Credit Risk Agency Warns On Labour Party :
Did Labour Disguise £1.71m in Losses?
Guido has been passed a confidential report usually only available to the clients of credit risk agency RiskDisk Limited. The report is about OQS Limited (formerly known as Labour Party Properties Limited) which was incorporated on 19 February 2002 and held the long leasehold interest in the Party’s head office at 16, Old Queen Street. The spin from Labour was that the Old Queen Street HQ was sold because it was not modern enough. The report tells a different story.In a transaction off the balance sheet of the Labour party, the property company was used to roll up £1,171,000 in losses in three years. Despite charging the Labour party itself £315,000 in annual rent the company hid losses of £115,000 in 2003, £307,000 in 2004 and £550,000 in 2005.
The report concludes with a risk assessment suspending the credit rating and recommending that no credit be extended in any circumstances because "this company appears financially valueless." Clients are warned "We strongly recommend you review this company's parent or / holding company before making any credit decisions." Tactful - legally the holding company is the Natiuonal Executive Committee of the Labour Party.
45 comments:
Wouldn't this be the final irony of the NuLabour project.
Labour boasting about their wonderful stewardship of the economy and while Labour PLC goes bust.
There's the next Tory banner ad.
A terror raid that doesn't make the headlines - despite chemical explosives and a rocket launcher
Here's a police seizure of weapons that wasn’t splashed all over the front pages.
This week a British National Party election candidate has been accused of possessing the largest amount of chemical explosives of its type ever found in the country. That’s right, the largest ever - imagine if he’d been an Asian man. Home secretary John Reid would have held a special press conference and it would have led every news bulletin.
The home of another man charged with similar offences contained a rocket launcher and a nuclear biological suit as well as BNP literature and chemicals!
Robert Cottage of Talbot Street, Colne, and David Bolus Jackson of Trent Road, Nelson, made separate appearances in court charged with being in possession of an explosive substance for an unlawful purpose.
Cottage was arrested at his home on Thursday of last week, while retired dentist Jackson was arrested in the Lancaster area on Friday.
The 22 chemical components recovered by police are believed to be the largest haul ever found at a house in this country. Cottage stood as a BNP candidate in the Pendle council elections in May.
Christiana Buchanan, who appeared for the prosecution in Jackson's case, alleged the pair had "some kind of masterplan".
It would appear Gordo is doing the accounts there too.
Historical note: -
For anyone who's interested, the building opposite has a room in the roof, which is Listed. Apparently the Fabian Society held their first ever meeting there.
Thought you might like to know that.
It is not surprising that the Labour Party has resorted to off balance sheet financing that would land most commercial companies in court on fraud charges. It is just a continuation of the corrupt accounting that they are using all over the public finances. Compared to this Labour government the management of Enron and World Comm are mere beginners. Where is Inspector Knacker and all the new agencies set up to deal with financial malpractice?
Surely it is illegal for a limited company to trade while insolvent? If the company traded after it had disposed of its main assets and still made a loss, regardless of how that loss was incurred, then it was trading illegally and should at best now be wound up and a reciever appointed. What was the tax position of this/these companies?
There is definitely legal issues to look at here.
It will be interesting to see if the Insolvency Act 1986 applies here - and the consequences for the directors.
If it does, we can expect to see some frantic efforts to justify yet more state funding of political parties.
Which, against the £28m hole that the Labour Party is might well look like peanuts. Of course the party is not in 'debt' according to Hazel Blears but is in a "fairly challenging financial position".
Worth noting that Labour appears to have just cancelled its spring 2007 conference scheduled for Glasgow, ostensibly due to the cash crisis but oafishly respun by Peter Watt as "new technology will allow Labour to use blogs and podcasts to broaden online engagement" which I take to mean, "we can't afford to have a conference this year - but here's a podcast that Tony Blair did earlier".
Of course the other reason might just be that they cancelled it to make Blair's statement that Manchester would be his last conference not seem like another little white lie.
It seems that the press have got so blase about the Tory party being insolvent but never going bust for most of the last 15 years, they're assuming that Labour has the potential to get away with the same mess. Unfortunately for them they do not have the same access to unlimited funds that the Tories seem to have - even the unions have to keep some money back for their members.
