June 21st, 2009 10:13am
Thanks for your post. SmartLogik Action Group has been fighting for justice and recompense for the shareholders. Simply put, we came up against the so called ‘light touch’ regulatory system that existed in the UK at that time. I agree with your statement that “crooks, be they burglars, politicians, bankers, or company directors should always be bought to justice regardless of timespan”.
In addition to fighting for the SmartLogik shareholders, since late 2003, when the Action Group was started, the Action Group has been very vocal in criticising this ‘light touch’ regulatory system (our archives on our blog are there for all to see). The ‘light touch’ regime was supposedly there to allow companies more freedom to act to increase UK competitiveness and attract more business to the City of London. In fact, it allowed every fat cat and conman to take advantage of the system for their own ends.
We sent letters and emails to journalists and MP’s, but nobody would listen to us. Now we see that the MP’s themselves have clearly had their snouts in the trough, equally taking advantage of the system that they have engineered for themselves.
Now, we see the results of this system very clearly. What a mess!
Anybody who reads this, please continue to take actions now (see the following link for suggestions, http://slk-action-group.com/newblog/2009/01/31/actions-you-can-take-now/).
Don’t let it drop. The authorities (read this dishonest government) hope you will forget.
January 31st, 2009 07:49pm
Thanks again for your very good ideas and obvious interest in trying to make progress in this and other shareholder cases.
Another SmartLogik shareholder, who also is a solicitor, recently suggested that we contact Robert Cole of the Times, Tempus column. He is a good investigative journalist.
This is a good, inexpensive way for all shareholders to take action. So, if the shareholders (Action Group members reading this email) are really aggrieved and want to do something, you can contact the following people. I suggest you use David’s very good email below as a basis for your complaints. The more shareholders who actually do something and take action the better! It’s no good just relying on others to do it for you.
This is a very emotional business. So, firstly, you need to GET ANGRY, and then you will have the energy to act. I think we need to be a lot more like the French, who wouldn’t put up with this at all.
The way the authorities have stonewalled us with SmartLogik is symptomatic of the general ‘light touch’ regulatory approach taken by this Government.
It appears that they are simply not interested and prefer to protect the vested interests. Here is a quote from the editorial in this weekends’
MoneyWeek: “Who put in place the current regulatory regime in Britain? You know the one that allowed our banks to leverage themselves up to the gills with toxic assets? Why, it was Mr. Brown, while he was head of the Treasury.”
To contact The Times, Tempus by email: email@example.com Or, you might want to phone them to voice your serious concerns: 020-7782 5000.
Another publication that could be sympathetic is Money Week:
The Editor is John Stepek, email: firstname.lastname@example.org
Telephone: 020-7633 3651.
And, another publication that has published articles on SmartLogik Action Group is Shares Magazine. You can contact the journalist, Simon Keane at:
Email – email@example.com
GOOD LUCK TO ALL IN YOUR ENDEAVOURS!
On the other hand, you could do nothing and then there is absolutely no hope.
I remind shareholders about the Action Group’s Campaign 2005, see:
It provides a lot more contact names to complain to…
For SmartLogik Action Group
January 31st, 2009 06:46pm
Date: Mon, 26 Jan 2009 08:40:58 -0000
Subject: Re: SmartLogikAction….Stonewalled..? *** We need some action ****
Hi Justin, all…
Thanks for your note….which is a familiar tale for many action groups.
Take a look at Leon Kaye website….eg, Rage PLC …rated as strong case…blocked due to `lack of funding to progress case….just one example.
Justin…what do you want/hope to achieve with your Blog…..?
Why are so few shareholders commenting here….?
Have we no influencial people on board, who might have a voice in the right places….or other contacts who might help….senior Press contacts at The Telegraph or Times, etc…
Could we `infiltrate/investigate` E & Y…get behind the mask…maybe some smart investigative journalist……who could point the spotlight at the secret protectionist operations going on, that cover up the skullduggery…?
Also, maybe an investigative journalist, with contacts could ask questions as to how APR have done so well since grabbing Smartlogics assets….?
Has anyone looked closely at the accounts of APR and questioned why they have had the significant upturn in fortunes since aquiring Smart Logics assets.
Werent there a range of other serious concerns, not least, that Smartlogic gave assurances of significant contacts in the pipeline, that seemed to vanish into thin air….did any of these then `resurface` on the APR books at some later date. Can we get some investigative journalist to take a look at the activities of this APR business…ask some awkward questions..?
Was there not also questions about where all the money went, in the months prior to Smartlogics demise….and more.
There was a programme on radio last week about the current Administration processes, and there obvious deficiences (last Thursday or Friday night, I believe…did anyone else see this..?)…. probably radio 4… could we not contact the programme and raise our concerns with them…see if they can help…maybe they might be prepared to probe matters…put the spotlight on what is going on…..do another programme..? It strikes me that one of the few options available these days is to get the media to expose the flaws and embarrass Gordon and his cronnies into `changing things`….
Costs of fighting action…….. could we as a group raise more funds….. I guess one question might be…what we potentially stand to get back…have you any feel for the sort of claims that might be possible…noting that success would include legal costs.. Another question is who we would claim against, and the ability of that party to pay up….??
