Wikipedia

Qadbak Investments: Difference between revisions

Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
m uncited
No edit summary
Tags: Mobile edit Mobile web edit
(25 intermediate revisions by 19 users not shown)
Line 1:
{{Short description|British Virgin Islander investment vehicle company}}
{{Use dmy dates|date=AprilAugust 20132022}}
'''Qadbak Investments Ltd''' iswas a [[British Virgin Islands]] registered<ref name="SZ0927">[http://www2.pic-upload.de/04.10.09/8jvuq1156sm.jpg SonntagsZeitung], 2009-09-27</ref><ref name="GD2711">[httphttps://www.guardian.cotheguardian.ukcom/football/2009/nov/27/sven-goran-eriksson-notts-county “Sven-Goran Eriksson demands 'ambassador' payment from company linked to Notts County”], [[The Guardian]], 2009-11-27</ref> [[company]] which has served as the [[investment vehicle|vehicle]] for the short-lived purchase of English [[association football|football]] club [[Notts County F.C.|Notts County]] for £1, and for thea failed attempt to purchase [[Formula One]] team [[BMW Sauber]].<ref name="SZ1122">[http://www.sonntagszeitung.ch/home/artikel-detailseite/?newsid=108305 SonntagsZeitung], 2009-11-22</ref><ref name="reuters">[httphttps://www.reuters.com/article/idUSLF43620220090915 BMW F1 team sold to Swiss-based investment group]</ref>
 
The company first came to public prominence in July 2009 upon their purchase of Notts County via its subsidiary Munto Finance.<ref>{{cite news|url=http://news.bbc.co.uk/sport1/hi/football/teams/n/notts_county/8149656.stm |title=Notts County takeover completed |publisher=BBC News |date=14 July 2009 |accessdateaccess-date=2009-10-13}}</ref> They were advised in the deal by con-man [[Russell King (fraudster)|Russell King]]. In September 2009, it was announced that they had signed an agreementagreed to purchase the BMW Sauber Formula One team, hastening its return to the F1 fold.,<ref name="BMWPR" /><ref name="bbc">{{Cite web|url=http://www.sonntagszeitung.ch/home/artikel-detailseite/?newsid=108305|title=Einen Moment bitte, die Ausgabe wird geladen}}</ref> however this agreement was never concluded.
 
Qadbak Investments was purported by numerous sources, including official [[news release|statements]] from both Notts County and BMW, to represent the collective interests of "certain Middle Eastern and European-based families".<ref name="reuters"/><ref name="BMWPR">{{cite web|url=http://www.bmw-sauber-f1.com/de/index.html?refy=http%3A |title=BMW Sauber, official press release, 2009-09-15 |publisher=Bmw-sauber-f1.com |access-date= |accessdate=2009-10-13}}</ref><ref name="guardian">{{cite news|url=httphttps://www.guardiantheguardian.co.ukcom/football/2009/sep/27/league-two-notts-county-port-vale|title=Supporters' Trust happy with takeover|author=[[Jamie Jackson|author-link=Jamie Jackson (journalist)|Jamie Jackson]]|work=[[The Guardian]]|date=27 September 2009|accessdateaccess-date=2009-09-27 | location=London}}</ref> In November 2009, it was discovered that behind Qadbak Investments there arehad no such investors.<ref name="SZ1122" />
 
==Ownership structure==
Details concerning the source of the company's finances have beenwere kept confidential, with both initial and later reports and official press releases stating that it iswas "[[Switzerland|Swiss]]-based".<ref name="reuters"/><ref name="BMWPR" /> Later reports have stated that the company, as well as its subsidiary Munto Finance, arewere registered withinin the British Virgin Islands,<ref name="guardian"/><ref>[httphttps://www.guardian.cotheguardian.ukcom/sport/2009/sep/30/notts-county-nathan-willett-peter-trembling “Notts County money men behind a tangled web of confused companies”], ''[[The Guardian]]'', 2009-09-30</ref><ref>{{cite news|url=http://www.thesun.co.uk/sol/homepage/sport/football/2652460/Untying-the-tangled-Notts.html|title=Untying the tangled Notts|publisher=The Sun|date=23 September 2009|accessdate=2009-09-23|location=London|first1=Ian|last1=McGarry|first2=Janine|last2=Self}}</ref> what has been confirmed by [[British Virgin Islands Financial Services Commission]] on 24 September 2009 after a request made by Swiss newspaper ''[[SonntagsZeitung]]''.<ref name="SZ0927" />
 
