newsnight Posted November 20, 2014 Share Posted November 20, 2014 http://www.tynwald.org.im/business/opqp/sittings/20112014/2012-GD-0029.pdf Page 7. 'The core proposal is that the NX contract to manage the MDF will not be renewed upon its expiration in August 2012. Instead, the Fund Management Contract, (FMC), will be awarded to PWS for an initial period of 5 years. The headline terms of the FMC are broadly similar to those in the current NX agreement, save that there will be no need to transfer the MDF capital (£25 million) onto the Balance Sheet of PWS'. 'Whilst PWS are new to fund/investment activity, it has been agreed that a number of senior staff from NX will join PWS – in a no cost transfer of the bulk of the NX business from August 2012'. 1 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 20, 2014 Author Share Posted November 20, 2014 Keep up the good work please Newsnight. Quote Link to comment Share on other sites More sharing options...
newsnight Posted November 20, 2014 Share Posted November 20, 2014 http://www.tynwald.org.im/business/pp/Reports/2010-PP-0105.pdf POTENTIAL CONFLICT OF INTEREST page 19. 4.15 This issue is not only of historical interest. In the accounting period ending 30th June 2008 substantial fees were paid by CinemaNX Limited to Gasworks Media Limited (Steven Christian) and to Samuelson Productions Limited (Marc Samuelson). Samuelson Productions Limited also recharged costs in respect of rent, rates and services. All of these transactions were incurred on an arm's length basis. 4.18 In the presentation in October 2007 Members of Tynwald were advised that the new CinemaNX Limited arrangements were intended to reduce reliance on Steven Christian and Hilary Dugdale. During the course of our investigation Mr Christian provided us with the following further explanation: "I am not sure how familiar your Committee is with my present role in NX CinemaNX Limited], Essentially, I am responsible for devising film/media policy and strategy for the long-term benefit of NX, the MDF and the IOM. Mr Fingret (media lawyer) and Mr Samuelson (film producer and executive) have jointly taken over the bulk of my pre-NX role. That being the packaging, negotiating and general closing of deals. This was a requirement of Treasury. That is, that the local film industry would be sustainable without my involvement. A requirement that arose, I understand, from the previous, very exhaustive enquiry of the MD .F made by your Committee. My absence would no longer be an impediment to the continuation of the local industry." 1 Quote Link to comment Share on other sites More sharing options...
integrity Posted November 20, 2014 Share Posted November 20, 2014 http://www.tynwald.org.im/business/pp/Reports/2010-PP-0105.pdf POTENTIAL CONFLICT OF INTEREST page 19. 4.15 This issue is not only of historical interest. In the accounting period ending 30th June 2008 substantial fees were paid by CinemaNX Limited to Gasworks Media Limited (Steven Christian) and to Samuelson Productions Limited (Marc Samuelson). Samuelson Productions Limited also recharged costs in respect of rent, rates and services. All of these transactions were incurred on an arm's length basis. 4.18 In the presentation in October 2007 Members of Tynwald were advised that the new CinemaNX Limited arrangements were intended to reduce reliance on Steven Christian and Hilary Dugdale. During the course of our investigation Mr Christian provided us with the following further explanation: "I am not sure how familiar your Committee is with my present role in NX CinemaNX Limited], Essentially, I am responsible for devising film/media policy and strategy for the long-term benefit of NX, the MDF and the IOM. Mr Fingret (media lawyer) and Mr Samuelson (film producer and executive) have jointly taken over the bulk of my pre-NX role. That being the packaging, negotiating and general closing of deals. This was a requirement of Treasury. That is, that the local film industry would be sustainable without my involvement. A requirement that arose, I understand, from the previous, very exhaustive enquiry of the MD .F made by your Committee. My absence would no longer be an impediment to the continuation of the local industry." So who the hell did the due dilligence on this? Whoops, not Mr Teare? 1 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 20, 2014 Author Share Posted November 20, 2014 Just how much in the shoite is Eddie going to leave us? 1 Quote Link to comment Share on other sites More sharing options...
P.K. Posted November 20, 2014 Share Posted November 20, 2014 Tea break over? Quote Link to comment Share on other sites More sharing options...
