That was my reaction until he told me McGowan was on thatQuote:
Originally Posted by blackpoolhibs
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That was my reaction until he told me McGowan was on thatQuote:
Originally Posted by blackpoolhibs
Called it.Quote:
Originally Posted by stuart7-0
Cheating the SPL and the taxpayer yet again. They have zero morals.
What's worse, the authorities in this country just lie back and take it.
A wee timely point deduction of say 6 points would almost guarantee a bottom six position and possibly bottom two!
The problem is that it should be more than 6 IMHO.Quote:
Originally Posted by Col2
As for the wages part. Who audits what they are paying?? Vlad tells Regan and Doncaster that they are only paying the boy 1,500 and the question is... Would they believe it??
I woulldn't believe a word that mad ******* says.Quote:
Originally Posted by Aldo
Anyhoo onwards and downwards for the **** of the earth.
Wasnt there some shenanigans about part wages being paid from lithuania at one point? Maybe they only show the scottish wage slip, which amounts to "less" than the amount they are allowed?Quote:
Originally Posted by Aldo
I'd suspect in this case that'd be harder to pull off with the loan being from Liverpool rather than from Kaunas.Quote:
Originally Posted by The Green Goblin
If they are paying thousands to these two loan players, even if it is less than who they replaced, then they have to be hammered should they fail to pay wages again. They had their chance to shed top earners and bring in some genuinely cheap replacements and they willingly chose not to bother.
Perhaps the biggest news from tannadice yesterday was their one remaining saleable asset (zakiuakas) injured himself whilst falling onto a Dundee utd player.
Word had it that hearts were 100% reliant on getting a fee for him (from Swiss club young boys) to make it to June.
Looks like no transfer, no fee, and an injured overpaid sportsman to keep paying til summertime.
n0 7uck jambos
Is there any indication of how long he'l be out for?Quote:
Originally Posted by Springbank
I've heard he'll be fit for the wee cup final. :greengrinQuote:
Originally Posted by #FromTheCapital
Fit but suspended. :greengrinQuote:
Originally Posted by Jack Hackett
I was having a troll of kickback a couple of weeks ago. A guy had reported on a meeting with Southern and Hearts supporters. The following was addedQuote:
Originally Posted by HoboHarry
"Some things not covered I think.
Under 18 concessions next season
No Dynamic pricing and prices with some minor exceptions back to 2011/2012 levels.
There will be pricing periods to encourage early purchase as pre 2012/2013
They will consider Cat B season ticket packages but no certainty.
It seems clear that the club has to meet all its current and upcoming costs costs from new revenue and no money will be coming from VR and the monies raised via the share issue etc is already spoken for or spent. Paying the February wages would seem to be a serious challenge and unless tehre is a player sale we may defualt again and face further sanctions. Interestingly Southern said Hearts had no complaints about how they were being dealt with which was entirely in line with the rules. There was even some criticism of the award of inflated player contracts which is really a criticism of VR and I dont think would have happened a few months ago. So maybe it is rally the end game for VR."
A couple of other posters commented on it but no-one contradicted the comments. Sorry about the spelling but I am quoting a Jambo.
This has probably been alluded to earlier in this thread, but what further sanctions are there? There's little point in another transfer embargo as the window is closed; a fine is pointless, so surely there is every chance of a points deduction.Quote:
Originally Posted by PatHead
Also, given that the wages are wired from Lithuania, what would happen if Ukio and/or UBIG were to go skint this week? There would be no monies forthcoming for the foreseeable, if ever again.
Never before has :ostrich:been more apt to describe the actions of the yam faithful.
Imo there won't be a points deduction, the next step should imo be that they're not allowed to play any player that isn't paid up to date.Quote:
Originally Posted by Sergey
That would be fair but what is the definition of up to date? Does that include bonuses and match fees or is it just basic salaries? I know we all have a go at the SPL but it could be really difficult if Hearts only paid the first team and left all the admin, shop and casual staff as well as suppliers unpaid to ensure Zaluskas on his £9k a week could play. Bit like how it backfired on taxes when they just stopped the council tax payments to meet them.Quote:
Originally Posted by bingo70
Points deduction would be the fairest with a point deducted for every day all wages remain unpaid.
