Pannu speaks out about Finances

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Pannu speaks out about Finances

Post  hootie63 on Fri Jan 11, 2013 9:28 pm

PP as spoken out about where the money as gone

Blues acting chairman Peter Pannu has sparked fan fury after revealing he paid out more than £430,000 in ‘pocket expenses’ to Hong Kong staff.

Club accounts for the financial year to June 2012 were published on Tuesday and revealed one director had received a remuneration of £687,611.

In an email exchange with the Birmingham Mail, Pannu confirmed he had been paid the money.

But he said that £250,000 was for his own salary while the rest, accounted for in his name, was spent on ‘pocket expenses’ for visiting Hong Kong staff.

He wrote: “My pay is 250K a year. With PAYE tax, it is 50 per cent less.

“No pay rise since October 2010 when the then board gave me the UK contract.

“Rest is pocket expenses for all the HK staff that regularly comes to the UK on which full taxes are paid and accounted for through my name.”

Pannu declined to give further details of what the ‘pocket expenses’ were for, although they may include flights, accommodation and living costs for his team of assistants, who frequently travel to and from Hong Kong.

Stock Exchange expert Peter Knowles described the situation as ‘irregular’ and ‘poorly explained’.

He said: “What he appears to be saying is that the staff in Hong Kong, he is paying them from a director’s salary which is totally bizarre.

“From an accountancy point of view, when accounts report what a director is being paid that’s what the director should be getting paid.

“I’m surprised the auditors approved it.”

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Re: Pannu speaks out about Finances

Post  bluenosekev on Fri Jan 11, 2013 9:51 pm

Cant be arsed reading that.

I can bet the typical load of bollox from Pannu.

Does anyone believe anything he says ?

Peter Pannu hand gesture
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Re: Pannu speaks out about Finances

Post  hootie63 on Fri Jan 11, 2013 10:16 pm

bluenosekev wrote:Cant be arsed reading that.

I can bet the typical load of bollox from Pannu.

Does anyone believe anything he says ?

Peter Pannu hand gesture

basically yes 400k+ was for ' staff ' in Hong Kong was part of his 600k+ salary
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Re: Pannu speaks out about Finances

Post  bluenoseghag on Sat Jan 12, 2013 5:29 am

Don't get this, surely adding 20k to a 200k salary would get taxed more than a separate salary for someone only earning the 20k a year.

Seems suspicious to me tbh

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