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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Tata writes down European assets

Category : World News

India’s Tata Steel, one of the world’s biggest steelmakers, announces a $1.6bn (£1bn) writedown on the value of its European assets.

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San Leon Energy Plc (SLGYY: OTCQX International) | Baltic Basin Update

Category : Stocks

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Many Pensions’ Current Approach to De-Risking Actually Increases Risk of Needing to Make Higher Contributions in the Future, According to Cambridge Associates Report

Category : Stocks

The Common “Glide-Path” Tactic of Reallocating Growth Assets to Fixed-Income Assets as Plans Become Funded Is Too Mechanistic in Today’s Low-Interest Rate Environment; Pensions Need to Adopt a Holistic Glide Path That Maximizes Return at Each Targeted Level of Risk

See the original post: Many Pensions’ Current Approach to De-Risking Actually Increases Risk of Needing to Make Higher Contributions in the Future, According to Cambridge Associates Report

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AIG: Too big to ignore? – opinion

Category : Business

AIG has made a big comeback by shedding assets to raise capital and focusing on the boring insurance business.

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Jailed property man hid his assets in offshore network during divorce

Category : Business

Ex-wife is suing Scot Young for share of £400m fortune that he claims he lost within three months

Jailed British property developer Scot Young, an associate of Russian oligarch Boris Berezovsky, constructed a secret network of offshore companies to hold his assets during a multimillion-pound divorce battle, according to the International Consortium of Investigative Journalists (ICIJ’s) research.

His story graphically demonstrates the way hideaways such as the British Virgin Islands (BVI) can be used by a man bent on cheating the law.

Young, 51, described as a fixer for the super-rich, rose suddenly from working-class origins in Dundee to occupy a £14m Oxfordshire mansion and to throw his money about in spectacular fashion. He once bought his then wife, Michelle, a Range-Rover filled to the roof with couture dresses. For her 40th birthday, he gave her a £1m necklace.

He is held in Pentonville prison for contempt of court, following bitter seven-year divorce proceedings in which he failed to explain where his fortune had gone. He could be eligible for parole in two weeks. He has not responded to requests for comment.

Michelle Young is suing for a share of the £400m fortune that Young reportedly owned in 2005, but which he claims disappeared and became debts of £28m within three months. He owes nearly £1m in maintenance and £1.28m in unpaid tax.

Despite declaring bankruptcy in 2010, Young continued to live lavishly. He told the high court that top businessmen were supporting him with gifts and loans.

Mrs Young alleges that associates such as the exiled Berezovsky, who was found hanged at his Ascot mansion last month, helped her ex-husband conceal his assets.

She said: “I find it disgraceful the amount of money that has been allowed to be hidden offshore, and that it is legal to put assets out of reach in cases like mine.”

Young was finally jailed in January 2013 for failing to verify his alleged financial losses. Mr Justice Moor told him he had committed a “flagrant and deliberate contempt” over a very long period of time . Back in 2005, as his marriage deteriorated, Young had joined forces with Russian businessman Ruslan Fomichev, formerly Berezovsky’s business partner, to invest in a deal to redevelop a $100m (£65m) former paint-factory site in Moscow into shops and offices.

Fomichev sold him a half share in an offshore Cyprus company, Parasol Participations Ltd, which controlled the planned property speculation. Their secret deal involved 12 obscure companies and trusts in Cyprus, Russia, the BVI and Lichtenstein.

Young subsequently claimed that “Project Moscow” fell apart and that he got no shares.

Mrs Young testified in court that in March 2006 she suddenly received a phone call from Stephen Jones, a London lawyer and owner of offshore specialists Jirehouse Capital. Jones told her that her husband had lost all his money, had attempted suicide and was seeking help at the Priory clinic. Mrs Young could, however, find no record of his admittance. Jones does not dispute making the call, but says that the contents are “subject to legal professional privilege held by our clients”.

On 28 March 2006, according to documents the Guardian has seen, Young signed a power of attorney giving the lawyer control of “interests held by me in Parasol Participations”. The authority indicates that Young’s interests are to be transferred to Solar Breeze Ltd and five other BVI companies.

A week later, according to documents seen by ICIJ, the lawyer also took control of these BVI companies, at a meeting held in Monaco. The next morning, the companies and shares were shifted even further offshore, to the tiny Caribbean island of Nevis. Jones then established a new Nevis-based trust, the “SY Refinance Foundation”, to “restructure” Young’s financial affairs.

Young’s estranged wife finally obtained a “global freezing order” from the high court in June 2007, forbidding Young from moving or selling the assets under dispute.

In May 2009, Young was summoned by a judge and ordered to explain how he was managing to live. Mr Justice Charles warned him of imprisonment if he did not do his “utmost” to give true answers to questions about his finances.

Two days later, the documents record that agents appointed by Young sought to merge the six BVI companies he had set up, containing half shares in the Moscow property .

The instruction to consolidate Young’s share of “Project Moscow” was carried out on 17 August, 2009 . This created a single new company with a different name, Solar Breeze (Consolidated) Limited. The sole share in the new company was issued to Stephen Jones’s company, Jirehouse Fiduciaries Nominees.

In the most recent move in the offshore battle, on 4 July 2012, Jirehouse Fiduciaries Nominees of Nevis took full ownership of Parasol Participations of Cyprus. This means that Jones’s clients, who have included Young, now own all of Parasol Participations and any stake in the potentially valuable Moscow development.

Jones denies fronting for the jailed tycoon. He says: “We only ever acted on behalf of various creditors (and upon the express instructions of those creditors) of Mr and Mrs Young and have never acted for Mr or Mrs Young or represented any of their respective interests.”

Councils seeking ‘cash in the attic’

Category : Business, World News

Local councils could be sitting on £250bn in hidden assets

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LIG Assets, Inc. (LIGA: OTC Pink Current) | LIG Assets, Inc. Enters into Agreement for Hotel Properties in Texas

Category : Stocks

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LIG Assets, Inc. Enters into Agreement for Hotel Properties in Texas

PR Newswire

DALLAS, March 19, 2013

DALLAS, March 19, 2013 /PRNewswire/ — LIG Assets, Inc. (OTCPINK: LIGA), a Company focused on residential and commercial real estate, announces it has entered into an agreement with OM SHRI JJB, LLC to acquire properties in Texas for use as hotels.

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J.C. Penney’s friend list grows by one

Category : Business, Stocks

BTIG analyst William Frohnhoefer issued a “buy” rating, saying the troubled retailer’s assets are undervalued.

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LIG Assets, Inc. (LIGA: OTC Link) | LIG Assets, Inc. Sells SuiteMagic, Inc. to Focus on Core Real Estate Business

Category : Stocks

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LIG Assets, Inc. Sells SuiteMagic, Inc. to Focus on Core Real Estate Business

PR Newswire

DALLAS, March 8, 2013

DALLAS, March 8, 2013 /PRNewswire/ –

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LIG Assets, Inc. (LIGA: OTC Link) | LIG Assets, Inc. Sells SuiteMagic, Inc. to Focus on Core Real Estate Business

Category : Stocks

< ?xml version="1.0" encoding="UTF-8"?>

LIG Assets, Inc. Sells SuiteMagic, Inc. to Focus on Core Real Estate Business

PR Newswire

DALLAS, March 8, 2013

DALLAS, March 8, 2013 /PRNewswire/ –

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