While the tut-tutting of financial scandals focuses on Panama another very British scandal has been completed.
It seems that a bank propped up by the British tax payer has taken a £200m hit from a knight of the realm who has cherry picked the assets of his toxic business empire and started up all over again as a director as if nothing had happened.
The scenario seems very similar to a football club being liquidated, picking up a stadium and state of the art training academy for a pittance then assuming the identity of the liquidated club with the backing of the football authorities and approval of all footballing ‘competitors’.
Step forward Dave Murray.
Having run up debts of close to £1bn with Murray International Holdings, despite various debt for equity swaps that brought Bank of Scotland/ Halifax/ Lloyds to their knees it seems that Murray has been given the green light to carry on while every taxpayer in the UK picks up the tab for his ego trip.
After decades of adulation today’s Daily Record covers the fall and rise of Murray signing it off with a statement that claims: “The annual liquidation meeting of the company was held in mid-March.
“At that meeting, the motion was passed that as all matters had been finalised, the company would move to dissolution which, effectively, is it ceasing to exist. This happens automatically three months after such a meeting.
“We can confirm there were no ordinary creditors other than the bank, who were also substantial shareholders with Sir David Murray. Both lost their equity.”
No tears will be shed for Murray whose ‘lost equity’ was simply money that he sweet talked the banks and ultimately the ordinary tax payer out of.
Having convinced the Bank of Scotland that he could destroy Celtic and bring the European Cup to Larkhall and Kilwinning, Murray suddenly found himself enjoying a limitless overdraft and the adulation of the media.
With his ego fueled there was no stopping Murray until Halifax then Lloyds pulled the reigns in on his lavish indulgence.
While other scammers face a life behind bars Murray has led a charmed life while ordinary tax payers pick up the tab and read about the dubious financial morals of a South American banana republic.
