Originally posted by DodgyAgent
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Bullying suppliers, Dodgy? Goodness me! -
Owner of Sports Direct, Mike Ashley, has a put-option that Tesco share price will rise. On the other hand Goldman Sachs has bet it's share price will fall."You’re just a bad memory who doesn’t know when to go away" JRComment
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Is he selling the put? Buying put option means you make money if the share price drops.Originally posted by SueEllen View PostComment
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Situation normal at the top.Tesco’s former finance director, Laurie McIlwee, is to receive a £1m payoff next week, even though the crisis-hit retailer is embroiled in a £250m accounting scandal. Although the investigation has only just got under way, McIlwee will be paid the cash as set out in his contract. He quit the business in April and was told to stay away from the office – a period when it appears the finances of the UK’s largest retailer spun out of control.
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Despite his services not being required, McIlwee was paid more than £400,000 during a six-month so-called “transition” period after his resignation. That period ends next Friday. As of that date he ceases to be a Tesco employee and, in line with his contract, is entitled to a “termination payment” of £970,800, which takes in a year’s salary of £886,420 as well as other benefits including private healthcare and a car worth £84,460
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To clear the path for the investigators, Lewis (new chief exec) suspended four senior executives, including Chris Bush, who runs Tesco’s domestic supermarket chain. The investigators likely to have questions for Clarke, who remains on the payroll until January when he too is entitled to a payoff of a year’s salary.
Tesco finance director will receive £1m payoff | Business | The GuardianMy subconscious is annoying. It's got a mind of its own.Comment
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Sounds like he wasn't involved when the irregularities were introduced, so maybe he had nothing to do with it.Originally posted by pjclarke View Post
Though after working under Clarke for nearly 3 years, maybe he left a nasty gift in the books for his successors.... his version of a turd in the drawer.
Tesco admits Laurie McIlwee left in April - before £250m profit overstatement debacle | City A.M.
Tesco was forced to admit last night that ex-finance chief Laurie McIlwee was not involved with the company during recent months when a £250m black hole appeared in its accounts.
The troubled supermarket also confirmed that Philip Clarke, its recently-ousted chief exec, had headed up an internal finance committee since April. The admission suggests that Clarke was largely responsible for Tesco’s accounts during most of the period when the profit over-statement is said to have occurred.Comment
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Yeah he sold the put to Goldmans, so GS have the right to sell to Ashley a the expiration date, which they will do if it drops below the strike, he is obliged to buy them.Originally posted by SueEllen View PostComment
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if it were just an error its unlikely they would be investigated.Originally posted by Unix View Post
At the same time the boss was leaving on high profits and it was bonus time.
Doubt it is the end, its a little hiccup, they may never get as good a share price but they will continue trading subject to sensible management as they are very efficient at what they do.Comment
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Of course he knew! It has been going on for 15 years.Originally posted by CheeseSlice View PostSounds like he wasn't involved when the irregularities were introduced, so maybe he had nothing to do with it.
Though after working under Clarke for nearly 3 years, maybe he left a nasty gift in the books for his successors.... his version of a turd in the drawer.
Tesco admits Laurie McIlwee left in April - before £250m profit overstatement debacle | City A.M.Let us not forget EU open doors immigration benefits IT contractors more than anyoneComment
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That is a serious allegation. I hope you can substantiate it.Originally posted by DodgyAgent View PostComment
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