Chase Posted September 10, 2009 Share Posted September 10, 2009 I didn't see this mentioned anywhere else so thought I'd create a thread about it. Fraud investigation at Mike Ashley's Sports Direct MIKE Ashley’s Sports Direct business was today named at the centre of a fraud investigation. The Serious Fraud Office has launched an investigation into suspected price fixing and alleged fraud at Sports Direct and JJB. The Newcastle United owner’s business is under the spotlight after the Office of Fair Trading referred the case to the SFO. It follows more than six months of secret examinations by the OFT into the two sport empires. In a statement today, the SFO said: "The Serious Fraud Office can confirm that it is investigating the activities of JJB PLC and Sports Direct International PLC. "The investigation is in to suspected offences under the Fraud Act and the Enterprise Act. This investigation follows a referral by the Office of Fair Trading." A statement by the OFT said: "The OFT has today executed entry warrants at two addresses as part of an investigation into alleged anti-competitive conduct in the sports goods retail sector. "The investigation is being carried out under the Competition Act 1998 and relates to alleged breaches of EC and UK competition law. "The OFT will not be in a position to conclude whether it considers the law has been infringed until it has completed its investigation and assessed the available evidence. The OFT’s investigation is at an early stage." JJB Sports, which said the investigation could take "a number of years", was granted a marker by the OFT in August giving it full immunity from any financial penalties of up to 10% of turnover. In return for the immunity, JJB must co-operate fully with the OFT, withdraw from any further participation in the alleged cartel, and pledge not to act in bad faith. The company, whose shares fell 10%, said it could be liable for third party damages despite the wider immunity, although the financial impact of such claims is likely to be low. The competition inquiry puts JJB back in the spotlight less than six months after the company managed to stave off administration with a last-minute rescue deal. Chris Ronnie bought founder Dave Whelan’s stake in the Wigan-based retailer in 2007 with Icelandic investor Exista but used the shares as security against the £190m loan from Icelandic bank Kaupthing for the deal. He was sacked as chief executive in March after it emerged his 27.5% stake in the business had been seized by administrators when the Icelandic bank collapsed. Sports Direct later said it was assisting officials from the OFT and SFO at its head office in Shirebrook, Nottinghamshire, but made no further comment on the investigation. It said: "Sports Direct’s philosophy is to promote competition in the sports and leisure market and its record demonstrates this." http://www.chroniclelive.co.uk/nufc/newcastle-united-news/2009/09/10/fraud-investigation-at-mike-ashley-s-sports-direct-72703-24656297/ Link to post Share on other sites More sharing options...
DubblyDubblyDubbly Posted September 10, 2009 Share Posted September 10, 2009 Monster fine coming his way.... that's any money that was ever intended for NUFC ( as if) down the toilet. Link to post Share on other sites More sharing options...
Guest gggg Posted September 10, 2009 Share Posted September 10, 2009 lock him up. Link to post Share on other sites More sharing options...
NG32 Posted September 10, 2009 Share Posted September 10, 2009 He'll probs make nufc pay for it. Link to post Share on other sites More sharing options...
jarrovianmag Posted September 10, 2009 Share Posted September 10, 2009 Or offset the fine by putting us into administration Link to post Share on other sites More sharing options...
thomas Posted September 10, 2009 Share Posted September 10, 2009 ... Link to post Share on other sites More sharing options...
Guest Roger Kint Posted September 10, 2009 Share Posted September 10, 2009 Or offset the fine by putting us into administration Yeah combat a monster fine with setting fire to a huge pile of money, that makes sense Link to post Share on other sites More sharing options...
NG32 Posted September 10, 2009 Share Posted September 10, 2009 Don’t blame it on the sunshine Don’t blame it on the moonlight Don’t blame it on the good times Blame it on the geordies......... I just can’t, I just can’t I just can’t control my finances I just can’t, I just can’t (Yeah) I just can’t (Woo) control my Derek Llambias Link to post Share on other sites More sharing options...
Howaythelads Posted September 10, 2009 Share Posted September 10, 2009 The man's a prick. I hope it's true and he goes to jail. Link to post Share on other sites More sharing options...
Dinho lad Posted September 10, 2009 Share Posted September 10, 2009 There should be an investigation at NUFC as well. Link to post Share on other sites More sharing options...
