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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BT
I hope this latest “minor setback” is the last and that the road
to your recovery is smooth. Take care. HH
KevJungle – MURDO MacLEOD’s Title Winning Boots 4-2 LEGEND
08:52 on
30 September, 2014
Will Celtic get a crowd the size of the one the huns got last night at, Thurdays European game?
===================================
Why do you care about this? You’re never there so can hardly criticise others for their attendance or not.
A wee question for the Spanish Bhoys.
My mate and I are going over to Malaga early New Year, hoping to pick up a Malaga game. Apparently the tv pattern is one match on Friday and others on Saturday/Sunday. Any idea how far ahead they choose the Friday night game, as that’s the one we would need to avoid in Malaga?
Muchas gracias
Kev,
I can see where you come from at times but in this case you sound like a hurting hun!
BT
Keep the faith….and the auld peg!
If you wake up and BMCUW is at the find of the bed eating grapes then you’ll know you’re in trouble!!!
HH jamesgang
JAMESGANG
Could be worse.
If I’m eating peanuts.
That means he’s hallucinating!
jamesgang
BMCUW likes to have his grapes peeled before he eats them.
HH!!
TALLYBHOY
I prefer them to be crushed,fermented,distilled.
Then served in a glass.
A big wan!
Bawsman
10:41 on 30 September, 2014
If you and I were to meet I’m sure we would disagree on most things however with that post you took the words right out of my mouth,I was just about to post the very same thing when I read your post.
KevJ,
Why don’t you get an IT savvy mate to set up a wee batch file for you to auto post your daily drivel,after all must be a chore coming on here with life being too short and all that.
999??
KevJungle – MURDO MacLEOD’s Title Winning Boots 4-2 LEGEND
Still looking to Govan for guidance…
BT
Do I not like that.
Speedy recovery.
BMCUW
Tallybhoy
I’m astounded of forehead that BMCUW knew what a grape is!
When did they start exporting them to Kilwinning. Low demand levels for the green wans mind!
Aff oot. London beckons.
Boo! Get me home ASAP!
;-)
HH jamesgang
Is Stubbs not on Board with the plan to save Scottish football?
Some neat football on show for the goals.
Will it ever catch on?
BMCUW
As we are on the subject – it is the grape-picking season here in Italy.
Not a great harvest this year, unfortunately, but I’ve seen worse.
Cin cin!
How’s the hotel hunt faring, btw?
HH!!
Blantyre Tim,
Best wishes for a successful treatment & a speedy recovery.
Good Luck.
tallybhoy,
Couldn’t believe how cheap the wine was in Italy.
Made for a inexpensive holiday drink wise;))
BT
Get well soon Mate, hope the treatment goes quick and well..
What on Earth can the question be if the solution is sniffin’ Glue?
sipsini
Yes indeed.
Booze in general a lot cheaper here.
Fags n baccy as well.
HH!!
TALLYBHOY
Bloody disaster,mate.
Doss-houses looking for five-star prices.
It’s either a keen watch on,erm,the watch or a happy colleague of VOGUEPUNTER.
And it’s the winter timetable so the last train is before last orders.
I still reckon we can all cuddle up for warmth on a park bench.
When I see you,I’ll tell you my getoutofjail card in such circumstances in the 80s.
Got a free paper as well!
B T hope the opertion goes well and you are back among the fold soon. Like me recovery may keeps us away from C P for sometime but we will always be there in spirit. Will offer a prayer for your speedy recovery. H H.
Happy birthday Mighty Tim
Cannt believe this didnt raise a single comment.
May only have played 4 games in the forties but he at least got to wear the jersey.
..
RIP Hugh ” Dick” Doherty.
Buncrana
til yesterday our oldest past player
bt
Hope things go well for you. Ill have a wee word with St Jude at vespers tonight. H H
BMCUW
Could we not get Bar67 to have a ‘lock-in’?
That way we could get the 1030 train on Sunday, get off in Kilwinning as we did last time and…?!
HH!!
Clink
Read that on Celtic news.
Rip Hugh DocheDoherty
starry plough
11:12 on 30 September, 2014
KevJungle – MURDO MacLEOD’s Title Winning Boots 4-2 LEGEND
Still looking to Govan for guidance…
______________________________
Well…..I’m sure you’ll find that there are more Tims in ‘that’ part of the country than anywhere else so, it’s a good move by me – don’t ya think?
BT
Get well soon, mate. You can then be fighting fit for the next hootenanny, which looks like being a home fixture for you.
HH
Some huns still have a sense of humour….
sassaaaa, on 30 September 2014 – 06:19 AM, said:
Honestly thought he would have done the decent thing and walked this morning.
no chance, i just seen an exclusive on sky sports of McCoist addressing the players before “training” this morning;
The link didn’t work, was funny.
Back when walter smith was the manager of the liquidated hun club his then assistant manager mccoist was asked by a journalist:
“Would you like to manage rangers one day?”
Mccoist replied “Absolutely, I want to manage rangers really badly one day when walter retires”.
It’s nice to see a man achieve his dream.
Blantyre Tim, keep your chin up mate. Hope all goes well for you today.
Hail Hail bruv
blantyretim is praying for the Knox family
_________________________________
Sorry to read about all yer relapses pal.
Yer a – Keeper Of The Faith – who has
already indicated that you know there are
more deserving cases of healing – that’s
no surprise coming from you. I hope it all
ends soon for ye. KTF, eh?
All the best pal.
Hearts are now favourites with William Hill to win the second tier.
Cheerio,
JJ
Murray hailed one of the best refs in Europe at the weekend!!!???
Bye zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
4,265,000. sevco shares sold.