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vlad the impaler

Hbos, And The Nasty Smell....

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Have a look at The BBC

Now if I have read that correctly, HBOS were forcing businesses to use a third party consultancy company as a condition of loaning money to high risk businesses. These consultants were then purchasing things like a luxury yacht for 'entertaining', and HBOS lost £250m overall.

I have to say I am absolutely aghast. This is absolutely outrageous behavior on the part of (it would seem of one executive at) HBOS, and looks on the face of it to be suspicious to say the least. Where were the internal checks? How was this allowed to happen? WTF are the police not involved?

Another example:

The Times

The Turners claim that they received a litany of bad advice from Mr Scourfield. For example, he encouraged the couple to use the services of a third-party consultancy, Quayside Corporate Services, which was then paid directly by the bank on behalf of the business. Over a period of two years the bank paid more than £65,000 from the Turners’ overdraft to Quayside, which apparently specialised in turning around struggling businesses.

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To be fair HBOS did invest in BTL heavliy and it worked out

Imagine is based on a simple, if clever, and certainly unique, model. It buys a block of flats from developers say a year from completion.

It then sells 80pc of these on to buy-to-let investors, to whom it guarantees, for a period of two years, to find and vet a suitable tenant, to furnish it and to guarantee a 7.5pc-a-year yield for each of the

two years. The remaining 20pc are bought by Imagine, using a £250m investment fund called Veritas – set up with HBOS's then joint venture tsar Peter Cummings – which is a 50-50 joint venture with HBOS

And this is perhaps the crux of it. In spite of Ms Turner's involvement as the creative brains behind Imagine Furnishings – a linked company that furnishes the buy-to-let flats – Imagine is all about him.

"I am hoping people will see me now as Grant Bovey, the businessman who runs a successful company, rather than Grant Bovey, the husband of television presenter Anthea Turner. I've achieved some people's respect. And that's very important to me both professionally and personally."

http://www.telegraph.co.uk/finance/2948920...fes-shadow.html

Edited by Tom Peters

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I have to say I am absolutely aghast. This is absolutely outrageous behavior on the part of (it would seem of one executive at) HBOS, and looks on the face of it to be suspicious to say the least. Where were the internal checks? How was this allowed to happen? WTF are the police not involved?

Another example:

The Times

Police, why would they get involved. Its a business deal internal to the company. its not a crime to make money is it. If you object so much, try living in China in a paddy field, you wont even have this forum or the time to sit and think siliness.

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Police, why would they get involved. Its a business deal internal to the company. its not a crime to make money is it. If you object so much, try living in China in a paddy field, you wont even have this forum or the time to sit and think siliness.

Too right, it's up to the courts to decide what's right and wrong not the public who have no interest in HBOS.

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Police, why would they get involved. Its a business deal internal to the company. its not a crime to make money is it. If you object so much, try living in China in a paddy field, you wont even have this forum or the time to sit and think siliness.

You obviously haven't listened to the File on 4. This was outright theft.

In order for this Branch of Halifax to be prepared to make a business loan, the customer had to agree to having a non exec director on the board at 2k per week and and arrangement fee of 60k for the loan.

In one case, this 'consultant' arranged a 400k loan which he then proceeded to piss up the wall living the high life whilst extracting money from the business.

The business subsequently collapsed to be bought-out by a colleague of the consultant for a knock down price.

At the very least there is a gaining pecunary advantage by deception charge to be laid and conspiracy to defraud.

Edited by linuxgeek

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In order for this Branch of Halifax to be prepared to make a business loan, the customer had to agree to having a non exec director on the board at 2k per week and and arrangement fee of 60k for the loan.

Why did they agree to that?

If they accepted those terms and now have lost their home, it was at their own risk and through their own decisions.

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Why did they agree to that?

If they accepted those terms and now have lost their home, it was at their own risk and through their own decisions.

The company in question was relatively new but was very successful. They had some huge new orders from supermarkets and so looked to finance expansion. As a condition of the loan they had to agree to this non-exec Director business consultant.

The consultant and the loan arranger at HBOS Reading had a close association along with a couple of others. The consultant would have a chauffeur driven limo and like to go to track days at Silverstone. Guess where the money was coming from?

This group between them managed to lose HBOS some 250m GBP between just 13 companies.

If you listen to the File on Four piece you will get the picture.

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Police, why would they get involved. Its a business deal internal to the company. its not a crime to make money is it. If you object so much, try living in China in a paddy field, you wont even have this forum or the time to sit and think siliness.

He he.... So why are you on here anyway? All this HPI, the insane bank loans to finance the HPI, and the idiots that took the loans out; they are all internal business deals between grown-ups. What has any of that got to do with you? Ding! That man gets a peanut! :rolleyes:

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