== History ==
 
The company had been represented during the BMW Sauber takeovernegotiations by Lionel Fischer, a Swiss national, and two of its representative directors on the Notts County board, Peter and Nathan Willett, who appointed [[Sven-Goran Eriksson]] as [[director of football]].<ref name="guardian-digger">{{cite news|url=httphttps://www.guardian.cotheguardian.ukcom/sport/2009/sep/28/digger-notts-county-arsenal-essex|title=Notts County investor revelations leave questions unanswered|author=Matt Scott|work=[[The Guardian]]|date=28 September 2009|accessdateaccess-date=2009-09-29 | location=London}}</ref><ref name="guardian-digger2">{{cite news|url=httphttps://www.guardian.cotheguardian.ukcom/football/2009/sep/24/russell-king-notts-county-qadbak|title=Man behind Notts County deal has £2m assets frozen by Jersey courts|author=Matt Scott|work=[[The Guardian]]|date=24 September 2009|accessdateaccess-date=2009-09-29 | location=London}}</ref> OnGerman 27automotive Novemberconglomerate 2009[[BMW]] ''Thewere Guardian'advised during the planning phases of Qadbak's revealedtakeover thatby Sven-Goranleading ErikssonBritish hasinvestment demandedbank immediate[[N paymentM ofRothschild the& multimillion-poundSons|Rothschild]], sumwhose undermanaging thedirector termsMeyrick ofCox hishad recruitmentstated bythat NottsQadbak Countywas "a wholly reputable organisation".<ref name="GD2711guardian" />
 
Contrary to reports by the British media, the source of Qadbak's finances werewas indeedpartially known to the Notts County Supporters' Trust, who were bound to a confidentiality agreement due to the takeover.<ref name="guardian" /> On 27 September 2009, Notts County released a statement in which it revealed two families who were purportedly involved in the trust which owns the club, the Shafi and Hyat families, both "noted business families" with "numerous investments" in the [[Middle East]], [[Japan]], [[Kazakhstan]], [[Europe]] and [[North America]], with the club having "respected the families' privacy" beforehand.<ref name="guardian2">{{cite news|url=httphttps://www.guardiantheguardian.co.ukcom/football/2009/sep/27/notts-county-shafi-hyat-investors|title=Notts County reveal Shafi and Hyat families as club investors|work=[[The Guardian]]|date=27 September 2009|accessdateaccess-date=2009-09-27 | location=London}}</ref> In a response to the press release, Anwar Shafi, a member of the Shafi family, denied that he had a connection with the club or an investment in Qadbak.<ref name="times">{{cite news|url=http://www.timesonline.co.uk/tol/sport/football/football_league/article6864303.ece|title=I have nothing to do with Notts County, says Anwar Shafi|work=[[The Times]]|date=7 October 2009|accessdateaccess-date=2009-10-07 | location=London | first=Frank | last=Praverman}}</ref><ref name="guardian3">{{cite news|url=httphttps://www.guardiantheguardian.co.ukcom/football/2009/oct/07/notts-county-ownership-qadbak-league-two|title=Anwar Shafi: I have nothing to do with Notts County|work=[[The Guardian]]|date=7 October 2009|accessdateaccess-date=2009-10-07 | location=London | first=Declan | last=Walsh}}</ref> The club subsequently released a further statement, purporting to be from the Hyat/Shafi Family Trust and its head, Sardar Hyat, confirming its involvement with Qadbak and Notts County.<ref name="guardian3" />▼
German automotive conglomerate [[BMW]] were advised during the planning phases of Qadbak's takeover by leading British investment bank [[N M Rothschild & Sons|Rothschild]], whose managing director Meyrick Cox had stated that Qadbak was "a wholly reputable organisation".<ref name="guardian"/> In November 2009 however Rothschild denied being involved in any financial transaction between Qadbak and BMW; they merely acted as BMW's adviser.<ref>[http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Oswald-Gruebel-hat-Sauber-verlassen/story/18290910 Tages-Anzeiger], 2009-11-07</ref>
 
