By Tom Winnifrith | Monday 13 July 2020
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.
Boohoo (BOO) stated on 8 July that it was “shocked and appalled by the recent allegations that have been made” about suppliers in Leicester using what amounts to slave labour. Really? On the Iain Dale show on LBC yesterday, Tory MP Andrew Bridgen – who has led this expose – stated that a main centre of this trade was the Dunlop Building. He means the Dunlop Business Centre.
The DBC is owned by JAK Property Jersey Limited.
JAK Property provides Boohoo’s headquarters, 49-51 Dale Street, Manchester, as its contact address with HM Land Registry. Further, based on filings with UK Companies House, Matt Earl’s Shadowfall Research suggests that it is almost certain that JAK Property is associated with Jalaludin Abdulla Kamani (Perhaps the JAK reference?). I suggest that the document below means that it is 100% certain.
Jalaludin is the brother of Boohoo boss Mahmud, is a former director of boohoo and used to own 6% of the company.
Boohoo needs to explain this all in an RNS first thing tomorrow. If this is indeed the case how can Mahmud and the rest of the Boohoo board really be “shocked” let alone “appalled” by the recent allegations.
Over to you Boohoo…
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