shy skylark Posted August 15, 2006 Report Share Posted August 15, 2006 As long as they don't go bust before Tuesday, otherwise I have a problem getting home. Did you get back on the Norona? what was it like? According to radio Shetland, the convener and the chief executive were on their own when they negotiated this grant and loan with smyril. I wonder what's in it for them? why would they want to give money to a foreign company that's nearly bust anyway? The council is going to look at the whole smyril thing again in september. what's going to happen if the council says smyril can't have the money? will the people who signed that deal pay out of their own pocket? Link to comment Share on other sites More sharing options...
david Posted August 16, 2006 Author Report Share Posted August 16, 2006 Yep - sigh of relief, they didn't declare bankruptcy before or while I was on her! Excellent service from Smyril as usual. Perfect trip, nice boat, much more exciting than Northlink. Pity I probably wont expirence it again! Link to comment Share on other sites More sharing options...
BigMouth Posted August 18, 2006 Report Share Posted August 18, 2006 Greatest worry is the letter in the Shetland Times quoting Drew Ratter saying that "..... a number of councillors feeling themselves in the dark..." Can they claim for this on expenses? 8O 8O 8O Link to comment Share on other sites More sharing options...
Colin Posted August 18, 2006 Report Share Posted August 18, 2006 Greatest worry is the letter in the Shetland Times quoting Drew Ratter saying that "..... a number of councillors feeling themselves in the dark..." Can they claim for this on expenses? 8O 8O 8O I'd be more concerned if they said they hadn't been feeling themselves lately.. Link to comment Share on other sites More sharing options...
little hitchcock Posted August 31, 2006 Report Share Posted August 31, 2006 It would be interesting to see the accounts Has anyone seen them? The accounts can be ordered in faroe. They are bilingual in faroese and english. Very interesteing reading. I don't know why the shetland times withdrew all its criticism of smyril. Bullied by the town hall? Not interested in the real issues that concern shetland? only caring about cute photos of cute kids with their cute wabbits? Anyway, the accounts tells us this:page 3:The outlook for 2007 is also positive. the reason for this , first and foremost, is that the company has received a new injection of capital from its ownersNae wonder the cash is OK if the shareholders keep giving the company more cash.page3: The financial statement for 2005 shows a loss of DKK 51 millions, which is worse than expected.That is a loss of roughly 5 million pound sterling! Finally, another interesting fact. Smyril has 4 directors : Alexander Jamieson Cluness [that is our convener], Kristian Heen from Torshavn, Jonas Hallgrimson from Iceland and Thomas Magnussen from Torshavn. (page 2 of the accounts) page 14 of the accounts tells us how much they earned: Payments to board of directors: DKK 882,500That is about 88,000 Pounds paid out to the four directors, or an average of 22,000 pound per director. Has anybody noticed a similar amount in the register of interest of the SIC? I didn't, does that mean that the Shetland director is paid nothing - a lot less than the other 3 directors ? How unfair that would be. Maybe we should take this up with Smyril. On the otherhand, if he is paid the same as the others, why does he not declare it? Link to comment Share on other sites More sharing options...
MuckleJoannie Posted August 31, 2006 Report Share Posted August 31, 2006 Mebbe dis is how dey mean tae finance it http://www.shetland-news.co.uk/pages/news%20stories/08_2006/sic_focus_of_international_e-scam.htm Link to comment Share on other sites More sharing options...
david Posted August 31, 2006 Author Report Share Posted August 31, 2006 page3: The financial statement for 2005 shows a loss of DKK 51 millions, which is worse than expected.That is a loss of roughly 5 million pound sterling! The Shetland Times apologised about getting the facts wrong, and changed their £135 million to £55 million loss. However according to that it's only a £5 million loss. Has someone along the lines got there DKK and GBP mixed up? Link to comment Share on other sites More sharing options...
Muppet Posted August 31, 2006 Report Share Posted August 31, 2006 Was it not the companys total debt figure the Shetland Times apologised for and changed? The DKK 51 million is the trading loss for the year which seems about right. Link to comment Share on other sites More sharing options...
trout Posted September 12, 2006 Report Share Posted September 12, 2006 A Shetlink member has pointed out the following URL to a copy of Smyrils 2005 accounts in PDF format. http://members.lycos.co.uk/smyril/Smyril-2005.pdf Make of it what you will!?!? Link to comment Share on other sites More sharing options...
Muppet Posted September 12, 2006 Report Share Posted September 12, 2006 What should we make of todays events re Smyril Line? For anyone who hasn't heard, according to Radio Shetland, this morning Sandy Cluness denied there was any conflict of interest in him recieving approx £4500 as a director of Smyril Line and then approving loans/grants to a company paying him. This afternoon, he resigned as a director to be replaced by Bobby Hunter. The development Trust is now to re-think their loan/grant. Meanwhile the standards commision(?) is looking into a complaint into Sandys situation. Link to comment Share on other sites More sharing options...
shy skylark Posted September 12, 2006 Report Share Posted September 12, 2006 A Shetlink member has pointed out the following URL to a copy of Smyrils 2005 accounts in PDF format. http://members.lycos.co.uk/smyril/Smyril-2005.pdf Excellent stuff! Good idea to publicise these accounts for everybody to see. Thank you to whoever did this. How come Sandy now declares that he receives less than 5,000 £ a year from Smyril whereas the four directors together cost Smyril some £ 88,000 a year ?? His fair share of that would be £22,000. Do I smell something fishy? It seems to me that either Smyril screws him and pays him much less than the other three or he screws us by not saying how much he really gets from Smyril. Let's remember that a week ago he said he was not paid by Smyril at all. If it is all above board, why resign just when the Standards Commission is looking into his behaviour around Smyril? Anyway, whether it be 5,000 a year or 22,000 a year, it was wrong of him to push the Council to give lots of cash to a company in which he is a paid director. The plot thickens.... Link to comment Share on other sites More sharing options...
little hitchcock Posted September 12, 2006 Report Share Posted September 12, 2006 can anybody confirm this? the ueropean commission might be looking into the grants da cooncil paid to smyril because they break the rules on fair competition. is it time that morgan and sandy packed their bags after all the stupid decisions they pushed through to help their beloved smyril line? Link to comment Share on other sites More sharing options...
Colin Posted September 12, 2006 Report Share Posted September 12, 2006 I don't know for sure how much, if anything at all, Sandy Cluness gets paid as a director of Smyril Line but, wouldn't it be just great if, that having benefitted from so much of OUR money being tossed into into the company, he made a donation of whatever he was paid towards lowering our Council Tax or something of some tangible benefit to Shetland otherwise the cynical around here might just think that he has had his nose in the trough. Link to comment Share on other sites More sharing options...
trout Posted September 13, 2006 Report Share Posted September 13, 2006 Some links to news articles: Smyril compromise on the table - 07 July 2006 Smyril struggles in sea of debts - 11 August 2006 Gevst Smyril Line, gera hetlendingar sjálvir nýggja rutu - 10. juli 2006 Sandy stands down from Smyril - 13 September, 2006 Link to comment Share on other sites More sharing options...
Wheesht Posted September 13, 2006 Report Share Posted September 13, 2006 Find it hard to understand how after all this some people still want us to throw more money at this company, that after all is certainly sinking (pun intended ) Perhaps they could explain because I am at at loss (as are Smyril). Link to comment Share on other sites More sharing options...
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