Umar Kamani: Buyout Costs and Mahmud Kamani

umar kamani: The report also claims that a recent 200m fundraising effort by Boohoo could be handed over in dividends or buyout costs to Umar Kamani, the son of Boohoo's chairman and co-founder, Mahmud Kamani, who owns about a third of the group's Pretty Little Thing PTL brand, according to The Guardian. Shadow Fall also suggests the funds could be used to buy up I Saw it First, an online fashion business set up by Jamal Kamani, the chairman's brother. The Shadow Fall hedge fund led by Matthew Earl, a specialist in taking positions that bet against a company's share price, issued a 54-page report accusing Boohoo of misleading investors about profits and cashflow. The report, published on Tuesday, claimed that an option to buy out a remaining stake in the PLT site could cost Boohoo nearly 1bn, and raised concerns about the presentation of profits and cashflow relating to PLT, which it said inflated the brand's value. Boohoo said on Wednesday it strongly refutes the allegations made by Shadow Fall. Boohoo paid 3.7m to buy a 66% stake in PLT in 2016. ( As reported in the news.

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