Investing
Ex-England boss reveals adviser’s dodgy property investments
The former England football manager, whose autobiography is being serialised in the Daily Mail, said he had never cared about money. He immediately trusted City of London-insured Samir Khan, who had an office in Bond Street.
On Eriksson’s behalf, Khan invested in a Portsmouth property development where the main investor was Harry Redknapp. Other investments included a beach house in Barbados neighbouring Wayne Rooney’s and a magazine, Icon.
However, profits failed to materialise. In total, Eriksson’s accountants estimated the schemes had lost him £10m and left him on the verge of bankruptcy. He took Khan to court, where the adviser agreed to bankrupt himself.
Eriksson wrote: “The lawyers said it was a great result — the best hope of recovering a fraction of my fortune. It didn’t feel like a great result to me.
“The other day, I put my home in Sweden on the market. I feel a bit melancholy about that.”
According to the memoir, Eriksson met Khan when he was looking to take out a mortgage to buy a £1.7m house in Belgravia, London.
He had little interest in reading contracts and would often sign a single page faxed over by Khan.
He was warned several times, including by Redknapp, that his adviser “was no good”, but continued to trust him.
When Eriksson finally began investigating his finances, he discovered he was paying the lease on one ex-girlfriend’s car. Another former lover, Nancy Dell’Olio, was still living in his London apartment.
Tag Box
There are 0 Comment(s)
Everything you wanted to know about ISAs…but were afraid to ask
The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...
Your right to a refund if travel is affected by train strikes
There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...
Could you save money with a social broadband tariff?
Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Five tips for surviving a bear market mauling
The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...
Money Tips of the Week
© AE3 Media Ltd, Floor 7, Lincoln House, 296 - 300 High Holborn, London WC1V 7JH, Company.