Myners financial papers (PDF) 1 / 2 / 3
LORD MYNERS, the minister in charge of the government’s assault on tax havens, has used a blind trust to conceal £250,000 of his own money in an offshore shelter.
Details of the secret holding have been obtained by The Sunday Times as G20 leaders gather in London pledging to stamp out tax abuses.
Myners transferred 500,000 of his own shares in the Ermitage hedge fund, based in Jersey, into a blind trust when he became a minister in October.
MPs described the holding as “blatant hypocrisy” and said it would undermine the credibility of Gordon Brown’s offensive on tax avoidance.
Myners will come under further pressure this week over his role in signing off a £16.9m pension pot for Sir Fred Goodwin, the disgraced former chief executive of Royal Bank of Scotland. Sir Tom McKillop, the former RBS chairman, will hand in a statement to MPs challenging Myners’s version of events.
Company documents obtained by The Sunday Times show Myners held his Ermitage shares as recently as January this year. He concealed the holding from public scrutiny by placing it in a ministerial blind trust. Ministers are not required to disclose publicly the investments transferred to such trusts. He owned the shares while overseeing price-sensitive policy decisions. During this time he met Jersey officials who now say they have “nothing to fear” from any tax haven crackdown.
Last Thursday Myners pledged tough penalties against tax havens. Downing Street officials say a key plank of the G20 summit in London this week will be to impose higher taxes on companies which do business with firms offshore.
Norman Baker, the Liberal Democrat MP, said: “Here is a minister calling for greater financial transparency and the end of tax havens while concealing his own tax haven investment. It’s blatant hypocrisy.”
Peter Luff, the Tory chairman of the Commons business and enterprise select committee, called for Myners’s resignation. “It is clear Myners is entangled in tax havens,” he said. “He should now go.”
In 2006 Myners backed the £40m acquisition of Ermitage. He was appointed chairman and had a 5% stake for which he paid £250,000.
The shares were held in his blind trust and it is believed they were quietly sold on his behalf by a private bank in the past few weeks. Ministers typically create blind trusts to avoid possible conflicts of interest over their financial affairs, but critics say they can be used as a means of concealment.
Hedge funds operating in Jersey can avoid paying corporate tax on profits and are not required to comply with the tougher regulations of the City of London. They manage more than £40 billion of funds.
Myners resigned from his business roles when he was appointed City minister. These included his chairmanship of the Guardian Media Group and his role at Ermitage.
Documents filed with the Jersey Financial Services Commission reveal that he still had a stake in the hedge fund as recently as January. His stake was the fifth largest in the company, which in 2006 was managing more than £1.5 billion of investments.
A spokesman for Caledonia Investments, which owns 40% of Ermitage, said Myners’s shares had been sold since January. He was unable to disclose the date of the sale or the amount.
Myners met Jersey government officials in December, in the course of his official review of tax havens, while still a significant shareholder in Ermitage.
Frank Walker, then chief minister of Jersey, described the meeting as “positive” and earlier this month Geoff Cook, chief executive of Jersey Finance, which promotes financial services on the island, said it had “nothing to fear” from any tax haven crackdown.
Myners has considerable expertise in offshore finance. The Sunday Times revealed last week that he helped to set up a reinsurance business, Aspen Insurance Holdings, in Bermuda in 2002. It has now emerged that in 2006 and 2007 he sold shares in the company worth nearly £1.4m.
US Securities and Exchange Commission documents show that Myners sold shares for £120,259 in September 2006. He sold a further tranche for £1,268,259 in May the following year, within days of stepping down after five years as Aspen’s chairman.
Alan Duncan, the Conservative leader of the House of Commons, said: “Myners has just not come clean. The more and more he is questioned, the more his story unravels. ”
The Treasury declined to comment on whether Myners had owned or sold shares in Ermitage. A spokesman said he had correctly disclosed his interests to his permanent secretary and paid all tax at the relevant UK rate. “[Lord Myners] is UK domiciled for tax purposes, which means all of his UK and foreign income and capital gains are taxed in the UK at the relevant rate,” said the spokesman.
Jon Ungoed-Thomas and Robert Watts
March 29, 2009
Source: The Sunday Times
Tags: Economy, Government, Politics, Taxes, U.K.
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May 26th, 2011 at 10:39 am
Update .May 26th. – 2011.
Nov23rd—-Nov26th.2010.
The following sent to —-312 Lords.——- House of Lords.( inc. Lord Myners.)
The following sent to —-649.M.P’s——–House of Commons.
BANK – PARTNERS IN CRIMES.
Pictet & Cie Bank.
Ivan Pictet.
Nicolas Pictet.
Charles Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..
Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks.
Swiss Banks or more correctly Swizz banks.
