Dubious finances caused StefanGP to be rejected after its parent company AMCO was found to be not what it seemed

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    Dubious finances caused StefanGP to be rejected after its parent company AMCO was found to be not what it seemed

    Post by Mike on 6th March 2010, 05:43

    StefanGP just a fraud?

    Developments in recent days have come as a shock to many, but to some very predictable.

    For a while now there has been major doubts over the new teams. Lotus and Virgin, (Formally Manor) made it to at least one major test before the opening race in Bahrain and seem good to go for the whole season, however USF1 and Campos failed to make any test with major doubts over funding hanging over them.

    Campos seem to have found themselves a backer in José Ramón Carabante who has taken a majority stake within the team. That has led to a name change from Campos to Hispania Racing and an unveiling of the car, less than two weeks before the first race.

    USF1 however, ceased to exist on Tuesday as the workers at the Charlotte based team were ordered to down tools and stop working.

    Formula 1 governing body the FIA confirmed that the USF1 team will not compete in the 2010 World Championship and that, furthermore, no team will be selected to replace the American outfit.

    The FIA Statement:

    "The USF1 Team have indicated that they will not be in a position to participate in the 2010 FIA Formula One World Championship. Having considered the various options, the FIA confirms that it is not possible for a replacement team to be entered for the Championship at this late stage.

    In the coming days the FIA will announce details of a new selection process to identify candidates to fill any vacancies existing at the start of the 2011 season."

    This came as a surprise to many after it was long known StefanGP, Toyota equipped, were waiting in the wings.

    Many feel it was pure biased by the FIA and Ferrari who called the team 'Serbain Vultures' for picking at the bones of the leaving Toyota teams.

    However I can now reveal the fiances, and thus reason of rejection, of StefanGP's parent company and owner Zoran Stefanovic.

    AMCO is a Serbian engineering company. The AMCO website says the company has apparently had its hand in projects such as Ariane 5 and worked with Germany's Federal Defence Force.

    However these claims have found to be false.

    "After consulting with the system manufacturers of the drones KZO and LUNA we can confirm that in the Bundeswehr product there are no technologies of the Serbian company AMCO," said a spokesman of the German defence department Bundesamtes fur Wehrtechnik und Beschaffung to Express .

    Even more sensationally, the financial situation of AMCO reads more like fraud, than a potential owner of an F1 team.

    It has become apparent that AMCO Corp is a limited liability company, which is less than a year old. The company has a capital of 500 euros split 80/20 with Mr Zoran Stefanovis and Mr Vuk Stefanovic.

    With financial revelations like this it seems it wasn't a conspiracy that led to no replacement for USF1, rather poor finical backing for its potential replacement.


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