When Skies Are Grey Posted April 13, 2005 Share Posted April 13, 2005 I dont really understand the concern about Dandara having a Panamanian holding company? Link to comment Share on other sites More sharing options...
monkey_magic Posted April 13, 2005 Share Posted April 13, 2005 I don't think the gripe is the fact that they have the company, it's that they get planning permission to build a load of houses aimed at first time buyers / young families, and then buy them themselves. Although I don't know all the facts, and I'm sure they haven't broken any laws so that makes it all ok. Link to comment Share on other sites More sharing options...
Billy One Mate Posted April 13, 2005 Share Posted April 13, 2005 WSAG it is quite obvious why there would be a concern. If the IOM wing of the Company got into trouble the Creditors would have no protection if all their assets were held in a holding Company in a far off land. Link to comment Share on other sites More sharing options...
ans Posted April 13, 2005 Share Posted April 13, 2005 Then don't offer them any credit. With credit comes risk, it's how you assess the likelihood and impact that determines whether you extend it to them. And that's a decision for the creditors to take themselves. Link to comment Share on other sites More sharing options...
Ripsaw Posted April 13, 2005 Share Posted April 13, 2005 I dont really understand the concern about Dandara having a Panamanian holding company? The question was asked in Tynwald on March 22nd; The Hon Member for Michael (Mr Cannan) to ask the Chief Minister -(1) Is it the policy of your Government to have major business involvement with companies involved with construction and residential development on the Island, whose holding company is registered in Panama; and (2) in the event of closure or insolvency, what protection is there to creditors of such companies? The concern seems to be the second part of the question. What prompted the question is a mystery to me. Only things I can think are a combination of; IOM Gvt should be looking to locally registered companies for financial involvement and The Isle of Man has thousands of non resident companies registered here, (I can only guess that) Panamas regulations are not as transparent as ours. It would seem ironic that Government spends millions trying to attract inward investment then (alledgedly) involves itself financially with a company registered in an alternative (and presumabley competing) offshore jurisdiction. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted April 13, 2005 Share Posted April 13, 2005 WSAG it is quite obvious why there would be a concern. If the IOM wing of the Company got into trouble the Creditors would have no protection if all their assets were held in a holding Company in a far off land. <{POST_SNAPBACK}> I thinks a bit rich of people in the Isle of Man to start complaining about tax efficient holding structures with thin capitalisation when this is a widespread use of IOM companies for holding non-IOM properties. Link to comment Share on other sites More sharing options...
manxman8180 Posted April 13, 2005 Share Posted April 13, 2005 There is probably a raging debate on a Panamanian web forum right now. Squabbling about how well a popular development company is doing and how 'dodgy' it is that it has a holding company in some little financial backwater called the Isle of Man....... Like them or not, this particular company has done extremely well at what it set out to do. And with success comes envy. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted April 13, 2005 Share Posted April 13, 2005 Like them or not, this particular company has done extremely well at what it set out to do. And with success comes envy. <{POST_SNAPBACK}> Yes exactly...I am sure that were struggling developers/tradesmen to suddenly become very big and profitable that they would act altruistically and pay all the tax that they could!! Link to comment Share on other sites More sharing options...
happy camper Posted April 13, 2005 Share Posted April 13, 2005 Going back to St Georges Court... the Dep of Education have a large slice of that. Is it possible that the 21 year lease relates to that department...? Link to comment Share on other sites More sharing options...
ans Posted April 13, 2005 Share Posted April 13, 2005 Jesus, stop with the facts already. Link to comment Share on other sites More sharing options...
crumlin Posted April 13, 2005 Author Share Posted April 13, 2005 I dont really understand the concern about Dandara having a Panamanian holding company? The question was asked in Tynwald on March 22nd; The Hon Member for Michael (Mr Cannan) to ask the Chief Minister -(1) Is it the policy of your Government to have major business involvement with companies involved with construction and residential development on the Island, whose holding company is registered in Panama; and (2) in the event of closure or insolvency, what protection is there to creditors of such companies? The concern seems to be the second part of the question. What prompted the question is a mystery to me. Only things I can think are a combination of; IOM Gvt should be looking to locally registered companies for financial involvement and The Isle of Man has thousands of non resident companies registered here, (I can only guess that) Panamas regulations are not as transparent as ours. It would seem ironic that Government spends millions trying to attract inward investment then (alledgedly) involves itself financially with a company registered in an alternative (and presumabley competing) offshore jurisdiction. <{POST_SNAPBACK}> Maybe someone was trying to track down a company owned by MHKs that have property interests that may be a bit shaddy Trouble is when the company is moved to Navada USA from Panama, you then have now chance of checking out the Directors/Owners Link to comment Share on other sites More sharing options...
Mission Posted April 13, 2005 Share Posted April 13, 2005 Trouble is when the company is moved to Navada USA from Panama, you then have now chance of checking out the Directors/Owners <{POST_SNAPBACK}> Oh I don't know, seems pretty well surveyed to me:- Look, there's even a map:- Be careful though, they don't like strangers round these parts:- Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted April 14, 2005 Share Posted April 14, 2005 Trouble is when the company is moved to Navada USA from Panama, you then have now chance of checking out the Directors/Owners <{POST_SNAPBACK}> So a bit like the Isle of Man then!! Link to comment Share on other sites More sharing options...
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