On 20 October 2009, the [[Football League]] announced that Notts County's owners had met its "fit and proper persons" regulations, and that while their structure was "complicated" and featured "both offshore entities and discretionary trusts", it had provided "extensive disclosure" to the League on their ownership structure.<ref name="g-flfpp">{{cite news|url=httphttps://www.guardiantheguardian.co.ukcom/football/2009/oct/20/notts-county-owners-football-league|title=Football League says Notts County owners are 'fit and proper persons'|publisherwork=The Guardian|date=20 October 2009|accessdateaccess-date=2009-10-20 | location=London}}</ref> The League also stated that public disclosure of their ownership structure was a "matter for the club".<ref name="g-flfpp" />▼
▲Contrary to reports by the British media, the source of Qadbak's finances were indeed known to the Notts County Supporters' Trust, who were bound to a confidentiality agreement due to the takeover.<ref name="guardian"/> On 27 September 2009, Notts County released a statement in which it revealed two families who were purportedly involved in the trust which owns the club, the Shafi and Hyat families, both "noted business families" with "numerous investments" in the Middle East, Japan, [[Kazakhstan]], [[Europe]] and [[North America]], with the club having "respected the families' privacy" beforehand.<ref name="guardian2">{{cite news|url=http://www.guardian.co.uk/football/2009/sep/27/notts-county-shafi-hyat-investors|title=Notts County reveal Shafi and Hyat families as club investors|work=[[The Guardian]]|date=27 September 2009|accessdate=2009-09-27 | location=London}}</ref> In a response to the press release, Anwar Shafi, a member of the Shafi family, denied that he had a connection with the club or an investment in Qadbak.<ref name="times">{{cite news|url=http://www.timesonline.co.uk/tol/sport/football/football_league/article6864303.ece|title=I have nothing to do with Notts County, says Anwar Shafi|work=[[The Times]]|date=7 October 2009|accessdate=2009-10-07 | location=London | first=Frank | last=Praverman}}</ref><ref name="guardian3">{{cite news|url=http://www.guardian.co.uk/football/2009/oct/07/notts-county-ownership-qadbak-league-two|title=Anwar Shafi: I have nothing to do with Notts County|work=[[The Guardian]]|date=7 October 2009|accessdate=2009-10-07 | location=London | first=Declan | last=Walsh}}</ref> The club subsequently released a further statement, purporting to be from the Hyat/Shafi Family Trust and its head, Sardar Hyat, confirming its involvement with Qadbak and Notts County.<ref name="guardian3"/>
 
By November 2009, it was becoming clear that Qadbak and its subsidiaries did not have funds to invest. Rothschild denied being involved in any financial transaction between Qadbak and BMW; they merely acted as BMW's adviser.<ref>[http://www.tagesanzeiger.ch/wirtschaft/unternehmen-und-konjunktur/Oswald-Gruebel-hat-Sauber-verlassen/story/18290910 Tages-Anzeiger], 2009-11-07</ref> On 27 November 2009 ''The Guardian'' revealed that Eriksson had demanded immediate payment of the multimillion-pound sum under the terms of his recruitment by Notts County.<ref name="GD2711" /> A few weeks later Notts County was in fact £7 million in debt and it was resold in December to a new owner.
▲On 20 October 2009, the [[Football League]] announced that Notts County's owners had met its "fit and proper persons" regulations, and that while their structure was "complicated" and featured "both offshore entities and discretionary trusts", it had provided "extensive disclosure" to the League on their ownership structure.<ref name="g-flfpp">{{cite news|url=http://www.guardian.co.uk/football/2009/oct/20/notts-county-owners-football-league|title=Football League says Notts County owners are 'fit and proper persons'|publisher=The Guardian|date=20 October 2009|accessdate=2009-10-20 | location=London}}</ref> The League also stated that public disclosure of their ownership structure was a "matter for the club".<ref name="g-flfpp"/>
 
