jonno
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nil satis nisi optimum
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Post by jonno on Jan 25, 2019 10:30:07 GMT
I don't think it's unreasonable for the CC to request a full report (as technical as is necessary) detailing all the required IT work involved in rebuilding the data base including why it has taken the best part of 12 months. Surely this will be fundamental in the CC's crucial role in signing off BDO's costs.
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Post by vindhi on Jan 25, 2019 13:09:41 GMT
I don't think it's unreasonable for the CC to request a full report (as technical as is necessary) detailing all the required IT work involved in rebuilding the data base including why it has taken the best part of 12 months. Surely this will be fundamental in the CC's crucial role in signing off BDO's costs. This certainly would have made sense, but I believe the committee have already approved these fees so it's probably too late. It's a pity; as with others I find it extremely hard to believe that the data recovery was handled competently given how long it took and the costs incurred. Hopefully BDO and/or the FCA will try to hold the directors to account financially for their failure to properly maintain the data in the first place.
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m2btj
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Post by m2btj on Jan 25, 2019 16:42:51 GMT
I don't think it's unreasonable for the CC to request a full report (as technical as is necessary) detailing all the required IT work involved in rebuilding the data base including why it has taken the best part of 12 months. Surely this will be fundamental in the CC's crucial role in signing off BDO's costs. This certainly would have made sense, but I believe the committee have already approved these fees so it's probably too late. It's a pity; as with others I find it extremely hard to believe that the data recovery was handled competently given how long it took and the costs incurred. Hopefully BDO and/or the FCA will try to hold the directors to account financially for their failure to properly maintain the data in the first place. Not a chance in hell! Had this been a bank heist the perpetrators would be banged to rights long ago. White collar incompetence (some would call it it crime) is the way to go. Directors of banks, car manufacturers & service companies have for decades filled their boots off the proceeds of taxpayer bailouts, government, investor or shareholders funds. Companies like BDO, PwC, Goldman, et al make millions providing 'advice' on the way up & then feed off the carcass on the way down. Take a look at the millions spent on consultants bailing out RBS. HS2 is the next gravy train to depart £56bn & rising.....& the country is insolvent!
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stokeloans
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Post by stokeloans on Jan 25, 2019 17:04:08 GMT
I have been an IT professional for well over 25 years. I can promise you that in my experience, unless the data is encrypted or corrupted, reconstructing the database and extracting meaningful data such as individual’s transaction history is really not that difficult. It certainly shouldn’t take the best part of a full year and it certainly shouldn’t cost the ridiculous fees BDO are charging. It’s really quite pathetic that we are this far down the track and they’re still talking about their amazing efforts to recover the data. A decent DBA and Data Architect would be able to reverse engineer a database, that I suspect is comparatively small and simple, in just a few weeks. Yes but what can you expect when you give that kind of job to people who have no IT background ? I thought they brought in outside expertise just for that....at great expense
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tx
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Post by tx on Jan 26, 2019 12:56:43 GMT
Sorry if this has come up before (it's been such a long process now that I'm starting to forget what I've previously read) - and you may not be able to answer this question anyway due to your CC restrictions, but if you can - does the 'detailed portfolio analysis' which BDO are in the process of recovering/have largely recovered include the specific terms of the various tranches of loans? By that I mean - for its multi-tranche development projects, Collateral often had very specific ranking terms for the different tranches, which had the effect of a first/second/third charge etc. My impression was that these 'charges' were an internal, between-Collateral-and-investor kind of thing, rather than formally registered charge rankings. I know BDO is attempting to recover enough information to make specific individual loan-based payouts (rather than a universal p/£%), but are they also recovering (/have they recovered) this ranking information, and are they planning on implementing those ranking terms for the purposes of recoveries? To the best of my knowledge - yes. The report I received at the last meeting had separate individual tranches and I believe it's BDO's intention to honour this structure if possible following the data recovery process. Hi Monetus, similar here and I have also always wondering, for the non-drawndown loans, are the specifics of such loans been recovered and considered as well? Again, you might be restricted due to CC, but if you can. Thanks.
