Blinktw@tt could lose £15K - there is a God!

#1
:D

www.telegraph.co.uk

Blunkett could lose £15,000 as DNA company faces insolvency
By Rosie Murray-West
(Filed: 10/12/2005)

David Blunkett's £15,000 stake in a DNA testing firm, which led to his downfall from the Cabinet, appeared to be worth little last night after the company called in insolvency practitioners.

It is the latest in a series of blows for the former Work and Pensions Secretary, who had to resign after he bought shares in DNA Bioscience. Last night it was being considered whether the company should be placed in voluntary liquidation.


David Blunkett had to resign over the DNA Bioscience affair
The shares that Mr Blunkett owned in the paternity testing company, of which he was briefly a non-executive director, were placed in a trust for his adult sons.

Some City analysts had suggested that his three per cent stake in the company could be worth up to £450,000 when the business floated on the stock market.

A spokesman for Mr Blunkett said last night that he had been aware for a while that the valuation that the media was placing on the company was not realistic.

She said he had kept the shares because he felt compassion for the 15 employees at DNA Bioscience and wanted to support the firm. He would be sad if they lost their jobs, she added.

It emerged that the company had called in the insolvency practitioners K Johnson Gee, who confirmed last night that they had been appointed to look at the firm's finances, but added that they had not yet had time to find out more.

It is believed that the directors are considering whether the business should be placed into voluntary liquidation.

No one at DNA Bioscience was available to comment on the company's financial situation yesterday.

Mr Blunkett resigned as Work and Pensions Secretary last month after the affair blew out of control. He had stepped down as Home Secretary in December 2004 after it emerged that an application for a visa for his nanny had been fast-tracked.

He took up his post with DNA Biosciences while he was not a minister but neglected to consult an advisory panel which should be asked about any appointments during the two years after a minister leaves Parliament.

Mr Blunkett was a director of the company for two weeks before stepping down when he became Work and Pensions Secretary in May.

Questions were asked about whether he had used his influence to help the company.

DNA Bioscience is majority-owned by Tariq and Lucy Siddiqi. Mr Siddiqi founded another firm, a chauffeuring company that went bankrupt.

DNA Bioscience provided paternity testing for court cases, individual cases and the Government. Its inquiry line for prospective and existing clients had a permanently engaged tone yesterday.
 
#2
If blunkett,was a man of morals,he should have considered `voluntary liquidation´years ago.He always reminds me of Stan Laurel,`Did I Do That??`

midnight
 
#3
£15,000 is small beer for the likes of Blunkett. I caution everyone to remember that when they vote for 'so-called' socialists.

Despite what they say, these guys are careerists, out to make as much money as they can. Blair is a perfect example. Privately educated, solicitor, married to a barrister. How the fcuk can they be true socialists?

*edit* £15,000 is small beer to most professional people.
 
#4
Also reported in The Times. Nice to have a bit of good news for once.

On a serious note, the amount Blind Pew stands to lose will be rather less than the 'redundancy' payments he gets, despite having to leave in both cases for dishonesty.
 
#5
Just shooting in the dark here, but after the Blunkett affair, that company was never, ever going to get any government contracts. If you were the directors, wouldn't it make sense to dump the old company and then start from fresh, with a squeaky clean new company under a different name, but doing exactly the same thing?

Or am I just being a devious, cynical bast@rd?
 
#6
Awol said:
Just shooting in the dark here, but after the Blunkett affair, that company was never, ever going to get any government contracts. If you were the directors, wouldn't it make sense to dump the old company and then start from fresh, with a squeaky clean new company under a different name, but doing exactly the same thing?

Or am I just being a devious, cynical bast@rd?
Mmmmm.....With the dodgy dealings by the current gov making Arfur Daly & Del Boy looking like choirboys (yes,I kow they're fictional,but so's 90% of the spin rom New Labour!) it's a wonder we aint seen them on Watchdog! :lol:
 
#7
Being a shareholder in a company making huge amounts of money from government contracts isn't usually a problem. Look at the Paul Drayson: he gives £100,000 to Labour whilst his company is bidding (successfully) to sell vaccines to the govt. He gets a peerage and within a few weeks gives another £500,000 to Labour - now he's Minister for Defence Procurement.

Blind Pew's problem was obviously that he didn't have enough money. Maybe he's saving up his redundancy payments, and whatever he gets for writing for The Scum, so he can make a donation, and then his next comeback will be in the Lords.
 
#9
Blunkett isn't actually all that wealthy these days. He spent his savings on the paternity case and managed to find this cash to invest for his sons' futures.

Which makes this all the more amusing :)
 
#10
FluffyBunny said:
Blunkett isn't actually all that wealthy these days. He spent his savings on the paternity case and managed to find this cash to invest for his sons' futures.

Which makes this all the more amusing :)
Hmmm - has anyone done a search on what all his 'investments' are. I think the outcome would be very favourable to him.