Investment

[IBM]

1 hour ago, DoofersDad said:

7 of those 13 companies were dissolved. 4 of those 7 companies never had any accounts submitted prior to them being dissolved.  

Makwana resigned from one company in October 22 which remains technically active but appears to be simply existing.

Makwana is involved in 5 active companies as follows:-

Seventy7 Ventures Ltd.  This deals in "management consultancy activities other than financial management". Makwani is the sole director and only employee. Latest accounts show net liabilities of £15,898.  On 28th June this year, a charge was filed against the company by a Jersey based company.  If Seventy7 Ventures cannot repay the unspecified loan, the Jersey firm has the claim on all aspects of an unspecified project.  I can't see anything other than ICT being "the project".

Cryptolytx Ltd.  This is involved in "other publishing activities" and "new agency activities".  He is the sole director and there are no employees.  Net liabilities are £19,935.

! am for change C.I.C.  (whatever that means).  The nature of the business is described as "other social work activities without accommodation not elsewhere classified".  There are 2 other directors.  It was founded in July 2022.  No accounts have been submitted and they are overdue.  A notice was published just 5 days ago that "unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than 2 months after the date shown."

ELI APP Ltd.  Involved in "Other information technology service activities", Makwana is the sole director and only employee.  Net liabilities are £86,945.  An active proposal to strike off is currently suspended due to an objection.

Enterprise Lab Ltd.  This company apparently provides "educational support services".  Makwana is the sole director and one of 2 employees.  The company has net liabilities of £50,634.

There is absolutely nothing in all of this that would give me the confidence to give Makwana £10 towards running an ice cream van, let alone taking control of our football club.  There are red flags everywhere.  It would be good if the club would explain to its shareholders, season ticket holders and supporters in general, what it is about Mr Makwana that gives them the confidence that he can both finance a majority stake holding in the club and then finance and manage the long term development of the club.

I think the majority of us that have serious doubts about this have all read what is in the public domain but the board don’t seem to have done the same. You are right they need to explain very soon!

[Yngwie]

1 hour ago, DoofersDad said:

7 of those 13 companies were dissolved. 4 of those 7 companies never had any accounts submitted prior to them being dissolved.  

Makwana resigned from one company in October 22 which remains technically active but appears to be simply existing.

Makwana is involved in 5 active companies as follows:-

Seventy7 Ventures Ltd.  This deals in "management consultancy activities other than financial management". Makwani is the sole director and only employee. Latest accounts show net liabilities of £15,898.  On 28th June this year, a charge was filed against the company by a Jersey based company.  If Seventy7 Ventures cannot repay the unspecified loan, the Jersey firm has the claim on all aspects of an unspecified project.  I can't see anything other than ICT being "the project".

Cryptolytx Ltd.  This is involved in "other publishing activities" and "new agency activities".  He is the sole director and there are no employees.  Net liabilities are £19,935.

! am for change C.I.C.  (whatever that means).  The nature of the business is described as "other social work activities without accommodation not elsewhere classified".  There are 2 other directors.  It was founded in July 2022.  No accounts have been submitted and they are overdue.  A notice was published just 5 days ago that "unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than 2 months after the date shown."

ELI APP Ltd.  Involved in "Other information technology service activities", Makwana is the sole director and only employee.  Net liabilities are £86,945.  An active proposal to strike off is currently suspended due to an objection.

Enterprise Lab Ltd.  This company apparently provides "educational support services".  Makwana is the sole director and one of 2 employees.  The company has net liabilities of £50,634.

There is absolutely nothing in all of this that would give me the confidence to give Makwana £10 towards running an ice cream van, let alone taking control of our football club.  There are red flags everywhere.  It would be good if the club would explain to its shareholders, season ticket holders and supporters in general, what it is about Mr Makwana that gives them the confidence that he can both finance a majority stake holding in the club and then finance and manage the long term development of the club.

Yes I’d been through that and reached similar conclusions - although the limited info available publicly might not necessarily tell the full story. Worth pointing out as well that not all of those companies are his, he just is/was a director and not always the owner.

For those who don’t know, dissolving a company is something that happens usually when a company has served its purpose and/or just isn’t required any more. There is nothing untoward about this as such and it is very different from insolvency. The American guy on that video, and others, wrongly seem to assume it is a sign of failure or dodginess. It can be, I guess, but it can also be the opposite - transfer business assets or intellectual property into a company, sell them for a profit and then dissolve the company before you have to publish accounts for the relevant year that show how much you made.

