Mandaric claims payments to Redknapp were voluntary
Mandaric says payments were "seed money" to build an investment portfolio
Mandaric says payments were "seed money" to build an investment portfolio
MILAN MANDARIC, the ex-Portsmouth chairman accused of paying bungs to Harry Redknapp, has described payments he made to Redknapp’s bank account as being “something entirely different” from football.
Redknapp and Mandaric are accused of two counts of cheating the public revenue when Redknapp was manager of Portsmouth. It is alleged that the pair fraudulently concealed payments totalling $295,000 (£188,000) from HM Revenue & Customs by paying the money into a Monaco bank account. They deny the charges.
The prosecution alleges that the payments were made in connection with Redknapp’s employment and that consequently tax should have been paid on the transaction.
Mandaric told the court that the payments were made because he wanted to do “something special” for Rednknapp because he was a friend.
“This is entirely my voluntary thanks without contract. Something special for my friend from football into friendship territory,” Mandaric told the court the BBC reports.
According to Mandaric the first payment of $145,000 made to Redknapp was “seed money” to build the former Portsmouth manager an investment portfolio. Mandaric claims to have later paid $150,000 into Redknapp’s account to cover losses after the investments performed poorly.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe committee's remit will cover EU VAT fraud, non-dom rules and the EU tax haven black list Read More...
View articleThis is part of HMRC’s efforts to clamp down on white collar tax evasion, and new legislation criminalising failure to prevent tax evasion will give H...
View articleHMRC has increased investment in its Fraud Investigation Service staff, suggesting that investigations into large corporates may be in progress Read M...
View articleThe legislation, expected to be implemented in September 2017, will make businesses liable for criminal acts committed by employees who encourage or a...
View articleFour men have been jailed after HMRC rumbled a £100m tax fraud film scam Read More...
View articleCIoT has come out against the government’s latest anti-tax evasion legislation, labelling it as “very problematic for businesses” Read More...
View articleHMRC is under fire for allegedly obtaining warrants unlawfully for the detainment of four former KPMG partners Read More...
View articleQueen's Speech legislation aims to crackdown on financial crime and protect those who have money in some auto enrolment schemes Read More...
View article