Manx financial scam: Chinese Filipino Boilerhouse

[Ringy Rose]

33 minutes ago, cheesypeas said:

Want the guy from King Gaming Alfs guest of honour at Tynwald last year ? 

No. Or if he was, he wasn’t on any official Iist.

[Luker]

18 minutes ago, 2112 said:

It would be very interesting to see the level of schmoozing that IOMG has done with this outfit - King, and also how much grants, loans or other assistance. How much has the taxpayer lost in terms of tax receipts and NI receipt payments? 

There was a lot of smoozing and some people will now go very quiet about the level of ass kissing that IOM Government has done around King Gaming and associated entities over the years. Many government advisers and other hangers on have done very very well out of this illusion which culminated in the complete BS office plans that were sold as the biggest investment into the IOM for decades. All it cost them was just over £1,000,000 for land that was never going to be developed by anyone then throw a few more quid at project managers and surveyors to make it look like something great and bold was going to happen in grotty old Douglas. They played the DfE and others for years with bullshit plan after bullshit plan while they were shipping in hundreds of people to get VISA applications rubber stamped and putting them up in dodgy hotels when they were supposedly working for a blue chip multi million pound gaming operation. 

As per the other thread on this subject. It likely no surprise either that we are looking for a new head of e-gaming. As there isn’t a big enough carpet to sweep this turd under. 

[Kopek]

There's always a 'bright side', perhaps the publicity could attract other SE Asian companies for legitimate activities to our shores because they hadn't heard of us before? Low taxes etc.

\\\\\\\\\\\we've had a few skirmishes with other jurisdictions, yet here we still are? Live and let live!

[Twitch]

6 minutes ago, Kopek said:

There's always a 'bright side', perhaps the publicity could attract other SE Asian companies for legitimate activities to our shores because they hadn't heard of us before? Low taxes etc.

\\\\\\\\\\\we've had a few skirmishes with other jurisdictions, yet here we still are? Live and let live!

Gotta admire your optimism! Perhaps with a more robust statement and some humility from our Government and I might have had a small chance of agreeing with you. 

[Omobono]

3 minutes ago, Kopek said:

There's always a 'bright side', perhaps the publicity could attract other SE Asian companies for legitimate activities to our shores because they hadn't heard of us before? Low taxes etc.

\\\\\\\\\\\we've had a few skirmishes with other jurisdictions, yet here we still are? Live and let live!

if you look at digital isle of man website  the King gaming tycoon  was interviewed  prior to the arrests promoting the isle of Man  as an excellent place to do business  as part of their  promotion , I just hope the DFE  have not leaned on the builders and other suppliers  to crack on with the corporate headquarters on the supposition it was fully supported by government 

a lot of people are going to catch a very big cold over this scandal and all because someone didn't do the proper due diligence  and make sure the Islands reputation was   protected   heads should  roll over  this major Gaff  ! 

[Gizo]

No one ever, catches a cold. This is the Isle of Man where the biggest fuck off carpet exists. 
martini’s all round 

[Kopek]

Oh, you're such a a Wuss, even nice Nations like Ukraine have been centres of scamming industries before us!  We'll get over it and everyone will forget, even us?

Scams are world wide and without our personal involvement in this it wouldn't even have made the MF pages!!!!

 

 

Let alone the Govts attention, which seems to have proceeded 'our' outrage???

[Mysteron]

3 hours ago, FANDL said:

That appears to be the main feedback from the finance sector today. People sick and tired of not being able to bank clients and not being able to properly grow their businesses for years due to the regulatory situation here basically wondering what the point has been. Also those who have tried to bring in staff and who came up against issues or tried to get grants or other support from government when the perception is that we have thrown the kitchen sink at a load of fraudsters who have now ruined the Islands image and now it’s going to get even worse for everyone left.

Jason Moorhouses’ question on grants and subsidy’s will be very interesting. 

And yet if you look at some of the recent regulatory investigations conducted by the FSA, licence holders have been sanctioned for failing to have the most basic of AML measures in place, such as risk assessments etc. 

