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"Neither that payment, nor any consequential reduction in indebtedness, was in consideration for the subsequent transactions.It was a mechanism for allowing the inter-company transfers which it was hoped would achieve the retention of the 'profit' on 278 within the group." The judge ordered that the sites at 110, 210 and 260 Glasgow Road be transferred to the administrators of Oceancrown Limited, since it was this company that held them within the group before the transactions took place (the other property at 64 Roslea Drive had been sold on, so Pelosi's company was ordered to pay the sale proceeds to the administrators instead).So why did Clyde Gateway pay £2.8m for a site that had been valued by DM Hall at £762,000?According to the agency, it was persuaded of the £2.1m valuation because it was given evidence from Strathcroft that the site was receiving rent from tenants amounting to £207,000.The action was to recover properties from other companies owned by Glasgow businessman Norman Pelosi.
That's the question facing Clyde Gateway this weekend.Collectively, these businesses owed the now-defunct Anglo Irish Bank £17.3m.With the assets against which these debts were borrowed having presumably fallen in value during the collapse, Pelosi was one of many operators who came under pressure to sell assets to bring in whatever could be raised.According to Clyde Gateway's board meeting paper from July 2010: "The independent valuers have commented that the existing rents paid by tenants of this property are high for the premises let reflecting the types of use and location and the lack of supply elsewhere in the local area." Two property specialists with knowledge of the area said the price was beyond what could realistically be paid for the site, particularly in view of the fact that, according to the same board minutes, "there may be an issue with contamination at this location".
According to one of the experts, the rents seemed excessive for that area of Glasgow.
The details are such that it has already become the subject of a police investigation.