Doubts are raised about Chainrai’s £17m hold over Pompey

103686_POMPEY_DONCASTER_13/11/10''Balram Chainrai (centre)''Portsmouth V Doncaster Rovers at Fratton Park, Portsmouth.''Picture: Allan Hutchings (103686-2)
103686_POMPEY_DONCASTER_13/11/10''Balram Chainrai (centre)''Portsmouth V Doncaster Rovers at Fratton Park, Portsmouth.''Picture: Allan Hutchings (103686-2)
Dion Donohue has signed a two-year deal at Pompey Picture: Colin Farmery

Pompey new boy’s out to continue rise

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POMPEY’S administrator has cast doubt on Balram Chainrai’s financial hold over the club.

Trevor Birch said there could potentially be ‘doubts’ surrounding some aspects of a £17m debt – called a debenture – held by the Hong Kong businessman’s company Portpin.

He voiced his concern as former administrator Andrew Andronikou made a complaint to Institute of Chartered Accountants over his appointment, claiming he should not have been given the role due to a conflict of interest.

Discussing the debenture Mr Birch said: ‘That will be reviewed by me for its validity. We’ll have lawyers that will look at it and examine the transactions and we will see where it goes from there. There are aspects of it which might raise doubts.’

Mr Birch’s firm, PKF, advised on the takeover of Portsmouth in June by CSI and carried out due diligence before it bought the club. The firm was then appointed auditor to Portsmouth and submitted an invoice of £20,000 to the club for that work. But in the High Court a judge considered the issue and decided there was no conflict of interest.

‘HMRC approached me to be Portsmouth’s administrator,’ Mr Birch said. ‘We are satisfied there is no conflict and now want to do our best to sort out the problems at the club.’