Carsons Dog 9,878 Posted January 6, 2014 Share Posted January 6, 2014 Former Dunfermline owner’s £12.2m loan written offPublished: 05 January 2014East End Park, valued at �11.2m at the time, was put down as capital for the loan. Picture: SNS11 commentsTHE Bank of Scotland has written off nearly all of a controversial £12.2 million loan it handed to its former managing director.Bank of Scotland has written off nearly all of a controversial £12.2 million loan it handed to a former managing director of the bank, according to documents filed with Companies House.Bosses at the taxpayer-backed bank have recouped just £600,000 of money it loaned to a company owned by former Dunfermline Athletic boss Gavin Masterton, who retired from BoS in 2001 with a £250,000-a-year pension. The former banker’s firm, East End Park Ltd, was given the loan – secured against the club’s stadium – at the height of the 2008 financial crisis and told it would not have to make repayments for the next 35 years.However, the company and Dunfermline Athletic both went into administration last year and documents show the bulk of the £12.2m loan has now been written off by the bank.Despite being valued at £11.2m in 2011, East End Park stadium was sold by administrators KPMG to a fan-led buyout team for just £700,000. The documents also reportedly show that KPMG has started legal proceedings to recover £116,000 which another of Mr Masterton’s companies owes the now-defunct stadium firm.Liberal Democrat leader and Mid Scotland and Fife MSP Willie Rennie said: “It’s a bargain basement deal for Pars supporters but is the kind of loss even Fred Goodwin would blush at. Serious questions are being asked at Bank of Scotland about the terms of the original deal. There will still be rough times ahead but Dunfermline is on the right track now.”Documents lodged at Companies House are reported to show Dunfermline Athletic’s ground was valued at £5.9m in 2007, but this increased to £11.2m the following year, the same period in which East End Park Ltd secured its £12.2m loan from BoS.East End Park Ltd went into administration last year and a new report by KPMG on this process shows it sold the firm’s only asset, the football stadium, to Pars United Limited for £700,000, with £600,000 of that going to BoS towards the loan and the rest covering the administrator’s expenses. It is understood the bank does not expect to receive any more money towards the £12.2m it was owed. The report also states that a £116,967 debt owed to East End Park Ltd by its parent company Charlestown Holdings Limited (CHL) – a firm owned by Mr Masterton – has been passed to legal agents to chase.CHL, which is ten months late in filing its accounts, was also reported to have failed to repay a £600,000 loan from the taxpayer-owned Royal Bank of Scotland – around half of which was personally guaranteed by Mr Masterton. The Dunfermline-based firm is also subject to an ongoing court action by its former chief executive William Hodgins and owes Stagecoach tycoon Sir Brian Souter nearly £1m in a loan due to be repaid later this year.BoS’s £12.2m loan to Mr Masterton’s East End Park Ltd came just four years after the Edinburgh-based institution had written off a £4.5m loan to another firm partly owned by Mr Masterton, Wood Investments (Scotland) Limited.Mr Masterton could not be reached for comment tonight. RBS and BoS declined to comment. Quote Link to post Share on other sites More sharing options...
quinty 1,445 Posted January 6, 2014 Share Posted January 6, 2014 It's a fucking outrage. Quote Link to post Share on other sites More sharing options...
The Godfather 73,053 Posted January 6, 2014 Share Posted January 6, 2014 They don't wear blue or sing the sash? Quote Link to post Share on other sites More sharing options...
theiconicman 3,027 Posted January 6, 2014 Share Posted January 6, 2014 What's the difference?They are not us. The debt is not with HMRC and while their owner was a failed business man, he was not Whyte.The Bank of Scotland had a history of funding rebellions so would probably look to support them Quote Link to post Share on other sites More sharing options...
Muirheadbear 1,483 Posted January 6, 2014 Share Posted January 6, 2014 They probably got a greater sporting advantage than what Whyte was trying to get us!!!! Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,788 Posted January 6, 2014 Share Posted January 6, 2014 It's been swept under the carpet, if they investigated it properly you would probably find that some of them would go to jail. Same as the hearts situation these people are getting preferential treatment bordering on criminal acts. We have always been the agenda due to the political situation, not only should these clubs be fully investigated but this snp government should be also at some stage of the game ! Quote Link to post Share on other sites More sharing options...
theiconicman 3,027 Posted January 6, 2014 Share Posted January 6, 2014 It's been swept under the carpet, if they investigated it properly you would probably find that some of them would go to jail. Same as the hearts situation these people are getting preferential treatment bordering on criminal acts. We have always been the agenda due to the political situation, not only should these clubs be fully investigated but this snp government should be also at some stage of the game !Could be true. If you conduct your business in an open and honest way then unfortunately, you'll get hammered as there will be no muck that can be brought out and embarrass others. Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,788 Posted January 6, 2014 Share Posted January 6, 2014 Could be true. If you conduct your business in an open and honest way then unfortunately, you'll get hammered as there will be no muck that can be brought out and embarrass others.The higher the people involved the more chance it will be glossed over look at the savile investigation, it's just the tip of the iceberg who they've arrested, the real cover up merchants haven't been caught ! Quote Link to post Share on other sites More sharing options...
