Oct 08
Ukio Bankas Shares

Ukio Bankas Shares

Update – 04 February 2009

The latest happening appears to be that the Lithuanian government is, for the first time, going to confiscate money that was being laundered through a Lithuanian bank.  Which bank would be shady enough for that to happen I hear you ask?  Okay maybe not, it is of course Ukio Bankas.

Incidentally, if there was ever any wonder where the Christophe Berra money was going, now you know.

Update – 27 November 2008

There’s never a dull moment in Gorgie.  There appears to be yet more money problems as Hearts failed to pay their players again.  It happened in September and again last week.  They somehow scraped together enough to get the wages paid by the end of the day last week but this week they’ve failed completely.

Amusingly they haven’t used the same old “glitch” in the payment process excuse and have come up with an entirely new “blip” in the payment process excuse.  So, it would seem that everything is okay then.  Aye, right.

Basically, Ukio Bankas Investment group has failed to turn up with enough readies to cover wages, again.  What a shambles.

Hearts went on a bit of poor run of form after the last time they went without payment.  They beat Inverness 1-0 at home the day after then lost 0-3 to Dundee United, lost 1-2 Kilmarnock, drew the next two against Hibs and Aberdeen then lost 0-2 to Celtic before beating St Mirren.

Update

27 November 2008

I’m not really sure what’s going on at Mad Vlad’s Madhouse now, not that I ever was.  It seems they met the debt repayment and are now being hailed as The fastest growing company in Lithuania. I’m guessing that’s pretty much hype to try to boost flagging shares but either way it seems the crisis may have been averted, albeit temporarily.  Hearts’ players even got paid last week.  Despite  waking to find there had been another “technical hitch”, the funds came through later in the afternoon from somewhere.  In better news, this page is now in the top half of the first page of Google for people searching “ukio bankas”.

Edit / Update

13 November 2008

Ukio Bankas shares continue to plummet like the proverbial lead balloon.

They are down another third this week as the lovely graph shows -

Ukio Bankas shares plummet

Ukio Bankas shares plummet

Is it bad for Hearts?  Who knows?  I doubt that it can be good.

________________________________________________________________________________________

Original Post

I haven’t done a “demise of hearts” post for a while so it’s about time.  Plenty has gone on since the last one.  There were rumours this week that Hearts were to go into administration on Wednesday 8th October.  These rumours have the same source as similar ones that have appeared every couple of months recently and there is some basis in fact.  The club were never likely to go into administration this week though.

Basically what happens is when Hearts don’t pay their bill, the company who is owed money starts legal proceedings and gets a court order to wind up the club.  The court sends notice to Hearts advising that if they don’t pay the bill by whatever date, the administrators will be sent in.  Inevitably, Hearts pay the bill at the last minute.  It happened the last few times and it’ll happen this time.

There have been other Romanov related rumblings this week, not least the fact that Ukio Bankas shares are in freefall.  Here is the graph from this week…

Ukio Bankas shares in freefall - graph

Ukio Bankas shares in freefall this week

And from one year ago…..

Ukio Bankas shares over last 12 months

Ukio Bankas shares over last 12 months

It would appear that all is not well. What effect this will have on Heart of Midlothian is difficult to say. There have been big problems in paying staff at the club and other parts of the Romanov empire appear to have been affected too. Ukio Bankas sold 5.12% of it’s shares to Medicinos Bankas UAB on the 2nd of October, presumably to raise some ready cash. It doesn’t look such a great deal for Medicinos and certainly hasn’t steadied the share price.

Aluminium companies have suffered greatly on the stock exchange recently and we’ve yet to see the full extent of the fallout from that.  Romanov owns a big aluminium plant in Bosnia which has been the cash cow of the Ukio empire and there was a report online that it was struggling just now although I’ve lost the link for the time being.

Hearts have put out a statement to the effect that everything is okay, nothing to see here. Just a few more “technical glitches” – aye right.

I spotted a George Foulkes photo caption thread the other day, some of the replies are pretty amusing.

George Foulkes

George Foulkes - "I'm sorry, my friend, but I have absolutely no recollection of having assaulted you."

Or, alternatively….

“Oi fatty……gonnae stay there for a minute so I’m not the stupidest looking erse in this photo”

“For the final time, I don’t have a hip flask and ye canny have a nip.”

“Champions of Europe within 5 years, Meester Foulkes – I promise.”

This little nugget was posted on HMFCkickback today:

“UBIG has invested quite a bit of cash in the Republika Srpska part of Bosnia Herzegovina in recent years.
It backed the huge Birac alumina plant at Banja Luka, which a couple of weeks ago gave up 98% of its capital to cover bad debts. Birac has also lost around 80% of its share value in the past year (from 30 to 6) and recently laid off 245 workers.
UBIG also founded the Balkan Investment Bank in Banja Luka, which manages the Balkan Investment Fund. This has poured cash into a number of major businesses in that area.
Its biggest fund placements have been in the aforementioned stricken Birac plant plus a bauxite firm, metals company and Srpska Telekoms. All have lost at least 50% of their value in the past 12 months.
The credit crunch means nobody is giving any more loans to UBIG or UKIO, which invested heavily in the property market in the Baltics and Russia – just before these markets crashed.
UBIG and UKIO have backed loser after loser. Now that the credit has dried up, they are having to account for their losses.
In recent days UKIO’s shares (which have nosedived over the past three months) have been among the highest-traded on the Baltic exchange — suggesting that the company is spending a LOT of cash trying to prop up its value. Yet the price of UKIO shares is still falling.”


5 Responses to “Ukio Bankas struggling – shares plummet”

  1. Wullie Robb Says:

    Why are you spending so much time discussing other teams. When i came onto this blog i stupidly expected items on Hibs. Who do Hibs bank with? How are their shares doing?

  2. admin Says:

    Not sure if you’re aware but Hearts have been our city rivals for about 133 years, information about them is pretty relevant to the site and it’s not like there’s a lack of Hibs stuff. Also it’s headlined pretty clearly, no one made you read it.

    Hibs bank with Bank of Scotland but aren’t owned by them or their owner so the share price isn’t really relevant. On the other hand, if Ukio Bankas go out of business it could have serious implications on Hearts. Sad to say that “Hibs on steady financial footing” would be even duller than reading about Hearts plight.

  3. alphford Says:

    This is ridiculous. Like any rivalry, it takes two and frankly, this is petty bullshit. What’s been happening over at Gorgie is bad for football, bad for the city, and without the Edinburgh derby inevitably bad for Hibs in the long run. If hearts disappeared it would take away one of the most enjoyable fixtures of the year. In short it would be an all round tragedy. Grow up.

  4. admin Says:

    Oooooohhh, http://www.stylebyme.net/wp-content/uploads/2008/05/balenciaga2.png

  5. Oscar Says:

    La’Nae – Beautiful photo Shop. You, Mike and my precious nhpeew Micah are always in my prayers. Love you all so much. As always Dawn, your work is gorgeous. I’m so happy that they were able to capture this moment. May God continue to Bless and keep you all.

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