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Post by charliebrown on Jan 27, 2019 2:01:09 GMT
I have been an IT professional for well over 25 years. I can promise you that in my experience, unless the data is encrypted or corrupted, reconstructing the database and extracting meaningful data such as individual’s transaction history is really not that difficult. It certainly shouldn’t take the best part of a full year and it certainly shouldn’t cost the ridiculous fees BDO are charging. It’s really quite pathetic that we are this far down the track and they’re still talking about their amazing efforts to recover the data. A decent DBA and Data Architect would be able to reverse engineer a database, that I suspect is comparatively small and simple, in just a few weeks. Yes but what can you expect when you give that kind of job to people who have no IT background ? Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data.
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gc
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Post by gc on Feb 1, 2019 17:03:40 GMT
Yes but what can you expect when you give that kind of job to people who have no IT background ? Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data. I hear you on that, though spending some time in the corporate sector myself (worked for IBM and contracted to banking sector), I am not sure it they wanted the information to be found and it could have been a malicious act. Wouldn't be surprised if they did a "military grade" destructive erase on sections. May sound a little "tinfoil hat" but in all seriousness, as you know, almost any data is recoverable, unless one DOESN'T WANT IT TO BE! There is no way that an IT team would have gone in and not one of them knew how to reconstruct it.
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adrianc
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Post by adrianc on Feb 2, 2019 18:44:21 GMT
Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data. I hear you on that, though spending some time in the corporate sector myself (worked for IBM and contracted to banking sector), I am not sure it they wanted the information to be found and it could have been a malicious act. Wouldn't be surprised if they did a "military grade" destructive erase on sections. May sound a little "tinfoil hat" but in all seriousness, as you know, almost any data is recoverable, unless one DOESN'T WANT IT TO BE! There is no way that an IT team would have gone in and not one of them knew how to reconstruct it. This would definitely lean towards Refresh's incompetence in failing to secure the data being an "inside job". So what's going to come out when it's all recovered...?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 2, 2019 19:23:29 GMT
You can't help but think serious skullduggery was afoot, but after nearly a year The FCA and/or BDO still haven't shed any light.
Too much money still to be siphoned off by BDO, and not enough time yet for The FCA to concoct their excuses and cover their backside.
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Post by charliebrown on Feb 4, 2019 1:57:10 GMT
Don’t you think it’s ironic. We spent all the money figuring out how much you are owed so now there’s no money left to pay you what you’re owed. BDO are a joke. Hopeless parasites. If they didn’t know how to reconstruct the database they should have sought external help or why not ask on this forum. I’d have done it for free, under NDA of course. I genuinely mean that, I’ve had to restore data from backups many times in my career, it’s not really difficult for what I’m sure would be a simple database schema and small amount of data. There is no way that an IT team would have gone in and not one of them knew how to reconstruct it. I agree. If there was any type of backup of the data then the IT Team would be able to restore the database in pretty short order. In my view, the recovery would either be a quick job or an impossible job, there’s not much in between. I can’t think of any scenario where it would be possible but it would take 1 year. Ridiculous. Why aren’t BDO being paid by results? I’d be happy with a deal where we paid them 10% of monies recovered, or even 20%. Them having a deal where they are paid by the hour regardless of whether they recovery any of our money is open to abuse.
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sj
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Post by sj on Feb 4, 2019 11:53:19 GMT
I thought the judge was meant to be keeping an eye on expenses and progress of recovery? Or is he in on it as well?!?!
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Post by charliebrown on Feb 5, 2019 2:35:39 GMT
They’re all riding this gravy train, either directly or indirectly. The UK has systemic corruption, but unlike truly corrupt countries that acknowledge the problem, uk prefers to say it doesn’t exist.
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lofty
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Post by lofty on Feb 5, 2019 15:29:28 GMT
They’re all riding this gravy train, either directly or indirectly. The UK has systemic corruption, but unlike truly corrupt countries that acknowledge the problem, uk prefers to say it doesn’t exist. Yes, we call it capitalism
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boundah
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Post by boundah on Feb 6, 2019 15:11:11 GMT
They’re all riding this gravy train, either directly or indirectly. The UK has systemic corruption, but unlike truly corrupt countries that acknowledge the problem, uk prefers to say it doesn’t exist. Transparency International places the UK 11th out of 180 countries (equal with Germany) in its 2018 'corruption perceptions index'. Could you give some examples of 'systemic corruption'? If you mean companies legally extracting rents/profit from other companies and individuals, it may be 'unfair' (depending on whether you're winner or loser), but not corrupt, surely?
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