Home page Warning! This
company is a
Ahsan Ali Syed is a liar, cheat, swindler, fraudster and con
man. We would welcome him taking legal action against us and are quite
willing to furnish him with our legal team's details for service of any
court documents on any legal actions he may wish to set on foot.
AT LAST! BAHRAIN JUDGE ISSUES ARREST WARRANT FOR
April 11, 2013 The image opened by this link is a copy of the actual arrest warrant issued by the Bahraini Ministry of Justice on April 10.We will furnish more on this story and an English translation shortly.
Another of Ali's lawyers quits: Sep 24, 2012http://www.eldiariomontanes.es/20120914/deportes/mas-futbol/weber-comunica-consejeros-abogado-201209141014.html
Racing Santander proxy boardman and Ahsan Ali Syed's lawyer, Horst Weber of the Swiss legal firm Vogel Weber, has quit.
It seems that sooner or later, everyone who is ever engaged by Ali
finishes up quitting, either because they didn't get paid, as with
publicists Hill and Knowlton, or they had a touch of conscience and
woke up that Ali is just a plain scammer.
sues Ali The Government of Cantabria has
launched legal proceedings against Ali Syed over non-payment for shares
in Racing Santander; See http://www.cantabriadiario.com/Portada/cantur-inicia-acciones-legales-contra-ali-syed.html
seized in Bahrain: Following
the Bahrain Chamber For Dispute Resolution's finding against Ali Syed
last October, The Court of Execution has seized three properties
belonging to Ali through his first company in Bahrain, Western Gulf
Advisory BSC. Ali was attempting to transfer these three properties to
a new company he recently registered in
a move to hide the assets. We have been advised that auctioneers have
been appointed and the properties are to be sold to repay Keith Johnson
some US$3.6 million plus interest, and to pay the BCDR the costs and
fines awarded against Ali and WGA. It is also understood that the
Public Prosecutor is building a file on Ali Syed with the objective
of finally bringing criminal charges against him.
WGA Bankrupted in Holland.
official case reports.
Is it safe
to do business in Bahrain? Maybe, but we think
Radio Interview with Keith Johnson Link Bahrain Supercar Sponsorship gone?Crown Prince embarrassed? Comment
We were wrong! WGA still sponsor of V8
Ali's shares in Racing Santander frozen.
Spanish Court trial on Ali's shareholding set for April 2.
________________________________________________________________________________________________________________________ Radio Interview with Keith
Johnson January 30, 2012: Mr Keith
Johnson was interviewed on radio this morning by Australia's most
powerfull media broadcaster, Alan Jones. Mr Jones' morning talkback
program on Sydney's 2GB is the highest rated radio program in the
country and is broadcast through the Macquarie network to all states.
It is said of the veteran broadcaster that "when Jones speaks,
governments listen". Mr Johnson again repeated his charge that Ali Syed
is a sophisticated fraudster, but expressed his hope that his recent
visit to the Public Prosecutor in Bahrain will result in that justice
we all hope Ali receives.
Click the following link to hear the interview in full. There are a few
minutes from Mr Jones about the costs of real estate developments in
Australia before the subject of the WGA fraud is discussed. Listen to Interview. Just how safe is it to do
business in Bahrain?
January 22, 2012: Ever
since the demise of Beirut,
the ancient Silk Road world market landmark, one or two Gulf States have striven to become the
new financial capital of
the Middle East. Bahrain
is foremost, over shadowing nearby Dubai,
culminating in the creation of the BahrainFinancialHarbour
which opened in 2010. There are many incentives for
global businesses to headquarter in Bahrain, including a
commerce environment and the ability to be 100% owned outside of the
kingdom. But just how safe is it to do business in Bahrain
from the sectarian and
political strife that has plagued the kingdom since the 'Arab Spring'
unrest which began in February 2011, questions are arising about
government, that is to say, the Royal family, has the real tenacity
to truly embrace Western capital structuring and a 'normal'
regulatory landscape, which includes a fully independent judicial
Bahrain, home port for the US Fifth Naval
supposedly a parliamentary constitutional democracy with universal
a National Assembly. The head of State is the King, Hamad bin Isa Al
however nearly all ministries are controlled by close members of the Al
Citation),and if not, then appointments are under
Even the Prime Minister,Khalifah
bin Salman al-Khalifah,is a
cousin of the King - in other words, nepotism is as rife as it gets.
nepotism breeds corruption, also widespread in Bahrain.
The Justice Ministry
itself, the very place where independence should be expected, is also
run by a
Royal appointment. As are all the courts, the Public Prosecutors
even the Bahrain Chamber for Dispute Resolution (BCDR), established
with the American Arbitration Association (AAA), the world’s largest
of conflict management and dispute resolution services, is headed by
Haya Ali Rashed Al Khalifa, a cousin of the King.
the rub - the potential for conflicts of
interest even in the supposedly 'normal' business world where Bahrain
has determined to attain
world recognition as a safe place to do business.
is an upcoming court case to be heard next
week, involving the notorious Ahsan Ali Syed, founder and chairman of
Gulf Advisory (WGA), registered in Bahrain's
capital Manama, and
Australian businessman and property developer, Mr Keith Johnson.
alleged that he was fraudulently deceived into handing over some US$3.6
in fees in 2010, to obtain loan funding by WGA which never
despite clear clauses in WGA's Advisory Agreement stating that the
were unconditionally refundable if a loan was not delivered, Johnson
unable to retrieve any of his money, despite a ruling handed down by
in October 2011 ordering WGA to return the fees, and despite the fact
himself in several widely published press interviews last year,
refund the fees.
that Indian born Ali Syed, who has left a
trail of financial destruction and allegations of large-scale fraud
world since 2008, has openly bragged of having close ties to the King
Royal family, the obvious question of due process in the courts needs
addressed - particularly as his defence attorney is none other than the
very same cousin, chair of the BCDR, Sheika Haya Ali Rashed Al Khalifa
The apparent conflict of interest here is whether Johnson's day in
and with the Public Prosecutor with whom he has lodged a criminal
be subjected to the nepotistic pressures of the Bahraini environment.
justice and transparent due process take place.
flies out to Bahrain
this weekend, and will be
accompanied by Australian lawyer Mr Andrew Bryce, who represents over
Australian Companies in the same predicament as Johnson, and who
armed with a number of affidavits showing evidence of Ali
up-front fee scam.
hoped that the Bahrainis realise that there is a lot more at stake for
than simply this one case of fraud. The enforcement department of the
Financial Regulatory Authority, FINMA, which has an open file on WGA,
be watching, as will the Serious Fraud Office of New Zealand. The
international reputation of Bahrain
as a safe place to do business will also be riding on this matter.
February 14, 2012:
Our fears seem to be justified. Both Keith Johnson on his own account,
Andrew Bryce representing some fifteen victims from Australia,
met with the public
prosecutor as arranged. The details of this meeting are confidential,
it appears that nothing has been done about the complaints against Ali
and after some five weeks, apparently neither Johnson nor Bryce have
anything since their visit to the prosecutor.
proposition that a man
like Ali can thrive with impunity in Bahrain is a chilling
the Kingdom is no safe place to do business. Not only that, but the
The King's son,Crown
Prince Sheik Salman bin Hamad bin Isa
Al Khalifa, boasts Ali as his "good friend", begs the question of
interference in the judicial system. The prosecutor has been provided
ample proof of Ali's fraud, and nothing has been done about it. The
and nepotism appears to be alive and well. Is the Crown Prince
involved? It is our opinion that Bahrain isdefinitely
not a safe place to do business with any expectation of judicial
Any Australian businesses considering a business relationship with
firms in Bahrain
think hard about the risk factors of doing so. Might be better trying
business in Burma
or North Korea!
Update April 3, 2011: Despite the Bahrain Court of
seizing three properties from Ali in order to repay Keith Johnson's
is still no sign that the government has ceased dealing with Ali.
criminal proceedings are yet to be met, and this fraudster still boasts
sponsorship of the supercar racing at the Bahrain International Circut
Kings Cup Football Final. And with Racing Santander left in such a mess
and New Zealand's Wellington Phoenix soccer club forced to be sold by
failure to settle his promised loan (and keep the up-front fees), how
haven't blacklisted WGA around the world? What is it with the Royal Family in Bahrain that they seem happy
associated with the likes of Ahsan Ali Syed. ________________________________________________________________________________________________________________________________________ WGA's
Sponshorship of Bahrain International Circut gone?
Ali Syed's much publicised sponsorship of the Bahrain
International Circut (BIC) and Supercar Racing seemed to be over, but
Last October, amid much fanfare, Crown Prince Sheik Salman bin
Hamad bin Isa Al Khalifa, heir to the throne of the Kingdom of
Bahrain and Chief Executive of BIC, proudly announced that "his dear
friend" Ali Syed's company, WGA, was the new sponsor of the Supercar
races to be held at the country's international standard motor racing
circut. (see: http://www.youtube.com/watch?v=XSivvU-BOkY )
During the press conference The Prince extolled the virtues of Ali Syed
and praised Ali's support and advice to the BIC.
He also made the comment that he hoped Ali would "deliver
on his promise" - we presume he meant Ali would come up with the
Well, since then Keith Johnson has won two court cases in Bahrain
against Ali, and Ali has been ordered to pay back the fees taken from
Mr Johnson as well as over US$ two million in court costs. And it would
seem that Ali has failed to deliver on his promise to the Crown Prince
also - how embarrassing for the Royal family. All this PR and no money
from Ali. Or has the Royal family finally been awakened by the truth
about Ali Syed and cut him off. How do we assume either position?
Simple really, just visit the Bahrain
International Circuit's website and there is no longer any mention
of WGA or Ali Syed as a sponsor - gone but without fanfare. Something
has caused this disappearance from the sponsor's list. Probably another
broken promise from Ali himself, who looked rather uncomfortable in the
press conference on YouTube above. Perhaps he knew what was coming, but
it seems the Crown Prince didn't.
February 10, 2012. It appears we are wrong. The WGA Supercar
events were held at the Bahrain International Circut as planned. See
Despite the visit to the Public Prosecutor in Bahrain by Mr Johnson and
Mr Bryce, The fraudster Ali Syed seems to be 'untouchable' in Bahrain
and continues on his merry way happily spending the millions he has
scammed from Australian companies. It is particularly nauseating that
the Australian Supercars are running in races paid for by the blatant
misappropriation of money from Australian companies. To see pictures of
our Holdens on the BIC website link above is really rubbing salt into
the wounds of those individual Aussies who have been ruined by Ali Syed
and his WGA fraud company.
shares in Racing Santander frozen Jan 19, 2012: Ali Syed's
controlling shares in ailing Spanish football
club Racing Santander have been frozen by a Madrid court in an action
taken by previous owner James Montalvo and his company Dumviro
This follows numerous failure on Ali's behalf to honour his contractual
obligations to, firsty Montalvo, and secondly, the debt-ridden club
itself. Ever since the smiling financial assasin took over last
January, the club has gone down hill rapidly and now faces relegation
to the lower league ranks and possible bankruptcy. Court
Case set for April 2. February 8, 2012: The Court of
First Instance No 55 in Madrid is set to decide the ownership of Racing
Santander in a trial scheduled for April 2. The former owner Dumviro
Ventures, a company owned by James Montalvo, was to be paid by WGA and
Ali Syed some 15 million Euros for an 80% stake in Racing. Montalvo has
not been paid the full amount, but the shares were transferred prior to
full settlement. Ali has also failed to pay the club's debts in
full, and despite numerous public statements made by Ali that he had
transferred payment to the players, those payments never materialised.
The club is now under bankruptcy proceedings, the former board and its
president are out, and the new board consisting of two Ali Syed
representatives (see below), is now also defunct. See
Lawyer - Horst Weber
December 21, 2011: If Horst Weber(below)thinks
he has found a new and affluent client to pay his law firm lots of big
he'd better think again. Weber would be well advised to contact any of
number of past firms who worked for Ali and never got paid. Unless he
already been paid up-front by Ali, he is a total fool to think that he
ever be paid.
And if he has been
then we wonder what else he has been paid. Obvious questions about
in trust for Ali arise – is he holding what could be regarded as
money. The whole matter of Weber acting for Ali in Spain and appearing at the
Santander board meeting as Ali’s proxy, raises serious questions about
judgment and involvement with Ali from way back. Weber served as a
advisor to Credit Suisse before recently forming his Vogel Weber law
firm in Zurich.
So we wonder if
and just how much Weber has been involved with Ali’s fraud. Given the
of that doubt, why would an apparently successful lawyer want to act
criminal like Ali in his commercial dealings is a mystery. He should
among others, Hill and Knowlton (owed over $500,000), Global
Consultants srl of
(Claudio Loiodice -
$500,000), or even closer to home, Joss Windlin of Zwicky Windlin Law
in Zurich, and numerous others who Ali cons into working for him and
the bill! If Weber would like some more names or contact details, we
more than happy to provide them. Meantime, maybe he'd better re-think
his involvement with Ali. Everyone, and by that we mean everyone,
who has ever tried to do business with this little egomaniac cheat, has
lost the lot! Weber will be no exception.
new company in Bahrain!BDO files
registration. November 29, 2011: Ali Syed is
at it again, and this time with his old auditor Jawad from BDO. Thanks
to our 'spy' inside WGA, we have received confirmation that Ali has
registered a new 'holding company' in Bahrain, "WGA HOLDINGS BSC
dated November 28, 2011, was filed by BDO Bahrain by Jawad himself, the
very man who supposedly distanced himself and his company from WGA last
year after the publishing of the false WGA Annual Return, which was
used to sustain the scamming of millions from clients in Australia and
elsewhere around the world. BDO's filing of this new registration
illustrates that BDO Bahrain and Jawad cannot be trusted and brings
into question the whole matter of them apparently resigning last year.
