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Between 2006 and 2012, two companies established by Declan Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors

Shareholders in two Business Expansion Scheme (BES) companies run by businessman Declan Conway have written to him demanding to know why almost 1.6 million was transferred from both firms to a number of offshore entities.

Between 2006 and 2012, two companies established by Mr Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors, much of it through the old BES, which allowed backers to write off part of their outlay against their taxes.

A number of individual investors subsequently became concerned that 811,000 was transferred from Pronanotect and 771,000 from Spearpoint to two offshore companies controlled by Mr Conway, Delaware-registered Avant Capital Partners and Avant Investments LDA in Portugal.

The six individuals, responsible for 275,000 of the total invested in both companies, want a detailed summary of the expenses, including the amounts, reason, method of payment and proof that the money was received.

Accounts show Pronanotect and Spearpoint paid some of the costs incurred by the various Avant entities in 2010, which were then recorded as owing this money to both companies.

Pronanotect was given the right to convert this debt into shares in three businesses set up to recycle waste plastic into fuel oil. Spearpoint does not appear to have received a similar guarantee.

Pronanotects latest accounts state that in June last year, the company exercised this right by entering into an agreement with Avant giving it the right to future royalties, revenue and capital appreciation from three businesses in the US, UK and Africa.

However, the investors say the businesses involved are carrying out the activities for which Pronanotect was set up in the first place.

Mr Conway and his brother Brendan are directors of both BES companies.

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Shareholders in BES-backed companies seek information on transferred money

Between 2006 and 2012, two companies established by Declan Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors

Shareholders in two Business Expansion Scheme (BES) companies run by businessman Declan Conway have written to him demanding to know why almost 1.6 million was transferred from both firms to a number of offshore entities.

Between 2006 and 2012, two companies established by Mr Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors, much of it through the old BES, which allowed backers to write off part of their outlay against their taxes.

A number of individual investors subsequently became concerned that 811,000 was transferred from Pronanotect and 771,000 from Spearpoint to two offshore companies controlled by Mr Conway, Delaware-registered Avant Capital Partners and Avant Investments LDA in Portugal.

The six individuals, responsible for 275,000 of the total invested in both companies, want a detailed summary of the expenses, including the amounts, reason, method of payment and proof that the money was received.

Accounts show Pronanotect and Spearpoint paid some of the costs incurred by the various Avant entities in 2010, which were then recorded as owing this money to both companies.

Pronanotect was given the right to convert this debt into shares in three businesses set up to recycle waste plastic into fuel oil. Spearpoint does not appear to have received a similar guarantee.

Pronanotects latest accounts state that in June last year, the company exercised this right by entering into an agreement with Avant giving it the right to future royalties, revenue and capital appreciation from three businesses in the US, UK and Africa.

However, the investors say the businesses involved are carrying out the activities for which Pronanotect was set up in the first place.

Mr Conway and his brother Brendan are directors of both BES companies.

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Shareholders in BES firms seek information on 1.6m transfer

Between 2006 and 2012, two companies established by Declan Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors

Shareholders in two Business Expansion Scheme (BES) companies run by businessman Declan Conway have written to him demanding to know why almost 1.6 million was transferred from both firms to a number of offshore entities.

Between 2006 and 2012, two companies established by Mr Conway, Pronanotect and Spearpoint Holdings, raised a total of 1.9 million from investors, much of it through the old BES, which allowed backers to write off part of their outlay against their taxes.

A number of individual investors subsequently became concerned that 811,000 was transferred from Pronanotect and 771,000 from Spearpoint to two offshore companies controlled by Mr Conway, Delaware-registered Avant Capital Partners and Avant Investments LDA in Portugal.

The six individuals, responsible for 275,000 of the total invested in both companies, want a detailed summary of the expenses, including the amounts, reason, method of payment and proof that the money was received.

Accounts show Pronanotect and Spearpoint paid some of the costs incurred by the various Avant entities in 2010, which were then recorded as owing this money to both companies.

Pronanotect was given the right to convert this debt into shares in three businesses set up to recycle waste plastic into fuel oil. Spearpoint does not appear to have received a similar guarantee.

Pronanotects latest accounts state that in June last year, the company exercised this right by entering into an agreement with Avant giving it the right to future royalties, revenue and capital appreciation from three businesses in the US, UK and Africa.

However, the investors say the businesses involved are carrying out the activities for which Pronanotect was set up in the first place.

Mr Conway and his brother Brendan are directors of both BES companies.