BONTEMPI Posted September 10, 2009 Share Posted September 10, 2009 The man's a prick. I hope it's true and he goes to jail. This I hope he gets bummed so hard everyday his arse looks like a japanese flag Link to post Share on other sites More sharing options...
quayside Posted September 10, 2009 Share Posted September 10, 2009 Well a jailed owner would be a first as far as I am aware - if it happens let's hope it spurs the lads on and gives us some sort of competitive advantage....... Link to post Share on other sites More sharing options...
Mike Posted September 10, 2009 Share Posted September 10, 2009 This is why he wouldn't get rid of Barton. Needed a man on the inside the grease the wheels with the various gangs. Now he can just hook up with Joey's prison connects. Can't wait to see Mike Ashley come out with the teardrop tattoo. Link to post Share on other sites More sharing options...
Stu Posted September 10, 2009 Share Posted September 10, 2009 This thread is really going to bring out the best in Newcastle fans. Link to post Share on other sites More sharing options...
Liam Liam Liam O Posted September 10, 2009 Share Posted September 10, 2009 This thread is really going to bring out the best in Newcastle fans. Funny isn't it. When he reported JJB for doing this some people on here had a go at him for breaking a gentlemans agreement & being a grass. Link to post Share on other sites More sharing options...
Fenham Mag Posted September 10, 2009 Share Posted September 10, 2009 Bring back the death penalty. Link to post Share on other sites More sharing options...
Dinho lad Posted September 11, 2009 Share Posted September 11, 2009 Link to post Share on other sites More sharing options...
relámpago blanco Posted September 11, 2009 Share Posted September 11, 2009 There should be an investigation at NUFC as well. For gross negligience leading to us being relegated? Link to post Share on other sites More sharing options...
DubblyDubblyDubbly Posted October 19, 2010 Share Posted October 19, 2010 http://www.bbc.co.uk/news/business-11571944 Sports Direct and JJB Sports fraud probe is dropped Tennis balls Sports Direct owns Dunlop, Slazenger and Lonsdale The Serious Fraud Office's (SFO) investigation into Sport Direct and JJB Sport over an alleged cartel has been dropped with no charges brought. The SFO had been investigating the two companies following a referral from the Office of Fair Trading. However, the SFO will continue looking in to individuals' activities. The initial move by the SFO came after JJB said it had blown the whistle on a suspected cartel in the sports retail market. The case involves "suspected agreement or concerted practice to dampen competition in the sports retail market" during June 2007 to March 2009. Sports Direct International's brands include Dunlop, Slazenger and Lonsdale. It is controlled by Newcastle United owner Mike Ashley. Link to post Share on other sites More sharing options...
Thespence Posted October 19, 2010 Share Posted October 19, 2010 Once MA brought in Keith Hellawell the cumbersome SFO were always onto a loser even though they had a whistleblower in JJB giving them info. Link to post Share on other sites More sharing options...
Guest sicko2ndbest Posted April 21, 2011 Share Posted April 21, 2011 Posted record profits this morning. Shares up to nearly 200p. He's turned them around. If he could turn us around in the same manner he will be riding the crest of a wave http://uk.mobile.reuters.com/article/idUKTRE73K16U20110421?irpc=401 Link to post Share on other sites More sharing options...
Skirge Posted April 21, 2011 Share Posted April 21, 2011 Problem is everyone but him knows you cannot run a club the way you run other businesses. Link to post Share on other sites More sharing options...
SteveMc Posted April 21, 2011 Share Posted April 21, 2011 Great - should be an extra few million in the pot for the summer Link to post Share on other sites More sharing options...
Stu Posted April 21, 2011 Share Posted April 21, 2011 Problem is everyone but him knows you cannot run a club the way you run other businesses. http://www.wwt.org.uk/research/monitoring/images/Black_Swan.jpg Link to post Share on other sites More sharing options...
EthiGeordie Posted April 21, 2011 Share Posted April 21, 2011 Posted record profits this morning. Shares up to nearly 200p. He's turned them around. If he could turn us around in the same manner he will be riding the crest of a wave http://uk.mobile.reuters.com/article/idUKTRE73K16U20110421?irpc=401 He has to hire a good chairman than Derek in order to achieve that.... Link to post Share on other sites More sharing options...
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