=== Failure of Sauber acquisition ===
As of 18 November 2009, German automobile manufacturer BMW iswas still the official owner of BMW Sauber Formula One team and continuescontinued to pay the salaries of their approximately 400 employees.<ref>[http://www.20min.ch/sport/formel1/story/14413427 20 Minuten], 2009-11-18</ref> On 27 November, BMW announced that it was to sell the team to Peter Sauber instead of Qadbak. A spokesman for BMW was reported in the Guardian newspaper as saying that the combination of no legally effective contract and no starting place on the grid caused the deal with Qadbak to be cancelled. If the Qadbak deal had been put in place, former [[Sauber]] drivers [[Giancarlo Fisichella]] and [[Nick Heidfeld]] would have been drivingdriven for them.{{citation needed|date=September 2023}}
 
=== Sale of Notts County ===
On 10 December 2009, BBC Nottingham reported that Munto Finance had put Notts County up for sale.<ref>{{cite news| url=http://news.bbc.co.uk/sport2/hi/football/teams/n/notts_county/8405269.stm | workpublisher=BBC News | title=Notts County is put up for sale | date=10 December 2009 | accessdateaccess-date=2010-05-22}}</ref> On 12 December 2009, it was announced that Notts County chairman, Peter Trembling had purchased the club for a nominal fee from Munto Finance.<ref>[http://news.bbc.co.uk/sport1/hi/football/teams/n/notts_county/8409631.stm "Peter Trembling secures Notts County takeover"]</ref> In February 2010, Trembling sold it on for £1 to Ray Trew, and was threatening to sue Munto.<ref>{{Cite news |last=James |first=Stuart |date=2010-02-13 |title=Peter Trembling vows to sue Munto Finance over Notts County losses |language=en-GB |work=The Guardian |url=https://www.theguardian.com/football/2010/feb/13/peter-trembling-notts-county-munto-finance |access-date=2023-06-06 |issn=0261-3077}}</ref><ref>{{Cite web |last=Reardon |first=Harry |date=2016-04-13 |title=Notts County and the bizarre takeover of 2009 |url=https://thesefootballtimes.co/2016/04/13/notts-county-and-the-bizarre-takeover-of-2009/ |access-date=2023-06-06 |website=These Football Times |language=en-GB}}</ref>▼
 
Further details only came out a year later, through the [[Panorama (British TV programme)|BBC ''Panorama'']] report entitled ''The Trillion Dollar Con Man''.<ref>{{Cite web |title=BBC One - Panorama, The Trillion Dollar Con-Man |url=https://www.bbc.co.uk/programmes/b010p00r |access-date=2023-06-06 |website=BBC |language=en-GB}}</ref>
▲On 10 December 2009, BBC Nottingham reported that Munto Finance had put Notts County up for sale.<ref>{{cite news| url=http://news.bbc.co.uk/sport2/hi/football/teams/n/notts_county/8405269.stm | work=BBC News | title=Notts County is put up for sale | date=10 December 2009 | accessdate=2010-05-22}}</ref> On 12 December 2009, it was announced that Notts County chairman, Peter Trembling had purchased the club for a nominal fee from Munto Finance.<ref>[http://news.bbc.co.uk/sport1/hi/football/teams/n/notts_county/8409631.stm "Peter Trembling secures Notts County takeover"]</ref>
 
==References==
{{reflist|2Reflist}}
 
[[Category:Investment companies of the British Virgin Islands]]
[[Category:Companies of the British Virgin Islands]]
Retrieved from "https://en.wikipedia.org/wiki/Qadbak_Investments"