Also, could we not raise this with David Cameron and his team….give them an excuse to attack the Labour Gov, with questions in `the house`…or questions fired at the FSA, other Gov officials…..questioning the integrity of the process. Can we challenge the `public interest` question, re information disclosure. Is it not important that shareholders receive fair treatment…? Is it not important that companies are obligated to be honest with shareholders/stakeholders, and genuinely act in shareholders best interests.
Is it not important that shareholder confidence is maintained, and credibility is maintained, and that the processes are not seen as `flawed and debased` at a time that market confidence is low, and the Gov tells people that they should take a stake in UK PLC… How can Govs take this stance, exposing investors to the risks of dealing with these rogue businesses, that appear to be able to get away with blue murder….how can that be serving public interest…. and what about serving the interests of common justice….prefereably with a process that is accessable to all, where justice is not priced out of the window.
Put these questions to DC, GB, UK Shareholders Ass, FSA, Senoir Press, etc….. lets see if we can really achieve your objective of getting some justice….
It is totally wrong that shareholders can be stonewalled like this, and the truth concielled, by a bunch of rogues.
You know I`ve raised things with UK Shareholders Ass….they are running up against similar brick walls…talk to them again about how these brick walls can be penetrated……
Maybe, just maybe, we can apply presure in the right places and get change.
One area I`d like to see `change` is in the area of `Creditor meetings`…..I believe that the law should allow shareholders unfettered access to creditor meetings, to be able to put substantive and material concerns at such meetings, and be legally entitled to substantive answers.
Where such matters are not dealt with satisfactorily, it such be possible to have these matters independantly investigated, with published findings, accessable to those with legitimate interestes.
Maybe you could give this some airing on the Smartlogic Website…..
I hope that, we as a body of shareholders can press these matters further, and find ways to publicise these issues…high profile….+ press action from our Politicians.
December 3rd, 2007 10:54am
Shares Magazine recently published an update. See:
Smartlogik appeal goes online
Thursday, November 1, 2007
Private investors of failed software company SmartLogik can now chat
freely on a new bulletin board. The board has just been set up by the
SmartLogik Action Group and hopes to bring together thousands of
private investors burnt by the company’s collapse.
In 2002, the FSA granted the directors of main-board quoted SmartLogik
a waiver to sell the company’s assets â€“ which included intellectual
property rights for an information retrieval programme â€“ to Applied
Psychology Research without first getting approval at an EGM.
However, the City watchdog has refused a request from the SmartLogik
Action Group to see submissions from SmartLogik and minutes of
meetings about the waiver. The group believes the minutes will include
a valuation showing the Â£1.8 million that Applied paid for the assets
was too low and gives them the basis to launch a compensation claim.
To join the bulletin board go to: http://slk-action-group.com/members/
Other stories from : Investor’s Champion
December 1st, 2007 03:02pm
A member recently posted some very good suggestions at the Action Group discussion forum. The post is shown below. If you want to respond, please do so at the discussion forum (http://slk-action-group.com/members/). There you can register and contribute any ideas you may have.
“One very important aspect of these cases is indeed to look at the rules, and processes. This is a key aspect that shareholder action groups need to address, if we are going to move things forward for future generations of shareholders……improving the `framework & regulatory rules`..
Many believe our regulatory system is a shambles, particularly withregard to treatment of shareholders/stakeholders. One case that has highlighted this is the current Northern Rock debacle. You`ll notice that the UK Shareholders Association have made vigourous
public efforts to get the interests of shareholders looked after…..TV appearances, and meetings with shareholders…
You`ll see that the `authorities` have come under very strong criticism over this case.
You`ll see that various Commons Select Committee enquiries have occurred.
You`ll see that much TV/Media coverage has happened. Questions have been asked in `the house`, at PM level…..
You`ll have heard about various shareholder initiatives and meetings have occurred, and two of the key issues are about `not selling the company assets off on the cheap..and also, the shareholders are pressing for more influence in the sale process, to try to ensure the best value for all parties..
Clearly consideration is being given to jobs, and the future of the business. ..its all part of the pressure being applied to try to get an equitable solution.
This is a sea change in the way such debacles are handled…pressure from all sides is being exerted, to try to avoid the usual `hastely arranged, behind the scenes` firesale…at knock down prices….which so often happens…quite outrageously.
This is why its so important that cases like this are given maximum exposure…not least, in political circles.
Unfortunately, far too many people join up and then just sit and watch…..action groups are all about ACTION. Sitting there like cans of milk on a self will achieve nothing…..stakeholder members must take action.
Should we examine the accounts of APR, before and after the transfer, to see how asset valuations could have significantly changed..supporting the claim that assets have been sold off very cheaply…
One action all members could take would be to send a letter to there local MP, expressing concerns about the case. MP are legally bound to respond to such enquiries. I have done this previously, and had some help…..in a different case. And dont forget to follow up on points where you`d like further explainations.
It might help to write also to senior MPs like Dr Vince Cable… Lib Dem MP, and very pro-active on such issues.
