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juvenal

From Russia With Cash C4 10Pm Tonight

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In the light of increasing opinion that London's property boom is part fuelled by overseas buyers laundering money, a reporter poses as a Russian government minister to find out how estate agents react to his plan to use millions of pounds of stolen money to buy a luxury property in an upmarket neighbourhood...

Radio TImes

Heads up!

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4.2 million. 2 bed flat in Notting Hill.

It's actually beyond belief.

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Proper grubby little horrible bastards aren't they? The government intentionally allow this shit and the police will do ******all. I'd love to see the people take justice into their own hands do something about these criminal scum ***** and the government scum who allow this.

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Now the ethical estate agent...

----------------

This one came out Ok

--------------------------------

Ok, now he is very Dodgy

"no ripples are created"

Edited by macbeth79

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I wonder how many houses in London are owned by Jersey Trusts ?

This was on last night:

George Osborne family business' £6m offshore deal

Chancellor George Osborne's family business made £6 million in a property deal with a developer based in a tax haven, a Channel 4 News investigation has found.
Wallpaper firm Osborne & Little teamed up with a secretive corporation in the British Virgin Islands, to draw up plans to redevelop its former London headquarters into housing.
The companies jointly applied for planning permission for around 45 flats and houses, and once given the go-ahead, Osborne and Little sold its site to the offshore firm for £6,088,000.
A legal expert shown contracts obtained by Channel 4 News said Osborne & Little must have known the developer was based offshore, and had the potential to avoid millions in tax.
At the time, the Chancellor was the beneficiary of a family trust that owned at least 15% of Osborne and Little, so would have personally benefitted from the sale.
It is not known what the Chancellor's personal stake was.
The deal calls into question his commitment to clamping down on offshore firms avoiding tax, a practice he has gone on to publicly condemn as "morally repugnant".
The offshore company, called Nightingale Mews Incorporated, went on to redevelop the site, in Denning Mews, Clapham, and is estimated to have avoided up to £2 million in tax on its profits.
There is no suggestion the Chancellor, or Osborne & Little avoided any tax in the deal, or that they or offshore property developer Nightingale Mews Inc. did anything illegal.
The Channel 4 News revelations come as the Chancellor prepares to deliver his Summer Budget, which is expected to include far-reaching cuts to services in a bid to reduce the deficit.
In contrast, campaigners are urging him to regain funds by tackling tax avoidance by the rich

Video at link: http://www.channel4.com/news/george-osborne-family-business-6m-deal-with-offshore-firm

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Don't know about anyone else but I thought this programme was disappointing. The producers should have gone one step further and setup actual shell companies in BVI or wherever. The one guy who mentioned 'KYC' (know your customer) regulations wouldn't have been able to verify anything about a company based there. If they'd have done that, none of the greedy EAs featured would be employed right now. They all just hid behind the excuse that they aren't required to do any verification or due diligence on first viewings, which is probably true.

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I agree with spunko above, in some way it's pointless not progressing things further as they'll always have a get out clause with it being a viewing.

The issue here seems to be that there is some regulation intended to stop this but if it isn't policed then who is actually going to go along with it? You have people telling you things and asking for information which could possibly breach those regulations but on the other hand they stand to make £100,000. People are greedy after all. They're only doing what everybody else does though, from the bottom to the top, looking after themselves.

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I think if it came down to it and I was going to pocket £300,000 for waltzing around a flat for 10 minutes, I'd probably keep quiet about any revelations too. The solcitors seemed as greedy and culpable as the agents, but the producers didn't have the balls to take them on clearly.

The funniest part for me though was the snobby agent insisting in hindsight that he knew the Russian was a fraud because Russians wouldn't buy a £5M flat in Notting Hill overlooking "social housing". So who the f**k buys those types of flats then?

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I think if it came down to it and I was going to pocket £300,000 for waltzing around a flat for 10 minutes, I'd probably keep quiet about any revelations too. The solcitors seemed as greedy and culpable as the agents, but the producers didn't have the balls to take them on clearly.

The funniest part for me though was the snobby agent insisting in hindsight that he knew the Russian was a fraud because Russians wouldn't buy a £5M flat in Notting Hill overlooking "social housing". So who the f**k buys those types of flats then?

Ukranian and Kazakstan oligarchs obviously..... :rolleyes:

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4.2 million. 2 bed flat in Notting Hill.

It's actually beyond belief.

Less than 30 years ago, while on a computer course, I worked nights in the kitchen in a restaurant in Notting Hill. The owner of the restaurant also owned three on one of those roads behind the Gate cinema as it was then. They were worth a fantastic sum at the time, over £100,000 each.

In the early 70s people were ashamed to admit that they lived in Notting Hill.

Edit to add: Nothing to do with Russians buying up London property of course, just about how the perception of Notting Hill has changed.

Edited by Rare Bear

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I think if it came down to it and I was going to pocket £300,000 for waltzing around a flat for 10 minutes, I'd probably keep quiet about any revelations too. The solcitors seemed as greedy and culpable as the agents, but the producers didn't have the balls to take them on clearly....................

...14 years in jail may deter you ... :rolleyes:

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What also struck me was that they were so obvious almost comical. As already mentioned why did they not progress this further than first viewings?

We can but hope that HMRC are already working on this issue hence the lighthearted way the programme approached this large scale industrial criminality.

Just one or two prosecutions would force the agents to adhere to the law but you can bet there haven't been any.

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Has any greedy EA actually been sent down for that long, if at all, ever...?

you'll find it's not a jail - it's a "compact but bijou residence with excellent security located in a colourful and edgy community"

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