Let's not lose sight of the fact that we're not just talking about them failing to comply with some minor local legislative requirements, they're failing to comply with international requirements, imposed on the Isle of Man if it wishes to do business with other jurisdictions.  If licence holders seemingly can't comply with laws/regulations etc which have now been in place for the thick end of twenty years, it does not bode well that they'll be sufficiently equipped to deal with or identify more complex financial situations.   How haven't they managed to acquire this resilience after twenty years?

The de rigeur for regulators at the moment seems to be that licence holders are fined, with maybe a few key staff prohibited from working in the sector again.  I'm guessing that most of the entities fined are extremely profitable businesses earning millions or multi-millions.  The regulatory fines, including record ones handed out in the UK, are no more than a mere slap on the wrist.  Probably an entirely acceptable risk for the entities affected.  Until this mindset changes, I can see nothing improving.    

[Kopek]

13 minutes ago, Omobono said:

if you look at digital isle of man website  the King gaming tycoon  was interviewed  prior to the arrests promoting the isle of Man  as an excellent place to do business 

What do you expect a scammer to do? Admit all????

[Last Ten]

3 hours ago, cheesypeas said:

Want the guy from King Gaming Alfs guest of honour at Tynwald last year ? 

Have you got any evidence / pictures of this?

[Last Ten]

I believe the FSA employs many retired Cops, so how did this slip their beady eyes??

[Roger Mexico]

5 hours ago, The Phantom said:

We are though and that's the massive irony with all of this.  Have you tried to do financial business literally anywhere else in the World?  Due to AML, Compliance etc we are a massive pain in the arse to do business with.  I'm constantly explaining to clients why I need info from them that they are not required to provide anywhere else. 

Which is why this makes it all the more strange.  

Not really.  There's a massive difference between being well-regulated and being heavily-regulated.  Heavy  regulation concentrates on making sure that every action ticks all the appropriate boxes (often literally).  The aim is to make sure that regulators can 'show' they have stuck to the rules.  And of course it requires a lot of regulators if every transaction is to be scrutinised.

Good regulation will be intelligence-led.  And that intelligence will extend beyond the question "Is this person one of our mates?" or (more likely) "Is this person using the services of one of mates in some way?".  It will genuinely be interested in bad practice being stopped or, better, prevented - and dodgy characters turned away.  Audits will be skilled and genuinely random, without fear or favour.  And the process will be aimed at preventing the next scandal not the last one.  Lessons will be genuinely learned and the process will be as pen as it can so we know they have been. 

[A fool and his money.....]

11 minutes ago, Last Ten said:

I believe the FSA employs many retired Cops, so how did this slip their beady eyes??

Haha, the same cops who ran up (how many thousands was it?) in overtime to not catch a spree of small time burglars a few years ago?

This lot probably got away with their international scamming by keeping their road tax in date and making sure that both side lights were working on their car.

#notherberts.

[asitis]

8 hours ago, Last Ten said:

I believe the FSA employs many retired Cops, so how did this slip their beady eyes??

Maybe because the FSA are too preoccupied with respectable business, and making sure they place the staples in the correct place in a sheaf of notes for submission, than they are with dodgy, difficult to deal with characters, backed by lawyers and money ! 

[2112]

9 hours ago, Omobono said:

if you look at digital isle of man website  the King gaming tycoon  was interviewed  prior to the arrests promoting the isle of Man  as an excellent place to do business  as part of their  promotion , I just hope the DFE  have not leaned on the builders and other suppliers  to crack on with the corporate headquarters on the supposition it was fully supported by government 

a lot of people are going to catch a very big cold over this scandal and all because someone didn't do the proper due diligence  and make sure the Islands reputation was   protected   heads should  roll over  this major Gaff  ! 

It will be interesting how many debts King Gaming have left in their wake? Employees Tax and NI payments? Suppliers? Energy? What happened to all the staff which were brought over? Deported? 
 

Whilst this shows how an investigation by the BBC has produced results it shows how ineffective IOMG and its quangos have behaved. It’s only when the NCA got involved did IOMG and its quangos race into action. Then they trotted the line of how proactive they are etc etc. 

In the meantime the BBC releases their findings and IOMG hide behind further ‘investigation’ so no real comment. 
 

 

Edited August 24 by 2112