesting at all that this is laundering and efc will have done its diligence on that, as would the other clubs that are associated with them.

It's just a plausible explanation of the noise that @navidson referred to at the ouset being related to such extra diligence by a bank.

In the absence of a less vague story that is....

Its very puzzling.

Until/unless we know why Barclays got jumpy, I guess we have to assume their normal MLR procedures have kicked in. But its safe to say, something has happened, just no idea what.

 

[Blue_Berry]

Its very puzzling.

Until/unless we know why Barclays got jumpy, I guess we have to assume their normal MLR procedures have kicked in. But its safe to say, something has happened, just no idea what.

What's more curious is why this would be in the public domain. It's actually an offence to 'tip off' potential money launderers that they may be under investigation (outside of 'normal diligence).

 

[sharkey1001]

Please no-one curse this squad by saying it's the strongest squad since the 1980's!

 

[roydo]

What's more curious is why this would be in the public domain. It's actually an offence to 'tip off' potential money launderers that they may be under investigation (outside of 'normal diligence).

Yep, it is.

But that said, its not in the public domain is it? Not really. Some lad on here said he had heard some worrying news about it, but thats it.

Now, if you Google, "*random sponsor* money laundering", some smoke does drift across your screen........

Allegedly, etc etc.

 

[hibbo'sclass]

@roydo @Blue_Berry
Just a thought and cba checking the LCC documents.
Perhaps the problem lies with ICBC having a charge over the OMB and 2(?) other Barclays accounts, as I may be misremembering but I seem to think that sponsorship and gate reciept money has to go to them first and are released to the current when the obligations are discharged. In that situation, effectively all income streams are outside of Barclays control.
The other thing is that in the 16 accounts, it was stated that we hadn't renewed the overdraft.
Thoughts?

 

[roydo]

@roydo @Blue_Berry
Just a thought and cba checking the LCC documents.
Perhaps the problem lies with ICBC having a charge over the OMB and 2(?) other Barclays accounts, as I may be misremembering but I seem to think that sponsorship and gate reciept money has to go to them first and are released to the current when the obligations are discharged. In that situation, effectively all income streams are outside of Barclays control.
The other thing is that in the 16 accounts, it was stated that we hadn't renewed the overdraft.
Thoughts?

Havnt a clue mate. I know, or knew about MLR and all that gubbins, and offered a few pointers that could have triggered Barclays to get jumpy, but all the charges and accounts and stuff, not my game. Even a little bit.

 

[Seathestars]

Havnt a clue mate. I know, or knew about MLR and all that gubbins, and offered a few pointers that could have triggered Barclays to get jumpy, but all the charges and accounts and stuff, not my game. Even a little bit.

Sorry for jumping in but a bank getting twitchy about anyone else, kettle pot black, springs to mind.
People in glass houses and all that jazz,

 

[Blue83]

Well at least we can all say it's never a dull day for Everton anymore

 

[Efcjake]

Its very puzzling.

Until/unless we know why Barclays got jumpy, I guess we have to assume their normal MLR procedures have kicked in. But its safe to say, something has happened, just no idea what.

I don't know if it is safe to say that based solely on what @navidson 's mate has said.

 

[roydo]

Sorry for jumping in but a bank getting twitchy about anyone else, kettle pot black, springs to mind.
People in glass houses and all that jazz,

Well yeah, see your point.

But banks and the MLR's they have to follow make them extremely watchful. Mainly cos if they dont flag stuff up, they get done, a lot, if laundering goes though their accounts.

Just having a suspicion, and not reporting it, is an offence. Well it was anyrate.

 

[Efcjake]

Sorry for jumping in but a bank getting twitchy about anyone else, kettle pot black, springs to mind.
People in glass houses and all that jazz,

???

What are you getting at there?

 

[roydo]

I don't know if it is safe to say that based solely on what @navidson 's mate has said.

Yeah, fair point.

 

[Duncan Disordely]

We should move to HSBC, they're fine with money laundering **ALLEGEDLY**