A sanction which should automatically be in place for all teams anyway imho.Quote:
Originally Posted by bingo70
While this should definitely be a set rule, it might be a bit dodgy to add it in after a club has already defaulted, in that it would encourage them to pay some of the players and the others. I doubt the SPFA would stand by and watch that.Quote:
Originally Posted by bingo70
Points deductions are the way to go, but I would have a rule in place starting next season that states only players that have their payments up to date can be picked.
I also think that the SPL or whoever it is that's dolling-out the punishments should have put a suspended sentence in place so that the yams (or whoever else) know exactly what faces them should they once again default. Just saying that further sanctions will be put in place leaves everyone in the dark.
FFS - by the yams own admission they've stated that they don't have the cash to see them to the seasons end - they are behind with rent, tax and probably PAYE and god knows what else.
One other thing - if UBIG/Ukio do go under this week, would the yams automatically enter administration?
Why are the banks in danger of going under this week in particular? The stocks have been down for quite a while, I know that, but why do you mention this coming week?Quote:
Originally Posted by Sergey
If ukio/ubig are being wound up then whoever is doing the winding up will be running Hearts. They will quickly see that there is no chance of paying off the loan and will make a decision on whether to try sell the whole club or break it up and sell it. Starting price for someone wishing to buy the club would be about £7m, which is roughly the value of the land. An extra 50p should cover the value of the brand.Quote:
Originally Posted by Sergey
Well we have seen that for years now their 'accounts' basically state they only continue as going concern because of the support of Ukio / UBIG / Vlad. Surely if that support mechanism is totally removed, then they'd have to shut down. Wouldn't the directors become liable for any further losses because they would basically be trading while insolvent?Quote:
Originally Posted by Sergey
If the bank isn't ploughing any money in, and it certainly seems that it isn't, then it's not going to be a case of them running out of money, surely it'll either be the above situation, or whoever gets their hands on the remains of Vladcorp calling in the debts. Certainly from my limited knowledge I can't see how they can survive the collapse of Ukio...
On a lighter note, this is the first time I've been on this thread on the computer as opposed to my phone and I have just noticed that some of the pics have changed to Hector but some have no pic. Why?
That's an 18 point deduction if they do. They would be 2 points adrift at the bottom :hilariousQuote:
Originally Posted by Sergey
And breath life back into our bet :wink:
Anyone who has an avatar has it automatically changed to Hector on this thread. If there's no avatar it remains blank.Quote:
Originally Posted by Ozyhibby
Courtesy of that awfy clever No.10 :greengrin
That would be a shame for Queens Park!Quote:
Originally Posted by bingo70
The whole thread is based on guessology combined with the twisted logic that bad news stories about hearts are true, even if you make it up yourself, while good news stories are obviously made up by deluded hearts fans.Quote:
Originally Posted by HoboHarry
5 years of tick tocking, two countdown to last ever game meters and countless dudds stealing wages from hearts must convince you they will go bust this..... sorry, next week
or the week after that...................Quote:
Originally Posted by SloopJB
Quote:
Originally Posted by SloopJB
We only have to be right once. :wink::greengrin
Thats what I like a good positive postQuote:
Originally Posted by Ozyhibby
Ah, but they have Wilson and Ngoo (Liverpool players don't you know?) making a difference on the park...and that's all that matters. All that money nonsense is just noise from an exaggerated media agenda against Hearts by journos and bitter Hobos. 5-1. It will be fine. As long as there's good players in the team, whatever it takes....that's what matters. Etc. :greengrinQuote:
Originally Posted by Sergey
There is certainly no "guessology" involved. Although it is difficult to put an exact date on when the end comes make no mistake they cannot go on as is, a fact acknowledged by the nonsense statements emanating from Tynecastle. The only guessing is whether the changes they have made are enough to allow them to continue in their present form, and we wont know this until they produce their accounts, which are already late. UBIG's directors will already know, and will have for months before the results are published (probably sometime in April), but the fact they have not been released yet suggests that all may not be well.Quote:
Originally Posted by SloopJB
"The whole thread is based on guessology"Quote:
Originally Posted by SloopJB
I dont believe that, guessology isnt even a word. ;0)
They've been messed up and heading for the rocks for years now. Perhaps when the whole stinking edifice crashes into the abyss of non-league, Saughton enclosure hell, we will ask the real question, which is the biggest mystery in Scottish football: what took them so long? Why did Romanov continue to operate this club in such a ridiculous manner when he himself recognised the 'glass ceiling' in Scottish football of corrupt, sectarian-led, in-built institutionalised OF dominance?