Swizz. —- “ a great disappointment.” or a “ fraud.”
Fraud. —“ an intentional deception or dishonesty.”— “a crime.”
Crime. —“ an act committed or omitted in violation of a law.”
Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.
Pictet & Cie.
Pictet & Cie Bank –Partners –(1996—2011 )- guilty.
Peters &Peters – Partners.— (1999—2011 )- guilty.
The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement .
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael .Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.
British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.
———“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – - a French Bank – - and Pictet Asset Management to back the fraud being perpetrated.””
(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)
(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .
(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .
(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.
(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.
In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
*** We thank –David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.
*** –Now —- The Prime Minister.
(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead, and
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever is
involved, however high or well connected they may be.
The ‘Doyens’ of the establishment.’ ( Ivan Pictet and Monty Raphael.)
Ivan Pictet.
Managing partner in Pictet & Cie Bank . — retiring -. 2010.?
President of the Geneva Financial Centre. – stepping down. 2010.?
World Bank.committee member.
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum. — redundant.2010.?
Member of the Henokiens.
Blackstone Group — Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.
Monty Raphael.Q.C. ( Peters & Peters.)
Quote.” —- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. — stepping down.?.
Member of the Law Society of England & Wales.
International Bar Association Member.
Director of Fraud Advisory Panel.
Written Parliamentary Questions received by the table office ..
(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.
(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.
On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
On Aug 19th.2009.another complainants file regarding the “cover up” was forwarded to the same 380 members.
We started our campaign in June 2008 — via the “net” to highlight our fight to get “justice”. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “net”. Again we thank other “ E- Mailers” for their information in relation to our campaign.
Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
Truth Hurts.
• Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
June 2010 – stepping down as president. Geneva. Financial Centre.
• Monty Raphael. Steps down as head .( Peters and Peters ) May. 2009.
*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.
*** Were currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable —- Sir Norman Bettison.
(2) Forces Solicitor —- Mike Percival.
(3) Head of Economic Crimes Unit.— Det. Chief Inspector Steven Taylor.
– continue to attempt to cover this case up like their F.S.A. Counterparts.
If they do “ watch this space”)
We have recently been informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. They might as well have asked Ivan Pictet to investigate .or Friends Reunited.
Lady Myners on Prix Pictet board.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their banking licence’s should be taken away in the U.K. ( and fined.)
Their solicitors at Peters & Peters — struck off and prosecuted..
In America they would have all been in prison for the last seven years.
Our Campaign’s Second Year Anniversary this week .
Started June 6 th 2008. ( almost 4 million E-Mail in three years.)
Still no injunctions – - -no writs – - – ( they can’t go to Court – - – - it’s all true.)
*** the Bigger they are – - – - the harder they fall.!!!
In America – - they would have all been in prison for the last seven years.
Full Story.
Go to search box on “Google” and insert ( Peters & Peters/ Pictet & Cie.)
Or insert any of the following combinations.
1. Insert.—( Jacques de Saussure/ Monty Raphael)
2. Insert—( Ivan Pictet / Monty Raphael).
3. Insert—( Pictet& Cie/ Monty Raphael.)
4. Insert—( Charles Flint/ Monty Raphael)
5. Insert—( Nicholas Campiche/ Susan Broadhead). .
6. Insert.—( F.S.A./ Monty Raphael.)
7. Insert – ( F.S.A./ Pictet & Cie.)
8. Insert.—( Hansard/Ivan Pictet.)
9. Insert. – ( Lord Myners / Pictet & Cie..)
10. Insert – ( Sir Anthony Holland / Monty Raphael.)
11. Insert – ( David Cameron / Monty Raphael.)
12. Insert – ( Bernard Madoff / Pictet & Cie.)
13. Insert ( Sir Norman Bettison / Monty Raphael.)
*** Latest News !.!.
Bernard Madoff’s trustee suing Pictet & Cie. — $156 Million.
Rogue Pictet & Cie advisors sold Madoff Funds.
Pictet & Cie helped thousands of rich Americans hide monies offshore.
Madoff got 150 years in jail —- surely the bank partners , their lawyers and “ advisors” should also get appropriate jail sentences.
August 30th, 2011 at 10:02 am
West Yorkshire Police.
We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( One down two to go.)
A file of some 339 pages including scores of documentation has been forwarded to the following — Aug 4-6th .2011.
640 — Members of Parliament.
460 — Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. — Solicitors.
Pictet & Cie Bank — London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.— Independent Police Complaints Commission.
C.C.R.C. — Criminal Cases Review Commission.
Swiss Ambassador London.
May 13th, 2012 at 4:53 pm
Pictet & Cie. Bank – list of crimes.
1996 —- Breach in London.
