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The most blatant and biggest (in relative terms) fraud at Quindell (QPP) concerns the TMC Southern panama pump which created 140% of the reported Quenron profits in the 15 months to December 31 2011. Lord Michael Howard has confirmed that the new board is aware of this monster fraud as are the SFO and FCA and other regulatory bodies. But to demonstrate the duplicity involved I bring you more detail.
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Comments
DUCK AND DIVE
There comes a point, when the fraud is so complex and yet ultimately predictable that you just have to admire the man’s front.
Unfortunately, his soon-to-be new chums in Block Z will only be admiring his rear.
Pauly Walnuts
Should this not be a relatively straight forward case for the FCA, Lord Howard or anyone else to look into ? Surely all they have to do is follow the money. QPP gave TMC 140 million shares on 2 December 2011. Those shares were issued at 2.875p as per QPP 2011 accounts. Those shares no longer appear to be held by TMC as per their accounts to 27/4/12, which you have published previously. QPP’s share price increased substantially in percentage terms in that 5 month period, to as high as 8.25p. So between £4 million and £11.5 million of share sale proceeds ended up somewhere, and certainly not in TMC as they only made an annual profit of £55,530. That’s a proper ‘falling in a bucket of tits and coming out sucking your thumb’ moment !? The TMC dude cannot catch a break. Fishy indeed.
Phil
Makes you wonder what went on in TIG, Terry’s previous slam dunk