Overseas Corporate Structures, Which Hide ‘Real Owners’: Foreign Business Empire of a Sri Lankan Entrepreneur ?

Nihal Sri Ameresekere

Jul 2012 · AuthorHouse

About this eBook

Author brilliantly reveals with documentary evidence, extensive details of incisive investigations meticulously carried out by him, in tracing foreign assets and funds hidden in a complex structure of nominee companies, established in several foreign regimes, allegedly of a phenomenally successful, politically high-profile entrepreneur, who tragically crashes in his Lear Jet Aircraft in the Straits of Malacca. Author demonstrates the modus operandi, as to how funds and assets of politically exposed persons, forced to flee their countries, with siphoned resources of impoverished people, could be hidden under complex corporate structures, set-up by professional organizations, providing nominee Directors / nominee Shareholders, with Trust Instruments, with the real beneficial owners. This Book is invaluable in instances where political leaders / politically exposed persons are ousted from office, through mass uprisings and justifiable rebellions by people, whose resources have been pillaged and plundered, further impoverishing them. Authors investigations cover secret complex corporate structures, headquartered in Hong Kong, with visible corporates operating in Malaysia, Singapore, Thailand, UK, and USA, with the ultimate beneficial owners secret trusteeship traced to an Administrator in Lichtenstein, who does not dispute the name of the real beneficial owner, but requires proof of death and devolution on claimants. This is an invaluable Book to those engaged in tracing wealth stashed away in foreign regimes by politically exposed persons hounded from their countries. Author also sheds light on judicial proceedings vis-a-vis intestate estates of issueless deceased, analysing the incongruousness of legal interpretations, and classical instances of unequal treatment before the law, tainted with politically inspired conduct. This is a valuable handbook to those involved in forensic accounting, investigation and law, and to those engaged in academic, educational and real endeavours in tracing assets and funds hidden in foreign regimes - an integral component of the UN Convention Against Corruption.

About the author

Nihal Sri Ameresekere, F.C.A. (Sri Lanka), F.C.M.A. (United Kingdom), C.M.A. (Australia), C.G.M.A. (Global), C.F.E. (United States), is a Member, International Consortium on Governmental Financial Management and a Member, International Association of Anti-Corruption Authorities. Former Advisor, Ministry of Finance and Chairman, Public Enterprise Reforms Commission Sri Lanka. Has functioned as Senior Consultant on World Bank and USAID funded public sector economic reform projects. A multi-disciplinary professional, exposed to private and public sectors, and a public interest activist, with wide international exposure. Not a legal professional, yet has appeared in person before the Supreme Court, successfully advocating public interest litigations. He is a forensic accounting investigative specialist. Has dispassionately spoken out on matters of national and public interest. Ardently upholds the sacred precept, that public property is solely of the people, and managed in fiduciary trust by governments; transgression of which he has committedly combated. Has published exposés into transactions carried out, under the aegis of IMF, World Bank and ADB privatization agenda, incisively analyzing real case studies, exposing the shockingly dubious manner, in which privatizations have been perpetrated by the highest levels, disclosing the alarming indifference of international developmental agencies, completely eroding public confidence, crucial for meaningful privatization, to foster a free economy, characteristic with transparency. He emphasizes that ‘economic terrorism’ germinates ‘armed terrorism’, resulting in violation of human rights. ‘Concerns of humanity, transcends interests of nationality’, he propounds; and that poverty alleviation schemes merely replace, at the cost of the poor, their own resources pillaged and plundered by socio-politically influential. Politicians vigorously campaign on election platforms, vociferously decrying fraud and corruption, vowing stringent action thereon. However, upon assuming office of government, get bogged down in the very quagmire of fraud and corruption, invariably peddled by powerful multinationals – as lucidly demonstrated through a series of other publications on his real life experiences thereon.