Terry Serepisos remains confident of receiving a US$100 million loan – and a separate sponsorship deal for Wellington Phoenix – from Western Gulf Advisory despite some of the company's bank accounts being frozen.
The Bahraini bank accounts of WGA, owned by Indian-born Ahsan Ali Syed, were frozen last week after allegations that he scammed an estimated A$100m from Australian investors who have described him as the Bernie Madoff of India.
The alleged scam is simple. Through WGA, which has offices in Bahrain and Switzerland, Mr Ali offers to lend troubled businesses up to US$200m from his personal fortune, which he claims to be US$8 billion. He then charges establishment fees for loans that never eventuate.
"There can be no doubt that WGA is a fraud," said Andy Bryce, a solicitor from Melbourne law firm Evans Ellis.
Mr Bryce is acting for up to a dozen WGA victims, involved in a wide range of industries, who have been defrauded of A$30m by WGA.
"We are looking at our legal remedies both here and internationally," Mr Bryce said.
Oh dear; Terry Serepisos might be optimistic about his fiscal salvation, but it seems as though he has little cause for such optimism. There was in fact a lot of scepticism when Serepisos announced that he was in negotiations with WGA a few months ago, and sadly, it seems that this scepticism was well founded.
Where does this leave the Wellington Phoenix? Ricki Herbert is probably wondering the same thing. He still doesn't have a full roster of players, and it's doubtful that he has a budget at present for new signings. Practices have started for the new season, but it can't be an atmosphere likely to produce a bouyant and confident team. There must come a point where intervention is required from New Zealand Soccer to ensure the Phoenix's immediate future.
Terry Serepisos is probably worried about his immediate future as well, despite the bullish response above. He may believe that the cheque is in the mail, but we wonder how long that will satisfy his creditors.
9 comments:
'Bad news' (there's your link Inv2) but for Mr Key.
What do you think about Key's very poor showing (bottom of the barrel) on NZ'rs Most Trusted list? He's down there with Hone and Winston for goodness sake?
You must have an opinion about this Inv2 - Key's popularity is something you talk about often.
You must be concerned at this lousy result, given that Key trades on 'trust'.
Seems people don't (trust him that is).
90, in a list of 100!
Russel did well!
You're getting to predictable Robert; that's three times you've tried to thread-jack with this one.
FFS Robert; you want to talk about a Reader's Digest survey of 735 people? Blog about it yourself; not here.
Why am I surprised that RG and 734 other ****wits subscribe to that outstanding pillar of intellectual supremacy, Readers Digest?
Have you won the first prize yet, Robert? Cheque in the mail, is it?
You'd better not venture out of Invercargil or the real world will getcha.
I couldn't possibily comment Adolf.
Back to the topic though; perhaps Terry Serepisos would have a better chance of getting a cheque from Readers Digest than from WGA and the Bernie Madoff of India.
Inv2. Repeat after me..
must..NOT..feed..troll.
10 times before reaching for the keyboard should do it. :-)
Are you all too ashamed of Key's result to comment?
If Russel Norman was in the bottom 10, I'd front up and talk about it.
What are you frightened of?
Admitting that New Zealanders rate Key 'untrustworthy"?
Moist - yes of course, don't feed the troll etc but it's a fair question though, eh.
Key's poor showing must be of interest to readers here.
Everyone seems to be tippy-toeing around the results.
Bet Inv2 expected to see him in the top 3!
NICE…. ^_^v…..
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