By Ian Fraser Published: The Sunday Times Date: September 27th, 2009 Savills are unable to sell the estate after former owner granted agricultural tenancy to one of their own directors The estate agent Savills has had to scrap plans to sell the Ury estate near Stonehaven after it emerged the former owner, FM Developments, had [...]
By Ian Fraser Published: The Sunday Times Date: July 19th, 2009 Is the taxpayer losing out in pre-packaged administrations that leave state-owned banks swallowing debts? Can we call pre-packaged administrations — which allow professional advisers quickly to put a company into administration, wipe out its debts then immediately sell it on — a fair means [...]
By Ian Fraser Published: The Sunday Times Date: July 19th, 2009 A company that numbers Tom Cross, chief executive of Dana Petroleum, and Brian Wilson, the former energy minister (pictured left), among its non-executive directors has come under fire for creating “false market” in its own shares after putting misleading information into the market. Ken [...]
July 13th, 2009 Justin Urquhart-Stewart, director of Seven Investment Management, has described HBOS as having been “pregnant with the spawn of Satan” by the time Lloyds TSB was foolish enough to acquire it last September. I don’t think he’s far wrong. Most of the damage was done in the corporate lending arm, overseen by Peter [...]
June 14th, 2009 Kilmartin’s development for Radisson, which opened as Hotel Missoni in June 2009; image courtesy of Picturerama – A visual blog LLOYDS BANKING GROUP is seeking a radical restructuring of one of Scotland’s largest property developers, Kilmartin Holdings amid fears the group may plunge into administration. Bank of Scotland has lent a total [...]
By Ian Fraser Published: The Sunday Times Date: June 14th, 2009 Lloyds Banking Group is seeking a radical restructuring of one of Scotland’s largest property developers, Kilmartin Holdings, amid fears that the group may go into administration. Bank of Scotland has lent £250m to Edinburgh-based Kilmartin, founded by Iain Wotherspoon in 1996. Results published on [...]
June 9th, 2009 They’re clearly charming guys at Burges Salmon. Here’s one or two quick facts about the Bristol-based law firm. Its managing partner Guy Stobart stepped down in May, and was replaced by Chris Jackson. Stobart is now, according to The Lawyer, “in negotiations with the firm about his future role.” The law firm [...]
May 28th, 2009 Soon after it was formed from the merger of Halifax and Bank of Scotland in 2001, HBOS embarked on rapid growth strategy that included the adoption of a pile ‘em high and sell ‘em cheap approach to the banking market. The Edinburgh-based bank was so determined to win share from the ‘big [...]
By Ian Fraser Published: BBC News website Date: May 27th, 2009 A BBC News investigation has uncovered reckless lending at HBOS Corporate and some irregular loans at its ‘high risk’ unit in a regional office. Financial journalist Ian Fraser hears from former insiders about the inadequate safeguards which left the bank open to huge losses. [...]
May 26th, 2009 Note: Since September 22nd, 2010 this article has been subject to a legal action by Mr Lynden Scourfield Lloyds Banking Group chief executive Eric Daniels may not have known precisely what he was buying with HBOS. But, given today’s revelations about the Bank of Scotland Reading debacle, writes Ian Fraser, the “Quiet [...]
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