Raglan Club given $50,000 loan

For some time there has been talk on Bow Street about a $50,000 loan given by a businessman to Raglan Club. Before publishing anything on this loan, Raglan 23 emailed the secretary of the Raglan Club on 5th December to find out the background to the loan.  (See below)

Raglan 23 has not received a response to our query. An anonymous source has now provided a copy of the loan agreement. The agreement is an undated promissory note between Sanjay Sharma and Raglan Club Inc. It records that Mr Sharma gave Raglan Club Inc. a loan of $50,000 on 22 June 2017. The loan is interest free and is to repaid by 31st July 2018 or when any of the Club’s properties are sold to Mr Sharma or any of his associated companies.

The $50,000 loan is interest free and is to repaid by 31st July 2018 or when any of the Club’s properties are sold to Mr Sharma or any of his associated companies.
Sent: Tuesday, 5 December, 2017 2:53:07 PM
Subject: Raglan Club loan

Hi Bevan

I have been shown an email from you to a club member where you mention an interest free loan of $50,000 given to the club by the principal of one of entities wanting to purchase the club property.
Before I publish this on Raglan 23 I wanted to give the club the opportunity to comment on the loan.
Does the loan exist?  If so what are the conditions?
If the sale of the club does not go ahead, where would the club find the funds to repay the debt?
It seems that the executive overlooked telling members about the loan in the SGM info pack recently sent to members.  Will the club be briefing members on the loan at the SGM?
Thanks,
Rodger Gallagher
Raglan 23

2 thoughts on “Raglan Club given $50,000 loan”

  1. Mr Sharman and the Raglan Club executive are indulging in very corrupt practices. By giving an interest free loan to the club there is an unspoken expectation. Mr Sahrman is determined to get the site in order to build a supermarket in Raglan that a large percentage of the locals do not want. By giving the loan he is one step closer to obtaining the land.

    Reply

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