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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Woooooooohooooooo!
Weefra HH praying to Wee Oscar.
67
I saw it clear as hell
on the wireless.
HH
all joking aside if they did sack Ally who in their right mind would want to manage that mob ??
Ally must stay
HH
Starry, a wee dance in Bannockburn tonight too:-)
Sevco don’t seem to be able to handle full time footballers.
No more plumbers or joiners, although those same guys might be playing at Ibrox next year.
In blue.
Hearts 10 points ahead of the huns
Massive win for Hibs. Hopefully gives their season a shot in the arm.
Hoorah …… the tribute act, they are shoite…
of that there i-I-sss no doubt…….
Referee gives Ally a very pally pat on thev@r5e by way of empathetic consolation as he ran up the tunnel
67heaven … i am neil lennon ….the angels are with wee oscar in heaven.. ibrox belongs to the creditors
21:37 on 29 September, 2014
bankiebhoy1
21:36 on 29 September, 2014
Was boyd caught on camera nutting the Hibeee
…………………..
Yes. They showed it in a slo-mo replay. Couldn’t be misinterpreted as anything else. Foster of Hibs retaliated by nutting him back.
‘mon Stubbsy!!!!!!!!!
Horrible Cockney spiv Pardew getting sacked in the morning
Geordie Huns 1-0 down at Stoke, 6m left
OG, can we call Sally, Lord Charles, if he is a ventriloquist’s dummy.
Hopefully others will come up with some more for him.
OHITS, you missed out rookie as well as young.
Notthebus, dignified in defeat.
He’s going to get plenty of practise:-)
never underestimate the contribution of Sally in the demise of them………….
Nice wee Monday night bonus…
Enjoying these Monday evenings. Last week we put Benfica in their place and tonight reality bites the start up.
CultsBhoy
Saw it………., stomach turning.
So that was a good score from Ibrox. How many honest mistakes were there? I assume plenty. Anybody kept a wee account? Will video evidence be forthcoming or have they been punished enough?
Oh dearie, dearie, dearie, dearie, dearie, dearie…
Sevco sont de la merde
Well done Stubbsy!
Link to Moshni right hook on twitter:
https://twitter.com/mattmcglone9/status/516685258776133632
Hx2
Keeks Jackson on Twitter
And this is why i tipped Hearts to win the Championship. Rangers have become an irrelevance as a football force.
Oh Dear, off the Xmas card list for that.
Surely thats a bad result for scottish football,surely scottish football needs a strong rangers,
Now how do you do those smiley face thingys
Must admit I mocked my mate when he showed me his bets. Just Texted me a wee smiley face.
To be perfectly honest…………………
…………… I enjoyed that!
Cousins laddie was amazed at the size of a horse at Hamilton today So he stuck a pearl e/w on it. Won at 50/1
I can’t stand McCoyist, but I like the score. Well done big Stubbs, does that count as a physiological victory for Stubbs with his comment’s regarding the ref, Sally bit…
HH
Sevco reverted to type in the second half. When it was becoming clear to them that they were not getting things their own way despite the best efforts of Callum Murray and his henchmen Boyd and McCulloch rampaged around the Hibs box like bulls in a China shop pushing, elbowing, headbutting and generally assaulting anyone in a Hibs jersey.
Post Morten taking place on Shortie
nice cuppa tea……….with some Shortie………
Sweet!
;)
Meant post Mortem
Jobo
Hope your bet comes in mate :))
what is the stars
:) :) :) :) :) :)
Half time the Shortbread panel were angry with how bad the Tribute Act were.
It was like listening to commentators after poor performances from Scotland under Bertie or Levien (where they do not have to qualify their comments because everyone knows they support the national ) team and they are looking for heads on a plate.
Chief executioner in waiting was Chic… I feel your pain… ha ha .
The Onlooker
https://twitter.com/lovenkrands11/status/516631352675168256
a few swerries…
Cults Bhoy
Saw that. Thot it was the linesman.
Suntan on the verge of tears…
Vmhan.
Saw a brilliant classic rover car over in Helensburgh today.
Tax disc may 62.
Registration.
VM HH 188.
Is it yours ?