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That Clinking Clanking Sound…. An Update
You may recall earlier in the year we reported the rather unwholesome story of lawsuits, disappearing money and such like.
(for those that don’t : read it all here….)
Well today we can give an update to the story. Today, Monday 25th September the UK Insolvency Service announced that Dipak Rao has been banned from holding the position of company director after being found guilty of misappropriating at least £2m from the two companies responsible for the bulk of the back catalogue.
Dipak Rao, who worked for the band behind the hit Smoke on the Water between 1992 and 2014, has been disqualified for 11 years following an investigation by the Insolvency Service. It found he siphoned money into his personal accounts from two companies, Deep Purple (Overseas) Ltd and HEC Enterprises Ltd, between 2008 and 2014.
The 69-year-old, who lives in Worcester Park, south-west London, concealed what he had done by ensuring that the transactions did not appear in financial accounts and restricted access to the companies’ bank statements, the Insolvency Service said. He resigned in November 2014 as a director of both firms – which control the copyrights of many of the band’s recordings – before they went into administration in January last year.
Sue Macleod, the Insolvency Service’s chief investigator, said: “Rao misappropriated company funds, causing detriment to the company and its creditors, to his own personal benefit.”
Unauthorized copying, while sometimes necessary, is never as good as the real thing
Well… At least he’s caught. Turd
September 25th, 2017 at 19:49I bet you he is in a wheel chair pushed by two young female careers and his girl friend ran away with the money living the life of luxury in Bognor Regis.
September 25th, 2017 at 21:15Another band I follow, Jethro Tull has talked briefly about this sort of thing. I am Anderson and his wife have owned the rights to all things Jethro Tull. They have run the business end of the business themselves for over 40 years. They book all the shows, book transportation and lodging for the band and crew and pay the band members themselves. Ian has said that he actually enjoys doing it and it has allowed him to keep track of all the money.
September 25th, 2017 at 21:23So why isn’t this prick in jail? Since I’m an American I have no idea how much, £2m is but it looks like a lot of money. Hopefully the band will be able to recoup this amount plus more for whatever reasons the courts deem reasonable if they sue him in court which they should.
September 25th, 2017 at 22:52I don’t quite get the term “administration” as it’s used here .But I assume it means there is an appointee (s) who have to discover what and where this creeps assets are . If he’s in bankruptcy the rightful owners may not get everything they should .But I would hope there are still recoverable monies . Jon Lords heirs could really benefit .
September 25th, 2017 at 23:59I hope this little bitch loses everything he’s got .
September 26th, 2017 at 00:02So a retired man was prevented from working again. Whoop-de-doo.
September 26th, 2017 at 07:18His favourite song is ”Money Talks’
September 26th, 2017 at 09:49For the benefit of Sammy Rameo @ post no 4 2 million Sterling is currently c US $2.75 million.
September 26th, 2017 at 21:00Didn’t Gillan write Money Lender (on Clear Air Turbulence) about a previous financial advisor who he felt had ripped the band off in the 70s.
September 28th, 2017 at 09:55Well friends…these things happen when you have bandmembers saying: “I dont get involved with business side of the band, I let other people take care of everything..” If Mick Jagger would have been in the band these things would never have happend…LOL
September 28th, 2017 at 17:42