‘David Cameron, Father Evade Paying UK Corporation, Capital Gains Tax’ –Panama Papers
…Claim Tax Exemptions in 21 Countries, Avoid Securities Market/Federal Banking Commission
*’I Benefited from Offshore Investment Fund, Sold My Shares for £ 31, 500′-David Cameron
* Says: ‘My Wife (Samantha) and I had 5,000 Shares, Gained £19,000 Profit without Income Tax Declared’
*Jittery: “I wish My Father was around to Tell Me the Real Source of His Wealth”
*Lament: “I don’t know If £300,000 I Received from My Father is a Product of Tax Fraud”
*Anger, Outrage, British Citizens Mount Protest from Downing Street to Tory Spring Confab
*PLUS: Indicting, Classified Documents of Blairmore Holdings Inc Attached as Evidence
*SHARES Not Registered under the Securities Act of 1933 of the UNITED STATES, as amended (“the 1933 Act”)
* “Cameron should Resign for Cover-up and Being a LIAR”- Labour MP John Mann
BY PHILLIP TOWNSEND OLUWASEYI/ EUROPE CORRESPONDENT
CONDEMNATION, Outrage and Anger and Vote-of-No-Confidence is trailing the several activities of British Prime Minister, David Cameron regarding tax evasion involving Blairmore Holdings Inc, an investment company incorporated with limited liability under the Republic of Panama founded 12 April 1982. Sensitive documents from Panama Papers in our custody confirmed how secret movement of these funds under a pseudo name ‘Smith & Williamson Investment Management Limited’ rolled from Austria to The Bahamas, Belgium to Cayman Islands, Denmark to Finland, France, Germany; Hong Kong, Ireland to Isle of Man, Italy to Japan, Jersey to Korea, Netherlands and Panama. Other countries where these investment funds are secretly traded include: Spain, Sweden, Switzerland, United Kingdom and United States of America.
In the classified documents, there is a caveat emptor, with a warning that: “The Shares are offered solely on the basis of the information and representations contained in this Prospectus and any further information given or representations made by any person may not be relied upon as having been authorised by the Fund or the Directors. Neither the delivery of this Prospectus nor the allotment or issue of Shares shall under any circumstances create any implication that there has been no change in the affairs of the Fund since the date hereof. The Fund is licensed as a Standard Fund in accordance with the Investment Funds Act, 2003 of The Commonwealth of the Bahamas. However, The Securities Commission of the Bahamas has not commented upon the contents of this Prospectus or the merits of an investment in the Shares. Moreover the investment activities of the Fund are not regulated or otherwise overseen by the government or any regulatory authority of The Commonwealth of the Bahamas.”
‘David Cameron, Father Evade Paying UK Corporation, Capital Gains Tax-Panama Papers
Going by evidential documents attached to Panama Papers whistleblower, it was crystal clear that Ian Cameron, father of British Prime Minister who passed away in 2010 had perfected clandestine moves with the Directors of Blairmore Holdings, Inc (“the Fund”) including the embattled David Cameron to evade Tax exemptions in 21 countries listed above including United Kingdom and United States of America. The Cameron’s family were sure they would evade paying British Corporation and Capital Gains Tax in Great Britain. Like a script, that was what the family did in UK.
After Ian Cameron, born with severely deformed legs underwent multiple surgeries but managed to pursue amateur sports and made his fortune as a stockbroker and investor, he became senior partner in brokerage Panmure Gordon, as his father and grandfather had been before him; meaning the alleged tax evasion traits is in the Cameron’s lineage
Inside the Mossack Fonseca data Offshore investment firm revealed to investors that it was managed to avoid taxes. Ian helped create and develop Blairmore Holdings Inc. in Panama in 1982 and was involved in the investment fund until his 2010 death. True, Cameron didn’t appear as director of Blairmore until 1989, a 2006 prospectus said he “was instrumental in the formation of Blairmore Holdings Inc. in the early 1980s.” In July 1998, the fund was valued at nearly $20 million. Promotional literature noted the fund was “not liable to taxation on its income or capital gains” and that the fund “will not be subject to United Kingdom corporation tax or income tax on its profits.” Blairmore used a large amount of bearer shares –unregistered shares that belong to anyone who physically holds the share certificates– until 2006.
Sensing that his family best kept secret was about to be made open, incumbent British Prime Minister, David Cameron finally admitted he benefited from a Panama-based offshore trust set up by his late father. After three days of stalling and four partial statements issued by Downing Street he confessed that he owned shares in the tax haven fund which he sold for £31,500 just before becoming prime minister in 2010.
