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Julian Bray is delighted to have his biographical entry included in the latest edition of Debretts People of Today .... ... PETERBOROUGH TRIBUNE Holding officialdom to account. THE DIGITAL NEIGHBOURHOOD WATCH BLOG. Over 3/4 of a million page hits, and 3,400 blogposts. We have over 1,680 supporters in the Stanground, Park Farm, Fletton, Cardea (South Stanground) area alone. Our reach covers the whole of the former Unitary Authority and beyond. Our amazingly resourceful supporters send through reports and pictures, over 50 minimotos / motorcycles have been taken off footpaths and the Green Wheel thanks to their unstinting efforts. The current campaign is logging vehicles totally blocking the footway and impacting on fire engine access. (We've given up on grass verge parking, as PCC isn't currently listening !!!) Make no mistake. We WILL expose and/or detect crime; highlight significantly anti-social behaviour; detect fraud, corruption or injustice; disclosing significant incompetence or negligence; protect people's health and safety; prevent people from being misled by some statement or action of an individual or organisation, In short, these elements (and other factors) help to make up what is known as the public interest and disclosing information that assists people to better comprehend or make decisions on matters of public importance. Join our conversation https://parkfarmneighbourhoodwatch.blogspot.com Park Farm Neighbourhood Watch is totally independent and not connected with the Cambridgeshire Neighbourhood Watch which at January 2018 can only show since Feb 2011 45,000 hits! whereas our hit rate (or pageview counter ) records at Jan 2018 some 750,329 page hits and has now (MAY 2018) risen to 760,132. YOU MAY NOW VIEW PETERBOROUGH TRIBUNE OVER A SECURE WEB LINK: https://parkfarmneighbourhoodwatch.blogspot.com PASS IT ON!

Tuesday, September 19, 2017

TEMP STAFF WILL AGREE £15MILLION LOAN DEAL: WILL LUCENT SUSPENSION CONCERN GROWS OVER FLETTON QUAYS CYPRUS AND LUXEMBOURG BASED FINANCIAL MANAGEMENT AS PETERBOROUGH COUNCIL SHOVELS A SPECULATIVE £15 MILLION OFFSHORE



FLETTON KEY FOR LOCKED IN FINANCIAL SYNDROME?
Update:  Interim (ie not permanent staff but hired in on short assignment daily fee based contracts) council officers will approve funding decision following council cabinet:

Cabinet considered the report and RESOLVED to:
 
1.    Approve a facility of £15m for 24 months to provide funding for the construction of a Hotel on the Fletton Quays site by Norlin Hotels Holdings Limited and its subsidiary Fletton Quays Hotel Limited subject to recommendations 2. and 3. below.
 
2.    Authorise the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary due diligence, ground condition survey report and to approve the business case for the project.
 
3.    Authorise the Interim Director of Law and Governance and Interim Corporate Director of Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Norlin Hotels Holdings Limited and associated hotel franchises or otherwise connected to this project for the purposes of facilitating these arrangements.
 
4.    Recommend to Council amendments to the Treasury Management Strategy to include organisations such as Norlin Hotels Holdings Limited and its subsidiary Fletton Quays Hotel Limited as organisations to which the Council is authorised to make secured loans.

Reasons for the decision:

The funding of this project would help the Council to contribute to the Fletton Quays Project Plan and to the growth, regeneration and development agenda.  The Council was approached to fund development of the hotel in order to preserve the synergy of development on the site.
 

Alternative options considered:

Do Nothing
 
The Council could have chosen not to finance this project. This was rejected because this one off financing project related to the last lot to be sold on the Fletton Quays site and would facilitate its completion by the Council’s joint venture the PiP.  If the Council did not fund the project for the hotel development this final part of the development would be delayed whilst alternative funding was sourced by the developer.  The impact of this could mean that the adjoining residential site sales were impeded by the neighbouring hotel construction site. The Council would also lose the investment return on the loan.
 

Interests and Nature of Interests Declared:

None.

Background Documents:

None.
Publication date: 25/09/2017
Date of decision: 25/09/2017
Date comes into force if not called in: 29/09/2017
Call-in deadline date: 28/09/2017
Current call-in Count: 0
Accompanying Documents:
  • It is not anticipated that there will be any further documents.

Peterborough residents (and the departing Paul Stainton from BBC Cambridgeshires' Big Conversation) will be concerned to learn that our cash strapped Peterborough City Council is to tip some £15 million of fresh public money (which could easily have covered the construction of a new Rhubarb bridge) into the faltering Fletton Quays project in a desperate effort to speed up construction of an hotel on the site, but in reality how safe is this latest investment?


Clearly the council must take immediate steps to ringfence any investment as it could well be swallowed up by losses on the three other projects in the scheme, projects not related to Peterborough.

It seems that some of the other projects in the portfolio have run into trouble as nett asset valuations (NAV) have not been established, so a realistic financial view of the viability of the projects cannot be presented.