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Shareholders in BES firms seek information on transferred money



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Establish Offshore Companies with Guranteed Bank Account
GWS-Offshore is one of the best offshore company formation service in Liechtenstein. Our service includes Belize company formation, Dubai offshore company, M…

By: GWS Consulting GmbH

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Establish Offshore Companies with Guranteed Bank Account – Video

3sun apprentices Zak Brown, Angela Hawthorne andA;ex Armes who have just spent a week offshore in pioneering move aimed at enhancing their training. Steve Jones from ODE and Colin Drewitt from 3sun. Picture: James Bass

Stephen Pullinger Wednesday, April 30, 2014 9:55 AM

Two Great Yarmouth-based offshore companies are working together to offer apprentices their first taste of life offshore.

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The arrangement between 3sun in Boundary Road and ODE in South Denes Road is significant because it has always been a major hurdle for apprentices to be allowed on to oil and gas platforms due to their lack of experience.

It has led to an initial trial with six 3sun apprentices each spending a week on a North Sea gas platform on a maintenance contract run by ODE.

Steve Jones, operations support contracts manager for ODE which runs operation and maintenance contracts on one manned and three unmanned platforms, said they had developed a good working relationship with 3sun which was their first port of call when they needed extra skilled staff for a contract offshore.

He said: There is a shortage of experienced personnel offshore so it makes sense for us to help bring through the next generation of engineers.

It was also a valuable opportunity for the young people to see if life offshore was for them.

For some, it will be their first time in a helicopter and life on a platform is very different, not being able to go home and see friends and family, he said.

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Great Yarmouth apprentices gain offshore experience in pioneering link-up between 3sun and ODE

MTI Econews

Monday, April 28, 2014, 10:30 AM CET

The Prime Ministers Office expects that dozens of court cases will result from a government crackdown on Hungary-based businesses which siphoned off European Union grant money through offshore companies, deputy state secretary Nndor Csepreghy informed daily newspaper Magyar Nemzet on the weekend.

In a targeted review, the government has thus far already found 276 companies who funneled EU grants to offshore companies, according to Csepreghy. These entities are now entitled to repay the funds in full, though the fining may be appealed in a court of law. Csepreghy stated that some 2,000 companies remained under scrutiny for possible similar activity.

Csepreghy informed national news service MTI earlier that repayments from the 276 companies are expected to total between HUF 15 billion and HUF 20 billion including interest.

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State sec.: EU grants funneled offshore by 276 Hungary-based companies



DP Says Gov't Will Not Pay Monies Demanded By The Offshore Companies Unless Parliament Approves
To pay or not to pay that is the lingering question that has raised heated debate as the Anglo-leasing host continues to haunt the country.Deputy president William Ruto has declared that the…

By: K24TV

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DP Says Gov’t Will Not Pay Monies Demanded By The Offshore Companies Unless Parliament Approves – Video

Gold bullion plunged 28 percent in 2013 as some investors lost their faith in the metal as a store of value. Photo: Bloomberg

Consolidation in the Australian resources sector is creating a serious shortage of investment opportunities, and some fund managers say it leaves them with no choice but to build portfolios dominated by offshore companies to gain exposure to commodities such as gold.

There is a real shortage of opportunity in this country and that is the problem with consolidation. That is the problem with the resources across the board in Australia, which is why we look globally, said Caledonia investment manager Chris Baker, adding that his view is despite recent falls in the spot gold price, which may make it more attractive to some investors.

Of the gold equities we own, 60 per cent to 70 per cent are listed outside Australia. We do that to enable us to find the best companies with the best assets.

The spot gold price dropped 0.5 per cent to $US1284.4 an ounce on Tuesday, touching its lowest since February as US equities rallied on the news of stronger corporate earnings results.

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In many regards there are limited places to invest in Australia because in a relative sense the upside returns are not there, as compared to some offshore based companies, said Regal Funds Management head of Australian equities Julian Babarczy.

Broadly speaking, most Australian gold companies are relatively high cost. In fact, cost of production inflation has been higher than the actual gold price inflation which is reducing both profits and cash flows, he said.

There are a number of more interesting ones offshore, including Canadian gold company Detour Gold and Toronto-based gold producer Barrick however a potential merger with Colorado miner, Newmont Mining could muddy the waters.

The fall in the traditional safe-haven asset has been driven by improvements in the US economy and the belief that US-denominated assets are becoming less risky. However, the gold price has remained largely supported this year by consumer demand from China now the biggest buyer of the precious commodity and worries about the health of its economy.