And just what is the purpose of WGA HOLDINGS? Is Ali getting ready to
start up this new company because he knows that Western Gulf Advisory
BSC will get wound up? Is he preparing himself to shift assets, or for
this new company in Bahrain to be able to shift funds to and from
his hidden accounts overseas? Whatever his reasons, we now all know
about it and there will be people now keeping an eye on things. WGA
DECLARED BANKRUPT BY AMSTERDAM COURT. See "De Pers" news article November 24, 2011: Ahsan Ali Syed's
WGA has been declared bankrupt in an Amsterdam Court. According
to an article in Holland's newsagency, "De Pers",
Ali Syed's scam company has been wound up, the presitigous building
(right next door to the Mayor of Amsterdam's residence) that was rented
for some EU450,000 per year has been vacated and the staff evicted. The
petitioner(s) for the bankruptcy action have not yet been disclosed,
but one would imagine that if the action was brought privately by a
commercial creditor then the petitioner would surely have been
disclosed to the press by now. That only leaves action by some
government enforcement or regulatory authority, one which may have been
able to have the petitioner's name remain confidential. Perhaps this is
linked to the much publicised Interpol investigation of Ali Syed, or
the fact that he faces criminal charges in Bahrain on December 26.(See
below). Or it could be the result of the New Zealand's Serious Fraud
Office investigation. All we know is that there are several agencies
across the globe now looking closely at Ali Syed (and
his remaining staff) and it appears his days of scamming everyone are
quickly catching up to him. We know from very recent correspondence
from one of his last 'faithful' employees and co-conspirator, Abbas
Carmody, that those working in Amsterdam were recently sent to Bahrain,
where Ali continues to control them. We also know that Ali himself has
been warning staff that their correspondence will finish up being
handed to Wikifrauds. Well, at least he got that right. He can hardly
think that all these people he has scammed millions from in Australia
would just sit back and say or do nothing. If he is in some trouble
with the law now, he should be aware that it's only the beginning and
that more bad news is on the way. And that's on the 'official' front.
Hints have been made to Wikifrauds that one aggrieved party, led by
Adyl Khiribidekov and Sergei Sonkin, may be looking to resolve matters
in a more customary Russian manner.
_______________________________________________________________________________________________________________________ ALI TO FACE CRIMINAL CHARGES IN BAHRAIN November
2011: Ahsan Ali Syed is to face criminal charges of fraud in
Criminal Court on December 26. Wikifrauds has received confirmation of
the charges, and the date, as a result of Keith Johnson's two victories
in matters heard by the Bahrain Chamber For Dispute Resolution, which
ordered WGA to repay US$3,627,000.00 plus
interest at 10%, in case number 16/2011, and found
Johnson Property Group had no case to answer in case number 9/2011 in
which ALi and WGA had sued Johnson for defamation damages.And now Ali's
Netherlands-based company is the subkect of bankruptcy proceedings.
Life is catching up with this meglomaniac thief. INTERPOL
NOW INVESTIGATING ALI October 22, 2011: Ahsan Ali Syed is officially under
investigation by Interpol. Reports from the Deccan Chronicle have
that Interpol investigators are now tracing Ali's background and
activities in India,
been interviewing a number of people who have made earlier complaints
authorities alleging various frauds by Ali. Whether this is part of a
Interpol investigation centered in Europe or not is uncertain, but the
that it is Interpol investigating and not the local Indian Police,
that it is exactly what Interpol does - investigates matters of an
international nature, so this is not just a local Indian concern.
We do know
that complaints to
authorities have been made in Bahrain
and we also know that Swiss money laundering monitors have been looking
WGA’s affairs also. The genesis of this investigation could also be the
of one of two current civil and criminal complaints – Keith
matter in the Bahrain
or the NZ firm McNabb’s matter being run in Switzerland.
Or it could be at the
Swiss or Bahraini authorities own instigation. In any event, the
Australian victims are now preparing affidavits to hand over to
support and expand the current investigation. It doesn’t matter how
is or has been, when these affidavits get to Interpol, he will be in
even more serious
trouble than he is now. And unlike in Bahrain where he has
bribing officials in various places, he will not be able to buy himself
________________________________________________________________________________________________________________________ WGA SETS
EYES ON BRAZILSep 21,
2011: Not satisfied with wreaking havoc in Australasia, Europe
Ali now has his evil greedy eyes on Brazil. The Brazil Real
Land Investors Network on Linkedin now carries an advertisement from
inviting loan proposals to be sent to Haji@westerngulfadvisory.comat WGA.
The advertising suggests all the usual
panorama of loans and equity available from WGA across a vast array of
industries. This is a new posting on Linkedin
dated yesterday. Brazil Real Estate and Land Investors Network Our
thanks for this tip go to an interested observer from the UK.
This is not
the first time WGA has been linked to Brazil. Wikifrauds was
months ago that there were a number of victims already existing in Brazil,
are yet to identify them. If anyone has any information about any of
possible victims, please encourage them to contact us in confidence.
________________________________________________________________________________________________________________________ ALI LOSES THE JET! ALI's
PERSONAL PRIDE AND JOY IS GONE.
The jet, a Bombardier Challenger worth around US$10 million, has
been repossessed. Things are getting so bad for Ali that we are
starting to feel sorry for him - not. A paranoid ego maniac like
Ali will try to tell people that he is buying another jet - in fact it
is believed that is exactly what his Australian lawyer John Mulally has
told at least one client (victim) when asked about earlier rumours that
Ali had sold the plane.
The information below also confirms that Ali has interests in the
Bahamas, something we have believed for a long time. Maybe that's where
a lot of his money has been hidden. But of course, the WGA website
still shows the jet, just like it still shows all Ali's glorious days
with Racing Santander. The man has no shame, no idea of truth, no
conscience and is a consumate liar and a shoddy little common thief.
Earlier registration details below
clearly show this plane, registered number M-ALII, as belonging to
Western Gulf Assets. It is now owned
by Credit Suisse*
23 December 2010
CL-600-2B16 (604 Variant)
Owner Western Gulf Assets LimitedCredit Suisse AG
The Bahamas Financial Centre,
Paraplatz 8, 8001, Zurich, Switzerland
Shirley and Charlotte
* We are about to ask some curly
questions about Credit Suisse and the bank's knowledge of and
complicity with Ali's dealings. And there will be another other big
name in European banking circles who we will also question. . . . . .
Watch this space.
TURMOIL IN SPAIN. September 10, 2011: Ahsan Ali-Syed
continues to be a hot-topic
Fingers are being pointed by regional functionaries and club directors
as to who was at fault to turning a blind eye while bringing in
Ali-Syed to the President´s box at Racing Santander. Javier López
Marcano, ex-counselor of Sport for Cantabria, foots the blame squarely
on Francisco Pernía for introducing the Indian tycoon to the director´s
box at El Sardinero. Meantime, original owner of Racing, James
Montalvo, has officially
launched legal proceedings
for the recovery of shares from Ali Syed, who has failed to make
payments for the ownership of his shares and who will not reply to any
attempts to contact him.
In Racing Santander's first match program for the new season there
was an article on the club's future. It quoted the following in the
first paragraph: "The
future, which is the present, requires the eradication of WGA/Ali Ahsan
Syed's situation as chief share holder, due to non-fulfilment of the
contracts drawn up between them and the other two parties in the sale
of shares (Dumviro-Montalvo- and the Government of Cantabria).These two
parties have to undertake the actions granted to them by law and the
contracts formalized with WGA." All WGA signs around the ground
and scoreboard have been removed.
and Knowlton Victims also. August 27, 2011:
New information received today indicates that, contrary to our earlier
comments relating to giant PR firm Hill and Knowlton, they have
themelves been duped by Ali Syed. When, after several months of acting
for Ali, their fees had not been paid, Vice President Terrence Billings
personally went to Bahrain to meet with Ali to discuss this matter. We
understand that Mr Billings was left 'stranded' there for a week or so
and that Ali refused to see him. It is believed that WGA owe H&K
some hundreds of thousands of dollars in unpaid service fees and
expenses. Nothing was too good for Ali, who insisted that Mr Billings
and the President of H&K personally attended Ali whilst he was in
Spain organising the aquisition of Racing Santander, which has
subsequently turned into a fiasco of comic-opera proportions. There
really is no end to the deceptions that Ali Syed, undoubtedly the
worlds greatest liar since Hitler, will go to.
Knowlton take legal action: Sep 3, 2011:
In an exclusive release by prominent on-line agency, Cantabrio Diario,
Hill and Knowlton's vice President Terrence Billings has confirmed that
the giant PR company has taken legal action to recover unpaid fees and
news agency article
confirms our advice above that Mr Billings went to Bahrain recently but
Ali Syed refused to receive him. It is understood that the debt
incurred by WGA to H&K could be over EU500,000.
LIES TO RESPECTED JOURNALIST:
Our good friend, Ahsan Ali Syed, has continued his lies - this time to
respected journalist, David Lopez of Vanity
Fair. In a personal
interview with David Lopez of Spain's Vanity Fair magazine, Ali has
told some of his most blatant lies yet given to the press. In the
in late July and published on August 18, Ali has told David Lopez that
if he even had ten clients in Australia he would "cut his own throat".
He didn't know that Lopez had a list of twelve clients in Australia
before they sat down for what was apparently sometimes a tense
Ali just can't help himself. Unaware that Lopez had armed himself with
verified information given to him directly by at least three victims in
Australia and a list of victims Wikifrauds provided to the journalist,
Ali proceeded to tell his story about these clients, and it was a
complete contradiction of the facts and the documented evidence
provided by the victims themselves. This arrogant and blatent criminal
didn't realise that Wikifrauds and the Australians had been supplying
Lopez with documented facts - copies of agreements signed, and copies
of emails and correspondence clearly showing Ali's promises to refund
the massive up-front fees he scammed out of these clients with
misreprentation and false information, and he walked into the trap with
outright proveable lies.
Interested readers looking to see the full English translation of the
complete article should click here.
For the original article including photos, click
_______________________________________________________________________________________________________________________ BDO Bahrain refuse to clear themselves
August 20, 2011: Last
week Wikifrauds emailed Mr Jawad Habib of BDO Bahrain and requested
dialogue about the role his company played in supporting WGA with the
two published Annual Reports which were supplied to new clients in
Ali's quest for up-front fees.
These two reports, which were signed off by BDO Bahrain, are clearly
misleading at best and have played a vital part in unsuspecting clients
losing millions of dollars. Perhaps now we have published this
information, BDO might wish to contact us and present readers with
their side of the story. Then again maybe not - Jawad Habib and Ahsan
Ali Syed are both members of Bahrain's elite Capital Club.Indeed,
Jawad is one of the govenors of the club. ________________________________________________________________________________________________________________________ AT LAST! ALI TO FACE CRIMINAL INVESTIGATIONS: August10, 2011: The New Zealand
National Business Review has today confirmed that New Zealand's Serious
Fraud Office is now investigating Ali Syed and WGA. This is as a result
of the McNabb Group filing official complaints relating to the fraud by
Ali involving some US$750,000 in up-front fees paid to WGA for yet
another loan that never materialised, and those fees remain in Ali's
hands despite legitimate requests for their return.
Private investigator and barrister Mark van Leewarden is working on
behalf of NZ Mint principal Gary McNabb, who says he lost $US750,000
paid to WGA in upfront fees for a $US50 million loan that never
arrived. Mr van Leewarden has successfully frozen the Swiss bank
accounts of WGA , and yesterday met with the Serious Fraud Office’s
general manager of fraud detection and intelligence, Rhys Metcalfe, in
a bid to spur along a criminal investigation, and Wikifrauds was last night requested
to supply Ali Syed's current
passport number (Z-1888182
- India ) for the Serious Fraud Office, so it is
they will be pursuing matters. Mr van Leewarden says he is asking
the SFO to activate agreements under Section 51 of their governing
legislation allowing the transfer of information between similar
enforcement agencies in Australia and Switzerland. Read
More (For those who do not subscribe to the NBR, email us for
the full article by Matt Nippert)
Wikifrauds is also able to
confirm that the Australian Victims Group has contacted Mr Daniel
Tewlin, the "State Attorney 1" of the Canton of Zurich seeking
prosecution of Ali Syed, Omer Khan, and the staff of WGA, and that
similar actions are underway in Bahrain.
________________________________________________________________________________________________________________________ Happening now! Ali
and Ashish Gupta lie to reporter and victim alike!
August 8, 2011:
Victim exposes Ali’s
delaying tactics. This is
happening right now.
One of the
more than a dozen victims has provided Wikifrauds with a series of
the last few weeks relating to his efforts to have his fees refunded.
Wikifrauds can produce similar stories from a further ten clients who
equally been delayed in this same manner – the story is uniform and
Ali simply grabs the fees and then refuses to repay them when properly
Not only do
Ali and his henchmen frustrate clients at every turn with all these
unnecessary documents, but Ali lies about it to the press. In an
be published in Vanity Fair’s next
Spanish edition, Ali told investigative reporter David Lopez that he
was refunding this
client’s fees. He also told other blatant lies, such as that he only
clients in Australia,
when we can clearly identify at least fourteen, eleven of who have
together as a group to take appropriate action.
client, who for commercially sensitive reasons wishes to remain
been trying to recover his up-front fees since before February this
following the signing of the Advisory Agreement over a year ago in
All he ever signed was the Advisory Agreement, which clearly stated
that if a
loan was not proceeded with for any reason, the fees were
There is no provision for any further agreements to be entered into if
is requested, but this client has been told to supply numerous
“deeds of release” to obtain his refund. One such requirement in fact
newly invented “novation agreement” which if signed, would have taken
the rights under the original advisory agreement, and left the client
legal remedies whatsoever.
has copies of all these ‘delaying’ documents, as well as the emails
which tell the story themselves. It is quite clear that this client,
done nothing but ask for his refund as per the agreement, is being left
out and dry by Ali, who has displayed no intention at all to refund the
despite his advisory agreement clearly stating the undertaking to
as shown below. Wikifrauds has a copy of this client’s agreement signed
the client and Omer Khan, CFO of WGA. This is the infamous and totally
disregarded clause of the Advisory Agreement:
6.7 Absolute Undertaking to return Commitment Fees
The Advisory undertakes
absolutely and unconditionally to return
The Commitment Fees and the
Services Charges for Insurance to the
promptly and without any
deduction whatever if the Loan Facility
is not provided to the
Company or if this Agreement is terminated before the
Loan Facility is provided to
the Company. This clause is paramount and
applies notwithstanding anything
available here are pasted from the originals, the only
the replacement of the client’s name at his request. We have replaced
client’s real name with “Mr Smith”. We have even left spelling mistakes
untouched. The really explosive emails
are the last two - one in which Ashish Gupta stated that the client's
refund had been processed, and another almost imediately
afterwards trying to recall the earlier email. Obviously a
furious Ali, caught in the lies, has blasted Ashish for sending
the first email stating that
the refund had been processed, when quite clearly it had not been.
was first alerted by this client on February 16 2011, only a few days
publishing the Website. The very first email to us is pasted below, and
very disturbing story:
I have read through your web page dedicated to WGA and what you
terms of process and culture of dealing with genuine companies either
or privately owned is 100% correct. You are accurate with
funding amounts for both Loan Registration, Due Diligence and Insurance
you have omitted one component of the process which is where the
sums of money come in to play and this is Financial Gurantee Insurance.
offered once the loan is rejected and is 3.6% of the loan amount. WGA
that there will be a 99% chance of funding if the FGI monies are paid
WGA will not provide any details in relation to the FGI policy until it
place and paid for so no comparison can be made with other
underwriters and for those seeking to lend effectively have no idea
are even signing up for. There is no option to seek a Letter of
subject to FGI monies being deposited as it is WGA policy to get
The brokers they use as a vehicle for introduction I believe get a
spotters fee and if the someone like my self struggles to fund the
Diligence Fee and Loan Registration Fee they will put in in contact
broker who can help. In my instance the broker wanted A$5k up front in
source a loan based at 12% p.a and after paying that fee told us
failed however there was another lender prepared to fund at 82% p.a
This broker also claimed to know WGA and that 100% of applicants had
funding which is nothing short of a lie and once can only assume he too
on the scam.
