#Arron_Banks Shows Increasingly Why He WAS Well Suited To Run #Ukip …
Posted by Greg Lance - Watkins (Greg_L-W) on 27/02/2017
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living within a few miles of Arron Banks I have been aware of his progress to some extent for many years and am not remotely surprised to have read this article below!
Before reading the article published below you may well find this article gives pause for thought and some interesting background CLICK HERE
Ukip and Brexit donor Arron Banks under financial spotlight
Allegations of ‘serious and widespread’ failings while chief executive of Brightside Group
The business career of Arron Banks, the biggest financial backer of the Brexit campaign, has come under scrutiny, after a court case alleged “serious and widespread” financial failings during his time as chief executive of an insurance company.The dispute centres on events that took place during Mr Banks’ tenure at the head of Brightside Group, an insurance company that he co-founded but from which he was ousted in 2012.Under Mr Banks, Brightside paid £17m to buy technology platforms that he co-owned. But Brightside’s new owners allege that the key software “suffered from a number of fundamental failings”.They complain they would not have bought the company for £127m in 2014 had they known Brightside’s true financial position and have brought a negligence case against the company’s previous auditors, Baker Tilly, now RSM.RSM has denied all allegations and said that it was never asked to review the technical merits of the online platform that Brightside bought. Mr Banks is not a party to the negligence claim and was not present at Brightside for the entire period covered by the claim.But the auditors, in their defence, stated that if negligence did occur the responsibility should lie with Brightside’s former directors, implicitly including Mr Banks, for failing to carry out proper due diligence and failing to “take any adequate steps” in response to problems revealed by annual audits.It also accuses the directors of “failing to bring all relevant matters to the attention” of the auditors. Mr Banks told the Financial Times that his current insurance company, GoSkippy, and Brightside had settled a separate legal claim, preventing further claims against him.A close ally of Nigel Farage, Mr Banks has donated £1.3m to the UK Independence party since 2014, and during the referendum campaign set up his own group, Leave. EU, to which he lent £6m. This week, after tensions with Ukip’s new leader, he pledged to transform Leave. EU into a “direct democracy” group, modelled on Italy’s Five Star Movement.Brightside claims that its owners AnaCap have had to spend £35m to stabilise the company and have lost a further £25m because of software problems. The company would have “ceased trading” in 2014 had its true position been known, its claim argues.Auditors RSM argue that the claimants have failed to show a connection between any alleged breaches of accounting rules and their subsequent losses. Mr Banks has thrived on controversy, launching a rightwing news site and saying that he is “sick to death” of hearing about the Hillsborough disaster.He has identified insurance as the source of most of his wealth, although he also has mining and other investments in Africa.After co-founding Brightside in 2005 with John Gannon and Paul Chase-Gardener, he was chief executive between 2011 and 2012. In an interview with the New Statesman, Mr Banks recalled being so angry at being ousted that he punched Mr Gannon in the face “as hard as I could”.During Mr Banks’ time as chief executive, Brightside bought ESystems and EDevelopment for £17m, in what Mr Banks called “a significant step forward”. The companies, which provided the online platform and software used by Brightside, were owned by Rock Holdings, which was beneficially owned by Mr Banks, Mr Gannon and Mr Chase-Gardener.In their legal claim, Brightside’s new owners state that the software’s back office functionality “never worked” and that it was “incapable” of the controls necessary to protect “client money”. Brightside’s claim accuses its auditors RSM, of failing to conduct proper due diligence. It also argues that Brightside’s wider financial problems should have been recognised by its auditors, including during Mr Banks’ time as chief executive.RSM says it identified “a significant deficiency” in Brightside’s internal financial controls in 2011 but that the problem remained unaddressed a year later. It says it passed the relevant audit report to various executives including Mr Chase-Gardener, then the finance director, but not Mr Banks, who left in June 2012.Brightside has also filed a claim against Mr Chase-Gardener alleging breach of his duties as a director. Mr Chase-Gardener, who is contesting that claim, did not respond to a request for comment, made via his accountant. RSM said in a statement that it “would not be appropriate for us to comment on ongoing litigation”.
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This entry was posted on 27/02/2017 at 19:28 and is filed under Hillsborough, Paul Nuttall, UKIP. Tagged: Arron Banks, Brightside Group, Ekaterina Paderina, GL-W, GoSkippy, Greg Lance-Watkins, Greg_L-W, John Gannon, Mike Hancock, Nigel Farage, Paul Chase-Gardener, UKIP. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.