Slim Posted November 20, 2014 Share Posted November 20, 2014 I still don't see the issue. Like I said, Pinewood's chosen that company to sub to. You've not addressed why this isn't appropriate. Quote Link to comment Share on other sites More sharing options...
alibaba Posted November 20, 2014 Share Posted November 20, 2014 Steven Christian must be pissing himself laughing at the amount of money he makes out of this whole IOM film scam. 5 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 20, 2014 Author Share Posted November 20, 2014 I still don't see the issue. Like I said, Pinewood's chosen that company to sub to. You've not addressed why this isn't appropriate.What will it take? Lose your job...suddenly find your savings being eaten? You really feel that secure? Quote Link to comment Share on other sites More sharing options...
woolley Posted November 20, 2014 Share Posted November 20, 2014 Why all the machinations via Pinewood? Steve Christian was doing it before and his company is now engaged to do it via Pinewood. Plus ça change. Quote Link to comment Share on other sites More sharing options...
2bees Posted November 20, 2014 Share Posted November 20, 2014 What they need to do is get making films for You Tube, Vimeo etc. The big screen is foolish folly. Quote Link to comment Share on other sites More sharing options...
Slim Posted November 21, 2014 Share Posted November 21, 2014 What will it take? Lose your job...suddenly find your savings being eaten? You really feel that secure? I never feel that secure no, I've been through redundancy and it isn't nice. As ever, I dislike misinformation and generalisations. What specifically is wrong here? Yes, it looks like an individual is doing rather well out of fees, but if we've appointed Pinewood and they've appointed one of the few specialists in movie production for small island nations, isn't that their choice? Where is the wrong doing? Quote Link to comment Share on other sites More sharing options...
Dougie Posted November 21, 2014 Share Posted November 21, 2014 The error, if not actually a wrong-doing, was allowing ourselves to be persuaded, by someone in whom the Treasury seems to have blind faith, to invest £25m in Pinewood Film Advisors without knowing that PFA had probably already agreed to sub-contract their contract with the Treasury to Gasworks Media Ltd. Quote Link to comment Share on other sites More sharing options...
Lost Login Posted November 21, 2014 Share Posted November 21, 2014 I'd still like someone to explain, in simple terms, where there is a conflict of interests There isn't. There is a huge potential for there to be a conflict of interest. A manager is appointed to manage a fund for a fee. Fine I have no problem with that. The manager is then responsible for recommending projects for those funds. No problem in essence there but the majority of projects in this situation probably would not go ahead if the manager did not invest in and the manager would only expect to earn a good level of fees if the project progresses. That is where I have the issue. The potential conflict is that it is in the interest of the manager to recommend investing the funds in projects so that those large additional fees can be earned. If it does not recommend projects then its earnings are potentially reduced. The potential conflict is that those potential large additional earnings influence the manager to recommend projects which they would not otherwise do. In simple terms I am looking after your cash. I have two options in front of me with regard to looking after. One I earn from, one I do not. Am I tempted to go for the former because of the money I will earn rather than it is the best thing to do with the cash? I would stress that I am not accusing or stating there has actually been any conflict etc, I am sure all parties are accutely aware of the potential conflict and that they take appropriate action to ensure it is correctly managed. I am just explaining why there might be a potentail conflict. With regard to the current to Steve Christain/Gasworks then in principal if Pinewood want to sub contract then that is up to Pinewwod. However if I was the contracting partner I presumably would have appointed Pinewood because of what they bought to the table and that I thought they were the best outfit to do the job. If I thought Steve Christian/Gasworks was better able to do the job then at the time then I would have appointed him and probably at a lower cost. Therefore having appointed Pinewood and paying them for there services I would be wanting them to do the job they were appointed and are paid to do. If it was not the IoM Govt involved I would have said that what surprises me in this is that Pinewood can effectvely subcontract in these circumstances as you would generally include clauses in a contract preventing this. Quote Link to comment Share on other sites More sharing options...
oldmanxfella Posted November 21, 2014 Share Posted November 21, 2014 (edited) Anyone who can't see a conflict of interest is basically an idiot. Maybe they should read some of the guidance on conflicts of interest published by government boards such as their own FSC and then publicly state again whether they think there's a conflict of interest in this situation or not? Edited November 21, 2014 by oldmanxfella Quote Link to comment Share on other sites More sharing options...
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