Racing Santander: A House of Cards?

Try this link. It seems to be another in a line of wikileaks type whistle-blower sites but the difference here is that the prime subject of their investigations is Western Gulf Advisory or WGA, which is important here because WGA's head honcho is Ahsan Ali Syed who owns Racing Santander.

According to wikifrauds, WGA has been perpetrating a scam where prospective clients take out huge loans, they pay huge fees up front, and the loans never materialize. If a refund comes through it is often because WGA has moved onto the next client. It's a sucker's game, but it is in their estimation that over 40 million dollars have been scammed from companies in Australia and New Zealand. Reports are, mainly coming from Australian newspapers, that the local authorities are finishing up an investigation and about to bring up charges on the new head of Racing Santander who may have used part of these Ponzi-scheme type investments to buy into Racing.

The Australian authorities have countered that there is no investigation and no indictments are pending. Ahsan Ali Syed is condemning the reports as false, as expected, but is anyone worried that this could all fall apart so quickly? The Cantabrian local government apparently isn't. Marca had an interview with Cantabrian President Miguel Angel Revilla who supported Ali-Syed  whole-heartedly: "Ali Syed, to date, has asked for nothing and has only brought money, which in that case I hope many more like Ali Syed come to Cantabria. We continue to be very much with Ali-Syed. He has invested 7 million euros and he is complying which is also important." Really? Aren't they at all concerned where the money came from? Apparently Blackburn Rovers were concerned about it enough that they did not approve his bid last year to buy the English club.

I hope it's true that everything is on the up and up. The Spanish league deserves good, honest foreign investment, but it seems that instead we get this: a house of very unstable cards, supported with the same sort of funding that blew-up the world-wide financial markets in 2008 in the first place. I'd like to think this will all blow away, but I'm not hopeful.

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