KPMG are in a spot of bother again. As has been mentioned here before, they proved compliantly gullible when appointed as administrators of Leeds United, put into liquidation at the behest of its chairman, Ken Bates and with the apparent willing cooperation of its mysterious offshore creditors, only for Bates to buy it straight back with the support of those self same creditors.
Now the Revenue have rightly challenged the deal, which was clearly abusive. So KPMG have had to buy the club back from Bates to put it up for sale again, with Bates being the likely buyer again. Which will then give HMRC the only option of liquidating the whole thing.
Three things are important:
1) HMRC have acted properly;
2) KPMG have acted appallingly;
3) There's yet more more evidence that offshore causes nothing but harm.
When will KPMG learn? Perhaps they never will. They remain the biggest offshore operator of the Big 4, after all.
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Richard – this evening’s news indicated there are more bidders in play. But…I guess for the majority of those following this story, the complexities are tough to fathom. Maybe something could be done in that area to unpack the machinations that cloak these transactions in ways the British public can understand. That way, the acts of these individuals can be better understood?
[…] Tax Research UK / KPMG, Leeds United and offshore KPMG in shady offshore ethics shocker (tags: KPMG ethics) […]
And we see today, that, sure enough, KPMG have sold Leeds straight back to Ken Bates. No doubt now, we’ll hear from certain quarters how the evil and oppressive Revenue is threatening the enjoyment of countless fans by pursuing a vendetta, whilst KPMG laugh all the way to the bank.
As the Leeds saga unfolded in May this year we were turning the pages of ‘Broken Dreams’ over and watching real life imitate the written word on a day by day basis.
[…] couple of years ago I highlighted the offshore dimensions of the shenanigans then going on at Leeds United […]
[…] couple of years ago I highlighted the offshore dimensions of the shenanigans then going on at Leeds United […]