In addition, Peterborough City Council before handing over the public money bags might like to do some very simple financial background checks on the intended hotel partner Norlin Hotel Holdings Limited which seems to be a recently set up £100 Limited Company, with a hefty string of charges against it, all held by Ulster Bank Limited, clearly an injection of a fresh £15 million (from any new source) would be just the ticket, and possibly see off the paper held by Ulster Bank....

Could this be the Icelandic banks all over again? A recent note circulated to institutional investors contained new information which any prudent financial organisation might suggest needs urgent investigation before any funds are released by our old friend Conservative Cllr Peter Hiller, who some may recall criminally keyed a car in a car park, ended up with a conviction and a hefty fine, having first pleaded not guilty at his trial.    

Anyone investing £15 million in the Republic of Cyprus regulated GB Strategic Land Fund, and or it projects should also note:
GB Strategic Land Fund is a Dedicated Fund of KMG SICAV-SIF (the "Company" or the "Fund"), a Luxembourg-registered "Société d’Investissement à Capital Variable"authorised and regulated by the Luxembourg regulator, the Commission de Surveillance du Secteur Financier ("CSSF"), governed by the Law of 13 February 2007 and qualifies as an Alternative Investment Fund ("AIF") of the specialised investment funds type, managed by KMG Capital Markets Ltd ("KMG"), an external Alternative Investment Fund Manager ("AIFM"), established in the Republic of Cyprus, in accordance with Chapter II of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers ("AIFMD") and regulated by the Cyprus Securities and Exchange Commission (‘CySEC’).

The key individuals involved include: 

Ernie Battey – Director
Stuart Robinson – Lincolnshire Lakes
Nick Condon – RPW
Nick Weston – RPW
Richard Waltho – RPW

 KMG SICAV Lucent (GB Strategic Land Fund) Suspension

In July 2016: The Cyprus regulated KMG removed Lucent as the adviser to the fund and decided to take over the operation going forward. The fund it is alleged has been suspended from 30th June 2016, because it has a large exposure on an option which they say in the opinion of the Board, cannot be adequately valued in light of uncertainties related to its imminent sale.  


This asset is part of the Lincolnshire Lakes project.  The Fund was placed under suspension to protect investors until the uncertainty over the valuation of the option is resolved.  It is not said to be linked with increased redemptions or liquidity issues.

The fund is currently invested in 4 projects including the Fletton Quays development,  in Peterborough however they are currently not planning on exiting nor closing the Fund.

By April 2017: The fund has been renamed GB Strategic Land Fund and the fund managers expected the fund to reopen in the next four weeks.  Investors are apparently still waiting for news of the opening pricing and options for investors.  The issues remain about concern for the new opening price and how those who have put through surrender requests will be affected.

By August 2017:  And the fund remains suspended and now there is serious talk, say insiders of a compulsory liquidation once a couple of the underlying projects have been sold off at deeply discounted prices.  

Yet another AGM was due to held in Luxembourg on the 21st August 2017. No accounts were available at the original 15th June 2017 AGM! But did the PCC or their agents tell anyone about this?

Not a prospect any investor would welcome, so why not tap up some public money which seems to be the route forward with the news that Peterborough City Council is possibly on the hook for a cool £15 million!

Interestingly the current timetable of events when projected forward might well see this Cyprus administered fund written down, project sold off piecemeal, and or completed just about the time the Local council elections are being held. Conservative Cllr Christopher Harper, is Chair of the Planning Committee, and gets well remunerated for it, perhaps he will immediately open an investigation ?  

This is not the first time, the Peterborough Tribune blog has urged caution over those managing or involved with the Fletton Quays project. Some elements previously tried to have our story taken down by Google, luckily it was already published on several platforms, but not a word in the Local newspaper... 






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OUR HUMAN RIGHT TO LAMPOON AND CRITICISE POLITICIANS

The Peterborough Tribune supports:

Reporters Without Borders (RSF) an international non-profit organisation working to defend the freedom to be informed and to inform others throughout the world.

Today, 30 years since its creation, RSF has enough experience and on-the-ground support to defend press freedom on a global scale. RSF accomplishes its work through its wide network of correspondents established in 130 countries, its 12 offices (Vienna, Brussels, Rio de Janeiro, Helsinki, Berlin, Madrid, Stockholm, Geneva, Tunis, Washington DC, London, and Paris) and its consultative status at the United Nations, UNESCO, and the Council of Europe.

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THE HIGH COURT has ruled....People have a right to lampoon and criticise politicians and public officials under the Human Rights Act, the High Court has ruled.

We have the full High Court judgment, saved as a page on here. l

ampoon (lampoon) Pronunciation: /lamˈpuːn/ verb [with object] publicly criticize (someone or something) by using ridicule, irony, or sarcasm: the actor was lampooned by the press noun a speech or text lampooning someone or something: the magazine fired at God, Royalty, and politicians, using cartoons and lampoons.


Derivatives: lampooner noun lampoonery noun lampoonist noun Origin: mid 17th century: from French lampon, said to be from lampons 'let us drink' (used as a refrain), from lamper 'gulp down', nasalized form of laper 'to lap (liquid).


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