It can only be through terrible idiotic business decision making, rampant, deluded egotism, or shady personal gain. And here we move into the murky waters of the black economy and East European politics and finances.
The real story of this era of Hearts (and Scottish football) is yet to be told, and will undoubtedly make for utterly sordid reading.
That tale might be some time in unraveling.
The way it's going if Hearts' demise gets any worse they might actually win the treble.:rolleyes:
Dont worry Spike. They are out the SC.Quote:
Originally Posted by Spike Mandela
So you know exactly what the consequence of the UKIO share price has on HOMFC, Exactly how much Hearts are paying for their loan players, exactly how much money they have, exactly how much they need, exactly who will be leaving, eactly how much if any will be realised, exactly when they will pay wages owed or default.Quote:
Originally Posted by Kaiser1962
The 1st bold bit, are they facts or are they nonesense, the 2nd bold bit suggests rather than guess, either way, you don't know for sure.
Of course there is, It's the ology of Guesstimationism.Quote:
Originally Posted by MixuPutALineOn
Leeds and Portsmouth both enjoyed success right before they imploded...Quote:
Originally Posted by Spike Mandela
We can take what such situations would mean in general, and apply them to Hearts. Nobody has said 'they will be bust by tomorrow. FACT.' or anything like that. Nobody knows when or indeed, if it will all come crashing down, but we can react to the facts we have; they can't pay their players, the bank is on the verge of collapse, another Lith bank is seeking to absorb the remains of Ukio etc. and then suggest the likely outcome.Quote:
Originally Posted by SloopJB
As a situation it's going to inspire speculation on here, if you don't want to read that speculation come back to the thread once the bulldozers have pulled up in Gorgie!
Why should a player be made to miss out on potential income from appearance and bonus money?Quote:
Originally Posted by bingo70
I reckon the players union would be down on this like a ton of bricks.
I thought my post made clear that no-one, outside UBIG's inner circle, knows for sure what Hearts current position is and that we can only base our predictions on information that we already have, which is that we know for sure that they are overspending by £7m per season, and that is unsustainable. We also know that they have failed to pay their players according to their contracts on a number of occassions. We know that their directors have recently issued a plea for money (although they might have been lying) and said they would not make it to the end of the season if they didnt get it (may be a lie also).Quote:
Originally Posted by SloopJB
We have no idea how the collapse of UKIO will affect Hearts, if at all but we also know that the Hearts directors are employed, first and foremost, by UBIG and their responsibilities are primarily to UBIG. We also know that Hearts are late, again, publishing their accounts and we know that no share certificates, with regard to their recent share issue, have been issued to the purchasers and neither have they been lodged at companies house. We also know that their debts far exceed their assetts and are, technically, a busted flush.
Quote:
Originally Posted by SloopJB
- HoMFC have only survived over the last five years because of the financial support of V. Romanov and his business empire.
- V Romanov has stated that HoMFC would no longer receive financial support from him or his business empire.