Carsons Dog 9,878 Posted January 6, 2014 Author Share Posted January 6, 2014 It's been swept under the carpet, if they investigated it properly you would probably find that some of them would go to jail. Same as the hearts situation these people are getting preferential treatment bordering on criminal acts. We have always been the agenda due to the political situation, not only should these clubs be fully investigated but this snp government should be also at some stage of the game !And the Bheasts situation Quote Link to post Share on other sites More sharing options...
BLUEDIGNITY 33,788 Posted January 6, 2014 Share Posted January 6, 2014 And the Bheasts situationYes indeed and quite possibly they have the co-op and savile to contend with ! Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted January 6, 2014 Share Posted January 6, 2014 they didn't have to make any repayments for 35 years? I wish I had that kind of loan. Quote Link to post Share on other sites More sharing options...
Thewhitesettler 2,712 Posted January 6, 2014 Share Posted January 6, 2014 They've got a right brass neck going after CHL for money owed, when they got the stadium for £700 000. Cheeky Fife bastards that they are. Let's hope that the C*ltic House of Cards will come tumbling down anytime soon..... Quote Link to post Share on other sites More sharing options...
Big Al 55 9,327 Posted January 6, 2014 Share Posted January 6, 2014 And the Bheasts situationSome good news perhaps?http://news.sky.com/...al-co-op-probesMaybe some well placed posters good send an email or two! Quote Link to post Share on other sites More sharing options...
WCPRANGERS1 2,997 Posted January 6, 2014 Share Posted January 6, 2014 All good when it's other clubs........big bad Rangers were robbing and cheating yet these clubs are literally being let off with multi millions of debt, yet practically not a peep of sporting integrity to be heard. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted January 6, 2014 Share Posted January 6, 2014 Its blatent hypocrisy again, how many schools, hospitals and army boots did the taxpayer lose out on on a state owned bank writing off that debt? Wheres the outrage about this Scotland?! Quote Link to post Share on other sites More sharing options...
rangersfc77 170 Posted January 6, 2014 Share Posted January 6, 2014 We need to be doing more than complaining on here I suggest we write to the financial ombudsman Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted January 6, 2014 Share Posted January 6, 2014 This is a fucking scandal.The UK govt should be all over this. Quote Link to post Share on other sites More sharing options...
Bobby Hume 13,523 Posted January 6, 2014 Share Posted January 6, 2014 Yet again, all the finger pointers get off scot free and the biggest and most successful club in the land gets taken to task simply because they are the hated Rangers. It is a disgusting, morally corrupt system, that allows this travesty of justice to happen to our clubbut allows others to walk away, with no recourse, or in fact guilt. Where is the outcry now? Not even a whimper.So called journalists in this country are all a bunch of sycophantic eunuchs'. Where are all the men in this trade?I might as well try shitting into a volcano as try to answer that question, it's unfathomable. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted January 6, 2014 Share Posted January 6, 2014 Dodgy bastards not having to make payments for 35 years fuck me. What David Murray done with EBTS was legal at the time and look at the outrage from every fucker and there dug. Will there be any one even bothered enough to bring up the "old sporting integrity" and "cheating" for these no marks? The smaller you are the more you get away with.And was this not the same guy (Gavin masterton) that came out and was one of the 1st to vote us out the SPL because of " sporting integrity" and "financial mismanagement" etc etc........? Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted January 6, 2014 Share Posted January 6, 2014 I'm not fucking joking see when our licence was evoked that was pur chance to get out of this corrupt cesspit that is Scottish fitbaw.We had the chance to move South and wouldn't take it.Big mistake Bears. Quote Link to post Share on other sites More sharing options...
Bobby Hume 13,523 Posted January 6, 2014 Share Posted January 6, 2014 I'm not fucking joking see when our licence was evoked that was pur chance to get out of this corrupt cesspit that is Scottish fitbaw.We had the chance to move South and wouldn't take it.Big mistake Bears.In all honesty, mate, I don't half miss Charlie at times, and your post reminded me of that, I also think you are right. Quote Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,275 Posted January 7, 2014 Share Posted January 7, 2014 This is shocking. a banker knows how to screw a bank.... and I thought you had to wear a mask and carry a shotgun Quote Link to post Share on other sites More sharing options...
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