I need to remain tight lipped about our dealings as we have monies due
us which cant be jeopardised. I look forward to reading further
August 12 Update: No
more emails from WGA to this client since we published this matter. The
only contact since then was a phone call to the client from Gupta
asking the client for some patience while they processed the refund - a
total contradiction to the previous emails stating they had already
done so. Patience! How much patience can one person have after the
endless lies and delays heading towards a year!
August 16 Update: Still no
more emails to the client, and no phone calls. It seems that Syed and
and all the other thieves are not happy that this correspondence has
been published. Particularly the lie from Gupta that the transfer had
been done and they were just waiting for the bank advice to send to the
client. Simple explanation - they lied again. They never stop telling
lies, none of them! Pure evil filthy liars.
ASHISH GONE TOO? September 13, 2011: One
of WGA's scammed Australian victims informed us today that after many
days of trying to get Ashish Gupta on the phone, WGA finally answered
their telephone and a woman, whose voice was unfamiliar, said that
Ashish wasn't in. On being asked when he would be in the office, the
woman finally said he no longer worked there. The client then asked to
speak to Ali himself, who has been avoiding his calls also. He was told that Ali was not in the office either.He
left the usual message to have his call returned, but does not expect
that Ali will even be polite enough to do that. This is the same client
who was earlier told by Ashish that his loan had been processed by the
bank. The same client Ali told Vanity
Fair journalist David Lopez that his fees would be refunded.
August 29, 2011:
It seems that the latest person assigned by
Ali to fend-off clients looking for refunds, has also fallen foul of
paranoid master. Emails sent over the last few days (see below) have
back to the sender, our “Mr Smith”, and the reason is that the email
Ashish has been deleted by WGA themselves. Telephone calls by the
client to WGA
last week were answered by a female staffer who told the client that
HERE'S THE EMAIL TO WIKIFRAUDS YESTERDAY:
"Ashish not in the office again
having been out of the
office last week and there is no indication when he will be back in the
Now his email is bouncing per the message below. Regards" From: email@example.com To:
Date: Sun, 28 Aug 2011 13:28:40 +0300
Subject: Undeliverable: FW: SMITH - PAYMENT UPDATE Delivery
has failed to
these recipients or groups: Ashish
The e-mail address you entered couldn't be found. Please check the
e-mail address and try to resend the message. If the problem continues,
contact your helpdesk. Diagnostic information for administrators:
Generating server: wga.net
#550 5.1.1 RESOLVER.ADR.RecipNotFound; not found ##
Original message headers:
CC: firstname.lastname@example.org; email@example.com
Subject: FW: SMITH - PAYMENT UPDATE
Date: Sun, 28 Aug 2011 20:55:37 +1030
CC: firstname.lastname@example.org; email@example.com
Subject: SMITH - PAYMENT UPDATE
Date: Sun, 28 Aug 2011 20:53:52 +1030
please update what is happening with our payment.
ALI, YOU THIEF,
. . . THIS MAN JUST WANTS HIS MONEY
RETURNED LIKE YOU HAVE PROMISED! AND JUST LIKE YOU TOLD DAVID
LOPEZ YOU WOULD DO!________________________________________________________________________________________________________________________________________
Swiss Accounts also frozen, Police to investigate. July 26, 2011: News just
released By The National Business Review's Matt Nippert, reveal that
Ali Syed's WGA AG accounts held at Credit Suisse and UBS have now also
been frozen, and that Ali is facing investigation on criminal fraud
complaints brought to the Swiss and Bahrain authorities by a
newly-revealed victim, Gary McNabb of McNabb Property Group. McNabb's
company paid over $NZ1.1 Million in fees for a loan which never
settled, and his request for the return of those fees has been rebuffed
Mr Nippert has been running an on-going investigation into WGA's
activities in New Zealand, and his hands-on assistance to Wikifrauds
has been invaluable in exposing the sheer depth and extent of Ali
Syed's frauds. The following is the article from the
NZ Business Review: Kiwi firm freezes WGA's Swiss
accounts over missing loan, plans SFO complaint (SFO is the
Serious Fraud Squad in NZ) Matt Nippert | Tuesday July
26, 2011 A New Zealand businessman stung by
Western Gulf Advisory will refer the lender to the Serious Fraud
Office, having successfully frozen the Swiss assets of the dubious
lender. Gary McNabb, best known as the man
behind New Zealand Mint, confirmed to the National Business Review that
he had paid $US750,000 in December to WGA in return for a promised
$US50 million loan that never arrived. Mr McNabb was firm in his
conviction WGA was an elaborate scam that used sophisticated PR and an
opulent office in Bahrain to give it a veneer of respectability and
said he wanted to "shut down a very clever fraudster." Mr McNabb had a strong message for
Terry Serepisos, the troubled Wellington developer who still publicly
backs WGA: "Give it up, it's a fraud. You're dreaming." After NBR began critical reporting
of WGA's activities in February, Mr McNabb demanded the refund of his
$US750,000 in fees but was rebuffed. NBR was the first media outlet to
raise concerns about the lending practice of WGA. A six-month investigation has
gathered considerable evidence suggesting the loan scam has netted
hundreds of millions of dollars from victims in New Zealand, Australia,
German and Russia. Mr McNabb said that in March he
hired private investigator and barrister Mark van Leewarden, who
coordinated an aggressive campaign against WGA. The bank freeze of WGA's accounts
in Switzerland with Credit Suisse and UBS in early May caused
international ructions with WGA subsequently defaulting on the purchase
of Spanish La Liga team Racing Santander. Mr van Leewarden has also laid a
criminal complaint of fraud with the Swiss attorney-general. "That
means there's a criminal complaint on foot that overlays the freezing
of the Swiss account," Mr van Leewarden, the principal of Warden
Consulting, said. Mr McNabb and Mr van Leewarden
said they would be laying a complaint about WGA with the Serious Fraud
Office and hoped the agency would activate cross-jurisdictional mutual
legal request agreements to aid the investigation in Switzerland. Mr McNabb said his pursuit of WGA
so far cost him $100,000 and he expected his final bill to double as he
sought to bring criminal proceedings against WGA founder Ahsan Ali Syed. The soured deal was brokered by
Luxembourg and Auckland-based former banker Daniel Hunt, who is also
the connector for Mr Serepisos and WGA. Mr Serepisos, facing bankruptcy
proceedings, is understood to still be "keeping the faith" with WGA. Middleman role questioned Middleman Mr Hunt, who
approached Mr McNabb in August suggesting WGA as a financier, also came
in for criticism from Mr McNabb. "We relied on him as an agent, and
he seemed credible. I don't distrust him, I think he's also a victim in
all this, but he didn't do his due diligence that we relied on," Mr
McNabb said. Mr McNabb confirmed Mr Hunt had
been paid fees for his services coordinating business with WGA and said
he stood to gain a $1 million commission if the loan had arrived. Mr Hunt told NBR in April he
worked as an employee for Mr Serepisos and denied a wider relationship
with WGA: “I have no relationship with Western Gulf,” he said. Aside from Mr Serepisos and Mr
McNabb, NBR has obtained documents and correspondence confirming Mr
Hunt has connected at least one other party – a Russian consortium –
with WGA. NBR understands the Russian party
has been unsuccessfully agitating for a refund of its up-front fees
paid to WGA. Auckland lawyer Kerry Knight told
the NBR in March Mr Hunt had persuaded him to travel to Bahrain to meet
with WGA in May 2010. Mr Knight said he pulled out of
negotiations with WGA and told Mr Hunt he suspected the business was
was a scam. "And there were a lot of reasons why it was a con, and not
many on the other side. But he [Mr Hunt] still firmly believed it,” Mr
Knight said. Mr Serepisos is facing bankruptcy
proceedings brought by South Canterbury Finance and Canterbury Mortgage
Trust. The next hearing is scheduled for August 15 in the High Court in
Wellington. In previous court appearances over
unpaid bills, Mr Serepisos has stated in evidence he expected to
satisfy creditors with his WGA loan. As recently as last week Mr
Serepisos told the Dominion Post he was "very, very, very confident"
that WGA would deliver. Loan for property Mr McNabb is the director and
100% shareholder of high-profile bullion and collectable coin firm New
Zealand Mint. The company has said its collectible coin business earned
$20 million in revenue in 2009. Mr McNabb was keen to stress the
planned WGA loan was to his property vehicle McNabb Group Properties –
separate from New Zealand Mint – and the funding was intended to
finance a $30 milliion hotel development in Auckland and the mooted –
but stalled – $20 million tourism venture Waihi Gold Discovery Centre. The Discovery Centre was mooted in
2007 and has attracted $3 million of New Zealand Trade and Enterprise
and Hauraki District Council funding with NZ Mint to provide the bulk
of financing. The Council's 2011/2012 annual
plan notes the project has run into troubled waters associated with the
global financial crisis and “alternative development funding” was being
sought. WGA under siege Today’s revelations appear to
signal the end is near for WGA, after Australian victim Keith Johnson
secured a similar freezing order in May against the organisation in
Bahrain. Mr McNabb is the third confirmed
New Zealand victim of WGA. Mr Serepisos’s long-promised $US100 million
loan has never arrived despite up-front fees being paid, and troubled
farmer Allan Crafar told NBR in March he lost £27,000 Mr Ali is reportedly subject to
arrest if he returns to his native India after accusations he ran a
smaller-scale version of his loan scam in Hyderabad 10 years ago. The high-profile purchase of
Racing Santander by WGA in February has also run off the cliff with
players and staff of the club threatening to sue over unpaid wages.
Defaults on payments promised by
WGA and Mr Ali led the club to file for bankruptcy protection earlier
this month to buy time for restructuring and to find a new owner. Matt Nippert | ReporterPress Release from McNabb
On another front, Vanity Fair's
David Lopez has recently interviewed Ali and his article will be
published shortly. Keep an eye out for it.
______________________________________________________________________________________________________________________ ALI LOSES TWO
COURT BATTLES IN BAHRAIN! A third looms even larger. Sep 12,
2011: The Bahrain Chamber for Dispute Resolution last week
handed down its rulings in both matters described below.
1. In the matter of WGA and Ali Syed vs Keith Johnson, in an action for
damages for defamation against Johnson, the court found against Ali and
dismissed the action against Johnson.
2. In the matter of Keith Johnson (JPG) vs WGA and Ali Syed, the court
found in favour of Johnson and ordered the immediate repayment of fees
to JPG. This is no small finding against Ali. he has been ordered to
repay Keith Johnson's JPG company over USD2.6 million plus interest,
and to pay the Chamber 970,000 Bahraini Dinars - about USD 2.6 milion. See
This might potentially be an empty victory for JPG as advice on the
state of Alis Bahrain bank accounts at the time they were frozen back
in June, revealed that those accounts held less than US$5,000. However,
it presumeably also means that the way is now clear for Johnson's team
to discover where all the money went, and to open the way to bankrupt
Ali and seize any Bahrain held assets for re-sale. It should also open
the way for access to any other banks held by Ali in other places,
including those held in Switzerland. we know and have evidence that
money initially sent to Bahrain was transferred to Ali's account at
Credit Suisse - in fact here are some of WGA account numbers: Credit Suisse, Zurich,Switzerland:
0835-1455977-82-4 and 0835-1455977-82-3 Swift Code
IBAN Number CH89 0483 5145 5977 8200 3 (A trace order will reveal where
the money went from here) Ahli United Bank BSC, Bahrain:
0016-553444-001 (This is the account now beleived to hold less that
US$5,000, yet we have customer deposit
this account of well over US$7 Million before all transactions went
direct to Credit Suisse)
3. In separate matters now to be heard in
Bahrain's criminal courts, Ali has been summonsed to appear on a date
to be fixed to answer charges of fraud. The court is currently
backlogged with other criminal actions resulting from the social unrest
in tat country earleir this year, but nevertheles, criminal proceedings
are underway against Ali.
and others have questions needing answers:
Did Credit Suisse ever check the provenance of Ali's money? Who at
Credit Suisse introduced Ali to Racing Santander? With all the adverse
publicity building against Ali and WGA at that time, why didn't Credit
Suisse check Ali's credentials before providing a Letter of Credit to
Racing Santander's owners? Will Credit Suisse cooperate in the Johnson
matter, or the McNabb matter, and will they voluntarily cooperate with
other investigations currently on foot? Why are other bankers such as
Banque Heritage in Switzerland keeping quiet about their involvemnet
with Ali Syed, and how much money is 'parked' there? Will they
cooperate as investigations move forward? (they approached us to see
what we knew!) Why has Credit Suisse among others, including the Abu
Dhabi Commercial Bank in the UAE, been consistent frequent visitors,
almost daily, to this website - hundreds of visits? These banks know
plenty about Ali but so far are keeping quiet. The time will come when
complete disclosure will be ordered by the appropriate authority. In
these troublesome days of terror funding and money laundering, they
will have no option. And with Ali's dubious connections to very suspect
people already in jail in India, who knows just how much facilitaion
the bankers have provided to Ali for the movement of hundred's of
millions of dollars in what is in reality stolen money. ALIS' BANK ACCOUNTS FROZEN BY BAHRAIN COURT !
Aussie battler wins hands down! June 18, 2011: From an advicefrom
Keith Johnson's lawyer in Bahrain, and forwarded to us a only a few
hours ago, we can confirm today that the accounts and assets of WGA in
Bahrain have been frozen. This is a major breakthrough in the exposing
of Ali Syed and his fraud company WGA.
