Panama Papers, Wolves and Steve Morgan

[wolverhamptom]

Hi all, I'm new to the forum but have been reading for many years.

I stumbled across a searchable database of the leaks from the Panama Papers. I entered a few names associated with Wolves and thought I would share my findings with you.

Firstly, there is a company registered in the British Virgin Islands named Bridgemere Holdings Limited. A name which is worryingly close to the ultimate parent company of the club according to companies house. The link is below. This company was incorporated in 2006 and remains active. I don't know if this is linked to the club and I really hope it isn't. If anyone could clear this up that would be great.

https://offshoreleaks.icij.org/nodes/145682

Secondly, I searched for our exceedingly popular owner and found that a man named Stephen Morgan was a shareholder in Oriel Asset Management Company Ltd a company based in the British Virgin Islands. There were many other shareholders in this company none of which have an obvious link to Wolves. This company is now inactive (and has been since 2002) but was incorporated in 1998. Again I must stress I don't know if this is our Steve and I really hope it isn't but if someone could clear that up it would be great. (link below to Oriel Asset Management Company Ltd).

https://offshoreleaks.icij.org/nodes/10080192

If either of these turn out to be tied to the club in any way it doesn't look great especially given the Money Shop sponsorship.

 

[bod101]

OK, i'm tentatively approving this thread as I don't think it's legally a problem (happy for anyone to tell me otherwise, please PM me).

However, be careful how you post on this subject. We won't accept any libelous posting.

 

[Moira Stewart]

Hi all, I'm new to the forum but have been reading for many years.

I stumbled across a searchable database of the leaks from the Panama Papers. I entered a few names associated with Wolves and thought I would share my findings with you.

Firstly, there is a company registered in the British Virgin Islands named Bridgemere Holdings Limited. A name which is worryingly close to the ultimate parent company of the club according to companies house. The link is below. This company was incorporated in 2006 and remains active. I don't know if this is linked to the club and I really hope it isn't. If anyone could clear this up that would be great.

https://offshoreleaks.icij.org/nodes/145682

Secondly, I searched for our exceedingly popular owner and found that a man named Stephen Morgan was a shareholder in Oriel Asset Management Company Ltd a company based in the British Virgin Islands. There were many other shareholders in this company none of which have an obvious link to Wolves. This company is now inactive (and has been since 2002) but was incorporated in 1998. Again I must stress I don't know if this is our Steve and I really hope it isn't but if someone could clear that up it would be great. (link below to Oriel Asset Management Company Ltd).

https://offshoreleaks.icij.org/nodes/10080192

If either of these turn out to be tied to the club in any way it doesn't look great especially given the Money Shop sponsorship.

Potentially a question for the fans parliament??

 

[Deleted member 4456]

Oriel Asset Management looks like a fairly bog standard hedge fund. Hedge funds are generally incorporated in the lowest tax jurisdictions possible. This is something out of nothing really.

 

[wolverhamptom]

Any thoughts on Bridgemere Holdings Limited? I don't know enough about corporate governance to comment personally but I felt the name might be a bit more than a coincidence.

 

[jrpb-3]

I would guess its a different Steve Morgan, the bridgemere one has more potential to be related, but could just as easily be completely unrelated. just to a search in google for companies called bridgemere and there are dozens of them

 

[Mutchy]

Any thoughts on Bridgemere Holdings Limited? I don't know enough about corporate governance to comment personally but I felt the name might be a bit more than a coincidence.

https://www.endole.co.uk/company/02824662/bridgemere-holdings-limited ??

 

[wolverhamptom]

I remember reading posts on here before discussing the group structure and how Bridgemere Investments who are the ultimate parent company are based in Guernsey. The club were contacted by The Guardian in April about this with Morgan failing to comment (https://www.theguardian.com/football/2015/apr/14/why-are-english-clubs-owned-abroad-their-responses).

In any case even if the original post isn't related to the club, as the article points out there is the potential for tax avoidance when a club is sold if it is owned overseas. Obviously, I'm not suggesting Morgan would avoid or evade tax, but I would be interested in the justification for registering overseas especially if a sale is imminent.

 

[Tatter306]

As such a proud Brit I am 100% sure that Sir (or is it Saint?) Jack "Union Jack" Haywood would never have sold us to someone who intended to dodge paying UK tax by hiding his assets in some tropical, off-shore tax haven.

Would he?

 

[paddy]

So what
Not illegal

 

[wolverhamptom]

So what
Not illegal

Neither is charging 729% APR on a loan...

 

[Peszkywolf]

It's not illegal but should be. In which case it's just like having an ISA. Tax free but on a bigger scale!

 

[Deleted member 4594]

As such a proud Brit I am 100% sure that Sir (or is it Saint?) Jack "Union Jack" Haywood would never have sold us to someone who intended to dodge paying UK tax by hiding his assets in some tropical, off-shore tax haven.

Would he?

Didn't Sir Jack dodge tax by living abroad most the year?

 

[MolineuxMixer]

It's not illegal but should be. In which case it's just like having an ISA. Tax free but on a bigger scale!

ISA v Tax Haven, yeah great comparison!!!