‘My Wife (Samantha) and I had Joint Shares, Gained £19,000 Profit without Income Tax Declared’
As reported through an arranged interview with ITV News’ Robert Peston, troubled Cameron confirmed a direct link to his father’s UK-tax avoiding fund, by saying: “a difficult few days really. I held the shares together with my wife, Samantha, from 1997 and during my time as leader of the opposition, where they were sold in January 2010 for a profit of £19,000.”
Looking for an escape route, Cameron claimed he paid income tax on the dividends but there was no capital gains tax payable and said he sold up all before entering Downing Street “because I didn’t want anyone to say you have other agendas or vested interests”. Telling Cameron that he that comes to equity should always come with clean hands, Labour MP John Mann, a member of the Treasury select committee, said the prime minister should resign, claiming that Cameron had ‘covered up and misled’.
“I don’t know If £300,000 I Received from My Father is a Product of Tax Fraud”
Claiming innocence in fourth explanation in four days, Cameron admitted he had no idea whether the £300,000 he inherited from his father had benefited from tax haven status due to part of his estate being based in a unit trust in Jersey. He explained that “I obviously can’t point to the source of every bit of money and dad’s not around for me to ask the questions now.”
Following day, Cameron and his aides were scared that the benefits he and his family had enjoyed from the offshore fund is generating so much tension globally, Downing Street disclaimed its initial private matter, after which Cameron claimed “no shares, no offshore trusts, no offshore funds”. His spokesman later clarified: “The prime minister, his wife and their children do not benefit from any offshore funds.” Downing Street then said there were no offshore funds or trusts the family would benefit from in future, leaving questions about the past.
In his first interview on the topic after days of stonewalling, Cameron was questioned on whether there was a conflict of interest between his father setting up the Panama-based Blairmore Investment Trust, which did not have to pay UK tax on its profits, and his professed policy to crack down on aggressive tax avoidance.
“Rules have changed, culture has changed,” he said. “And I welcome that. I want to be as clear as I can about the past, about the present, about the future, because frankly, I don’t have anything to hide.”
David Cameron Must Go-Protesters
British citizens from all walks of lives stormed Downing Street yesterday to protest against David Cameron for him to resign after he admitted his part in the Panama Papers scandal, They believe Cameron’s hands are stained with tax fraud and he is not fit enough to preach morality on tax payment due to the Tory’s Government failure to take decisive action to crack down on tax avoidance and evasion.
The protesters placard read: “Dodging taxes is a moral issue, It is taking money for schools and hospitals out of the pockets of working people and The government must now take decisive action against tax avoidance and evasion.”
Restrictions were made with a binding instruction for anyone never to leak or distribute any part of the secretive documentation. It reads: “No person is authorised to provide any information or to make any representation not contained in this Prospectus in connection with the matters described herein, and, if provided or made, such information or representations must not be relied upon as having been authorised. No person receiving either a copy of this Prospectus or an Application Form may treat this Prospectus or an Application Form as constituting an invitation to him to purchase or subscribe for Shares.
Tax Exemptions in 21 Countries (uedited in Panama Papers)
“In Austria, the Fund has not been registered with the Austrian Federal Ministry of Finance.
Accordingly, the Shares may not be offered to the public in the Republic of Austria and neither
this Prospectus (which has not been prepared in compliance with Austrian law such as the
Investment Fund Act and has not been published or submitted to the Oesterreichische
Kontrollbank Aktiengesellschaft) nor any offering material or information relating to the Fund may
be supplied to the public in Austria.
“The Bahamas: The Shares may not be sold, transferred to, registered in favour of, or beneficially
owned by, any person resident or domiciled in The Commonwealth of the Bahamas (other than
an International Business Company or an ordinary non-resident company incorporated in The
Commonwealth of the Bahamas or an individual that is deemed non-resident for exchange control
purposes), without the authorisation of the Central Bank of the Bahamas (see “Ineligible
Applicants” below). Each applicant for Shares will be required to certify whether it is a Bahamian
Person.
“Belgium: The offering of Shares has not been and will not be notified to the Belgian Banking,
Finance and Insurance Commission (Commissie Voor Het Bank, Financie-en Assurantiewezen/
Commission Bancaire, Financière et des Assurances) nor has this Prospectus been, nor will it be,
approved by the Belgian Banking, Finance and Insurance Commission. The Shares may be
offered in Belgium only to individuals or legal entities investing a minimum of €250,000, in
reliance on Article 3, 1° of the Royal Decree of July 7 1999 on the public character of transactions
which aim to solicit public savings and the assimilation of certain transactions with a public offer.
This Prospectus may be distributed in Belgium only to such investors for their personal use and
exclusively for the purposes of this offering of Shares. Accordingly, this Prospectus may not be
used for any other purpose nor passed on to any other investor in Belgium.
“Cayman Islands: No invitation may be made to the public in the Cayman Islands to subscribe for the Shares.
“Denmark: The Fund is not authorised under the Danish Act on Investment Associations and Special-Purpose Associations or the Danish Statutory Order on Marketing carried out by certain Foreign Undertakings for Collective Investment in Transferable Securities (UCITS) and certain Collective Investment Undertakings in Denmark. Accordingly, Shares may not be marketed in Denmark and this Prospectus or other document or offering and marketing material relating to the Shares may not be published or distributed in Denmark.
“Finland: This Prospectus does not constitute an offering circular (tarjousesite) or listing particulars (listalleottoesite) under the Finnish Securities Market Act (1989/495) nor has it been filed with or approved by the Finnish Financial Supervision Authority. The Shares in the Fund must not be offered or sold directly or indirectly in the Republic of Finland or to residents of Finland other than in compliance with all applicable provisions of the laws of the Republic of Finland and especially in compliance with the Finnish Securities Market Act and any regulations made thereunder, as supplemented and amended from time to time.
“France: The Shares may not be offered or sold directly or indirectly in the Republic of France and
neither this Prospectus, which has not been submitted to the Autorité des Marchés Financiers, nor any offering material or information contained therein relating to the Fund, may be supplied in the Republic of France nor used in connection with any offer for subscription or sale of the Shares in the Republic of France.
“Germany: The Shares offered pursuant to this Prospectus have not been and will not be registered under the German Investment Act or any other German securities laws. Any public distribution, advertisement or similar activities in Germany will constitute a violation of applicable law. This Prospectus may only be circulated in Germany on a private placement basis in accordance with the German Investment Act.
‘Hong Kong: WARNING: The contents of this Prospectus have neither been reviewed nor endorsed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to this offer. If you are in any doubt about the contents of this Prospectus you should obtain independent professional advice. The Fund is a collective investment scheme but is not authorised under Section 104 of the Securities and Futures Ordinance of Hong Kong by the Securities and Futures Commission. Accordingly the distribution of this Prospectus, and the placement of Shares in Hong Kong, is restricted. This Prospectus may only be distributed, circulated or issued to persons who are professional investors under the Securities and Futures
Ordinance and the Securities and Futures (Professional Investors) Rules or as otherwise permitted by the Securities and Futures Ordinance and the Companies Ordinance.
“Ireland: This Prospectus does not constitute or form part of any offer or invitation to the public to subscribe for or purchase Shares in the Fund and shall not be construed as such and no person other than the person to whom this Prospectus has been addressed or delivered shall be eligible to subscribe for or purchase Shares in the Fund. Shares in the Fund will not in any event be marketed in Ireland without the prior authorisation of the Financial Regulatory (formerly the Irish Financial Services Regulatory Authority).
“Isle of Man: The Fund is not a recognised collective investment scheme for the purposes of Sections 12 or 13 of the Financial Supervision Act 1988 (“the FS Act”) of the Isle of Man and is thus subject to the prohibition on the promotion of collective investment schemes contained in Section 1(1) of the FS Act. Accordingly, this Prospectus may only be issued or passed on to any person in the Isle of Man by way of the two limited exceptions to this general prohibition contained in Section 1(2) of the FS Act and the Financial Supervision (Promotion of Unregulated Schemes) (Exemption) Regulations 1992. Shareholders in the Fund are not protected by any statutory compensation scheme and the Isle of Man Financial Supervision Commission does not regulate the Fund and has not approved it.
“Italy: Shares may not be offered or sold and the Prospectus, or any circular, advertisement or other document or offering material relating to the Shares, may not be published, distributed or made available in the Republic of Italy or to any Italian resident investor in circumstances which would be in breach of relevant Italian law and regulations.
“Japan: The Shares have not been and will not be registered under the Securities and Exchange Law of Japan and, accordingly, no Shares may be offered or sold, directly or indirectly, in Japan or to, or for the benefit, of any Japanese person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese person except under circumstances which will result in compliance with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For this purpose, “Japanese person” means any person resident in Japan, including any corporation or other entity organised under the laws of Japan.
“Jersey: This Prospectus relates to a private placement and does not constitute an offer to the public in Jersey to subscribe for the Shares offered hereby. No regulatory approval has been sought for the offer of Shares in Jersey and it must be distinctly understood that the Jersey Financial Services Commission does not accept any responsibility for the financial soundness of or any representations made in connection with the Fund. The offer of Shares is personal to the person to whom this Prospectus is being delivered by or on behalf of the Fund, and a subscription for the Shares will only be accepted from such person. The Prospectus may not be reproduced or used for any other purpose.
“Korea: The Shares have not been registered under the Securities and Exchange Act of Korea and none of the Shares may be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to applicable laws and regulations of Korea.
“Netherlands: This document is not addressed to or intended for any individual or legal entity in the Netherlands except (a) individuals or legal entities who or which trade or invest in securities in the course of a profession or trade within the meaning of the Dutch securities legislation (which includes banks, brokers, insurance companies, pension funds, other institutional investors and treasuries and financing companies of groups which are active in a professional manner in the financial markets for their own account) or (b) other persons to whom, or in the circumstances where, an exemption applies pursuant to the Act on the supervision of Collective Investment Schemes, as amended.
“Panama: The Fund has not been authorised by nor registered with the National Securities Commission (Comisión Nacional de Valores) of the Republic of Panama in accordance with sections 110 and 111 of Law Decree No. 1 of 8 July 1999. Accordingly, the Shares shall not be offered or sold by means of public placements within the territory of the Republic of Panama. The Fund shall not be administered within or from the Republic of Panama.
“Spain: The Fund has not been authorised by nor registered with the Spanish Securities Market
Commission as a foreign collective investment scheme in accordance with section 15.2 of Law 35/2003 of 4 November 2003 on Collective Investment Schemes. Accordingly, the Shares may not be offered or sold in Spain by means of any publicity activities as defined in section 3 of Royal Decree 291/1992 of 27 March 1992 on Issues and Public Offerings for the Sale of Securities, as amended.
“Sweden: The Fund is not authorised under the Swedish Securities Funds Act, and any sale,
redemption or repurchase of Shares will take place outside Sweden. The Prospectus may not be distributed to the public in Sweden, and a Swedish recipient of the Prospectus may not in any
way forward the Prospectus to the public in Sweden.
“Switzerland: The Fund has not been authorised by the Swiss Federal Banking Commission as a
foreign investment fund under Article 45 of the Swiss Mutual Fund Act of 18 March 1994. Accordingly, the Shares may not be offered or distributed on a professional basis in or from Switzerland, and neither this Prospectus nor any other offering material relating to the Shares may be distributed in connection with any such offering or distribution. Shares may only be offered and the Prospectus may only be distributed in or from Switzerland to institutional investors or to a limited number of investors without any public offering.
“United Kingdom:
The Fund is an unrecognised collective investment scheme for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). The promotion of the Fund and the distribution of this Prospectus in the United Kingdom is accordingly restricted by law. This Prospectus is being issued in the United Kingdom by the Fund to, and/or is directed at, persons to whom it may lawfully be issued or directed at under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 including persons who are authorised under the Act (“authorised persons”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or
partnerships, trustees of high value trusts and persons who qualify as certified sophisticated investors.
“The Shares are only available to such persons in the United Kingdom and this Prospectus must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must a) have a certificate in writing or other legible form signed by an authorised person to the effect that he is sufficiently knowledgeable to understand the risks associated with a particular type of investment and b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a sophisticated investor in relation to such investments.
‘This Prospectus is exempt from the general restriction in Section 21 of the Act on the
communication of invitations or inducements to engage in investment activity on the grounds that
it is being issued to and/or directed at only the types of person referred to above. The content of this Prospectus has not been approved by an authorised person and such approval is, save where this Prospectus is directed at or issued to the types of person referred to above, required by Section 21 of the Act. Acquiring Shares may expose an investor to a significant risk of losing all of the amount invested. The Fund is a limited liability company and any person who acquires Shares will not thereby be exposed to any significant risk of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult an authorised person specialising in advising on such investments.
“United States: The Shares have not been and will not be registered under the Securities Act of
1933 of the United States, as amended (“the 1933 Act”) or the securities laws of any of the states
of the United States. The Shares may not be offered, sold or delivered directly or indirectly in the
United States or to or for the account or benefit of any “US Person” except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act
and any applicable state laws. The Shares are being offered outside the United States pursuant
to the exemption from registration under Regulation S under the 1933 Act and inside the United
States in reliance on Regulation D promulgated under the 1933 Act and Section 4(2) thereof.
The Fund will not be registered under the United States Investment Company Act of 1940 (as
amended) (the “1940 Act”) since Shares will only be sold to US Persons who are “qualified purchasers”, as defined in the 1940 Act. Each subscriber for Shares that is a US Person will be required to certify that it is an “accredited investor”, as defined in Regulation D, and a ‘qualified purchaser’, as defined in the 1940 Act.”
