West's Financial Position

Thiele wrote:

Bundy wrote:Is  John Kantilaftas going to continue as CEO if elected.??

Think he is stepping down from the board to become the CEO if I read the article right.

Thanks JT i think that is what i was trying to say,but you explained it brilliantly. 

I agree with Flags No.9 the article was very poor. Hasn't Kym Morgan got anything else to write about

I got to work this morning and was bombarded by people about the article. I had no idea what people were on about until I went online and read the article. To clarify, I might have trained with the league for a preseason many years ago, but I never played league or reserves.

I think Kym Morgan should do a little more research before anymore writing about the Bloods, must have got mixed up with Kevin Beswick who played for West in the seventies while we were coached by Fos--but he probably wouldn't know who he was   

What rhymes with anchor.

Banker?

Tanker?

Bundy wrote:What rhymes with anchor.

http://en.wikipedia.org/wiki/Evelyn_Ankers

Stop teasing.           

Press Release Tuesday February 4, 2014 Following investigations by the Club in mid-2013, a former employee of the Club admitted to the unauthorised removal of a significant amount of Club funds. Restitution has been offered, and accepted by the Club, for this amount. The Board subsequently appointed an experienced Chartered Accountant to undertake an investigation to determine whether this was, in fact, the material extent of the apparent fraudulent activity. An extensive review of the Club’s accounting records, bank accounts and transactions involving the former employee was completed in early January 2014. The investigation resulted in discovery of a number of further questionable transactions and potential misappropriations of funds which were reported to, and considered by, the full Board of the Club. Upon review of this report by the former employee, a further amount of misappropriation has been admitted. Restitution has been offered, and accepted by the Club, for this amount. The maximum recovery of funds for the benefit of the Club has been considered to be of prime importance and this matter has been an issue of serious priority for the Board, together with taking steps to tighten administrative procedures and controls to prevent the reoccurrence of such a situation in the future. The matter has absorbed a huge amount of the Club’s resources and we look forward to a more positive and productive application of those resources with the finalisation of this matter.

I guess this media state was coming ,in that it has addressed a few rumours and myths around the place. The club seems to be content that the missing funds have been "recovered". However the one glaring question that seems to be unanswered ....Is the Club going to take the matter further?. I would say that reading between the lines of this statement, the answer would be ..No. 

stealing, embezzlement or whatever you want to call it should be punished by the law, this person could be employed down the track & that company may have no idea of this persons background (in relation to this) & that company could possibly end up liquidated as a result


mmmm if i robbed a bank, servo or whatever & got caught, do you think if i said i'll give you your money back i would 'get away with it' ?

West = WEAK

Monday night will be interesting

one of the biggest issues of all of this that has been ignored.

by not naming the person, then the names of any employee who has left the club in the last 6 months can be tarnished.

not that fair really.

Hardly, it's been on the front pages and anyone who doesn't know hasn't been paying attention.

I think the West Board has concentrated on getting all the funds back and have succeeded in that, which may not have happened if they'd taken different action.

My mail is that there are some other personal issues involved in respect to the person involved, I well accept that people want justice and want the police called and so forth, yet in this case I have to agree that the club has done the right thing. The funds have been returned and a full investigation has been undertaken by the club and they are being upfront with members over it. I would suggest that if people really do feel aggrieved over it that they contact the club and get the full story, not what you are reading in the media. I suspect you may change your mind if that becomes the case. There is no weakness in showing compassion in situations like these.

I think I agree.

Business is business and West are right in keeping channels open to get the money back.

Once that is in place, then you worry about any further action.

If a criminal offence is, or has been investigated by the Police, then it is really in their domain to deal with it.

redandblack wrote:Hardly, it's been on the front pages and anyone who doesn't know hasn't been paying attention.

I think the West Board has concentrated on getting all the funds back and have succeeded in that, which may not have happened if they'd taken different action.

most sanfl people know about the case, that is not the point of what i was saying.

praise to west for showing compassion for the individual, but the point stands - not naming them can tarnish the name of other staff who have left in the last six months, for those who are not aware of the identity of the person involved

Fair enough, but the former CEO's name was widely publicised in the media in relation to this matter and all the people who have spoken to me about this (and there obviously have been many) have had no doubt as to who the relevant individual is.

The major victim in this, in the end, apart from family members, was probably Andy Collins, who was unable to recruit just when he'd built our playing list up to a good standard. Recruiting of 2 players had to be done with his own money and money raised by supporters and many Board members.

I totally support the way the Board has handled this. Full restitution has been made, which I doubt would have happened if they'd handled it differently.

Ben W wrote:My mail is that there are some other personal issues involved in respect to the person involved, I well accept that people want justice and want the police called and so forth, yet in this case I have to agree that the club has done the right thing. The funds have been returned and a full investigation has been undertaken by the club and they are being upfront with members over it. I would suggest that if people really do feel aggrieved over it that they contact the club and get the full story, not what you are reading in the media. I suspect you may change your mind if that becomes the case. There is no weakness in showing compassion in situations like these.

Hang on. There was a ( well, two ) substantial amount of money stolen, not borrowed, not lent but STOLEN from a community organisation.

Subsequently, it seems, the persons guilt drove them to extraordinary lengths. As bayman said, if he robbed a service station and gave the money back, would it be ok? If he, before that, threatened harm upon any individual would the service station take pity on him?

You lot are a bloody soft touch IMO.

Threatened harm on any individual? Can you expand on that, mate?

Surely the return of the money, and in quick time, to a "Community Organisation" is the number one priority?

I know I would rather have the money returned NOW, especially when it is needed, rather than wait for years to go through the courts and them maybe never see the money at all.

To me, common sense has prevailed. Whilst I think he should be held to account, what would he actually get as a punishment? No matter what he should still be named and shamed, none of this "former employee" crap.

I'd say that West have acted on legal advice from the start.

Im sure they have

redandblack wrote:I'd say that West have acted on legal advice from the start.

r&b is there a lawyer on the West Adelaide board ?