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10/6/2015: A Bombshell Goes Off on Anglo, IBRC & Nama
trueeconomics.blogspot.com / by Constantin Gurdgiev / June 10, 2015
Here are the excerpts from the very important speech delivered today in the Dail by Deputy Peter Mathews. And I urge you – the public and professional readers of this blog – to read through the length of this.
My focus here is one core aspect of the IBRC scandal that remains largely ignored by the Government and the media and that Deputy Mathews raises. For those inclined, full official transcript is available here. In the quotes below, bold and italics are emphasising points of major importance and are added by me.
“… I want to talk about how the so-called profits of IBRC were inflated for a period starting in 1993 and travelling forward to the present date. There were two ways this was done.”
Note, the word ‘inflated’ in relation to reported profits. If such inflation indeed take place, it would imply that Anglo reported profits were fraudulent. And this covers years from the early 1990s through 2003. That is a lot of years of potential major corporate fraud – fraud that (if proven such) would involve deliberate overcharging of clients, concealment of such overcharging and reporting this overcharging on the revenue and profits side of the company accounts.
The Act
“First was the direct manipulation of interest charges and the concealment of loaded interest, which happened in the majority of cases. An extensive exercise carried out by Bank Check revealed this. …
The post 10/6/2015: A Bombshell Goes Off on Anglo, IBRC & Nama appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/06/10/1062015-a-bombshell-goes-off-on-anglo-ibrc-nama/
