Investigations into Unwins. Add/Read Comments
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How does this sound to you - we transferred money out of the company as there was a lot of theft. Shouldn't the police have been called?
Times Online
"Administrators to Unwins, the off-licence chain, are investigating claims that money was transferred to its private-equity owner in the weeks leading up to its collapse late last year.... “We have commenced an early investigation into matters that have come to our attention . . . particularly the use of the bank accounts of DM (Devereux Montague) to bank Unwins’ takings in the period prior to administration,”... However Cook strenuously denied any suggestions of wrongdoing. He claimed that money had been transferred through Devereux Montague because of “extremely high levels of theft at Unwins”. He said: “I don’t care how it looks to an outsider — it was all audited and checked at the time. (KPMG) probably just want to earn some more fees. "
Times Online
"Administrators to Unwins, the off-licence chain, are investigating claims that money was transferred to its private-equity owner in the weeks leading up to its collapse late last year.... “We have commenced an early investigation into matters that have come to our attention . . . particularly the use of the bank accounts of DM (Devereux Montague) to bank Unwins’ takings in the period prior to administration,”... However Cook strenuously denied any suggestions of wrongdoing. He claimed that money had been transferred through Devereux Montague because of “extremely high levels of theft at Unwins”. He said: “I don’t care how it looks to an outsider — it was all audited and checked at the time. (KPMG) probably just want to earn some more fees. "
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This was dated less than four months ago at Telegraph Money
"Unwins planning double float on AIM
Mr Cook said the company was not in any financial difficulty, adding: "The product availability that we're seeing is planned.""
If all current events are honest and above board, which is seemingly more and more unlikely, but if they are, then how is it possible that an MD cannot be aware of his own company finances - and actually get it this wrong?
Then fail to submit accounts?
Then bank all takings into his own pocket?
And lose money from a pension fund?
And run down stock whilst owing £15m to creditors?
And not have even paid up in full for the Firm he's ruining?
Anyone?
Written by: Observer | on February 13, 2006 12:03 PM