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Above: Russian nested dolls fit inside each other - is there a similarity to Shell Corporations? |
In a previous post, “Was Crime Boss Meyer Lansky the Godfather of the Caribbean Money-Laundering Shell Corporation?“, I promised a post on Shell Corporations in Barbados. Actually I am going to do two posts on this topic, here is the first. I am going to limit myself to just some of the companies involved in multi-million dollar deals with Kingsland Estates Limited. |
In this post, I examine five Barbadian companies: SBG Development Corporation (SBG), Classic Investments Ltd. (Classic), Kalahari Inc., Clermont Green Limited (Clermont) and Kingsland Estates Limited (Kingsland). My opinion is that all of the above show characteristics of Shell Corporations. |
Brief Summary: |
While these companies appear to be doing very little business, they seem to be dealing with extremely large sums of money! Only one of the five actually has a listed telephone number!
|
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Shell Companies - Main Characteristics |
(List based on Shell Corporation definition, also at end of this post.)
|
Footnote 1: I believe that there are two scenarios with the audited statements. Either
Here is some data (mainly based on CAIPO searches by the Knox family) from July, 2008: |
Name of Corporation | Number | Date Incorporated |
Compliance with Companies Act |
S.B.G. DEVELOPMENT CORPORATION | 6293 | 1991-03-07 |
File missing (2006 search) |
KINGSLAND ESTATES LIMITED | 1654 | 1958-07-01 | File missing, late filings. Figures disputed. |
KALAHARI INC. | 28422 | 2007-03-15 | No audited financial statements filed |
CLERMONT GREEN LIMITED | 15923 | 1998-09-22 | No audited financial statements filed |
CLASSIC INVESTMENTS LIMITED | 11693 | 1996-01-29 | No audited financial statements filed |
Here is my assessment on whether or not these companies possess the necessary qualifications to be classed as a Shell Corporation. (The shortened company names below are hyperlinked to sources revealing information on both their directors and their operations. My next post on Shell Corporations will be an intriguing exposé on Kalahari and Clermont, which are not yet hyperlinked.) |
Kingsland | Classic | Kalahari | Clermont | SBG | |
Incorporated |
X |
X | X | X | X |
no significant assets |
|
X* | ? | U | |
no significant operations |
X |
X | X | X | |
not in compliance with Companies Act |
X |
X | X | X | X |
purpose buying and selling | X | X | X | ? | X |
situated in tax haven (low-tax regime) |
X |
X | X | X | X |
* = at incorporation, ? = implied, U = unknown |
Five Apparent Multi-Million Dollar Companies - Only One has a listed Telephone Number! |
Further thoughts:
|
I decline to state my conclusions, but I encourage you, the reader, to judge the situation for yourself. If you are associated with any of these companies and you dispute any of the content, you are invited either to comment below or to email me confidentially at: keltruth@yahoo.com |
|
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Also from Financial & Investment Dictionary: Shell Corporation | |
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Additional reading:
- This paper from the Barbados Central Bank estimates the size of the underground economy in Barbados to be about one-third the size of the official economy.
- Kingsland, Barbados: Secret Leveraged Buyout Uncovered!
- VI - Kingsland, Turney and Cox: Unaudited Company buys Unaudited Company
- “… a closure of this [Caribbean] account could physically endanger bank personnel …” - MONEY LAUNDERING IN THE COMMERCIAL REAL ESTATE INDUSTRY
- “The offshore sector includes 4,635 international business companies (IBCs), …” - US Embassy - Barbados
63 users commented in " Barbados Shell Corporations without Listed Phone Numbers Negotiate Big Secret Land Deals "
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[…] Keltruth Blog: Barbados Shell Corporations without Listed Phone Numbers Negotiate Big Secret Land Deals […]
[…] see that Kingsland Estates Limited is much in the news again with our friends at Barbados Free Press and Quel Truth. Important and more relevant news like that you have been publishing appears to be in short supply […]
[…] Barbados Shell Corporations without Listed Phone Numbers Negotiate …I promised a post on Shell Corporations in Barbados. Actually I am going to do two posts on this topic, here is the first. I am going to limit myself to just some of the companies involved in multi-million dollar deals with Kingsland … […]
[…] these reinsurance companies have a substantial presence in Barbados, or were they “shell corporations“? I have never heard of the above two before now, but there are many more. According to […]
[…] then you don’t have to bother with annual returns! No audits required! Besides, many domestic Barbadian companies don’t bother to file financials. The Government does not seem to […]
[…] me see. Shell corporations.? Beneficial owners unknown. Secrecy, lack of financial statements. Unadvertised land secretly […]
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