There are two separate cases before the courts in Bahrain. The first is
an action for damages against Keith Johnson brought by Aliand announced with much fanfare by the fraudster
himself. The second is Keith Johnson's action against
This first case will fail for two reasons. Firstly, Ali himself has
failed to meet deadlines set by the Bahrain Chamber for Dispute
Resolution for WGA to lodge documentary evidence of losses sustained by
WGA as a result of Keith Johnson going on public record in Australia
and calling Ali a fraudster.
that Ali's action will fail is because of the outcome of the second
case, that is the case brought by Keith Johnson against Ali's WGA, a
case that has seen Johnson come out the winnerwith orders from the court
detailed below. Theonlyoutcome we do not know at this
stage is just how much money, other
people's money, is still left in Ali's Bahrain accounts. We will
know this on Monday. FollowingMr Johnson's
phone call to us this morning, we have contacted a large number of
Ali's victims in Australia. There will be a train of similar claims for
Keith's lawyer to handle in coming days.Let's hope for everyone's case that the cupboard will not be
Footnote: Ali's private jet was last seen near Sussex, England.
Is he running already, or is the plane being re-located back to the
Isle of Man for sale? Pasted below is the confirming email to
Keith Johnson from his lawyer in Bahrain:
Dear Mr Johnson, I trust this email finds you well. I note that we have successfully obtained the
following orders against Western Gulf Advisory today:
on all properties registered in Bahrain in the name of WGA; -
on all shares owned by WGA in any other company in Bahrain (including
publicly listed companies). -
Freezing order on
all bank accounts to the extent of the amounts claimed.
The court did not grant us the traveling ban as there were no
claims made against Ehsan Ali Syed in the proceedings.
With the above injunctions in place, WGA will find it
impossible to deal with its bank accounts and will note be able to sell
or deal in any shares it owns in any company in Bahrain (including any
dividends relating thereto).
DEAL CONFIRMED AS NEVER DONE. June 24, 2011:In
an article published today in New Zealand National Business Review,
reporter Matt Nippert revealed that "inside sources" from WGA confirmed
that WGA had never settled any deals. The article went on: One former WGA
staffer, who said she could not be named because of a draconian
confidentiality agreement stipulating $US1 million in penalties, told
NBR the source believed the loan business was a scam.
“I am not
aware of any loan that has been settled. Even after Irish firm McCabe
Builders announced its agreement with WGA in late 2009, both John
McCabe senior and junior were flying in to see Ali on a frequent basis
– always with a desperate expression in their faces.”
According to Irish news reports last month, McCabe did not receive its
The whistleblower said about 15 new clients would visit WGA’s office
each month, mostly from Australia but also Germany and Russia. The NBR has a subscription pay wall. If any
readers of Wikifrauds would like to read this article in full, contact us and we will
email the article.
_______________________________________________________________________________________________________________________ PERNIA APPEALS FOR HELP TO OUST ALI SYED!
June 8, 2011: From "marca.com":
black stage of Syed Ali Indian owner of the Racing seems to come to an
club Santander is a very serious situation, as explained yesterday its
president, Francisco Pernia, and its CEO, Roberto Bedoya, who appeared
before reporters for three hours.
are three ways to solve this issue: first, unlikely that the largest
shareholder Syed Ali to keep its promises, and second, it sells the
shares to a new owner, and third that the Government of Cantabria
verified by a credit of 6 or 7 million for liquidity and thus meet the
urgent payments "was the analysis of the situation by Bedoya.
club is threatened to enter bankruptcy if it does not solve the
financial problems within two months.Owes
money to the players, Finance, suppliers and Social Security in an
amount of about 20 million.
two leaders are clear, finally, that the promises were false, Syed Ali,
as repeatedly stated in this newspaper and other media.Ali
Bedoya expected to disappear from the club."There
can be in a controlling shareholder Racing in these conditions, so that
the former owners and the Government of Cantabria should jointly take
legal action against Syed Ali for their violations and recover the
shares in the club," said management. Read
Marca.com article in full.
June 9, 2011: "Syed False Promises"
reads the headline
Indian owner has not paid the money required to save the debt and the
policy pursued since leaving" Racing
Santander is in a huge mess of debt and unpaid deadlines to the
Government, the previous owners, and the players. All because Ali
cannot keep his promises. Having missed a scheduled payment due on June
8, the club has now officially given him until June 21 or it will seek
action to recover the shares, which are in Ali's name but not paid for, in the
Madrid Courts. COACH QUITS, BLAMES ALI
June 3, 2011: "Syed Ali teased us
all" was the cry from the new coach of
Racing Santander, Marcelino Garcia Toral, as he announced that he was leavng the
club after just four months. "Ali
does not fulfill promises everything and anything, is someone who can
not be trusted," said Marcelino, for whom now the racing is in a
"difficult situation and helplessness, but not ruin." Marcelino
has explained that, after repeated "tricks" and breaches of Indian
businessman Syed Ali and following the Seville disclose that he was
chosen to train the Andalusian team, had only two choices: go home or
take an "opportunity unique that you could not miss. "Read
Marca full article.
________________________________________________________________________________________________________________________ REVILLA CALLS ALI "COMPULSIVE
LIAR" June 1, 2011: The President of
the Spanish Autonomous State of Cantabria, Miguel Angel Revilla, has personally
labelled Ali Syed as a "compulsive liar".
and added that "he will not meet the commitments". Revilla was speaking
with Journalists about Racing Santander's future when he at last
accepted what we at Wikifrauds told the world what would happen way
back in February when we first got started! June 2, 2011: Revilla has added
to his description of Ali yesterday as a compuslive liar, by today
calling him a "thug" in a
Cantabrian radio interview.
MONTALVO SUES ALI June 1 2011: The former owner
of Racing Santander Football Club, James Montalvo, has announced that
he is taking court action against Ahsan Ali Syed for his failure to
perform his part in the original contract which saw Ali gain control of
the club. Simply put - Ali has not paid for his shares. The exposure
announcement has been carried in the Cantabrian press and on Spanish
there no end to this rotten thief? Surely the world now knows that
everything he touches is a sham, he has never kept a promise, his
contract agreements are never adhered to, and he continues to brazenly
refuse to refund up-front fees to Australian victims when they have
legitimately requested them to be returned because the promised loans
were never settled. The man is just a plain thief without any
conscience whatsoever. His continual lies and deceptions are
Government forces Racing Santander to
apply for voluntary administration. July 7, 2011:
Britain's On-Line football news, "A Different League", today reported
that the Cantabrian Government has forced Racing Santander to apply for
voluntary administration. Read
more. Wikifrauds unhappily predicted all this sad saga way back in
February when we first heard Ali was buying the club. ________________________________________________________________________________________________________________________ OMER
KHAN MIA, GONE? August 5, 2011:Like the Scarlet Pimpernell- here one day,
gone the next, back again the next day?
Omer Khan is once again back on the website but still not appearing at
the office, and Ali himself has told Vanity Fair's David Lopez that all
his troubles were to blame on Omer! Keep an eye out for the next issue
of vanity Fair Spanish Edition. May 28: Omer Khan has seemingly
We understand that a number of people have tried to contact him with no
result. We have been hearing constant talk that he has left, and now
his profile on Linkedin has been removed also. It is our understanding
that all matters that Omer handled are now under the control of Arun,
their 'in-house so-called legal' man. And Ali has now become chairman
of the Bahrain Daily
Tribune! It seems that he can fool a lot of people for a short time,
but then so did Bernie Madoff. Ali would do well to remember the sticky
end for the last crooked media mogul - Robert Maxwell. Maxwell's body
was found floating in the Atlantic in 1991. With Ali, it will be more
like the Persian Gulf. We can only hope, but not until his victims are
repaid. IMPORTANT MESSAGE TO OMER KHAN
Many people have been trying to call you Omer, and nobody can get
through, even your mobile is now being answered by others, and when
asked if you are still there, some have been told "I can't say".
If you have left WGA then we need to talk about offering you protection
and security and other things if you agree to help us stop your former
boss in his tracks. There are many who will support you if you assist
us, so please make contact. It is not too late to save yourself from
the fate that awaits Ali Syed. Please contact firstname.lastname@example.org
or Philip Marlowe. We
will provide you with a secure phone number if you wish. June 18, 2011: We are now
hearing that Omer Khan is still holding hands with Ali Syed back at WGA
headquarters in Bahrain. With a new child on the way, you would think
that most young fathers would be looking for a safe and secure future.
It's not too late for Omer. He should flee Ali and seek some protection
and immunity in exchange for evidence, or his future with his young
family will turn very sad indeed, with nobody left to look after them. Omer Khan has definitely gone! July 5, 2011: We now have
confirmation that Omer Khan has indeed left WGA. The ultimate
confirmation is that he no longer appears on the WGA website at all, as
though he was never there. Indeed, we have further confirmation, as
quoted in the email below from an informant whose previous information
has always proven correct: "I'm also told
that Omer Khan did not leave on good terms. Omer is one
person who could expose Ali and WGA and therefore I assume Ali will
tread carefully when dealing with the matter. Have you had any success
contacting Omer? I understand his wife recently gave birth and he is
still in Bahrain. Ali is blaming Omer for all the failed loans."
This information is also confirmed by several "clients" of WGA who have
been trying to contact Omer, and who have been told that he is "no
________________________________________________________________________________________________________________________ Ali NO LONGER the chairman of the Bahrain
June 8, 2011: As mentioned above, the Bahrain
Daily Tribune published an article on May 22
stating that Ali Syed had been appointed chairman of that newspaper.
Their website at that time contained large WGA banners on the top of
every page. It is now reported by the larger alternative English
newspaper in Bahrain, the Gulf
that his chairmanship offer has been revoked. And the Tribune's website
no longer carries the WGA banners. Seems the Tribune had a wake-up
call. The Gulf
Daily News also carries commentary about yesterday's Bloomberg
and other matters exposing Ali's activities. Just as in Spain, Ali's
credentials are now being questioned in Bahrain itself, and his claims
to have close ties to the royal family must be an embarrassment to
them. It can only be a matter of time before all support for Ali in
Bahrain is evaporated, and he will be forced out - or in jail. We
understand that there are criminal charges being prepared relating to
WGA's fraudulent activities in setting up clients for the Swiss arm,WGA
AG in Zug.
_______________________________________________________________________________________________________________________ LATEST SCAM
PLAN: KOREAN STOCK EXCHANGE June 18,
2011: Wikifrauds has been contacted by an intended victim of
Ali's latest scam that his telemarketers are trying to run in Germany.There
seems no end to Ali's outrageous plans to scam anyone and everyone he
can get hold of. However, in this case, the intended victim was a
German Judge who saw through it immediately and forwarded the emails
and proposals from Ju-Young Lee, a Korean underling in Ali's gang in
plan basically is that WGA, for a fee, will list companies under a POI
on the Korean Stock Exchange. Young Lee claims direct access to the
president of the exchange and clearly implies that they can achieve the
desired results, but stating a minimum capital requirement of USD$20
million. Lee also offered the learned Judge a commission deal if the
Judge could bring other companies to the table. This discerning judge from Germany's Penal
Court, Mr Stefan Leibold, advised Wikifrauds of this new scam by email
last night, and has kindly permitted us to publish the correspondence
in several emails, pasted below:
Email 1from Mr Leibold:please find a Mail
from WGA below. I visited the WGA Zug- office once to see what is
behind the facade. I confirm . it is rather small and on the back side
of a residential building. They contacted
us. We looked for equity investment into our company. They offered
loans with pre payment of a fee. They also offered to pay a finder's
fee if we act as intermediary. We refrained to do business with them.
Now they try it again, with a new idea. -- Mit
freundlichen Grüßen Stefan Leibold Managing Partner Agroyield GmbH Schubartstrasse
Bietigheim-Bissingen Tel.: +49 7142
3781 167 Mobile: +49 172
169 3615 Fax: +49 7142
33109 Then follows the email fron Ju-Young
>Dear Mr. Stefan
>How are you? We exchaged emails last time. I hope you remember me.
>I have a relationship with Korean stock exchange.
>I suggest through IPO in Korean Stock exchage the company raise
capital around minimum 20 million USD. As I am Korean and I have
connection with Korean Exchange I can work on IPO with respect to legal
>The Korean Stock Excahge encourages foreign companies to list if
the company meets conditions
>Through this job you and I can some comission .
>If you are interested please reply me.
>Ju-young,Lee Financial Analyst
>Western Gulf Advisory AG
>Baarerstrasse 82 Zug
>Tel: +41 41790 9909
>Fax: +41 41790 9910
>Web:www.westerngulfadvisory.com Email 2
from Mr Leibold:Dear Sir, I do not have
any problem being quoted on your web-site. I am a lay judge at a German
penal court. So I have a contact with fraudsters sometimes and I
consider the fight against them as a duty. In a former Email Ju Young
also suggested to me to introduce loan applicants to them and offered a
finder's fee for that. I strongly declined and explained him, that it
is not our philosophy to pay , or get paid prior to the pay out of a
loan. All this was surprising any way , because initially they
contacted us, and we (Mr Leibold's private interests "Agroyield ") need
only equity , not a loan. Email 3
from Mr Leibold: Dear ------,
please find the complete exchange of Emails below , as well as some
attachments. As confirmed, no problem using the information on your
web- site. Mit
freundlichen Grüßen Stefan Leibold Managing Partner
This email contained another set of email exchanges from Ju-Young Lee,
at WGA to his Honour the Judge (obviously WGa did not realise they were
dealing with a judge of the German Legal system!) The judfge kindly
also attached a number of documents purportedly from the Korean Stock
Exchange outlining procedure for a POI.and how to move things forward -
for a fee of course! The following is the exchange of emails: >From: ju young
>Sent: Friday, June 17, 2011 12:17 PM
>To: Stefan Leibold
>Subject: RE: Capital Raising through IPO
>Dear Mr. Stefan
>I attached IPO condition. If your company or IPO wishing company
should meet the condition.
>Please read carefully. The file describes minimum business
operation years, minimum paid-in-capital, required IPO examine time,
>If the company meets the condition, I am going to send company
profile including financial statement to Korean exchange manager.
>He can personally examine if the company can go for IPO or not.
>If he says personal positive opinion. We can go for officially IPO.
I write necessary step below.
>1. Auditing company such as, KPMG Korea, PWC Korea, Deloitte Korea
does due dilligence on company financial statement.
>2. And Korean investment banks does a pricing valuation.
