Blues Saga: Receivers set to delay release of interim results

RECEIVERS acting for Birmingham City FC parent, Birmingham International Holdings Ltd, are set to delay the release of the company’s interim results.

Joint receivers Stephen Liu Yiu Keung, David Yen Ching Wai and Koo Chi Sum, all of EY, said the recent upheaval experienced by the business had made it impossible to complete the interim report in time.

In a statement to the Hong Kong Stock Exchange, the receivers said: “The receivers wish to inform shareholders of the company (BIHL) that due to the delay in finalising the financial statements of the company and its subsidiaries, announcement for the interim results and the interim report will be delayed.
“The company will publish a further announcement to inform the shareholders on the date of release of the interim results and the interim report, which tentatively is believed to be by end of April 2015.”

The delay is primarily thought to be due to concerns over funds which the BIHL board allege have gone missing from the business.

BIHL revealed in January that around HK$30m (£2.55m) had been discovered to be missing from accounts for the year ended June 2014 and that the money could have been missing since December 2013. It levelled the blame for the so-called misappropriation on a former employee.

Hong Kong police were called in to investigate the disappearance and arrested a 33-year-old man, although he was later released without charge.

In a further announcement just a week later, the BIHL board revealed more money than first thought was now unaccounted for. It alleged that a further HK$8m (£680,000) was missing.

The board said at the time that the disappearance of the money could have an adverse impact on the company’s business, then just a few weeks after that, the board revealed it was placing the holding company into voluntary receivership.

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