Great story, but why not something on the Electoral Commission inquiry into the Tory attempted sales of Smith Square and Tufton Street, purchased from 'Platinum Overseas Holdings (Brit Virgin Islands)'? The one that smells rather like a tax fiddle?
Stelios as in so many of these cases this will turn out to be bullshit.This is a trumped up charge to descredit the BNP and some small town CPS officials and coppers getting over excited.
As a small but rapidly growing British Manufactuer I have this to say.
My company has a 25 year unblemished financial record. I have over £700,000 worth of confirmed orders on my books. My bank Barclays now has my £43,000 overdraft set against £450,000 of personal property. This forces me to finance my orders with very expensive trade credit costing over 25% apr. It took me 20 years of profitable tradeing just to get my overdraft up to this level. I have to undergo regular check ups from the bank just to retain this amount.
Believe it or not I still make a good living from my business which has shown a record of 25 years of small but consistent profit.
But then banks are not here to finance small British manufacturing industry.
Banks are here to finance the continued presence of bankcrupt and corrupt governence. When not holding up unprofitable big business with millions. So that corrupt FAT CATS can continue to take the piss out of unsuspecting and unprotected shareholders.
Any small company will know the full weight of government controlls has fallen on their heads thanks to Gordon Brown and his co-conspirators.
To read that those same rules dont apply to the states governing party is deeply depressing, and should worry to death all honest people.
Stelios the big stupid guy
I think you should ask yourself why this if true has not been broadcast by the BBC, not worry about what newspapers do or do not report. Because if it was on the BBC it would be reported by the press.
IMO it is not on the BEEB because the organisation would not have been allowed to broadcast this under indirect instruction from a minister working with MI5. Or maybe I just write to many spy books.
Never mind £1.71m in Losses Guid's. They've managed to keep the voters ignorant of the £30 + billion they keep losing in public spending.
Of course for the short term they are crossing their fingers and hoping Big Oil money closes some of the gap and some miracle happens which sees the economy grow at Far East rates.
Somehow I get the feeling Gordo's cry of "no more boom and bust" is going to haunt him quite badly...and not in the far distant future either.
Time for a newco: The New Labour Party (2006)
May I refer Guido Fawkes to my earlier desecration of the Conservative party, by suggesting he searches the Conservative linked offshore investment company called 'Platinum' in the Virgin Islands.
You may find that the story you just ran is the direct copy of the CCO and the 'profit' it made by the (under?)sale of it.
Gary
One has to applaud their consistency. First they hole the national economy below the waterline , then they decide to go down with the ship !
This is the real caption competition isn't it?
Well done Guido. Let's hope it all comes out come election time.
I think New Labour is bankrupt - both politically and financially.
It's well worth following this line of enquiry.
Has anybody been to companies house or a credit rating agency for more info on them.
I am due to go for a meal with an old friend (an accountant) who has been involved with NL in the next few weeks - I will try to squeeze some info out of them.
of course this is not the first time that the Labour Party have burnt their fingers on property deals.
150 Walworth Road, gained planning permission from Southwark Labour controlled Council despite local protests, built a massive extension at the back and then somehow it all went bust with debts as long as your arm.
Hence the move to Millbank Tower.
Hello. Long time reader, first time commenter. Much as I'd love for Guido to have finally nailed El Presidente and his cronies, I'm afraid it's not so. We use RiskDisk at work and the wording Guido quotes is the standard boilerplate they use for any company where the balance sheet isn't looking too healthy and the company is a trading subsidiary. As for it being confidential, RiskDisk is merely a compilation of Companies House data in a convenient form (CD-ROM) - there's nothing special that a good trawl around Companies House wouldn't find.
Incidentally, the company is "16 OCS Limited" - if you look for "OCS Limited" you'll find a totally unrelated company (part of the Vivendi group).
Another tip - have a look at other appointments for the directors of 16 OCS Limited - Labour Party Nominees Limited looks interesting.
We need a military dictatorship!
Anyone know General Mike Jackson's mobile 'phone number.
At least he's honest, knows how to get a job done in the face of serious opposition and is more than capable of keeping things in order.
