Cloudtag Share Discussion Threads

[nod] 08/4/2017 13:27

Jaknife,
The strange thing about that incorrect address given by Toumaz is that it appears in books and the Panama Papers.

"The Company is sending notice of Extraordinary General Meeting to be held at
Place Chevelu 6, 1211 Geneva 1, Switzerland, at 12 pm on 14 May 2009"

There is no Geneva 1 or Genève 1 in Switzerland. This is like writing Manchester 1 or London 1.

The post code is 1211

However, the address of Place Chevelu 6 appeared exactly like that it the Panama Papers.

I suppose copying this address was a result of their dodgy Cayman connection.

[knigel] 08/4/2017 13:24

Yes whether the AGM was in London or Jersey would not make much difference to me being In Bristol - although I would make it a nice day out!

[andy] 08/4/2017 12:57

Nod,

You are correct in that a central London AGM held at 9.00 am is most definitely to deter attendance, IMO.

Anyone living a distance away has to either travel at the crack of dawn and pay the highest commuter fare, or travel down the night before and pay a hotel, both involve quite a bit of cost and inconvenience.

[nod] 08/4/2017 12:36

Does Apple, Google, Starbucks, etc. pay tax where they hold their annual general meetings?

They simply move money around to jurisdictions in which they have a registered office.

The banks were highlighted recently by OXFAM as following the same corrupt pattern



27 Mar 2017 01:12pm

UK banks make £9bn in profits in tax havens
The 20 biggest European banks posted profits of at least £18bn in global tax havens last year, according to a report by Oxfam
Meanwhile, the UK banks included in the report – HSBC, Barclays, RBS, Lloyds and Standard Chartered - reported combined profits of £9bn in global tax havens, equivalent to 67% of their profits.

Oxfam found that £522m of the £9bn was made in six UK-linked tax havens, where they paid just 7% tax on their profits, compared to the UK corporate tax rate of 20%.

The six UK tax havens were Bermuda, the British Virgin Islands, the Cayman Islands, and the Crown Dependencies (Guernsey, the Isle of Man and Jersey).

The top 20 EU banks meanwhile made €4.9bn (£4.2bn) in profits in Luxembourg, more than they made in the UK, Sweden and Germany combined.

Oxfam argued that banks often do not pay any tax on profits booked in tax havens and claimed that European banks did not pay a single euro in tax on €383m in profits made in tax havens in 2015.

Furthermore, some of these banks registered losses in countries where they operate. Deutsche Bank, for example, registered a loss in Germany while booking profits of €1.897m in tax havens.

[nod] 08/4/2017 12:17

Another trick by companies who don't want PIs to attend is to hold the AGM at 9am in central London making it impossible for out of towners to attend without incurring the cost of train fares PLUS an expensive hotel the night before.

The extremely arrogant and dis-likable Directors at Frontier Smart (aka Frontier Silicon registered in Cayman Islands) have arranged this difficult time. Here is what a previously regular attendee feels about it:

"Despite my protestations last year, and Martin Knight's acknowledgement, they ignored my, and several other requests for a later start.... "The Company's Annual General Meeting will be held at 09:00 a.m. on Tuesday, 9 May 2017 at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
They really don't want to deal with us PIs at all, though I'm not entirely surprised given the esteem in which most of us seem to hold them."

[grannysnuffs] 08/4/2017 12:15

handjob get back on lse dimwit, u been sussed lol

[nod] 08/4/2017 12:07

Absolutely, they choose not to. Tax payable is not defined by where you hold a meeting.

[henchard] 08/4/2017 12:02

I'm beginning to wonder if this idea put about by some offshore companies that they CAN'T hold their AGMs in the UK is actually correct and whether it's more a case that they CHOOSE not to.

[nod] 08/4/2017 11:53

Surely, the ONLY reason to hold your AGM or EGM in a remote location from your UK office and distant from your private investors, is to discourage PIs from attending i.e. make it too expensive for PIs (some PIs can be a real pain in the butt).