- Share values in V Romanov's business empire have plummeted over the last few months.
- Prior to the share issue the board of HoMFC (who are the only ones with full knowledge of HoMFC's financial position) have stated that the club would not survive this season without substantial financial input from other sources.
- According to the board of HoMFC the targets set by them have not been met.
- If the board of HoMFC were not being truthful they have taken the Gorgie faithful for £1m+.
The above points are the basis of this thread. Tell me which are guessology, twisted logic, untrue or made up.
:D at my school I only got taught possibliesmaybiesQuote:
Originally Posted by SloopJB
Apologies
;D
Yes the have, witness the countdown meter.Quote:
Originally Posted by ScottB
Is that the rules, have a different opinion to you then don't come back until the event is confirmed?
Again the word GEUSS has been replaced with SUGGEST, my point was it is all based on guesswork which you appear to be endorsing, I guess.
I'll come back when I please, unless of course you ban me.
My point was why come on to a thread composed entirely of speculation to complain there aren't any FACTS on it?Quote:
Originally Posted by SloopJB
The countdowns and the like where counting down to court cases and payment dates, any of which would have put them to the sword had they not been able to resolve them. If we all sit in silence till any future point when they do hit the wall it wouldn't make this much of a discussion board would it?
The countdown clock was directly based on a statement on the HoMFC website - no speculation or guesswork involved on the part of Hibs.net.Quote:
Originally Posted by SloopJB
There were two count down meters to their last ever game.Quote:
Originally Posted by ScottB
I find it interesting reading but there is real work to be done filtering out the rubbish from the facts, there is fun to be had poking fun but what I'm finding is sometimes the fun poking, made up bits and guesswork is taken as gospel and grows arms and legs. Wages not paid this month? dunno, but hit them with a 6 point penalty, then the discussion grows how hard they should be hit for their cheating. The info might just be wrong, so yes a discussion can be had about possible sanctions but the tone of the posts suggest they are guilty now.
Cav posted the basis of the thread which is about right but go back to the begining and read again. I got 4 pages into the 249 so far and found enough to back up what I'm saying.
Sometimes, it isn't much of a discussion board but sometimes people take a different view. Some question that view which is the best reaction, others challenge, ridicule and/or insult.
Sometimes, a different opinion makes it a good discussion board.
I've had my own opinions challenged and in a couple of occasions my opinions have changed because of the discussion, that's evidence of a great discussion board.
Tip. Click on the 'Forum Actions' at the top of the page. On the drop-down, click on 'General Settings'. Select the 'Edit Ignore List' and it's job done :aok:Quote:
Originally Posted by SloopJB
Cheers Srergey,Quote:
Originally Posted by Sergey
Does that just leave the facts on display?
Was that where they said there would be consequences?Quote:
Originally Posted by Caversham Green
Caversham Green posted a bullet pointed sequence of reasons/facts in response to your original post, but you didn't acknowledge or reply to it, yet you are simultaneously criticising the lack of debate based on facts on this thread. A bit unfair imho.Quote:
Originally Posted by SloopJB
In this case it serves the players right for signing for h****s in the first place when everyone knows how much of a shambles they are financially. I have no sympathy for any football player missing out on bonus money, they are paid far too much anyway.Quote:
Originally Posted by StevieC
The players union probably would have something to say about this though and I don't think this type of punishment will happen as much as some of us would like it to. I think a points deduction will be the next punishment for them if they fail to pay again this season.
Ok, I'll reply to it.Quote:
Originally Posted by The Green Goblin
Acknowledged in the thread.
It will take a while as 249 pages to go through to select the posts required.
I have 1 A4 sheet just now after 4 pages.
Thank you
It was less than ten posts back, so not such a big effort required.Quote:
Originally Posted by SloopJB
What I don't understand here is, if this thread annoys you so much (and it really seems to bother you, judging by your replies), why don't you just ignore it, or not read it? Genuine question.