I think I'd even prefer reverting to a Royalist autocracy than yet another pointless election to replace corrupt pseudo-socialist cretins with a bunch of corrupt pseudo-capitalist cretins.
By the way - nice jacket Stelios.
How about you and Clarkson standing for Parliament. You could be Blair and he could be Brown. In fact almost anyone could be Brown - you just don't need to smile at all and keep quiet till people get bored and walk away. You could get Guido to be home secretary.
Adolph Hitler devalued the currency to pay his Country's bills - he was a patriot elected by the majority of his peoples!!!
Tiny Blur, Prudence & Betty were elected by a small percentage of our peoples are similarly debasing our economy, but for an alien power, seemingly to make it more possible to pay their party bills.
Having listened to Tiny Blur who regularly lies as leader of New Labour, Vapid CommieRon who lied to become leader of Blue Labour and today Nigel Farage who lied, cheated and colluded in a smear campaign to lead an OAP group claiming to vanish into The Tory Vacuum called UKIP - all lie I am minded of Adolph Hitler yet again who admonished that if you intend to lie it is best to tell a large one!
dynamite said...
Great story, but why not something on the Electoral Commission inquiry into the Tory attempted sales of Smith Square and Tufton Street, purchased from 'Platinum Overseas Holdings (Brit Virgin Islands)'? The one that smells rather like a tax fiddle?
Yes, but Labour knob suckers seem to have covemiently forgotten in their rush to defend the indefensible...the Tories are not in power or in Government, and did not get there by claiming to be whiter than white.
Knob sucking labourites should ponder that the next they whine like bitches about the sleazy Tories.
Peter Hitchens said...
Stelios as in so many of these cases this will turn out to be bullshit.This is a trumped up charge to descredit the BNP and some small town CPS officials and coppers getting over excited.
11:57 AM
If there was any truth in this the government would have it splashed over every paper and media outlet available, and the mussies would not be slow in making it a big story.
Just thought I'd add that having seen the post and decided it was too much like a piece of shite to deserve any reply.
Somehow I get the feeling Gordo's cry of "no more boom and bust" is going to haunt him quite badly...and not in the far distant future either.
We already have serious bust and have had for some time, only the bust has been hidden and put off by booming debt, which ultimately has to be paid back.
Gorgon is too stupid to realise that debt if fine while wages are rising exponentially to finance the debt, but wages are not rising that fast and debt is a growing problem, even after it has become more problematical ever in history. Then we have his inflation fiddle...remember he rejigged the inflation figures to halve them? But it is not up from 1.3%, which it fell too when he made his changes, and is now back up at 2.7%...effectively 5.4% at 1997 calculations...but again debt has made this feel less.
It is all going to come tumbling down, and Gorgon is hoping it happens while Bliar is still in power.
You never wonder why this suposedly clever man has fucked up his whole political carreer and allowed Bliar to screw him? It's because he's been messing with the economy by the seat of his pants and has ridden his luck.
A bit like the multi billions of losses when he sold our gold...prudent eh?
Well gary, maybe while he is at it, why not look at 150 Walworth Road, SE17, the old HQ, run by a company that also went bust ! So this is not the first time.
As the saying goes, once is an accident, but a second time.
Also dont forget the planning consent given on those listed buildings some of which were residential to business use (that increased the value) all given by Southwark's then Labour controlled Council
backwoodsman said:
First they hole the national economy below the waterline...
Wheres the sunshine here telly tories?
well as much as I hate New Labour, autistic Gordo is doing all right, Bill ~ its the economy stupid ~ Clinton taught them that, but they lost once he left, beware the ghost of Al Gore, New Labour
trolling, off topic?
call 0800 500171
Excellent, another property on the market for a song. Must call Savill's on monday.
with the scandal of Unity trust Bank's loans and now this Knacker of the Yard should have a field day.
Now that this has come out we will see the spin and disinformation from Nu-Labs propaganda dept go into turbo drive advocating public funding of political parties.
This story is yet another example of how Nu-Lab have destroyed everything they have touched and are the most mendacious bunch of tossers its ever been our misfortune to be ruled by.
Anonymous said...
:Wouldn't this be the final irony of the NuLabour project.
