B&Q is facing claims that it threatened its suppliers by demanding they
pay hundreds of thousands of pounds to stay on its books.
Terry Clark's company suffered badly at the hands of B&Q as have many other suppliers
The DIY giant approached companies demanding contributions to an
“investment-for-growth” programme, an investigation by The
Times has revealed.
One supplier described the move as a “massively underhand cash grab”.
The retailer, which is owned by FTSE 100-listed Kingfisher, has taken a harder
line with its supply chain after the appointment of Darren Blackhurst, the
former Asda and Tesco Executive
Continue reading: http://www.thetimes.co.uk/tto/business/industries/retailing/article4366920.ece
Thursday 26 February 2015
Monday 23 February 2015
HSBC confirms its chief holds Swiss bank account
HSBC has confirmed that its chief executive Stuart Gulliver uses a Swiss bank account to hold his bonuses.
The bank was responding to a report in the Guardian that Mr Gulliver has £5m in the account which he controls using a Panamanian company.Stuart Gulliver - Gulliver's money travels - HSBC boss works London, domiciled Hong Kong, paid by Dutch subsidiary into Panama company with Swiss bank account
The bank pointed out that Mr Gulliver lives in Hong Kong and pays taxes there and has also paid any taxes required in the UK.
The statement did not mention the Panamanian company.
The details about Mr Gulliver's tax arrangements have emerged on the same day that HSBC publishes its annual results.
The Guardian article does not suggest any wrongdoing on Mr Gulliver's behalf, but it will add to the questions over HSBC's activities in the tax advisory business.
Allegations emerged earlier this month that HSBC had helped people evade UK tax using hidden HSBC accounts in Geneva.
The Financial Conduct Authority, HMRC, Swiss prosecutors and MPs on the Treasury Committee are looking into the allegations.
Last weekend the bank published an apology - signed by Stuart Gulliver - to its customers and staff adding that it had completely overhauled how it conducted its business since 2008.
Continue reading
Sunday 22 February 2015
HSBC open to criminal charges, says Lord Macdonald
HSBC is open to criminal
charges in the UK over its Swiss tax-dodging scandal, former director of
public prosecutions Lord Ken Macdonald has said.
He added that HMRC's decision not to prosecute was "seriously flawed".
Allegations emerged earlier this month that the bank had helped hundreds of people evade UK tax using hidden HSBC accounts in Geneva.
Continue reading: http://www.bbc.co.uk/news/business-31574457
Call for a Mass Lobby at the launch Dinner of the family Business Road Trip 2015
We will be celebrating the launch of the Family Business Road Trip 2015 by a mass lobby at the launch dinner, sponsored by Close Brothers and taking place in the showrooms of Sturgess Motor Group in Leicester.
The Close Brother campaign group are going to be explaining to people attending the dinner not only the perils of Close Brothers - but the unregulated nature of asset based lendingCan you come and support others who have suffered and to try and stop others from losing their business to sharks such as Close Brothers?
Sturgess Motor Group
445 Narborough Road
Leicester
LE3 2RE
United Kingdom
Leicester
LE3 2RE
United Kingdom
Tuesday, 21 April 2015 from 18:30 to 22:00
For more information contact brian.moore@rabf.org.uk
Thursday 19 February 2015
Millions in private parking fines 'charged illegally' - therefore so are termination fees for asset based lends
ADMIN: MORE TO FOLLOW ON THIS - THERE IS A TEST CASE GOING THROUGH THE COURTS!
Millions of pounds of parking fines could have been charged illegally, according to the RAC Foundation.
He said fines were much more expensive than compensation for a genuine loss.
The foundation highlighted instances of people being charged £100 or more for running over their parking ticket.
Its director Professor Stephen Glaister estimated the overcharging may have reached £100 million in 2013.
'Barely regulated'
Mr de Waal said: "Payments at the level that operators presently demand as sanctions are unlikely to count as genuine pre-estimate of loss."
He said they should be seen by the courts as penalties, which would means they were unenforceable.
European consumer legislation which requires contracts to be fair means so-called "early payment discounts" could be unlawful because they constitute a "price escalation clause", he said.
He also said that when signs are not clear or prominently displayed, the charge could also be challenged on the grounds of unfairness.
Prof Glaister said he believed millions of drivers could be due a refund.
"We would like to see this legal argument tested in a higher court so that a binding precedent is set," he added.
The Protection of Freedoms Act 2012 banned clamping, towing, blocking-in or immobilising a vehicle without lawful authority on private land, in a bid to end abuses by rogue clamping firms.
However, the foundation said that private car parks were now using overstay fines as an alternative, with a system of ticketing which was "barely regulated".
http://www.bbc.co.uk/news/uk-31545417
Monday 9 February 2015
HSBC - When will bankers start going to jail as common criminals?
The latest in action over HSBC effectively committing fraud falling in line with Close Brothers who brag about ripping off the tax man - is amazing
Yet again the media will shame the banks with no effect on the Government
Follow on http://www.bbc.co.uk/news/live/business-31154049
Yet again the media will shame the banks with no effect on the Government
Follow on http://www.bbc.co.uk/news/live/business-31154049
Tuesday 3 February 2015
The number of new cases of fraudalent action by asset based lending companies has reduced
The number of complaints to RABF has reduced, which is reflected in the
collapse in the number of insolvencies linked to the industry.
It is hard to work out is this down to the likes of David Thomson at Close Brothers (one of the worst offenders for closing solvent companies) suddenly been visited by the Ghost of Christmas past , present and future to change their evil ways?
Or is it down to the ABFA new code of conduct? With a maximum fine of £25K and no further action, highly unlikely as a factoring company cane make £500K by putting a company into insolvency.
Or is it the fear of being exposed in the Times, FT, Telegraph, Mirror or in the Mail? James Hurley must take the credit for series of articles that highlighted the sheer size of the abuse within the asset based finance industry.
James Hurley - Exposed the abuse within the asset based finance industry
RABF will take every action to expose any factoring company and insolvency practitioner who crosses the line
It is hard to work out is this down to the likes of David Thomson at Close Brothers (one of the worst offenders for closing solvent companies) suddenly been visited by the Ghost of Christmas past , present and future to change their evil ways?
Or is it down to the ABFA new code of conduct? With a maximum fine of £25K and no further action, highly unlikely as a factoring company cane make £500K by putting a company into insolvency.
Or is it the fear of being exposed in the Times, FT, Telegraph, Mirror or in the Mail? James Hurley must take the credit for series of articles that highlighted the sheer size of the abuse within the asset based finance industry.
James Hurley - Exposed the abuse within the asset based finance industry
RABF will take every action to expose any factoring company and insolvency practitioner who crosses the line
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