Gavin Masterton, who as managing director of Bank of Scotland in the 1990s, was one of the financial lynchpins behind the issuance of credit to some of the leading investors in Scottish football, and was responsible for what was seen as reluctance to extend competitive terms to Celtic AFTER Fergus McCann’s takeover, today issued notice that one of his companies will be wound up, as it cannot meet commitments to repay loans by new Dunfermline Athletic owner, Christopher McBay.
Masterton came under pressure, which he eventually relented to, to write-off money he loaned to Athletic to allow it to avoid liquidation last year. He also claims these developments will lead to his personal bankruptcy.
In September last year, Ian Fraser, author of Shredded, an analysis of the debacle that was the Scottish banking industry, wrote in his blog;
“Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer and managing director of the Bank of Scotland, it looks like it could be the crux to an extraordinary financial scandal at the heart of Scottish football.”
In March last year, Mail on Sunday wrote: “Bank of Scotland wrote off a £4 million loan to a company owned by Mr Masterton – then sanctioned the £12 million loan to another of his companies that allowed it to skip repayments for the next 35 years.”
In 2004, The Sunday Times, explained that while Masterton was at Bank of Scotland, an associate of his received a loan to buy Dunfermline Athletic, which included a guarantee that the loan would not need to be repaid until the borrower’s shares in the acquiring company were sold. Two years later, after Masterton left the bank, his company bought his associate’s shares and gained control of the club.
I bet the British Virgin Islands are nice this time of year.
Sean’s Trust, the charity setup by our late friend, St John Doyle to aid those dealing with stillbirth, are holding a Terry Christian stand-up comedy evening at the People’s Palace on 24 October. The show, Confessions of a Recovering Catholic, is a light-hearted look the legacy of his Manchester-Irish upbringing and has received excellent reviews. Billy NoWell is also on the bill, performing some of his unique material.
There’s a bar and buffet, tickets are only £16, email seanstrust@gmail.com for details.
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Well the Huns have won the second half. good enough to keep Sally in situ I hope
!!Bada Bing!!
:))))
I’m betting 5 minutes ET.
Hibs fire over
Injury time?
Given the amount of Hibs players kicked there should be enough.
” He gets the ball he nuts his opponent with impuniteeeeeeeeeee
…………….Kriseee, Krisseeeeeee Boyd…”
is it over at bigotdome yet…..?
Boyd’s arse is the size of a small city
3 hours stoppage time announced at the Bigotdome
The Peepil are chanting what they are.
3 mins injury time
bankiebhoy1
21:36 on 29 September, 2014
Was boyd caught on camera nutting the Hibeee
The blue Brigade screaming we are the peepil
I have man flu, been in bed all day, suddenly feeling rejuvenated, any highlights on.. should the game finish tonight
HH
Last minute of ET.
theoriginalsadiesbhoy
I thing Bada is nearer the mark. Hahahaha.
Weefra HH praying to Wee Oscar.
TheOriginalSadiesBhoy
21:38 on
29 September, 2014
Last minute of ET.
Good film…………
They’ll be dancing in the streets of Leith the nicht….
yyyyyyyyyyeeeeeeeeeesssssssss
but I dont care so I dont (not much) as TD would say
GIRUY
HH
Get ready..booooooooooooooooooooooooooooooooooooooo
Hibs fans dancing and singing to Penny Arcade. Thats no nice!!!! <:0)
To be fair to Sevco – they’re utter pish.
Both commentators devastated.
Hibs, looked like an SPL side away to a Division One side.
An embarrassing silence surrounding the stadium as Elbows lying on the ground knocked it out for a ‘corner’ with his arm.
Blatant mibbery, where headbutting is also fine.
Well done ole Stubbsy CSC
Time up. 3-1 for Hibs.
Booooooooooooooooooooooooo
McOist not looking the cheeky chappy
Boooooooooooooooooooooo
Must say I enjoyed that :)))))))
All over , 3-1
BOOOOOOOOOOOOOOO!!!!!!!!!
Nice one
Rank rotten doesn’t do that mob justice.Nice one Hibs.
Ye cannae sack Ally hes the best young manager in Scotland .
Roll up and spend your last dime # share(s)
:>)
So played two main contenders at home and lost !
Sally shaking hands with everyone, what a good guy
Looking forward to McCoists reading of the game.Sure he will say it would be disrepectful to Hibs to suggest Rangers played badly.
At 3-1 down Huns didn’t create another decent chance
Blatant hand ball …pen
Elbows and Boyd assaulting Hibs players with impunity
McCoist must stay