A claim that appears in various websites that Makanwa “started, scaled and sold” numerous businesses. There is no evidence of that anywhere I looked. Maybe it is a misleading claim, or maybe the deals made him a lot of money and are just hidden through such legitimate means? I’d like to believe it was the latter, but when you see the house that is the registered office, it’s hard to believe he has a lot of personal wealth.

Im guessing our Board, CEO and lawyers know how to use Google too and will have asked similar questions to the ones we are asking. Surely?

[robbylad]

I'm sure everyone on here is desperately hoping this is the deal that turns the club around. However,  considering who was central to brokering this deal, I can understand the cynicism. Fingers crossed for better days ahead.

[STFU]

Do a companies house search for any of our main directors past and present and you'll find a string of dissolved companies.

E.g. morrison has over 20 and some of them had suffered a wind up order including the company they renamed as the ict concert company.

The red flags for me are not is what shown or not in the seventy7 ventures accounts.  When it comes time to pay if he doesn't have the money he won't get his shares or whatever it is he is buying.

The worry is the lack of any relevant experience and the feeling he's going to turn the club ito some kind of freak show exhibit with all the phygital tech crypto nonsense.  It's the fact that he openly states that the football is the last thing to worry about in running a club.  I'm starting to hope he doesn't have the money for those reasons.

[big cherly]

17 minutes ago, STFU said:

Do a companies house search for any of our main directors past and present and you'll find a string of dissolved companies.

E.g. morrison has over 20 and some of them had suffered a wind up order including the company they renamed as the ict concert company.

The red flags for me are not is what shown or not in the seventy7 ventures accounts.  When it comes time to pay if he doesn't have the money he won't get his shares or whatever it is he is buying.

The worry is the lack of any relevant experience and the feeling he's going to turn the club ito some kind of freak show exhibit with all the phygital tech crypto nonsense.  It's the fact that he openly states that the football is the last thing to worry about in running a club.  I'm starting to hope he doesn't have the money for those reasons.

Also what conditions or qualifications come as a prerequisite to any funds being released. Going to be confidential of course to the board and characters like SG, however given the past performances and lack of real business experience or knowledge (not to mention any desire), just who is going to do the due diligence and check the small print clause x, sub section y, that doesn’t leave the Council and the fans picking up the pieces if and when it all goes belly up in 2-5 years when the current board have flown! Hope the council insist on a  legal check regarding the land use.
Just want to get it out in the open now. 
 

Edited July 28 by big cherly

[CELTIC1CALEY3]

Common Good Land and Assets is for the benefit of the citizens, not corporate profit. 

Gordy Fyffe will be fully aware of that.

[buckett]

      LET'S GET PHYGITAL!!!     

[+Northern_jaggie]

Time for another Wyness Shuffle podcast inviting Mr Makwana to a no holds barred interview. 
 

Do it lads!

[Doofer]

This deal has red flags left, right and centre! It sounds like a total sham. I can only see 1 of 3 things with this deal. 
1. Mr Makwana has duped the board with his patter and vision and they have fallen hook line and sinker for it. 
 

2. The board just want to pass the buck to anyone who is willing to take the club on, regardless of due diligence and whether he is a fit and proper person. 
 

3. Makwana has some secret millions somewhere to buy the majority shareholding and invest

I hope it's the 3rd option but this bloke wouldn't look out of place on watchdog!

Edited July 29 by Doofer

[ictchris]

I posted this in a Hayes and Yeading fans Facebook group.

Here's what they said

 

If he has obtained funding for this deal from somewhere then we need to know where it got it from.  The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

I had assumed that you need to offer proof of funding to purchase shares in a company, from what the H&Y fans say, he'll string us along and then not come up with anything - costing us time and effort that could have been spent finding an actual investor.

I think I said on here or on P&B that our useless board of idiots would find the worst possible 'investment' partners and they may well have done it.

 

[Charles Bannerman]

That’s ten weeks since relegation and around two months since it was confirmed that the club’s financial situation was so desperate that radical action was essential. Since then, this time of year’s normal financial boost of season ticket money has been greatly reduced, there has only been one home game with a very modest attendance and no Sports Bar and there’s reason to believe that unhappy fans have been limiting their purchases of merchandise.

So what has the club been doing for money?

Have the Usual Suspects been continuing to dig deep, despite indications that the company they have been continually been plunging money into a company that’s going to have new owners?

Or what?

Edited July 29 by Charles Bannerman

[IBM]

20 minutes ago, Charles Bannerman said:

That’s ten weeks since relegation and around two months since it was confirmed that the club’s financial situation was so desperate that radical action was essential. Since then, this time of year’s normal financial boost of season ticket money has been greatly reduced, there has only been one home game with a very modest attendance and no Sports Bar and there’s reason to believe that unhappy fans have been limiting their purchases of merchandise.