>3. Korean stock excahnge examines IPO
>Ju-young,Lee Financial Analyst
>Western Gulf Advisory AG
>Baarerstrasse 82 Zug
>Tel: +41 41790 9909
>Fax: +41 41790 9910
________________________________________ >From: Stefan Leibold
>Sent: Thursday, June 16, 2011 7:22 PM
>To: ju young
>Subject: Re: Capital Raising through IPO
>Dear Ju-young Lee,
>thank you for your idea.
>As always the problems are in the details.
>The bottle neck for an IPO in Korea in our view is whether ther is
an investment bank , that is willing to provide a placing guarantee and
acting as a lead manager of the issue.
>Without a placing guarantee from a solid bank in Korea, we are not
interested, because we would commit fees with a big risk of losing them.
>So, if you bring a bank, who can act as a lead manager with a
placing guantee, we are happy to discuss the issue.
>Mit freundlichen Grüßen
>Tel.: +49 7142 3781 167
>Mobile: +49 172 169 3615
>Fax: +49 7142 33109
>Sitz der Gesellschaft: Stuttgart
>HRB: 725189, AG Stuttgart
>-----Ursprüngliche Nachricht----- >Von: "ju young" <email@example.com>
>Gesendet: 16.06.2011 15:07:30
>An: "Stefan Leibold" <firstname.lastname@example.org>
>Betreff: Capital Raising through IPO
>>Dear Mr. Stefan
>>How are you? We exchaged emails last time. I hope you remember
>>I have a relationship with Korean stock exchange.
>>I suggest through IPO in Korean Stock exchage the company raise
capital around minimum 20 million USD. As I am Korean and I have
connection with Korean Exchange I can work on IPO with respect to legal
>>The Korean Stock Excahge encourages foreign companies to list
if the company meets conditions
>>Through this job you and I can some comission .
>>If you are interested please reply me.
>>Ju-young,Lee Financial Analyst
>>Western Gulf Advisory AG
>>Baarerstrasse 82 Zug
>>Tel: +41 41790 9909
>>Fax: +41 41790 9910
Korean Scam planner abuses the German Judge June 20, 2011: The following is
an email from Judge Leibold to Wikifrauds. It is self-explanatory. Just
who does this impudent man, Ju-Young Lee think he is. He has the
temerity to telephone the good judge and insult him for blowing the
whistle! He probably had Ali sitting right on him when he made the
call! We know that nobody working for Ali, who is a control freak in
the office, would dare to make a move without instruction and
supervision from the chief scammer himself: "Hi XXX, to keep you up
dated: 1) Mr. XXXXX
contacted me, thank for that. 2) Ju Young lee
(the guy from WGA) called me: a) the Korea
issue was all his personal idea (but of course with the WGA email
signature) b) he will be
sacked therfore by WGA - and I am a mean German because I disclosed the
mail. c) I adviced
him to cooperate with you as long as he is inside the company. his
phone nr. is: 0041 41 7909909 d) he is
desperate to find a new job and wants his name to be deleted from the
web site. -- Mit
freundlichen Grüßen Stefan Leibold Managing Partner"
_______________________________________________________________________________________________________________________ Another new victim disclosed in Australia
May 17, 2011: One
of Austrailia's largest fertiliser groups has fallen prey to WGA and
Ahsan Ali Syed. The Australian this morning has published this article:
of Australia's biggest fertiliser importers and sellers has become the
latest company to go into administration after Switzerland's Western
Gulf Advisory failed to deliver on financing.
which has been accused of taking millions of dollars from Australian
companies in upfront fees for loans, is understood to have committed
late last year to provide loans to the Interfert and Megafert
fertiliser companies owned by South Australian businessmen Peter Evans
and John Simper.
the funding was not delivered on, leading the companies to appoint
KordaMentha yesterday as administrators.
board decided to place the trading entities of the group in voluntary
administration after it became apparent that an overseas provider of
executed banking arrangements was unable to meet its commitment to
Interfert and Megafert," Mr Evans and Mr Simper said in a statement
issued by KordaMentha.
Property Group, a large private land developer in NSW, went into
administration last month after reportedly paying $3.8 million in fees
to WGA for a deal that didn't eventuate.
March, The Australian reported the operators of Australia's biggest
irrigator, Queensland's Cubbie Group, had paid about $3m in fees to WGA
in the middle of last year.
is run by Indian-born Ahsan Ali Syed, who bought Spanish soccer club
Santander Racing in January.
March, WGA denied allegations of fraud in a post on its website:
"Western Gulf Advisory Asset and Wealth Management, Western Gulf
Advisory AG based in Zug, Switzerland, and their founder and president
Mr Ahsan Ali Syed strongly refute allegations about their businesses
being propagated by the fraudsters. The source of these serious
allegations is known. They are manifestly false and defamatory."
failure of the finance to come through for Megafert and Interfert was
the last straw in a battle to ward off administrators. The companies,
which import and distribute about 10 per cent of southeast Australia's
fertiliser, owe creditors, including the tax office, $25M.
ANOTHER DEADLINE LOOMS FOR ALI IN
SPAIN & PLAYERS START LEGAL ACTION
Having failed to keep numerous promises and contract
obligations in his takeover of Spanish football club, Racing Santander,
Ali Syed now faces yet another payment deadline. Turns out that he has
not actually paid the previous owner for his shares! He
has been given until May 22 to pay owner Jaques De Montalvo or
Montalvo will launch legal action. Just how many empty
promises can this swindler keep making!
This follows a
string of broken commitments and the use of a fake money transfer
document used to convince the players that their overdue salary had
been paid! PLAYERS
TO TAKE ACTION
Having blatantly violated his obligations, Ali has now also
truly alienated the players themselves. The team met on Friday May 20
an announced its decision to sue the Racing Santander Club itself to
recover payments of over EU1.7 Million. (see
The article quotes: Then
the new owner of the club, Indian businessman Syed Ali Ahsan, had repeatedly violated its
to satisfy the debt of 1.7 million euros that keeps the club with Toño,
Coltorti, Pinillos, Torrejón, Christian, Colsa, Diop, Lacen, Serrano,
Arana and Munitis."
______________________________________________________________________________________________________________________ Summary of the situation: May 2, 2011:
A summary of where the whole scam is situated right now:
1. The first verified victim are the Malaysians. US$4.25 Million handed
over to Ali in January 2008 - gone, and no loan or refund.
2. Ali announced the opening of a WGA office in Malaysia - it never
3. Ali released press articles of loans he claimed were settled or
about to be settled in Australia in 2010. (These
releases are in the References page)Not onesingle deal he publicised was ever settled.
The clients are all still waiting for their fees and costs to be
repaid. Some didn't even make it to the loan contract stage, and have
requested a simple return of fees as guaranteed under the WGA Advisory
Agreement. They have all been promised repeatedly that they will get
their money back, but none have! And Ali is still as recently as last
week trying to hang onto their money by making new offers of equity or
new promises of settlement. None buy it, they just want their
money back and Ali simply won't give it back. He also claimed in a
press release that WGA were to open an office in Australia in September
2010 - that never happened either. That year also saw his Australian PR
firm Jackson Wells, quit - firstly because Ali failed to provide
verifiable proof of his loan dealings, and secondly because he had not,
and still hasn't, paid their bill.
4. The Blackburn Rovers deal never happened. That club did enough due
diligence to cause it to pull out of the deal.
5. The Racing Santander football club has now been left without
promised funding. The players have not been paid as promised three
times by Ali in person. They were even shown supposed bank documents
showing the money transfers, yet it never arrived. They were obviously
fake documents from WGA's computer artists. The club has now had to
borrow 'outside' funds to remain solvent.
6. The government of Cantabria has given Ali until May 5 to pay the
next tax installment, which is now overdue anyway. If Ali fails to do
this they will call up his Credit Suisse Guarantee. Don't be surprised
if that turns out to be either a fake, or for some other reason, no
7. Ali is trying to sue Keith Johnson both in Bahrain and The
Netherlands, for defamation. This is just another ploy to hang onto
Johnson's $3.26 Million.
8. Ali's first auditors, BDO Bahrain, quit last October.
9. Ali's Swiss Lawyers, Zwicky Lindlin, quit in March 2011
10. Ali's new auditors, KPMG, quit last week.
11. Ali's head of security quit last week, and is preparing a dossier
or brief of information for the Swiss Police.
12. Despite much publicity, and even a letter from WGA presented to the
High Court of New Zealand last March, Ali failed to pay his promised
funds to Terry Serepisos, who looks to be in serious financial trouble
right now, despite his own public statements.
13. PR Firm Hill & Knowlton quit.
14. Ali's jet is listed for sale on Jetmaster Corporations website.
There are many other milestones in Ali's dealings that all point
directly to this being a fast-collapsing Nigerian style Ponzi Scheme.
The above FACTS
should on their own be sufficient to stop anyone else from ever being
caught, and encourage some others who are living in a fairyland of hope
to realise the truth - they will never get their loans settled, and
they will never get their money back! Never!
15. Now we have the latest Australian company collapsing because Ali
failed to honour his contract. See Item.
16. Wikifrauds know the details of a further dozen companies also stuck
with promised loans and no refunds. It is only a matter of time before
they all take collective action.
17. May 20: The Racing Club's players now take legal action.
18. May 24: Terry Serepisos, Ali's "friend", fails to obtain loan as
promised by Ali, and bankruptcy proceedings continue.
Time is running out for Ali. Sadly,
time has already run out for his numerous victims.
________________________________________________________________________________________________________________________ Hill and
Knowlton Finally quit also! Well after Wikifrauds had warned Hill and
Knowlton about their relationship with WGA, it seems they too havehave
realised that they have been dealing with and publicising a fraudulent
operation. In breaking news from NZ, the global PR company has
announced it's resignation as WGA's public relations firm. This will be
for either or both of two reasons. One, they have discovered or
accepted at last that Ali Syed is a crook and a fraud, or two, WGA
hasn't paid their fees. National Business Review May 10, 2011 Shady lender loses PR sheen By Matt Nippert
Troubled and controversial lender Western Gulf Advisory has suffered
another blow to its credibility with its PR representatives dropping it
as a client.
Terrence Billing, a member of global PR outfit Hill & Knowlton,
said its relationship with WGA and its founder Ahsan Ali Syed was
Mr Billing said in a statement: “Hill & Knowlton has suspended its
representation of Western Gulf Advisory B.S.C, Mr Ahsan Ali Syed and
other companies in his WGA group while we seek to resolve a number of
issues with them.”
He did not elaborate on these “issues” but WGA had a turbulent
relationship with Australian PR firms over unpaid fees and
unsubstantiated claims of funding.
Mr Billing told The National Business Review in March that WGA
was solvent and dismissed reports of financial difficulties: “There are
absolutely no cashflow problems within the WGA Group of companies,” Mr
Aside from complaints from borrowers over unfulfilled loans and
unrefunded fees, WGA has come under criticism by players and staff of
football club Racing Santander over bounced cheques and unpaid salaries.
This week Bloomberg reported WGA had defaulted on payments
required under the terms of his takeover of Spanish football club
WGA also experienced “issues” last year with PR firms in Australia.
John Wells, the founding partner of Jackson Wells, said: “We had asked
the company to substantiate [the truth of] a number of announcements it
had made through the media relating to the funding of projects in
After no substantiation was forthcoming, the relationship was
terminated, Mr Well said. He added WGA owed his firm a “substantial
amount” in unpaid fees.
Matt Nippert | Reporter __________________________________________________________________________________________________________________________________________
McCabe deal proves to be another lie from Ali Syed
and Western Gulf Advisory
The following is from The
Sunday Business Post On
Line, dated May 8, 2011 by Gavin Daly.
See: http://www.sbpost.ie/news/ireland/building-firm-hopeful-of-nama-backing-for-business-plans-56194.html McCabe
Builders, one of the country’s biggest building firms, has said it is
confident the National Asset Management Agency (Nama) will support its
business plans, despite the firm losing almost €90 million in two
years. After a €60 million writedown on its work-in-progress and
investments, the firm made a loss of €73.5 million in the 12 months to
the end of August 2009, according to new figures. In the previous
financial year, McCabe Builders lost more than €16 million.
the collapse of the property sector, turnover at J&M McCabe
Properties, the main holding company, rose by €4 million to €98.3
million in the 2008/09 financial year. The firm reduced its bank debt
to €159million during the year, down from €200 million in 2008. The
directors of the company noted that its borrowings had been transferred
to Nama and said the support of the state agency was ‘‘a key
assumption’’ underlining its ability to continue to trade.
directors are confident that, following negotiations with Nama, the
group’s business plans will be approved and that support will enable
the group to trade through the current difficult market conditions,"
according to the accounts, which were signed on March 23.
firm is owned by John and Mary McCabe and has been active mainly in the
greater Dublin area. Its projects included the Abingdon housing estate
in Malahide in north Dublin, as well as hotels, office blocks and
commercial units. It has also completed a number of public projects,
including the Heritage Centre in the Phoenix Park.
write-down in the value of the assets, the directors of the company
said their properties were well-located and were ‘‘likely to be early
beneficiaries of a recovery in the market’’ in the future.
‘‘The directors are confident that a positive market sentiment will
return in the next number of years," they said.
July, the firm said it had agreed a debt-for-equity swap with Western
Gulf Advisory (WGA), a Swiss-based investment fund. WGA was given an
option to acquire a 50 per cent stake in McCabe Builders and was to
take on its debts. WGA was also to provide £40 million for the firm to
complete projects in Britain. However, last November, the company
stopped work on a number of sites in London as it waited for Nama to
approve its funding proposals.
The company did not return calls
for comment last week. The new accounts show that Anglo Irish Bank had
a number of charges over company assets.
Bank of Ireland had a
charge over the assets of McCabe Builders and McCabe Builders (Dublin),
as well as letters of guarantee signed by the directors.
four directors of McCabe Builders shared €1.2 million in pay and
pension contributions in the August 2009 financial year, on top of
almost €965,000 the previous year. The firm had 105 staff, down from
154, and its wage bill was halved to €5.4 million. _________________________________________________________________________________________________________________________________________ Government
Moves on Ali's Guarantee.
May 6, 2011: The
Government of the Cantabria today moved to call up the Credit Suisse
Bank Guarantee provided by Ali Syed when he took a controlling
shareholding in Racing Santander football Club in Spain in February.
Last Friday April 29, Francesco Marcano, Minister for Culture, Tourism
and Sport, formerly warned WGA and Ali Syed that the debts due under
the contract with both the Government of Cantabria and the previous
owner of the club, James Montalvo, had to be paid by May 5.