Just out of interest WHAT ARE YOU LOOKING FOR :confused: you just seem to be bumping your gums but not really making a clear point ? State what you actually want to read and maybe someone will give you the infoQuote:
Originally Posted by SloopJB
On phone so apologies for deleting part of yer post instead of highlighting this bit!Quote:
Originally Posted by SloopJB
David Southern (spelling?), admitted at a meeting a couple of weeks ago that Feb's wages are in jeopardy, over on broke back they've put this as the key reason why the next he game is a 4 pointer in the LP scheme. The Yams probably have enough dosh to operate until the end of the season what with the wee cup final etc the issue is around cash flow.... ie how much they have to hand right now to pay bills/wages as they come due.
All above is derived from broke back and a close friend who works at the PBS.
GGTTH
You are getting your knickers in an awfull twist and are far too interested in sticking up for the smelly yams. I reckon you are one of them. Shame on you using that username.Quote:
Originally Posted by SloopJB
No, it was where they said:Quote:
Originally Posted by SloopJB
The countdown was to that game.Quote:
Without the support of fans there is......a real risk that Heart of Midlothian could possibly play its last game [on] 17 November [2012] against St Mirren.
Sloop JB you say there are no facts -
Hearts fans are really concerned about surviving and needing a cash input according to Kickback. Their MD (or CEO) David Southern says they need an extra £200,000 to see out the season and will be selling season tickets early to make this happen. They have no players left to sell as any sellable assets are out of contract unless they can squeeze one off to Russia.
Romanov has stated he will not fund a penny more. In May they receive a lump sum from The Rangers which will pay the tax instalment due then but nothing else. They managed to raise £1m after begging to their fans that they would go out of business within weeks and their last game would be against Dundee. The club has been up for sale for a couple of years with no serious bids. Their main stand is a crumbling wreck. Fatty Foulkes and Gary no medals Mackay are not even pretending their is light at the end of the tunnel.These are all facts, not speculation.
As the season ticket money is already spent by the beginning of next season, how do you suggest they survive?
They will be rid of many of the high earners but next season they have regular instalments of unpaid tax and council tax due in addition to the outgoings they cannot afford just now. The supporters can only be taken for a mug once and won't come up with the money again. Oh and by the way their banking facility is about to be re-negotiated as it expires in the summer with their previous benefactor unlikely to be in a position to bully the bank into extending it. (Shades of David Murray and the Bank of Scotland here)
Sorry if we are having fun/pleasure about speculating to their downfall but the outlook is rather overcast from their perspective. I shall continue to log into Hibs.net every day with the hope that in the not too distant future a thread will be headed
Hearts ****ed (official) lets party like there is no tomorrow
It is certainly hard to understand what Hearts are up to at any given time.......Does anyone else think that they may be trying to limp along to the split before going into administration? I have a horrible suspicion that if they reach the top 6 then that is what they may do. Presumably they would finish no lower than sixth despite the points deduction?
So the guess was that the support would not be forthcoming, yet they are still playing.Quote:
Originally Posted by Caversham Green
Excellent example.Quote:
Originally Posted by PatHead
I said the facts were hard to find amongst the rubbish.
Aye Me Too :top marks:flag::flag::thumbsup::hnet:Quote:
Originally Posted by PatHead
Yeah, all this winning trophies and stuff like that is totally gonna be worth it because they're definitely definitely gonna go bust any time soon or they'll definitely sell all their players. It's only a matter of time. Like it's been a matter of time for about six years.Quote:
Originally Posted by Spike Mandela
Everyone knows that they'll come out of this fine. None of this "oh they should keep their top players because they'll just take more money off them." What money? They don't have any. They just use other people's money, which they will recieve absolutely zero repercussions for. Ones that actually matter, anyway.
Maybe if the SPL and SFA had some sort of spine it might be different, but they don't and it won't. You can bet any money that the minute these "sanctions" are lifted - which they will be at the end of the season, it'll be back to offering twice the wages of any other SPL club - including those who oh so conveniently happen to be our top targets - and then saying "actually ehhh we're not going to pay you them". And the authorities will do nothing.
