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By Tom Winnifrith, The Sheriff of AIM | Wednesday 22 February 2017
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.
Nilesh Jagatia the former FD at now delisted AIM bad boy Teathers Financial (TEA) is now enmeshed in controvery not only over Teather's serial ability to file accounts on time but over how shareholder's cash was used not only on entertainment involving semi clad young ladies but also for apparently personal spending by Nilesh. One hopes that by now the Old Bill and HMRC have been asked to have a butcher's. Amazingly Mr Jagatia remains as FD at two other AIM Companies both, as it happens, run by John Gunn: Inspirit (INSP) and Octagonal (OCT). I have now written to John Gunn.
Re Nilesh Jagatia - you must suspend or fire him now
22nd February 2016
I hope that all is well at both Inspirit & Octagonal. I note that you continue to employ Mr Nilesh Jagatia to do your books. I wish to draw to your attention to an article HERE relating to his alleged behaviour whilst undertaking a similar function at Teathers Financial. It concersn apparently personal use of shareholder's cash, something I know that you would take a very dim view of.
I have urged the new management to report Mr Jagatia to both the Police (HERE) and HMRC (HERE) asking them to investigate his behaviour.
I now understand that he will now be ( or already has been) reported to additional regulators with a view that he be investigated. I note the FCA regulated status of parts of Octagonal.
I suggest, as your friend, that it is your fiduciary duty, to quiz Mr Jagatia on the material cash withdrawals made by him on the company debit card at Teather's. If he is unable to explain himself to you then his position is untenable. I hope that you will take immediate action.
Should you do nothing then unless regulatory authorities have forced your hand it is my intention to buy shares in both companies to attend the relevant AGM's to quiz both Mr Jagatia directly but also you on your failure to to take action as you really should be doing.
I look forward to your response.
Yours, as a comrade in the campaign for corporate governance excellence,
The Sheriff of AIM
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