The deadline came and went with not a word from Ali, and not a cent in
debt repayment. No explanation - nothing. A demand has been made on the
Bank Guarantee which effectively means that Credit Suisse must make
good and pay the money due within three days. And the previous owner,
who has not been paid for his shares, is now looking at legal remedies
to have his shares returned.
Surprise surprise! Another failure by Ali to honour anything he has
ever undertaken, but this time, unlike with his victims in Australia
who are blackmailed into silence, everyone in Spain now knows that this
is all a sham and that Ali is just an immoral cheat and liar. (Read Article in Spanish Press) ________________________________________________________________________________________________________________________________________ Alis Jet For Sale!
Ali is definitely running out of money. His much-vaunted private jet is
availble for sale and is listed for sale on the "Jetcraft Corporation" website but
with no named
price - "make an Offer". Same serial number as detailed below. This
history is available from a number of registries.
The aircraft was built in 2001, the serial number is 5494 The first
owner was a German company and it was registered in The Netherlands
under registration number D-ANKE. It was then sold to a Swiss company
for use as an air ambulance, and its registration number was then
changed to HB-JRN. Ali purchased it in late 2010 and it was registered
in the Isle of Man by Western Gulf Assets. The registration was then changed
to M-ALII in a stroke of narcissism by the ego driven Ali. It is
currently on the MANX register under that name.
See: http://www.jetcraft.com/index.cfm?event=detail&id=62 _________________________________________________________________________________________________________________________________________ Ali's bodyguard turns against him! Upon
arriving to Santander, Ali Syed was always seen next to his head
bodyguard, Italian Claudio Loiodice. He appeared several times in the
media, because he was involved in a fight with the Spanish Police, for
which he was charged with assault.http://www.eldiariomontanes.es/v/20110217/cantabria/tribunales/fiscalia-pide-ocho-meses-20110217.html
the failed sale of Racing to the Bahrani Royalty, Ali has seemingly
turned his back on Loiodice, who has now spoken to the media: http://racing.eldiariomontanes.es/noticias/2011-04-30/tambien-siento-enganado-20110430.html (translation
has cheated on me too"
want to make clear that, if he really is a fraudster, and this will be
determined by the judge, he is the best in the world. But maybe the
most stupid too, because his bluffing has lasted for just two months,
apparently with no economic profits. I wonder what his final goal was.
I don't think it was Racing. It had to be something much more
profitable". That is one of the latest paragraphs of a press note sent
to this newspaper by Claudio Loiodice, Ali's former security manager.
services to Ali gradually decreased after the match against Real
Madrid, and our professional relationship came to an end after meeting
him on 26th March in Manama", says Ali's former "shadow". From Italy he
is on the alert for the events and claims to be preparing a dossier
that "will be examined by the lawyers and eventually handed in to the
Will Ali face the pending payments? "I
doubt it". Loiodice is clear about the fact that his old boss counted
on "more powerful partners". Ali himself talked to him about his links
with the Bahreini Royal Family, even though he finds it strange for
people of this level to be behind his immoral behaviour. The Italian
exempts the local politicians from responsibilities and indicates that
(Racing president) Pernía acted unthinkingly but honestly.
On the other hand,
the Cantabrian Goverment, previous owner of half the shares, has given
Ali a deadline. He must pay 1.5m € before 5th May or else they will
contact Credit Suisse and execute the guarantees, with which Ali will
lose control of Racing. http://racing.eldiariomontanes.es/noticias/2011-04-30/revilla-agudo-marcano-otorgan-20110430.html (Translation
by courtesy of es wikipedia)
_______________________________________________________________________________________________________________________ KPMG Quit
April 28, 2011: Wikifrauds have been advised by a usually reliable
source that on April 26, KPMG have resigned as auditors for Western
Gulf Advisory AG in Zug, Switzerland.
KPMG were only appointed in December 2010, following the resignation of
BDO a few months earlier due to "irregularities" and other matters
relating to the WGA 2010 Annual report.
Zwicky Lindlin Lawyers in Zug also resigned in February this year.
We wonder how long it will take Credit Suisse to join the exodus and
get some distance between them and the world's worst fraudster in many
years. Continuing to support Ali can not be good for this bank.
The following is pasted from the website "Moneyhouse": Western
Gulf Advisory AG, train, CH-170.3.032.640-3, Aktiengesellschaft (SHAB
No 222 of 15.11.2010, p. 20, Publ 5,894,366).[deleted:
According to statement by the Board of Directors of 04.09.2008, the
Company is under no regular audit and dispense with a limited audit]. People
newly registered or mutating:KPMG AG
(CH-170.9.000.370-3), in train, auditors.
Guardian had this to say about Ali on April 26: Rather than a shed-load of
cash, Racing's owner Ahsan Ali Syed has left a trail of broken
promises. And his team are suffering.
the president of Cantabria, Miguel-Angel Revilla, said, mostly it was
funny. Ali was "a maniac". As a fan but not officially the president he
was not, strictly speaking, bound by protocol. Besides, he had bought
the club, he could do whatever he felt like. Bought the club? No. Saved
it. Racing had to pay the tax authorities and were in debt. Not a huge
debt by Spanish football standards, at around €14m (£12.5m), but they
needed a solution; he had bought them out, investing almost €3.5m. The
local edition of the sports newspaper AS splashed its cover with a
huge: "Ali the saviour!"
were 16th and in trouble when he took over. He sacked Miguel-Angel
Portugal and brought in Marcelino, the coach whomiraculously
took them to the Uefa Cup in 2007.
They had beaten Sevilla and Getafe and drawn 2-2 with Villarreal,
climbing as high as 12th. That was just the start. Racing were going to
be big. Ali's initial cautious discourse soon gave way to something
much more dramatic. He talked about a third power, ready to challenge
Madrid and Barcelona. An Indian who flies around in a plane with his
name on the side, he was going to spend big. They even let him off the
heinous crime of not eating ham, giggling indulgently as they noted how
this billionaire eats hamburgers and nothing else. The reason was
simple: "That Hindu bloke has his pockets full of cash," a beaming
it seems he didn't. Or if he did, he wasn't ready to dip his hands into
them again. That was back in February. A month and a half later, the
club say the money has dried up – and so have the results. The same
newspaper that called him Ali the saviour is now asking if he is in
fact Ali Baba. Revilla says he's not sure he trusts him. The
accusations that were made about him in England when he tried to buy
Blackburn Rovers, accusations that pointed at unpaid council tax, have
now been noted. However lawyers representing Western Gulf Advisory-AG
insist: "There is no basis for the suggestion that Mr Ali had a
questionable track record in business and a 'colourful financial
history'," and say the allegations are "false and misleading".
than a shed-load of money, they say he has left a trail of broken
promises and embarrassing excuses. Now, he's nowhere to be seen. He
doesn't even have anyone running the club for him: Racing have the same
president and same staff they always did – only now their power is
limited. With every passing day, the mask slips. The players joke that
the first time they saw Ali he was impeccably dressed, complete with
cravat and carefully cultivated creases; the second, a little less so;
and the third, even worse. "The day he turns up here in Pull &
Bear," they say, "we're really screwed."
pretty screwed already. When Ali took over at Racing, he paid €1.4m to
Spain's tax authorities, an amount that needs to be stumped up every
other month until more than €13m is repaid. €1.5m went on owning the
club, roughly €750,000 each to the local government and the majority
shareholder. €450,000 went to paying staff and players for February.
€350,000 was paid to Credit Suisse for overseeing the purchase. In
total, he is estimated to have spent €3.5m on the operation. And every
time he comes to watch Racing play, flying in on his private jet, it
costs him somewhere in the region of €70,000. So he has certainly put
money in to the club, saving them from legal intervention.
they say it's what hehasn'tpaid
that worries them now, the promises: the €50m he talked about for
transfers and the next instalment for the taxman. This month, Racing's
long-standing director general, saying he was unable to get hold of the
owner and still less his cash, had to seek a loan elsewhere to satisfy
the €1.4m debt.
then there are the players. Racing's squad have had their monthly
allowance, but the actual salary – paid in a single chunk after the
season – is a different matter. Despite a guarantee that means the Liga
Nacional de Fútbol Profesional protects the payments, players are
fearful. After all, they are still waiting for last year's. Last
season, 11 players were owed a total of €1.7m by Racing; the figures
were small, seven of them in the region of little more than €40,000,
but still there is concern. Not least because of which players are
affected. Eleven players with a commitment to the club, players such as
Gonzalo Colsa, Pedro Munitis and Pedro Pinillos, who were persuaded to
hang fire and wait by Pernía; players who bit their tongue, who did not
denounce the situation. When Ali Sayed took over, they were told the
wait was over.The
cheque is in the post.
seems it wasn't. They say the first promise came at the club's training
ground: the 11 men were told that the payment had been made and would
be in their banks any day now. The second was made at Cornellá. Ali
came down to the dressing room and admitted that he hadn't made the
first payment but he would. The third came an hour and a half before
Racing played Levante. Munitis and Pinillos were called up to Pernía's
office and told that the money would be with them soon. Ali Syed was
not there but, with devastating cheek, he offered a bonus if they beat
Levante – Racing's players simply laughed at what seemed like the
shamelessness of it. By the fourth, Pernía even showed them the "bank
Our latest forecast of coming events: April 27, 2011: Spain is in
uproar at Ali's behaviour and open refusal to honour his obligations.
In Bahrain, the authorities are taking a very close look at WGA.
Reports are coming in to Wikifrauds that the Department of Commerce and
Industry have confirmed to certain Australian lawyers acting for a
number of complainants, that neither WGA nor Ahsan Ali Syed have ever
held any appropriate licences to act as money lenders or financial
advisors, or to collect fees for such services.
We are even hearing feedback that the Bahrain authorities have frozen
his bank accounts pending investigations into official complaints
lodged by a number of companies. And his move to sue Keith Johnson will
backfire on Ali in a big way.
We also hear that Ali is preparing to move his entire operation out of
Bahrain and into his new offices in Amsterdam, and that he might also
be closing his office in Zug, Switzerland. It also appears from
documents we have researched that WGA has no licence to deal in loans
in Switzerland either. All of which means that the proof of his scam is
slowly being uncovered and that he is moving to try to remain one step
in front of his large band of aggrieved victims.
We believe that Ali has little or no real significant money left to do
anything, and that the Ponzi scheme has collapsed under the weight of
his expenses, and that most of the scammed money has been already sent
to his "uncles" in India, and he can't get it back. We have been
advised by a former employee of WGA that Ali regularly remitted
millions to these "uncles", who are in fact his bosses and the original
owners of vast sums of black money Ali used as seed capital to start
WGA on its infamous road back in the years 2006 - 2008.
Nobody will get any fees refunded - they are long gone. And Ali is now
ducking for cover - next stop the Netherlands. A photo of his expensive
office in Amsterdam is shown below. For those looking for Ali, he may
be found at this address in the near future:
Herengracht 500, Amsterdam
Latest News Page: Headline Another Broken Promise from the "Liar
of The Year". April
27. We asked this question about six days back, before Easter.
The news out from Spain seems to have confirmed our thoughts.
Since writing the comment below, it has been confirmed that Ali has no
intention of living up to his contracts with Racing Santander, and the
whole aquisition has been exposed as a complete sham. The tax bill due
has not been paid, and despite Pernia allegedly showing his players
documented proof of money transfers, that player payment money still
has not arrived. And nor did Ali arrive back in Santander for last
weekend's match, much to the relief of officials who were expecting
supporter unrest and demonstrations against Ali.
Again, excuse after excuse, and lie upon lie. Ali's trait throughout
his life is to promise, make excuses, lie about everything, and NEVER
deliver! Not one single time can we find that he has ever kept his
word, not one! See spanish press today:
Here is a translation as close as we can get it: Ahsan Ali Syed flees Santander He paid 3m € and wants to be paid
no less than 15. He is not putting in money any more. Ali
Syed had a plan to make profits out of Racing from the very beginning.
The Indian businessman buyed the Cantabrian side with an initial
investment of 3m €, in order to try and sell it for more than 15m. Ali
Syed expected to transfer the club to the Royal Family of Bahrain just
after the match between the Cantabrians and Real Madrid. The
current owner of the club had planned to invite the Bahraini tycoons to
the royal box of El Sardinero stadium and try to sell them his shares
of the entity, as well as its debts. Thus Ali Syed would be no more
than a intermediary between the current racinguista managers the
the aforementioned Royal Family. But
the master plan of the Indian tycoon collapsed due to the Persian Gulf
uprising that took place those days, which prevented the Royal Family
to fly to Spain in the arranged date. Three
months after his takeover, Ali has no intention to spend any more
in Racing. Neither he is going to pay the 1.7m debt the club has with
11 footballers since the last season, nor he is paying the installments
he agreed with the Spanish public Treasury. Furthermore,
last Sunday it was foreseen that Ali Syed would come to the match
against Málaga, but at the end, making different excuses, he did
not travel to Santander, for the relief of all Cantabrian
leaders, who were expecting a hostile reception. The
current owner of Racing excused himself blaming the air traffic, but
all seems to indicate that he consciously made the decision not to set
foot on Santander due to the recent events. Actually he has fled
Santander. Solutions Francisco
Pernía intends to travel the following days to Bahrain to directly
negotiate the sale of the club with the Royal Family. During this
negotiation, Pernía will use Ali Syed as an intermediary and try to
alleviate the serious economic situation of the club, which finds
itself in need of solutions after all these events. Players not paid -
Again! Read racing Comments. (use Google translator on
Racing Santander Player payments promised by Ali to be in the player's
hands by Thursday April 7, have not arrived. He committed to paying
last year's deferred payments by this date, and this is now the second
time Ali has made such promises and then failed to keep them.
Ali is blaming the banks of course - which is absolute rubbish.
How the Cantabrians and the players can believe this is beyond
imagination. Do they still believe in the tooth fairy also.
It is yet another example of his continued broken promises and absolute
lies. The Australian 'clients' of WGA and Ali Syed know only too well
that they cannot rely on his word on anything. He has, since early
2009, failed to make payments of millions in loan contracts, and has
failed to repay fees and costs to a large number of companies in
Australia, New Zealand, the UK and Malaysia. He has contractual
obligations to refund loan fees but keeps making excuses and not
repaying the money despite his signed agreements. It seems his own
signature is as worthless as his words are.