Major shareholders can cast millions of votes with one easily arranged proxy agreement - they don't need to fly anywhere or even get out of their chair.

It's a lot more difficult for PIs in nominee accounts to cast a proxy vote, especially when meetings are held at short notice. They have a right to vote but in reality cannot.

[henchard] 08/4/2017 11:48

Boohoo.com is another company incorporated and registered offshore (Jersey) but perfectly happy to hold its AGM in the UK (Manchester).

[nod] 08/4/2017 11:37

Although some jurisdictions are promoted as tax havens (such as Panama and Cayman) the main reason they are used so extensively is for secrecy. You cannot readily discover who are the directors and beneficial shareholders of a Cayman Islands company.

I lived in Bermuda and Switzerland for ten years, which were for decades used as "tax havens", but no longer. There are still a few attempts to use these jurisdictions to conceal taxable wealth held in very safe locations but the local regulators and police are generally cooperative to reveal information. Cayman is secretive, hence its current attraction.

[andy] 08/4/2017 11:24

I have questioned a company before about holding their AGM in Paris, and the answer was because they were registered outside the UK and therefore held their AGM's outside the UK.

I am sure they said it was for regulatory reasons, it was a few years ago now, so the memory may be a bit fuzzy.

NEW held their AGM's in the Channel Islands, I'm sure there's a reason, and it's not that they don't want attendees.

[henchard] 08/4/2017 11:19

Thanks Nod, that's interesting. I'd just been having a look myself and spotted that Cayman registered Hutchison China MediTech also holds its AGMs in the UK (London).

[nod] 08/4/2017 11:16

The Cayman Islands – home to 100,000 companies and the £8.50 packet of fish fingers

The Caribbean dependency is more British than Bognor, but helps shield £20bn a year from the Treasury. Here are 10 facts about the world’s most notorious tax haven

[nod] 08/4/2017 11:07

re the non-UK residence
That's not true - except perhaps for dodgy companies.

Toumaz, for example, was Cayman registered and always held its meetings in the UK.

Frontier Silicon is Cayman registered and holds its meetings in the UK.

[nod] 08/4/2017 10:52

This is simply amazing. CTAG has not had the competence nor capability in four years to produce a wearable device that people can use at home or in the gym for fitness purposes. Yet, CTAG is now pumping its tech for solving diabetes and cardiovascular disease.

The future of tech in healthcare: wearables?
Feature
7 APRIL 2017

A lot of general blah build up leads to …

“The World Health Organisation says that cardiovascular disease is today’s number one cause of death. … and in the UK treatment for diabetes consumes 10% of the NHS budget.”

“If ever there was a means of democratising health data, it’s through technology. It is this vision that is driving the development of the health platform being pioneered at CloudTag.

"Its digital platform helps people make decisions to both integrate physical activity and the correct nourishment into their daily lives. Data is provided via a wearable sensor device, the Onitor Track, which can either be strapped to the user’s wrist or clipped onto a chest band or sports bra during exercise.”

[andy] 08/4/2017 10:45

I see a poster on LSE says that HL have removed his CTAG shares from his account.

I guess they will send out certificates, does anyone know if that's the norm when a company goes private?

With the SAG having so many members, is anyone here involved please?

The result of yesterday's meeting with Amit is due out later, and I see one poster on LSE is advocating keeping the record of the discussion secret and not revealing nor discussing it on the chatroom.

Quite why he would want to do that is beyond me, healthy debate is fine.

Whenever previous action groups have gone into secret forums, it has always ended badly, so when I see people suggesting the same again I fear the worst.

Keep it out in the open, it may even be a good idea for a SAG member to post here and on LSE / iii to engage with people, it would save a lot of emails being sent.

[ionlypostafterbbms] 08/4/2017 09:15

Being taxed on his CTAG investment is something granny isn't worried about.

granny,

Stop whinging about your lost bet, you're embarrassing yourself & repeatedly pointing out that you've been a huge mug.