I'd rather they lost their best players. Therefore they'll be weaker on the park, and therefore we will be able to beat them more, and stand a better chance of finishing above them. That's all that matters to me, as like this SPL "armageddon" bollocks, the Hearts "armageddon" will not happen.
Even after all these pages I still find it highly amusing and informational.Quote:
Originally Posted by SloopJB
I can tell you now that I know more about the state of hearts finances than any hearts fan I know.
Might be a bit sad but I bet most yams don't even know who holds security of their stadium with 'the best atmosphere' in Scottish football.
Another excellent example.Quote:
Originally Posted by greenlex
I admit I do like to have the facts.
You have turned that into me sticking up for the 'smelly yams', which follows into what else I was saying about those that challenge and those that insult.
You are an example poster I can point to as a fact to back up a previous statement.
No, it was a direct reaction to that statement - also known as noising up the yams. My guess (there you go, you can have that one) is that it wasn't intended to be serious but it was lot of fun for a the vast majority of Hibbies and, more relevant to our argument - the outcome was feasible, not guesswork.Quote:
Originally Posted by SloopJB
Your argument is that this whole thread is based on 'guessology' etc. my point is that a large part of it (and the most interesting and enjoyable part as far as I'm concerned) is based on absolute and irrefutable fact.
:top marksQuote:
Originally Posted by PatHead
And again untwist yer knickers. Whats the fascination with this thread? You are spending am awful lot of time on it for a non yam looking for facts.Quote:
Originally Posted by SloopJB
Just wow.Quote:
Originally Posted by greenlex
Do you really think there something wrong looking for the facts.
There was a recent freedom if information request to EDC about rates payments. how did that sit?
Check through my posts on this thread, very few up to the point I mentioned the rubbish and the facts.
No fascination.
they are due money FACT:thumbsup:Quote:
Originally Posted by SloopJB
Or owe money or over-due money
THEY HUVNAE PAID THE MONEY
SloopJB - Do yourself a favour and log-off of hibs.net for a while as you're making yourself look like a bit of a fanny, if the truth be known, and it's clearly obvious that the written word isn't your forté but selective quoting and reading is.Quote:
Originally Posted by SloopJB
For your clarity....that's a fact.
Get over yourself FFS. Theres facts there and there is total bollocks too. Its a fitba message board for Hibs fans not the oracle. Still think theres a whiff aboot ye. Fact or bollocks? The day I need facts to lay into the merricks will be a long time coming.Quote:
Originally Posted by SloopJB
On selling all their players, out of their cup final starting 11 they've lost McGowan, Suso, Black, Skacel and Elliott - they've also lost Templeton, Beattie and Paulo Sergio. All that for about a tenth of what Hibs got for Scott Brown alone and to replace them they've brought in a clown and two kids and they've put a pair of specs on a c0ck and called it the manager. Zaliukas might also go if he hasn't been crocked too badly yesterday - that's starting to look like a fire sale to me.Quote:
Originally Posted by Rawr.rar
On using other people's money, you can only do that for so long before 'other people' go bust or twig that they're being made a fool of - up till now the 'other people' has been Vlad but one or both of those things has happened and they don't have many 'other people' to call on now.
What the SPL/SFA do isn't particularly relevant - they're not going to be able to offer big wages for the foreseeable future.
I like your style of posting SJB.Quote:
Originally Posted by SloopJB
I think I'm right in saying it was William Burroughs that developed this method of slicing up words randomly, throwing them in the air and writing down the results?
He was out his nut on heroin though.
I don't get what you meanQuote:
Originally Posted by Hamilton Handling
People just need to relax and have a little bit more Patience. It will happen and I think it will be soon. I'm just not sure whether it will be events in Lithuania or here that will bring them down but it will happen. Have faith.
