By Tom Winnifrith, The Sheriff of AIM | Saturday 23 April 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Non Executive Directors are meant to be there to keep executive directors in check on behalf of other shareholders. That applies if you are dealing with an honest CEO or a psycopathic fraudster such as Rob Terry of Quindell (QPP) infamy who now runs the Knob Park Ponzi. So which NED's keep the old crook in check?
Rob has a new NED announced mid march. Knob Park's blog states:
Quob Park Estate are delighted to announce that Vice Admiral Robert George Cooling CB will be joining the Board of Quob Park Estate as a Non-executive Director. Bob previously worked with the founding members of Quob Park Estate in a previous venture, and we are highly confident of the value that Bob will bring to the QPE Board.
Bob’s business pedigree is evident in all of his engagements since he retired from the Royal Navy. Among his most notable contributions as an NED was his involvement in the sale of Quindell’s Professional Services Division to legal firm Slater and Gordon. More generally Bob has built a reputation for incisive and skilful handling of complex situations where his instincts and direct-talking style result in clear, unambiguous outcomes.
Rob, Knob Park Estate is singular not plural so it is delighted not are delighted. You can thank me later for the grammar lesson.
We see that the Vice Admiral worked with Terry at al in a previous venture? The love that dare not speak its name what was that pray? Aha. Hello sailor...that was the good ship Quindell, now being investigated by the Serious Fraud Office for wholesale fraud, a fraud already laid bare in a PWC dossier and, of course, on this website. That would be the Quindell where Rob Terry got shareholders to pay for his new swimming poool and birthday parties.
So, right from the fraudulent start, who was the senior NED responsible for stopping all that fraud and misallocation of company funds? Aha...Vice Admiral Robert George Cooling.
He did such a good job for Terry, if not shareholders at Quenron, he merits a second chance.
But of course he is a posh member of the establishment and I am just a snotty grubbly oik so how dare I question what has gone on? I am a peasant and should know my place should I not?
Never miss a story.
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