 

[MobNet Wolf]

I imagine these probably are related to Morgan, but there is absolutely nothing wrong with them in and of themselves. BVI companies are popular for numerous reasons. Many of those reasons relate to tax, but there is a vast difference between tax efficiency and tax avoidance. There is nothing remotely worrying about any of this. And the link made by the OP to the Money Shop sponsorship is frankly bizarre.

 

[HICKO]

Hi Tom(Wolverhamptom) what do you like reading?

 

[wolverhamptom]

Hi Hicko, that joke very nearly flew over my head haha

 

[Deleted member 4456]

ISA v Tax Haven, yeah great comparison!!!

It's a slightly iffy comparison but he is right to a degree. ISAs are available to the general public so they've become the accepted face of tax avoidance even though most of the people who hold them have no understanding of the true benefits that the ISA wrapper can bring.

On topic, this is basically a case of a multi-millionaire holding a tax-efficient portfolio. It's a very common thing. Many of these people have worked very hard to get where they are, so if they want to stash some of it away they should be able to.

 

[wolverhamptom]

MobNet Wolf the link I was making with the Money Shop was not a direct one. I was implying that tax avoidance and pay-day lending are similar in that while they aren't illegal most would agree they would prefer them not to be associated with Wolves. Sorry for any confusion, though I do feel "frankly bizarre" is a little harsh.

While I'm no expert and if you are then I bow down to your superior knowledge, but a sale administered in the UK would surely be more transparent?

 

[wolverhamptom]

Comparing ISAs to corporate tax efficiency is odd in my opinion. Would you make the same comparison with anything that receives tax relief such as pension contributions?

Also, I have no problem with people being tax-efficient, my only interest in the search was with Wolves. Steve Morgan being tax-efficient is a private matter, Wolves, on the other hand, may not be.

 

[Phitsanulok (Poole) Wolf]

Of course I can safely assume that non of you have paid cash for jobs done around your house?

 

[henri_camara]

Neither is charging 729% APR on a loan...

Yawn. Have you moaned about the moneyshop adverts in the southbank past few years? Don't like the 729%, don't use it.

 

[wolverhamptom]

Yawn. Have you moaned about the moneyshop adverts in the southbank past few years? Don't like the 729%, don't use it.

This issue has been discussed to death on here but there is a difference between advertising on a stand and advertising on a shirt and actively promoting them as a business.

For what it's worth I do remember being quite surprised the first time I saw the advertising in the Southbank, but no I didn't complain which is my bad.

 

[wolverhamptom]

Of course I can safely assume that non of you have paid cash for jobs done around your house?

Isn't the person doing the job responsible for reporting that income in their tax return?

 

[Deleted member 4594]

Isn't the person doing the job responsible for reporting that income in their tax return?

Yes, but I think we all know what's happening when we pay cash in hand.

 

[German Wolf]

So what
Not illegal

Taxpayers contribute to the national benefit and common good supporting ( in no particular order):

The Government
Councils
The Health Service
State Education
The armed forces
The transport network - road, rail, air, pavements, canals
The police
Fire service
The security network MI6 etc
Lawmaking
The Civil Service
The BBC
Public space and public access

Jack Hayward, Dave Cameron's dad, business leaders across the country including Steve Morgan avoid/evade paying for them by going offshore.

ALL OF THIS IS IN DANGER OF BEING REPLACED BY PRIVATIZED, RELIGIOUS AND CHARITY VERSIONS.

ASK YOUR GRANDMOTHER WHAT IT WAS LIKE PRE-1939.

 

[WasStefan]

As such a proud Brit I am 100% sure that Sir (or is it Saint?) Jack "Union Jack" Haywood would never have sold us to someone who intended to dodge paying UK tax by hiding his assets in some tropical, off-shore tax haven.

Would he?

ridiculous post considering where he lived for most of his 'older' years

 

[Bradstonian]

...there is a difference between advertising on a stand and advertising on a shirt and actively promoting them as a business.

Quite right. It's one thing to look at an advertisement and not agree with it, but to actually be expected to wear an advertisement and actively promote an unsavoury company by doing so, is out of order.

 

[German Wolf]

Of course I can safely assume that non of you have paid cash for jobs done around your house?

They - politicians and the media - encourage us to save peanuts this way so that we support a system that makes the wealthy a fortune and privatizes the country due to a lack of proper state provision.

Come to China to see the future.

 

[German Wolf]

ridiculous post considering where he lived for most of his 'older' years

Err, what is ridiculous?

 

[wanderer24]

Ironic that Sir Jack is a well known tax dodger, I would careful trying to blacken Morgans name in that respect. He may not be a very good owner or h e the passion or drive that Sir Jack did but tax dodging is a whole other issue.

 

[wolverhamptom]

Yes, but I think we all know what's happening when we pay cash in hand.

Sometimes yes I agree it is quite obvious, but the post that originally raised the issue of paying cash in hand was likening it to being tax-efficient.

Whether I create an offshore entity for tax purposes is my decision and I bear the moral responsibility. When I pay for someone to fit a carpet with cash the fitter makes the decision about whether or not to pay tax on it.

 

[CodsallWolf]

So what
Not illegal

Exactly. I would be shocked if he's not organising his business affairs from an efficient tax planning perspective.