Meanwhile, this strutting psycopathic liar who never speaks a
truth, continues to seduce Racing
Santander club officials and even the local gullible politicians like
Cantabrian President Revilla. If Revilla had any sense of
responsibility whatsoever to his electorate, he would make an effort
at due diligence and contact the Australian press, or us, or victims
like Keith Johnson, and hear for himself the untold stories of lies and
broken promises that Ali has perpetrated on so many people in
Australia. We invite Revilla to do just that. Latest feeble excuse to 'Racing' . .
. May 10, Ali is now blaming 'his bankers'.
When questioned on his arrival in Spain last
night, Ali blamed his bankers advice for not paying his latest tax
installment. This man's feeble excuses are really running thin
everyone, and the Spanish club, Racing Santander, are getting sick of
just as the world is. Who can believe that a supposed multi-billionaire
told by his bankers not to pay his tax bills.
Even if it
is a half truth, then
what does this signal to all those companies in Australia
who are being stalled in
getting their fees refunded? Is the bank telling Ali he hasn’t the
of the real owners of any money to make any drawdowns, or is Credit
putting the squeeze on Ali also in the wake of the Cantabrian
calling up their bank guarantee last week.
have truly fallen off
the WGA cart, and it’s skidding in the dust on its axles and grinding
See: Eldiariomontanes report.
Interesting that the fans now jeer Ali, and his entourage has shrunk -
no more hangers-on, and no bodyguard - he can't afford them any more.
All the classic and obvious signs of austerity that accompany one
running out of money.
LLAMAMIENTO DE WIKIFRAUDS A CANTABRIA
invita a todo jugador, empleado o directivo del Real Racing
Club a ofrecernos cualquier información de que disponga para que la
publiquemos en nuestra página web. Necesitamos vuestra ayuda para
presionar a Ali Syed con el fin de que pague lo que debe o, por lo
menos, que explique las razones por las que no ha cumplido
hasta la fecha.
dirigimos también a cualquier empresario que haya entrado en
negociaciones de préstamos con WGA y Ali Syed, y que en este momento
esté pensando que puede haber sido engañado, como ha pasado
con otros muchos alrededor del mundo. Toda información comercial será
tratada con la mayor confidencialidad, si así lo desean.
de hele wereldmaar
mensen in deup-frontkostenverlorenaan
doen van uwdue
diligenceopdevennootschap, ga dan naardezesitevoor
om ze tevermijden,de
Australischebedrijvenhebbenoverhandigdergenstussen de $40 en$ 60
________________________________________________________________________________________________________________________ Open Challenge to Ali Syed It
is time to re-visit some facts and ask Ali to clearly respond to all
these questions. Any journalists reading this should also ask Ali for a
direct response, and a truthful one. Not another spin story - we all
see through those now. No more disregard to the facts:
How do you explain leaving the UK in
2006 with a trail of debt and unpaid fines, and now you have a private
jet, a Spanish football club, and homes in Bahrain, Switzerland, and
The Bahamas, and claim to have $12 billion!
Where did all this money suddenly
Of the Australian deals that were
published at various times during 2010, both in the press and on
earlier versions of your own website up to February this year where you
claim they were funded, how many have actually been settled?
Of these publicly announced deals,
how many have received their fees and costs back in full, and how much
money from these companies are you still holding and why?
How do you explain that the much
publicised deal with Cubbie Station was only being held up by the
Foreign Investment Review Board (FIRB) in Australia, when in fact we
now have information in the Australian press that the deal was
cancelled and Cubbie are still waiting on a refund of over $2 Million.
How do you explain that despite
promising Keith Johnson that he would receive his refund, he is still
waiting for $3.26M
How do you explain that with a loan
approval given to Mr Johnson in
writing, you now claim he was never approved. If he wasn't approved,
then why did he not receive a full refund of his fees under clause 6.7 of your advisory agreement (see
below) signed back in September 2010. The refund clause 6.7 of the agreement clearly
states a prompt refund of fees. Is six months and still no refund your
idea of "prompt"?
After repeatedly advising Mr Johnson
that his fees were to be refunded, do you understand the reasons why in
desperation, Mr Johnson sought the assistance of the press by
bringing your action to
the public's attention?
Are you now suing Mr Johnson as a way
to avoid repaying his fees?
Wikifrauds knows (and so do the
police authorities in Australia) from the Victims Forum of a large
number of deals in similar situations - no loans settled and no refunds
made despite individual promises made by you and Omer Khan that their
money would be returned. Exactly when do you intend to refund this
Are you prepared to publicly release
other Australian 'clients' from their punitive non-disclosure
agreements, without threatening loss of their fees, so that they can be
safely named and listed in the Australian press and their details
If you have nothing to hide, why not
allow these people to detail their frustration.
As your Advisory Agreement contains
no mention of any 'release' agreements or any other agreements, why do
you insist that further agreements be signed as a condition precedent
to the refund of fees? Why not simply refund fees "promptly and without deduction whatever"
when requested to do so by any client? And when such further and
totally unnecessary agreements are signed, why are the fees still not
We ask that you respond to these questions either directly to us by
email, or to the press at large. We will reprint any email you send us
in its entirety and without editing of any kind. If you are the true
and honest businessman you claim to be, our reading public expect an
answer in full to each question.
By the way, we have thousands of website hits per month and a very
steady number of repeat visitors who take an ongoing interest in both
you and WGA. Steady return visitors to our site include many major
press agencies, Australian government bodies, stock exchanges in a
number of countries, a number of enforcement agencies here and in the
USA, major banks in Spain, Holland, Australia (including the Reserve
Bank), New Zealand, the UAE and Bahrain, Credit Suisse branches
throughout the world, and a vast array of other financial institutions.
They will all be expecting you to
________________________________________________________________________________________________________________________ Johnson still waiting on refund March 31, 2011 Despite Ali's
advice to the Wall Street Journal 's David Roman in an article released today,
Ahsan Ali has still not returned the promised refund of some USD$3.627
Million, claiming that "WGA rejected Johnson's loan request and the
fees will be returned to Johnson as soon as some paperwork is
Ali's two blatant lies are:
"WGA rejected Johnson's loan request."
" . . . the fees will be returned to Johnson as soon as some
paperwork is completed."
paperwork requested to be completed by WGA to enable the loan fees
refund was completed and sent to WGA, as acknowledged in a letter from
WGA's Sydney lawyer, John Mulally, on March 18, which states:
Dear Sir WesternGulf Advisory and
Johnson Property Group
I am instructed to write to you by Western Gulf Advisory in
relation to the fee refund.
Western Gulf Advisory instructs me that
it had given final
instructions for the fee refund but had not received the confirmation,
current events in Bahrain
compelled the closure of all business offices, including the office of
Gulf Advisory, and the banks in Bahrain.
I am further instructed that as soon as
Western Gulf Advisory
is able to open its office and resume its normal business operations
receives the confirmation, it will let me know that so that I can, in
Mulally and Associates. (The letter is signed by John
Mulally himself) See original.
Quite clearly, the troubles in Bahrain have
subsided now and business is back to normal. Ali's office is open, and
so are the banks. They have both been open for over ten days. Wkifrauds
has seen very recent correspondence from WGA which shows that their
office is certainly open.
It takes about one hour at any bank to arrange and complete an
international transfer, even of this magnitude. So we ask Ali to show
us and the world some true justification for not promptly refunding Mr
Johnson's money, instead of finding lies and excuses to hold onto it.
back Mr Johnson immediately and without further
excuses, or stand condemned as the fraud you
are. We will publish the status of this refund
daily until you pay it back, and I will personally ensure
that all the press who
have followed your story are kept informed.
Now, instead of repaying Johnson, Ali has sought to avoid his contract
obligations and the commitment made above, by making a frivolous claim
of defamation and damages against Johnson in the Bahrain Chamber of
Dispute Resolution. He hopes to win this case so that he can avoid
repayment of his scammed fees altogether. We know however that Johnson
will defend this matter and has the support of many Austraian victims.
Ali might well be surprised at the outcome. He has never been a good
strategist and has now perhaps provided a platform upon which his
activities can be fully exposed. That asumes of course that the Chamber
finds that it has the jurisdiction to hear such an issue. The question
begging an answer is just that matter - how does any Bahraini court
have legitimate jurisdiction over an alleged defamation which took
place in Australia, and against a company registered in Switzerland
where the Advisory Agreement upon which all this rests, was
constructed. And the elephant in the room is also the notion of the
fairness of the Chamber when compared to normal western court
proceedings - are this court's standards as rigorous, balanced and fair
as we would all wish?
caught in deliberate lies !
Ahsan Ali Syed has now been caught telling the Spanish press and the
rest of the world a complete and deliberate lie, and the truth has been
proven by Sydney victim, Mr Keith Johnson. Pasted below are parts of
Ali's press release of March12, 2011 Ali's Press Release.
(read in full)
According to the
have been published in several media during the last days, Mr.
Ahsan Ali Syed would like to deny the charges in which has been
subjected him and his company Western Gulf Advisory, and
he wants to clarify this issues: As Mr. Ali
has argued in the exclusive interview published yesterday in the Daily
Tribune, he acknowledged that: “The accusations are baseless and
frivolous. Johnson Property Group (JPG) has approached WGA seeking
funds for its project in New South Wales. However, as per our policy,
we offer loans only after getting due diligence
an independent agency. They should have some credibility to secure the
loan without which not only WGA but no bank would lend (them) money.
All prospective clients are asked to conduct due diligence report on
our company and only after they are satisfied with our antecedents,
will there be scope for further negotiations. When JPG failed to meet
the requisite norms set by our company, we decided not to fund them”. Lie Proven by Keith Johnson in Sydney:
courtesy National Business Review, New
developer Keith Johnson duped out of $US3.67 million by Western Gulf
Advisory has released a cache of documents supporting his argument the
company is a sham and said the judge considering the future of Terry
Serepisos needs to read them.
Keith Johnson issued his latest attack on WGA after the Swiss-based
lender’s founder Ahsan Ali Syed claimed in an interview the
Australian's claims were “baseless and frivolous”.
Mr Johnson said: “Many businessmen have been hit by this scam. Many are
too scared to come forward fearing the same attack from Mr Ali. He is
not stating facts, I have hard evidence to prove this."
Mr Ali claimed that Mr Johnson’s property group “failed to meet the
requisite norms set by our company” and had never sent any money to WGA.
Mr Johnson said the documents released, attached below, including bank
transfer information and a loan sanction letter approved by WGA’s
board, showed Mr Ali up. “What sort of character is he to say those
The developer told NBR the documents he put into the public domain
should be required reading for Associate Judge David Gendall who is
hearing liquidation action against Terry Serepisos’ companies': “This
is what the judge over in New Zealand need to see. They change the
dates all the time.”
WGA promised Mr Johnson in October a $US150 million loan attracting an
interest rate of only 4.07%, but later claimed in numerous letters they
were not in a position to refund $US3.67 million in upfront fees.
A letter from Mr Johnson's lawyer dated February 25 notes: "My client
has honoured every commitment it has ever made to your client.
Conversely, we cannot think of a single commitment Western Gulf
Advisory has made which it has adhered to."
The letter goes on to demand an agreed fee repayment take place by
March 1, or Mr Johnson would inform media and regulatory authorities
about WGA "and its actions through this whole sorry affair."
While the Australian Federal Police have said they do not have an open
investigation into WGA, Mr Johnson said he had recently talked to the
NSW fraud squad and would initiate global legal action to wind up WGA
if his $US3.67 million in fees were not refunded by Friday.
“We’ll file in Switzerland, Bahrain, wherever we’ve got to go. And
wherever he’s got that soccer team - Spain too,” he said.
Wikifrauds has the
documents including the loan approval, money transfer details for
up-front fees paid to Ali and receipts from Ali. We also have similar
details for a further five clients who have never had the loans settled
either. The documents will form part of an overall submision to the
relevent Police authorities later in the week.
In an added twist,
Terry Sereposis has sent his advisorto Bahrain to get his money back.
He will probably bump into a whole bunch of Australians reported to
have also headed over to see Ali to get their money back, or their loan
agreements settled. It's our tip that nobody will succeed in either
mission. The Malaysians have been waiting for over two years as
documents we have amply illustrate!
_________________________________________________________________________________________________________________________ Ali's cheque bounces!
Reported in "Marca" March 9
2011, and the Cantrabrian paper "El
When Ali fired the former coach of Racing Santander, the coach, Migel
Angel was given the first of five cheques to pay out his contract
to June 30.
Surprise Surprise - the cheque bounced! The cheque was drawn on a
Portuguese bank and was not honoured due to insufficient funds in the
This follows Ali's meeting with the players a few days back wherein he
asked that they be patient and wait a little longer for payments due
from 2010. Many players have not been paid at all for 2010, yet this
prancing saviour with billions at his disposal can't honour cheques and
pay the players what they are entitled to. But he's got the money to
travel with an entourage and stay in the best hotels, between flitting
around Europe in his private Challenger jet.(Sorry, that jet really
belongs to his Australian victims - he bought it with their money!)
We are also getting persistent information of Ali purchasing clothing
and other goods around Santander, but not actually paying for them.
That's the trouble with crooks like Ali, they just can't
help swindling anyone who falls for the spin. Half a chance he hasn't
paid his hotel bills either.
Wake-up Spain! This trumped-up little man is just another cheap and
flashy con man, and but for a few who see through him, many Cantabrians
have fallen for his ruse, including President Rivella, and let's not
forget Pernia. Pernia had many meetings in the Gulf before Ali
appeared. The truth about those meetings will come out sooner or later.
We are wondering if Racing Santander itself had to pay some up-front
fees to engage Ali in the first place. And did Pernia's own bank
balance improve? These are questions all
Cantabrians should be asking.
_______________________________________________________________________________________________________________________ SEREPISOS DECLARED BANKRUPT! Sep 26, 2011:Serepisos has finally hit the dust.The New Zealand Herald reports
today that the Donald Trump of New Zealand was unable to survive or
take his own TV advice on The
to would-be business people on how to run a successful business. Judge
Gendall of the New Zealand High Court granted an application to South
Canterbury Finance, owed some $22.5 million, to have Sereposis declared
bankrupt. The report also says that Serepisos has been locked out of
his office at Century City Headquarters in the ASB Bank Tower in
Wellington. He has also lost his Ferrari F430 F1 which was sold at
auction on Saturday for $204,500., and creditors have also laid claims
on Serepisos's clothes and furniture.Oddly enough, Ahsan Ali Syed, his
much vaunted saviour, was not in the court to support Sereposis. Maybe
now Serepisos will admit that he has misled everyone since February
this year, including himself, in the face of the overwhelming evidence
that WGA and Ali are and always have been nothing but criminals.