Tell you what Sloop. Rather than troll through 250 pages tell us the facts you know and we will tell you what you have missed.
Then tell us why they will survive (Cos they always have isn't good enough, ask a fan of the team that used to come from Govan and were reformed last year.) After that when you still aren't listening we will ignore you.
That does it for me:agree:Quote:
Originally Posted by Sergey
I know its from a couple of days ago but what a guy Vlad is...
http://www.lithuaniabasketball.com/n...injection.html
Oh wait a minute, a day later.
http://www.lithuaniabasketball.com/n...-zalgiris.html
And loving the Twitter exchange here.
https://twitter.com/LithuaniaBasket/...14439086444544
I also like the last tweet in this exchange.
https://twitter.com/LithuaniaBasket/...26874249887745
There is also a cracking photo of Vlad on the guys Twitter homepage.
Love the final lines "Later on he got into a quarrel with representatives of other sports and demonstratively left the meeting."Quote:
Originally Posted by Treadstone
Quote:
Originally Posted by Treadstone
Vlad, what a guy! Edit - snap, Pathead!Quote:
Later on he got into a quarrel with representatives of other sports and demonstratively left the meeting.
Here's an example for youQuote:
Originally Posted by SloopJB
TFYL :aok:
Its Yam pay time coming up again. February is a 28 day month so will the wages be due on Thursday 14th or the usual 16th which is Saturday.
Its sort of like Christmas Day every month :greengrin and one day the present we have been waiting for will arrive. :thumbsup:
Quote:
Originally Posted by Treadstone
https://twitter.com/LithuaniaBasket/...019392/photo/1
Ironically I'll be doing much the same when he flushes Hearts down the toilet...Quote:
Originally Posted by leither#1
What a brilliant description, made me laugh. :greengrin:thumbsup:Quote:
Originally Posted by Caversham Green
Ukio in administration!
BOOM ! :thumbsup:Quote:
Originally Posted by Lix
Sauce, link??Quote:
Originally Posted by Lix
Nothing to see here, move along!!!!
:flag::flag::flag:
Just trying to get the full text .... It's a beaut! :greengrin
Ps on bloomberg
What effect will this have on hearts? If any? Also is it not Ukio that basically owns Tynie?
BN 02/12 11:40 *UKIO BANKAS TEMPORARILY SUSPENDED, ADMINISTRATOR NAMED
+------------------------------------------------------------------------------+
The operation of Ūkio bankas is temporarily suspended, a temporary administrator is appointed
2013-02-12 11:38:33.677 GMT
The operation of Ūkio bankas is temporarily suspended, a temporary administrator is appointed
NASDAQ OMX Vilnius
Announcement from the exchange
The operation of Ūkio bankas is temporarily suspended, a temporary
administrator is appointed
Vilnius, Lithuania, 2013-02-12 12:38 CET (GLOBE NEWSWIRE) -- Having assessed
the inspection report, as well as other data gathered for supervision purposes,
and aiming to protect the interests of the general public, depositors and other
customers, the Board of the Bank of Lithuania declared the temporary
restriction of the operation of AB Ūkio bankas. A temporary administrator,
appointed by the Board, is authorized to propose decisions that would enable
ensuring of the compliance of obligations to the bank’s clients.
The decision of the Board of the Bank of Lithuania to restrict the bank’s
operation was made after assessing the risky tendencies of Ūkio bankas in
recent years, actions of shareholders that were harmful to the bank,
non-compliance with the instructions of the Supervision Service, and the
consequent rising threat to the stable and reliable operation of the Bank. The
decision was approved once it was clear that the other statutory enforcement
measures would not be sufficient in ensuring the security of the interests of
depositors and the general public.
During the inspections of Ūkio bankas in December 2012–January 2013 it was
established that the bank performed risky activities, inappropriately assessed
credit risks, in not all cases made sure of the borrower’s possibilities to
fulfil debt obligations, didn’t form enough specific provisions for problem
loans, applied unacceptable methods of portraying transactions in accounting,
and also violated prudential legal acts.