So what has the club been doing for money?

Have the Usual Suspects been continuing to dig deep, despite indications that ownership of what they have been continually been plunging money into is going to have new owners?

Or what?

That’s what I said to my wife at breakfast this morning still paying big wages to some!

[big cherly]

7 hours ago, ictchris said:

The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

At the risk of double downing on where the funds come from, I have to put a ‘ethics’ slant on this subject.

Jersey has been a main artery for money laundering in the past with Russian money a key part of this practice. The Jersey government were told (by the UK & others) to get a grip of things. As such in 2019 the jersey gov put some sanctions in place to placate the noise. In 2022 Abramovich had $7bn seized by the jersey gov. That’s a hell of a lot of money sitting in a bank at low interest rates. 
So me being the cynic I am, question how the money men (the whole Russia -Jersey show) and their lawyers create the breathing space and rules ‘holidays’ to start the process again under the radar. 

For arguments sake if S7V’s investment cost £10M (hotel, flats and gaming centre where no profit goes to the club), then ten of such ventures quickly add up to a tidy sum.

So for all the procedures, protocols, regulations and good practice rules espoused by such organisations and authorities (like the Highland Coonsil) and dare I say ICTFC, what if any checks are to be done to check any funding forthcoming from S7V is legit?

Or are we such a lot that, that as long as it’s our club that is the recipient then ‘that’s OK’, don’t ask the questions. 

Edited July 29 by big cherly

[Scotty]

5 hours ago, Doofer said:

This deal has red flags left, right and centre!

What the fans see ....

 

What the board see

(Warren Buffet in case you are wondering)

[Leaky Blinder]

16 minutes ago, Scotty said:

What the fans see ....

 

What the board see

(Warren Buffet in case you are wondering)

What Gardiner see's 

[CELTIC1CALEY3]

Trust and Board

Sceptics 

[tm4tj]

What I see

[CELTIC1CALEY3]

 

[+snorbens_caleyman]

Utterly brilliant takedown, but really just saying what we are all saying.  Can we co-opt Zealand onto the board of the Supporters Trust?  

My wife tell me that to set up an equity fund, Makwana has to obtain a licence.  He needs to pass exams to show that he has the knowledge to run such a fund.  And he presumably also has to show a past record of financial success and probity - which might be a bit difficult!

[forthefanssubstack]

Hi all,

I run a  twice-weekly newsletter focusing on off-field issues affecting Scottish fans. You can find it here: Scottish Football: For The Fans | Dale Haslam | Substack

It's been interesting researching the 'new investors' in recent days and it's nice to see many on this forum have done similar research.

I've asked Makwana for an interview and will be posting a few updates about the club in the next week or so. 

I truly hope things work out and the future is bright for the club. Healthy scepticism is vital.

[forthefanssubstack]

On 7/29/2024 at 8:43 AM, ictchris said:

I posted this in a Hayes and Yeading fans Facebook group.

Here's what they said

 

If he has obtained funding for this deal from somewhere then we need to know where it got it from.  The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

I had assumed that you need to offer proof of funding to purchase shares in a company, from what the H&Y fans say, he'll string us along and then not come up with anything - costing us time and effort that could have been spent finding an actual investor.

I think I said on here or on P&B that our useless board of idiots would find the worst possible 'investment' partners and they may well have done it.

 

A good post.

What I notice is that, for about three months, he was claiming *to be* the owner of Hayes and Yeading, not that it was somehow a potential.

His posts strongly allude to him deciding to sack the manager and replace him, and to bring about huge improvements to the ground - and then suddenly nothing happens.

The obvious parallel is that he's claiming to be the owner of ICT now with no actual evidence of it - and that also could last for months unless the club is crystal clear on what the situation is.

To make things even more opaque, he told me yesterday he is "currently working with the club to get this takeover completed" while sharing news links that say he is already the 'new owner'. It can't be both.

Edited July 30 by forthefanssubstack

[Scotty]

9 hours ago, CELTIC1CALEY3 said:

 

 

Should also watch this one first ....

 

 

[Scotty]

We have been a little busy today

 

 

 

 

[Robert]

Just now, Scotty said:

We have been a little busy today

 

 

 

 

The Alan Savage interview is definitely worth reading. He’s hit a lot of nails on the head. 

[Scotty]

1 minute ago, Robert said:

The Alan Savage interview is definitely worth reading. He’s hit a lot of nails on the head. 

behind a paywall for me unfortunately.