Labour boasting about their wonderful stewardship of the economy and while Labour PLC goes bust."
The reality is that the UK economy is in the same financial hole as the labour party, it just has not been exposed yet.....but it will. A cynic may suggest that the reason Gormless Brown wants to become PM so badly is so that he is not holding the parcel when the music stops,
PS If "Stelios" wants to rant on some social injustice or other, why doesn't he start his own easy blog or something instead of inserting his stuff on totally unrelated threads?
Well what else do you expect from professional politicians?
To be one you don't need language skills, management skills, economic nous - you just need vanity and ambition. Added to that, there has to be something deeply disturbed about the kind of sad sack who is happy to go leafleting whilst the rest of the populaion revel in the posession of a life.
And then you're surprised that this shower of c***s screw over the nation to fill their own pockets?
Anonymous from yesterday is right... this info is publically available from Companies House for a few quid a pop, and Riskdisk is a subscription service that assesses that data.
Still a good story, though. All praise Guido.
Where on earth does one get a Bank manager to extend a line of credit that long..... .err... Coop maybe?
Shotguin said...Yes, but Labour knob suckers seem to have covemiently forgotten in their rush to defend the indefensible...the Tories are not in power or in Government, and did not get there by claiming to be whiter than white.
Knob sucking labourites should ponder that the next they whine like bitches about the sleazy Tories.
Thinking that the Tories are sleazy fucking scumbags doesn't mean I think that Labour are anything less than sleazy fucking scumbags too. As for the Tories not claiming to have been "moral" - obviously you have a goldfish-like memory.
To the chap who thinks NotFlash Gordon is doing OK - add the sums for PFI to government borrowing. Government guaranteed debt, by the way.
We have more debt than Italy, as a proportion of GDP......
It just illustrates that Labour in its various manifestations, are completely incompetent when dealing with fiscal matters. They only understand spending money with out any responsibility...essentiall, the perogative of the harlot...
The attached makes interesting reading for the 'directors' of Nu labour.http://www.transparency.org.uk/TI_UK_Loans_for_Peerages_note.pdf clearly if this was a commercial enterprise the Directors would be facing an investigation under the Insolvency Act 1986 for Fraudulent or Wronful trading.But then again the Labour party feels itself above the Law, much like the Big Four Clearing Banks, they are too 'big' to fail.
The Old Queen Street subsidiary could continue in operation if it was was clear that it would be able to cover its debts i.e. if it was supported by, say, someone with deep pockets who was effectively guaranteeing the debts. So: who's underwriting the debts? Are the members of NEC personally on the hook for this money?
(As an aside: this is why the Assets Recovery Agency hasn't been wound up, because we the ever-generous taxpayers are standing behind them. That's right, folks: in Blair's Britain the quango established to pursue criminal assets is technically insolvent.)
Dynamite/Elsby: the Smith Sq/Tufton St non-stories are non-stories. If you stick two adjacent properties together the combined value is greater than the individual parts. It's called marriage value. I should think any teenage trainee estate agent could tell you that (so it's probably too sophisticated for the Labour Party).
As for the offshore element: under this govmt the Inland Revenue itself entered into a known offshore planning measure for its offices.
In summary: Put the stone down, you're in a glasshouse.
To The Institute of Chartered Accountant for England and Wales: WAKE UP!!!!
That was a joke, folks, as it much of what passes for financial regulation when it comes to interests close to those of Our Dear Leader.
I see the First Post is running an "exclusive" saying that Reid will not run against Brown.
Which is good news, as nobody from outside of Govan would have been able to understand a word in any televised debates between these two.
And I thought politics was awash with dodgy money. Why the devil can't Labour finance itself? Where are the rich devils hoping to hold court with dear Tony?
Methinks Clinton should have imparted his brilliant campaign finance advice to Labour et al rather than the touchy-gropey speech he gave at the conference.
Alas, we at the Rocket Group have FAR more important things to deal with like ... say ... North Korea nukes.
I think it shows that maybe they allowed The Gargoyled One to administer Labour's property portfolio. After all, Cherie does have such extensive experience of managing property, like as Euan's flat in Bristol and the house in Connaught Square ...
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