A note to the Tory party…..David Cameron, etc…might also be a good idea for the group.
Justin you might like to draft a letter to these senior people, outlining this case, and the main concerns…..and perhaps asking what is being done to protect shareholder interests in such cases…it appearing easy for company executives to do what they like to avoid any kind of meaningful accountability, when it suites them.
It is possible to raise a petition on the web site of 10 Downing St..complainig about what has happened and demanding action…have we done this…”
October 25th, 2007 12:33am
Following a recent request, a discussion forum has been set up and can be accessed from the main website menu.
To join go to:
Otherwise, it can be accessed from the main website menu (click on
‘Discussion Forum’) at:
When at the forum page, click ‘Register’ to become a member, read and
SmartLogik Action Group
April 6th, 2007 04:07pm
BRITS GET BIT (New York Post)
LAX BRITISH MARTS ATTRACT FRAUDS ALONG WITH U.S. BIZ
By PAUL THARP
January 8, 2007 — London is paying a steep price for poaching a slew of new stock listings from Wall Street last year -financial fraud in the United Kingdom rose 40 percent.
A report says British authorities are aghast at the skyrocketing of business fraud in the U.K., ranging from stock swindles to accounting hijinks such as rigging profits and asset values.
The report by accounting firm BDO Stoy Hayward stopped short of blaming the crime wave on the influx of tiny American startup companies and their entourages, who’ve fled the stricter U.S. stock exchanges in New York to London, where lately it’s easier to list shares and get investors’ cash.
By going public on the London Stock Exchange under its CEO, Clara Furse, or its sister London AIM (Alternative Investment Market), a startup company has fewer regulatory and auditing requirements than if they listed on a U.S. exchange – a fact that’s aggravated the New York Stock Exchange and the Nasdaq, cost them listings and raised outcries here by leading politicians.
The accounting study said rising financial crimes cost British businesses more than $2.7 billion. Losses could be higher because the report included only frauds that exceeded $100,000 in losses. A flood of financial collapses of new companies also could be ahead.
Experts said London’s exchanges also accepted scores of new listings of Chinese and Russian companies that may not have met New York exchanges’ stricter rules.
BDO Stoy Hayward Report on Fraud in the UK
April 6th, 2007 02:26pm
US class action star targets UK (The Sunday Times)
Big business beware: litigation supremo Michael Hausfeld is setting up shop in Britain and heâ€™s in the mood for a good fight. By Holly Watt
IN American corporate boardrooms, the mere mention of the name Michael Hausfeld is enough to spread panic among directors and investors.
He is one of the countryâ€™s top litigators who has won billions in compensation for everyone from Holocaust victims to Alaskan fishermen and consumers ripped off by Microsoft. This month Hausfeld is opening a London office and is preparing an aggressive assault on British companies. In an exclusive interview with The Sunday Times this weekend, he said that there â€œare laws [in Britain] and theyâ€™re not being enforcedâ€.
From the new London office, the firm will take on a wide range of cases across the corporate spectrum. He reels them off: â€œWeâ€™re looking at competition, cartel enforcement, human rights, employment, investor rights and environmental issues.â€
Further references relevant to this post:
Cohen Milstein is First U.S. Plaintiffs’ Law Firm to Open Office in Europe
A Wary Europe Moves a Step Closer to Class Actions
Cohen Milstein is moving to London!
London: â€˜lawsuit laboratoryâ€™
March 23rd, 2007 12:57am
Investor Advocates Reject Relaxing Rules (AP via Yahoo! Finance)
Investor Advocates Challenge View That Overly Tough Regulations Hamper U.S. Competitiveness
WASHINGTON (AP) — U.S. companies and Wall Street are off-base in blaming an overly regulated and litigious environment for what they say is a struggle to remain competitive, argued panelists at a symposium Thursday sponsored by state securities regulators.
“I’d squeeze the man’s picture off of a dollar bill before I’d let it go” back into stock investing, said Texan panelist Charles Prestwood, 68. He worked for 30 years as a natural gas pipeline operator and the value of his retirement portfolio invested in Enron Corp. stock plunged to $8,000 from $1.3 million after the company’s December 2001 bankruptcy amid a corporate fraud scandal.
March 19th, 2007 07:36pm
Why are the SmartLogik shareholders aggrieved?
Not allowed to vote on the sale of the company assets (waiver).
Company assets were sold at less than their true worth.
No published financial accounts despite being promised them. What happened to our money?
Waiver enabled SmartLogik to avoid publishing the accounts by just one day!
Promised earn out came to nothing.
Failure of Corporate Governance.
This for a company, SmartLogik Group PLC that was fully listed on the London and NASDAQ stock exchanges.
SMARTLOGIK ACTION GROUP – FIGHTING FOR ACCOUNTABILITY, THE RIGHT TO VOTE, FINANCIAL VISIBILITY, GOOD CORPORATE GOVERNANCE, SHAREHOLDER RIGHTS.
YOUR OTHER SHAREHOLDING, PENSION OR JOB COULD BE NEXT. SUPPORT US TODAY!