Having assessed the data collected during the inspection, it was established
that, in forming suitable specific provisions for problem loans and properly
evaluating the other assets, the net value of Ūkio bankas would be less than
was declared in the reports presented to the Supervision Service, and the bank
wouldn’t perform the prudential requirements related to the capital. In
addition, based on the data presented to the Bank of Lithuania, on 12 February
Ūkio bankas no longer complies with the liquidity ratio.
The shareholders of Ūkio bankas and the management did not fulfil the loan
restructuring plan, disregarded the Bank of Lithuania’s order to essentially
reduce the part of the loan portfolio related to the main shareholder, or they
only formally complied. Particularly the loans issued to companies related to
the main shareholder make up the largest part of the problem loan portfolio.
Ever after several repeated demands, the Bank of Lithuania did not receive data
that could prove that Ūkio bankas’ main shareholders are ready to ensure
reliable management of the bank and had real opportunities to strengthen the
bank’s capital and remove the other deficiencies in the bank’s operation.
The deficiencies in the bank’s operation and violations of legal acts have been
established more than once. However, as was revealed in the information
collected during the last inspection, the earlier requirements set for the bank
to improve the quality of its assets, strengthen the capital base, and curtail
operation risks, were not fulfilled.
Having assessed all the circumstances related to the operation of Ūkio bankas,
in observance of the Republic of Lithuania’s Law on Banks and aiming for
stability of the financial system, the Board of the Bank of Lithuania adopted
the decision to announce the restriction of the activities of AB Ūkio bankas
and appointed a temporary administrator, Adomas Audickas.
According to the Law on Banks, the administrator has the function of the bank’s
supervisory board, the management and administration. He is authorized to
assess in detail the financial standing of Ūkio bankas and carry out adequate
and effective actions to protect the interests of the bank’s depositors and
customers. Taking into account the need to find a solution to the problem as
soon as possible, the administrator is instructed to present to the Bank of
Lithuania his conclusion and proposals no later than six days from the date of
taking the decision.
Temporarily, until it is decided what means will be used to find a solution to
the problems of Ūkio bankas, the bank will not be providing financial services.
The Bank of Lithuania stresses that the enforcement measures applied to Ūkio
bankas are solely related to this bank only. All other banks operating in
Lithuania and foreign bank branches implement prudential requirements and there
is no risk to their stability. The obligations of Ūkio bankas to other banks
and credit unions operating in the country are insignificant.
The Bank of Lithuania
Public Relations Division
Thnx Lix, great news on a cr@p day :thumbsup:
Is this good news or bad news for Hearts? The way I see it, don't Hearts owe them millions? If so could this now be written off? I'm not clued up with all this.
Was about to say the same thing, what does this really mean, If anything !?Quote:
Originally Posted by Thecat23
I'm guessing its not good news lol.
Am not sure either but given its the bank that's went into Admin rather than the club, then I think the banks administrators would be well within their rights to call in all their debts to assume the greatest return for whoever they are due money to.Quote:
Originally Posted by Thecat23
No, it's UBIG that effectively owns Hearts and has a security over Tiny. It's separate from but linked to the bank. This might not be the killer blow but it's got to be good news. :wink:Quote:
Originally Posted by andrew70
How much debt do the tramps owe the bank and not the investment company? Does the bank hold security of the pink dump?
Business has erm certainly picked up.
Quote:
Originally Posted by JeMeSouviens
Was Tynie not transferred from the group to the bank recently?
Call in the debt mother ****ers. Call in the debt.
Thanks for this. Appreciated.Quote:
Originally Posted by JeMeSouviens
Given that the ground and club are only worth what someone is willing to pay for it, I can't help thinking this is going to be good for them. They will get rid of their crippling debt and Romanov in one go and one of the groups already mentioned will pick the ground and the club on the cheap.
oh boy oh boy:hyper: