The Long Read: Ownership of Pensand House & Marlborough Court Hythe, a little clearer.
It’s complicated, but then it always is when you are looking at opaque offshore structures.
The tenants in Pensand House (pictured below after revamp) & Marlborough Court are being offered homes over 300 miles away. The Council are unlikely to lift a finger in our opinion. The reason being is that if Pensand House gets a significant revamp, this will positively affect the value of the land the swimming pool sits on in South Rd, Hythe.
So we thought we’d take another look at the ownership of the property we blogged about in June 2018 and Sept 2016. The owners/shareholders have after all received £357,000 in Housing Benefit from the UK state between 2014 – 2017. Since then, we are not quite sure, but we’d guess that in total they may have received in excess of half a million if not more.
So first we take a look at the countries where either the shareholders or directors have been registered in. Then we look at the shareholders and then the directors.
So lets begin first with the Countries, where either the shareholders or the directors have been or are registered.
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The United Kingdom
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Russia
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Spain
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Gibraltar – a “dodgy tax haven“
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Malta – a tax haven
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Luxembourg – a tax haven
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USA – Nevada – a tax haven
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British Virgin Islands – a tax haven
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The Bahamas – a tax haven
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Panama – a tax haven
Now lets take a look at the shareholders/owners, then the directors.
Shareholders/owners:
It’s owned by Chelsea Portfolio Limited according to the Land Registry. However, according to companies house it is owned by it ultimate parent company of Frasertown Ltd, based in Gibraltar.
Frasertown’s shareholders are Valmet Nominees Ltd located in Gibraltar and have been named in the Panama Papers not once, but twice.
The other shareholder in Frasertown Ltd is Finsbury Nominees Ltd who too have been named in the Panama Papers.
Now the address the two shareholders are registered to, Suites 7B & 8B, 50 Town Range, PO BOX 472, Gibraltar is mentioned in the Panama Papers, not once not twice but three times. And Olliver Bullough has said that Gibraltar is a ‘dodgy tax haven‘
Both shareholders were registered in a company set up on new year’s eve 2003. The Company was called Manhattan Real Estate LLC, registered in Nevada, USA, but they stood down on 02/07/2004. Shareholders in a Nevada corporation and owners in a Nevada LLC are not a matter of public record-shareholders can remain completely anonymous. On the same day a company by the name of MANHATTAN REAL ESTATE LIMITED was incorporated in the British Virgin Islands (BVI) and was directly related to the Nevada company – the BVI’s are a tax haven – which also does not make its shareholders a matter of public record.
The remaining shareholders in Manhattan Real Estate LLC are Line Nominees Limited and Line Holdings Limited both based in Gibraltar, where Frasertown is based too and both named in the Panama Papers.
Manhattan Real Estate LLC (Nevada) has two managers:
1: Susan Teresa Gager (pictured below left) who is Head of Corporate Services Dept for Line Group Limited, Gibraltar and has worked for them between – Present (19 years 4 months). And she also works for Hassans Law Firm as Head of Gibraltar Corporate Dept and has worked for them between – Present (19 years 4 months)
2: Mrs Teresa Maria Golt (pictured above right) also works for the Line Group Limited and Hassans Law Firm based in Gibraltar as Head of International Companies Department.
We make it clear they manage Manhattan Real Estate LLC, they are NOT the shareholders/owners and neither Finsbury Nominees or Valmet Nominees Ltd have anything to do with the company anymore.
Now before we move on it is essential to know Finsbury Trust & Corporate Services – Gilbraltar and the people behind it all too often in this story and some appear in the Panama Papers. They are:
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DAVID DENNIS CUBY
JAMES DAVID HASSAN
MAURICE ALBERT PERERA
AMANDA JOY MARSH
SUBASH MALKANI
ADRIAN GERARD OLIVERO
WILLIAM DAMIAN CID DE LA PAZ
Thank you very much. I know it won’t save us tenants, but it does help us in knowing who the true owners probably are.
This is all very murky. As the true owners of Chelsea Portfolio Ltd are unknown due to being involved in so many tax haven jurisdictions where shareholders can remain completely anonymous, how could the Council know that any money paid for a planning application is clean money and not laundered money? The Council and the public need clarification and transparency on this issue alone.
https://www.theguardian.com/lifeandstyle/2017/nov/27/shirley-porter-stage-warning-from-history-councils-poor-tesco-heiress-policy-1980s-shirleymander
Nuff said I think..