2003 — FSA — States rogues operating in Pictet’s –London
Office . Ivan Pictet said documents were forgeries but
were lated proved to be genuine. Had documents held
in London office destroyed.
2007 — Japan. —- The Securities and Exchange Surveillance
issued a recommendation that the Prime Minister and
The Commissioner of the FSA to take disciplinary
action against Pictet Asset Management. Japan Ltd.
2008 — Dec. —Pictet Bank state — “ we have never chosen
any funds linked to Madoff.”
2011 — Madoff Trustees sue Pictet & Cie. For $156 Million.
2011— Bank at centre of Bribery and money laundering case.
Being sued for $350 million. ( In U.S.A.)
2012.— Geneva Bank Pictet used in Offshore Tax Scheme.
U.S. Authority states.
September 16th, 2012 at 1:38 pm
British Justice. — Update. Sept 16th 2012.
Lawyers — we cannot promise you’ll get justice but you will get the law.
We are getting neither.
The Problem.— the following are supposed to be whiter than white.
Lawyers. –Peters & Peters.-London.— Monty Raphael. Q.C.
Bankers.- Pictet& Cie.-London- Switzerland.— Ivan Pictet.
Government Institutions . F.S.A.- Financial Services Authority.
Police.— Sir Norman Bettison. and numerous West Yorkshire Police
officers –guilty of crimes.
** They have broken the “law” but we cannot get “justice.”
We were fobbed off in 2005 by the FSA when we pointed out some fifteen
shortcomings in their regulatory and legal obligations in dealing with the banks.
Along came RBS and all that followed. Banking chaos — completely out of
control. Brought the country to its knees.
Our dealings with Law Enforcement bodies at all levels showed the same
arrogance — we are the law we protect our own — bugger Joe public. —
bugger the laws we are paid to enforce.
Sir Norman Bettison –Chief Constable –West Yorkshire Police ordered the Forces
Solicitor to ignore a High Court judges ruling to hand over “ non sensitive –
unused material” — . ( can anybody control him.)
Monty Raphael Q.C. — too clever by half — in conjunction with his client the
notorious Pictet & Cie. Swiss Bank — decide to leave out / destroy crucial
documents requested under a High Court Order.
None of the above pillar’s of society will take me to Court and say I’m telling
untruth’s, I keep on hoping.
Read the story;
Google; — Ivan Pictet. Banker.
November 12th, 2012 at 2:46 pm
Update.. —- Nov.12th.2012.
Pictet & Cie Bank —- List of Crimes.
I996 —- – F.S.A— Breach in London.
2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet
states that documents were forgeries but were later proved to be genuine in
the British Courts. He had documents destroyed in their London office –
hoping to hide the crimes.
2007 .- – - The Securities and Ecxhange Surveillance issued a recommendation
that the Prime Minister and The Commissioner of the FSA to take
disciplinary action against Pictet Asset Management – Japan Ltd.
2008 .- – - Dec. – - Pictet Bank state – - ” We have never chosen any funds linked to
Madoff.
2011 – - – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.
2012 – - – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)
2012 – - – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain German millionaires as clients.
2012 – - – Aug. —- German Opposition Minister states the Swiss Banks in Germany
are operating ” Organised Crime.”.
February 2nd, 2013 at 11:43 am
Peters & Peters Partners — (1999 — 2013) – guilty.
Pictet & Cie Bank – Partners -(1996—2013) – guilty.
Feb.1st.2013
The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.
British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.
———“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – - a French Bank – - and Pictet Asset Management to back the fraud being perpetrated.””
(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.) assisted by Monty Raphael.Q.C.
(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted . + Monty Raphael.Q.C.
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .+ Monty Raphael Q.C.
(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .+ Monty Raphael.Q.C.
(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.+ Monty Raphael Q.C.
(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A. + Monty Raphael Q.C.
In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”
*** We thank –David Cameron. M.P. ( Canary Wharf Speech.)
PRIME MINISTER.
(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.
Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Serious Fraud Squad.
Written Parliamentary Questions received by the table office ..
(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.
(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.
Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.
Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
*** Started campaign — June 6th.2008.
4 .5years —- approx 8 .5 million e-mails – - – but still no writs, injunctions or threats of litigation – – - WHY – - – because it is all true.
*** . The bigger they are — the harder they fall.!!!
In America —- they would have all been in prison for the last seven years.
Monty Raphael Q.C. — Master of the Bench — one of the main advisors to the F.S.A. — the Banks.— and the Police.
Seeing that the Banks and the Police are now top of the criminality table and the F.S.A. top of the incompetency list for government bodies — we cannot understand why Monty Raphael Q.C. and his firm of Peters & Peters are still allowed to operate.( Friends in high places.)
Monty And Friends In Association.