________________________________________________________________________________________________________________________ SEREPISOS FINALLY LOSES HIS SOCCER CLUB Sep 23, 2011:
Football Federation Australia (FFA) has finally revoked the licence
held by Serepisos for Wellington Phoenix.
Reports in the New
today disclose that a new group has been licenced to control and manage
the embattled club which had been left struggling to pay its debts by
this arrogant property developer, who has continually and publicly
chosen to endorse his "friend" Ali Syed. The whole world knows that Ali
and his so-called financing outfit, WGA, is nothing but a massive
fraud. Yet Serepisos has time after time stated his full confidence in
Ali Syed and that his promised loan would be forthcoming. This is
despite the fact that his financial advisor, Daniel Hunt, knew
that WGA was a sham and has been trying to assist another client
(victim) to recover another massive up-front refundable fee paid to
Ali. This client, a consortium led by Russian mystery businessmen AdylKhidirbekov and Sergei Sonkin,
has been chasing their refund for at least eight months. At one stage
back in June this year, Hunt was attempting to get the Russians to join
the Australian victims forum, or so he said. At the same time, he also
said that he
would get Serepisos to join the group, so he knew way back before then
that the whole thing was about to topple over. A defiant Serepisos
nevertheless continued to support Ali in public while privately he has
been trying to recover his up-front fees also. In our opinion,
Serepisos has deliberately misled his numerous creditors and others,
Inland Revenue Office and FFA, by promising them that his WGA loan
would be settled when he well knew that it wouldn't happen. In
Australia, continuing to trade when insolvent is an offence punishable
by hefty fines and or custodial sentences.
As for Hunt, he has his own
massive problems to resolve. His family home, in which only his
estranged wife Anna and their young son George reside, is about to be
claimed by the mortgagee. It is understood that Mrs Hunt has been
served with a notice to quit the home by late October. Despite
statements to the Family Court by Hunt that he has been paying, and
would continue to make the mortgage payments, it is understood that the
account is well over NZ$30,000 in arrears. Wikifrauds understands that
the mortgage is in the joint names of a trust owned by Daniel Hunt,
Anna Hunt, and Hunt's father, a very wealthy pastoralist. It remains to
be seen whether the wealthy millionaire farmer will pay the arrears in
order to keep a roof over his grandson's head, or abandon them as Hunt
himself did when he ran off with his defacto Russian bride. It is also
understood that Hunt has continually failed to make his child support
This all goes to credibility
and what can or cannot be believed. Hunt is on the public record as
stating that he personally knew of three deals that WGA had settled in
Australia. He also stated this in an affidavit to the Family Court on
matters relating to custody. He must have assured Sereposis of this
also, as he too has made that statement public. Yet privately Hunt has
admiitted that he was only told
this, and has no personal knowledge or evidence of any such settlements
whatsoever. It is clear that Hunt and Serepisos, both knowing the
truth, have deliberately misled the press and Serepisos's creditors
alike, and in their joint deceptive public support of Ali, have given
some false degree of comfort to Australian victims, some of whom kept
on hoping for months instead of taking action much earlier. There is no
ANZAC tradition in either Hunt or Serepisos. Both should have come
clean months ago. Both have seriously misled everyone for a long time,
and Hunt has clearly lied, and on oath, for his own private and public
________________________________________________________________________________________________________________________ Wellington Phoenix Football club about to go. Sep 7, 2011: The self-styled Donald
Trump of New
Zealand. If interested readers listen really carefully, they will hear
Ahsan Ali Syed gallantly charging in on one of his prized horses to
rescue his great friend, Terry Serepisos.
And if they look up into the sky, they might see a flight of pigs.
It seems like Football Federation Australia (FFA), the licensor of
soccer for the region, has been patient enough with the repeated false
assurances from Serepisos that he is able to continue ownership and
funding of the cash-strapped club that Ali promised to save. The Otago
disclosed that Phoenix coach Rick Herbet is owed over $100,000 in
salary payments, and that the FFA is ready to hand the club over to a
group of private investors. It's about time Serepisos actually grew up
a little and told the truth. His financial advisor Daniel Hunt knows
it, all of Australia knows it, McNabbs know it, the SFO knows it - Ali
IS NOT coming to the rescue with his $100 Million loan - the man can't
even pay his bills to PR company Hill & Knowlton, let alone fund
all the loans he has approved, or even refund the tens of millions of
fees scammed. Serepiso is just fooling himself bigtime. This is also
confirmed in an article on Monday in the Dominion
Post by Australian lawyer, Andrew Bryce who is representing a dozen
SEREPISOS SELLS HIS ASSETS August 29, 2011: The self-styled Donald Trump of New Zealand,
Terry Serepisos, is now asking for
an orderly sell-down of his assets. Serepisos told the New Zealand High
today that his assets exceeded his debts by some NZ$30 Million. However
estimates are based on what Serepisos says
is the case, but other analysts
claim that he is in fact some $80 Million ‘upside-down’.
clear is that Serepisos is desperate to remain in control of what is
a winding-up of his affairs. In yet another ridiculous
statement yesterday, Serepisos
said a $100m loan he has
arranged from Western Gulf Advisory, a Bahrain-based lender which has
accused of fleecing investors in Australia, would still come through.''I
personally still think it's going to come through, and it'll come
sooner than people believe. That's my opinion. I'm adamant it is.''
broker Daniel Hunt, who introduced
him to Ali Syed’s WGA, is at odds with Serepisos and has advised that
property developer is just saying this to “keep his people at a
he is sorting his mess out”. It must be obvious to Serepisos and
his creditors that what he is
now saying is pure wishful fiction. After all, he has been spruiking
line for the last seven months. The loan is always just around the
it never comes. And who would know better than Hunt. He also brokered
McNabb deal and the Revolution Productions deal for the Russian
Khidirbekov and Sergei Sonkin. Both deals failed to settle, and both
have been unsuccessful in obtaining a refund of their fees, even with
Hunt's assistance. Hunt is still being paid as an adviser to Serepisos.
That being the case, how does he explain to Serepisos that his other
clients can't get their money back and didn't get their loans settled.
How can he possibly support Serepisos in his continuing belief in
Ali? Maybe Hunt just wants to stay on the payroll as long as
possible, until either Serepisos runs out of money, or runs out of
patience with his financial adviser when it finally dawns on him that
the advice has cost him well over a million dollars he can't afford.
another step towards bankruptcy for Serepisos.
August 19,2011: Serepisos is financially dying a death
by a thousand cuts
and his doctor, Ali Syed, is not by his side. The heart monitor is
about to flatline and all Ali can say (but not do) is that he is
Serepisos's best friend and he will get him the medicine - a US$100
million dollar loan.It has been widely published in the New
Zealand press over the last few days that yet another creditor has
joined the queue the NZ High Court. New Judgement against Serepisos August 1, 2011: Stuff.co.NZ today
reported a new $2 Million debt judgement against Serepisos.
$2 million of debt has been added to the slate of Wellington developer
Terry Serepisos. This morning in the High Court at Wellington, a
Waipukurau lawyers' nominee company formalised the debt it's owed by
Serepisos. Associate Judge David Gendall granted the application of
$2,023,170.05 against Serepisos for the Davidson Armstrong and Campbell
Solicitors Nominee Company. The sum is now also gathering penalty
interest of 16 per cent. Solicitors nominee companies are a way for
investors to pool funds for lending. The judgement could be used later
as the foundation for a bankruptcy application. Read more.
- Bankrupted tomorrow?Now deferred for
four weeks: July18, 2011: The bankruptcy
proceedings against Serepisos have been adjourned to August 18
following another creditor joining the action. SouthCanterbury Finance has joined with Canterbury Mortgage Trust and are
seeking debt recovery of some $50 Million, thus taking these
proceedings to a total claim of over $55M, PLUS the residual debt owed to the
Internal Revenue Department from matters heard in the Supreme Court
Way back on February 22, in a press
release from Ali's office,
this fraudster promised to help Terry Serepisos because he was a
"friend". Since that time he has failed to deliver on his promises, and
dates given for those promises, so many times that we have lost count.
Information provided to us by his agent Daniel Hunt confirms that the
last round of promised settlement dates started on June 24. When the
money didn't arrive on that date, Serepisos phoned Ali for an
explanation. Ali told him that although he had said that the money
would arrive on that date, he hadn't actually "promised" it. But in
this phone call, he did promise that the money would arrive the
following Friday, July 1. That was a promise,
as distinct from a statement of intention. When that "promise" to his
friend again failed to materialise, Serepisos and Hunt both flew off to
Bahrain to pressure Ali. The trip for two was another waste of
creditor's money. After several days, they were sent home by Ali and
told to wait for the money, which would now arrive on Friday, July
14. It didn't of course. It never does. And the Serepisos affair
is only one of at least two similar deals brought to WGA by the broker
Daniel Hunt. The other deal has also been defaulted on by Ali, and the
clients, a Russian group headed by a Mr Adyl Khidirbekov and a Mr
Sergei Sonkin, with projects in New Zealand, are now left like all the
Australian victims, wondering how or if they will ever get their money
July 17, 2011: The unpaid
creditor Canterbury Mortgage Trust is about to tip Terry Serepisos
upside down in the courts in New Zealand tomorrow, Monday July 18.
Nothing but a miracle can save him now, and the miracle he still
believes in is WGA. For the last six months Ali Syed has been deferring
the loan with excuse after excuse, and delay after delay. The
high-roller Serepisos, and his agent Daniel Hunt, both flew off to
Bahrain a fortnight ago after Ali had again failed to make a deadline
promised. Whilst there, Serepisos and Hunt were again promised that the
desperately needed cash ($100M) would be delivered last Friday in time
to save the owner of Wellington Phoenix and his tattered business
empire. Wikifrauds has received advice that Serepisos is some $80M
'upside down', and without that loan, Serepisos is well and truly sunk.
We also believe that the rescuer who paid most of Serepisos's tax debt
(see below) has done a deal with Serepisos on one of his assets; a
hotel used as a security for the bailout with the taxman has been
acquired for a song by that lender and immediately placed on the open
market to realise a large and immediate profit. No doubt the
authorities will want to take a real good look into this transaction at
some stage in the very near future. Such transactions as this appears
to be are often unwound by the major creditors in the process of
recovery of funds. And the taxman, who as yet has not been fully paid
out, will also go down this track. Source. New Zealand Business
Review. Serepisos fails in court - loan funds not
forthcoming from Ali as promised. May 24, 2011:
Terry Serepisos appeared in court yesterday to stave off bankruptcy
proceedings, and failed miserably. Amid sensational proceedings, his
lawyer quit. There are only two reasons that lawyers quit: A, they have little prospect of
being paid, or B, their faith
in their client's honesty has lapsed.
Serepisos has continually made excuses for not having received his loan
settlement from WGA, and despite unexplained continual and repeated
delays from WGA and their founder, Ahsan Ali Syed, still expects
his creditors to stand by him. Chairman of Canterbury Mortgage Trust,
Don McBeath quoted today when asked about Serepisos's chances of having
his promised WGA loan settled, "I'm not sure whether it's appropriate
to say, but pigs might fly." CMT is chasing Serepisos for $6.1 million
and is seeking an enforcement order from the NZ High Court in
Wellington. The proceedings followed yet another settlement date
promised by Ali of May 20. Once again, the $100M loan funds failed to
materialise. This follows several past settlement dates promised by
WGA, and one in particular that was contained in a confidential letter
presented to the High Court in March which resulted in a stay of
proceedings by the Inland Revenue for one month. On April 19, Serepisos
was saved at the eleventh hour by a separate loan which enabled him to
clear his obligations to the tax authorities. It is understood that
this new lender, a property developer, is now chasing that money back.
It is now some months since Ali himself openly stated to the media that
he was going to help "his friend" Terry Serepisos. With friends like
Ali, Serepisos now has a full collection of 'enemies'. Some of these
would be the upset Australians who are rightly aggrieved at this
upstart smart-arse still uttering his confidence in Ali Syed, the
well-documented fraudster, who to this very day is still refusing to
refund loan fees of millions of dollars to Australian companies who
cancelled their loan applications, and have legally requested their
fees to be returned, under clause 6.7 of the Advisory Agreements signed
by Ali. The WGA Advisory Agreement quite clearly states that refunds
will be promptly paid should loans be not proceeded with for any reason
whatsoever. Yet there are numerous clients being stalled with demands
for so-called release agreements before any money is repaid. And when
such agreements are signed, Ali then demands another agreement to
replace the first. This has been going on for months and in some cases
go back as far as November last year. Six months of stalling is not
what anyone could describe as being prompt! And it's the same story in
Spain, where he still hasn't paid for his shares in the football club,
Racing Santander. Both major shareholders there are pursuing legal
remedies right now.
Matt Nippert, The New Zealand
Business Review (NBR) headlined on Monday May 23: Serepisos fights
bankruptcy process as lenders lose faith in WGASee
A further article on line from the TVNZ gives more details
wins first match -or does he? When
New Zealand's version of Donald Trump, entrepeneur and Wellington
Phoenix Soccer Club owner Terry Serepesos, fronted up to a match with
the Inland Revenue in court last week, in true football style he pulled
out his "trump" card just after half-time - a letter from Ahsan Ali
Syed that convinced the court to grant a stay of proceedings for one
month. Although the documents in this matter were made public,
the western Gulf Advisory letter was withheld from public scrutiny.
Score for this round: Serepesos - one, Inland Revenue - nil.
But behind the public utterances of support for WGA and his 'old
friend' Ahsan Ali Syed, a very different Serepesos strategy was being
executed to try to win the next round. Serepesos has now sent his
advisor scurrying off to Bahrain to see his
friend Ali and get his up-front fees back. Some expression of
confidence that is - no confidence! And no chance of his money back
either, that's not Ali's style at all.
Likely score for the next match: Serepesos - nil, Inland Revenue - nil.
Bonus points to be awarded to league leader WGA and coach Ali Syed, in
the form of several million!
And the referee - he will join Inland Revenue back in the change rooms
where they can wash the egg off each other's faces. There will be some
explaining to do one imagines.
Serepesos is due in court again on
April 18. As of April 28, he is yet to receive any of the promised
funds from WGA or Ali Syed.
And despite what he is saying in public, Serepesos has gone to Bahrain
to get his money back - and we have that from a member of his staff in