I think it is next year now mate, been delayed, I think there is every chance he will,be found guilty if some of what I have been told is true. It is frowned upon to tell porkies to the stock market apparently.
Yeh, I think you are right. I have done a bit of reading on the case and its not pretty what he is alleged to have done.
although PC sounds confident that he has done nowt wrong, from what ive read and heard, he hasnt got a leg to stand on.. but, we dont know the true facts. the Old Bailey will.
One thing which shocked me was that isoft was reported never to have made a profit and yet the Directors were able to walk away with 10's of millions. As a Socialist that doesn't sit comfortably with me when Tax payers money was involved via NHS contracts. He had bought the Club though before the alleged offence took place.
I agree with your feelings about it, seems a strange set up, probably plenty more companies done the same , maybe iSoft is just the start and HMRC will be after the rest if they win?
If he is found guilty then he will be receiving a custodial sentence without a doubt. Very serious charges that he is accused of, and like others have said above from what little bits I have read he will need a very good brief. If the allegations are true then they have basically fudged the value of the company (by reporting profits before they have been brought in) to drive up the price of their shares and sold them on at the optimum moment, very naughty.
In company accounts Manlito, if your company makes £XM but during that financial year your directors drew a salary of £XM, your company accounts will not show the company as having made a profit. Three observations about PC's case. 1. He is innocent until proven guilty. 2. The DTI/CPS have spent an awful long time preparing this case. 3. Eric Illsley protested his innocence throughout until, on the morning of trial he changed his plea. It's a very serious situation, but frankly, none of us know!
Re: I thought it was the FSA not HMRC that brought the case/charges The initial enquiry was done by the taxman, into the false tax claims, so I was told anyway, then it was reported to FSA and they have gone over it with a fine tooth comb, but I hope nothing comes of it.