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Golden opportunities lie outside Australia

Anyone using scheme designed to avoid paying annual tax on 'enveloped dwellings' will have to declare to HMRC or face fine The super-rich who own mansions through offshore companies face new rules forcing them to declare if they are trying to avoid tax, a Treasury minister will announce. Ministers are planning to close a loophole with immediate effect, amid fears wealthy property owners are …

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Treasury moves to penalise exploitation of offshore mansion tax loophole

Congress, states and a rich mix of characters argue over regulation.

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Casinos and offshore companies battle for billions in online gambling push

OECD Director of Tax, Pascal Saint-Amans speaking to the media during G20 finance ministers and central bank governors meetings on February 23, 2014 in Sydney. Photograph: Lisa Maree Williams/Getty Images

The tax structures used by some of Irelands largest multinational employers are likely to be brought to an end, a leading figure from the Organisation for Economic Co-operation and Development (OECD) has said.

It is the first such direct comment from a senior figure that tax structures involving Ireland and used by companies such as Facebook, Google and Microsoft are likely to be brought to an end by the organisations so-called Base Erosion and Profit Shifting (Beps) project.

Pascal Saint-Amans, director of the centre for tax policy and administration at the OECD, was asked during a webcast from Paris yesterday if structures such as the so-called double Irish, where a large proportion of a companys profits end up in a tax haven such as Bermuda, would be brought to an end as a result of Beps.

Maybe its wishful thinking, he said, but the answer is yes. Probably. That is what we are expecting. That is what we would be encouraging.

He said the world was changing and the OECD wanted to introduce new measures to prevent some countries taking unilateral action to address the situation.

He said he would welcome it if technology companies were making arrangements in anticipation of the system being changed. I think that would be a smart move, he said.

Profits sheltered The double Irish and similar global structures, used by many technology companies with large operations here, shelter profits from tax by having the intellectual property involved legally held by tiny Irish-registered subsidiaries that are tax resident offshore.

The Irish operations with the substantial operations serving markets in Europe and further afield pay royalties and licence fees to the offshore companies, thereby avoiding the European corporation tax system because the profits end up in tax havens.

Concerns have been expressed by Chartered Accountants Ireland that another aspect of the Beps project, aimed at creating a closer alignment between a companys sales and where it pays its tax, will adversely affect Ireland.

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Double Irish tax arrangements to be targeted by OECD plans

Since New Jersey legalized Internet gambling in November, offshore operators have intensified efforts to entice gamblers in the state to their unauthorized sites, according to an executive at one of the companies authorized to offer online gambling.

“There’s increased activity by offshore operators again into New Jersey, driving heavy promotions. There’s new companies coming now who are actually trying to capitalize on that opportunity,” Norbert Teufelberger, chief executive of Bwin.Party Digital Entertainment P.L.C., said in a March conference call with investors.

“It’s quite amazing how high the criminal energy can be, but we are quite confident that the [Division of Gaming Enforcement] will shut that down quite efficiently and soon,” said Teufelberger, whose Gibraltar firm is partnered with Borgata in New Jersey.

The state Division of Gaming Enforcement confirmed it was “aware of this issue and is taking steps to coordinate an appropriate response to this illegal activity,” said Kerry Langan, a spokeswoman.

Asked for details, Langan said only that “the illegal activity is offshore companies offering online gaming to New Jersey residents without licensing or approval” by authorities.

John Shepherd, a spokesman for Bwin.Party, said Friday the federal Unlawful Internet Gambling Enforcement Act of 2006 did not stop all overseas companies from allowing people in the United States to gamble online.

“It’s only companies like ourselves that switched off,” Shepherd said.

The legalization of Internet gambling in New Jersey made people aware they could play poker and other casino games online, Shepherd said.

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Unauthorized sites said trying to entice legal online gamblers in N.J.

The Reformist Block referred the government decision to give priority to construction of a resort in Karadere to the prosecution..

The coalition also demanded the resignation of Economy Minister Dragomir Stoinev.

According to the coalition, the project was in violation of the Limiting of Offshore Companies Act, recently passed by Parliament.

The Reformist Block insists that prosecution checks whether there was an administrative violation or a crime by an official with the suggestion that the Black Sea Eco Garden Resort project of the Madara Europe company be granted a priority status.

The Offshore Act stipulates that an offshore company may apply for a priority investor status after it has registered the actual owners of the company in the Trade Registry. In the Madara Europe case, the company did so five days after it got the priority status.

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Reformist Block Refers Government Decision On Karadere To Prosecution

Optimism over business prospects has encouraged a few offshore companies in Singapore to boost yard capacity in the land-scarce island state.

Yard expansion appears to be high on the business agenda for a few offshore companies in Singapore, including Sembcorp Marine Ltd., one of the countrys biggest two players in the sector, as they equipped themselves to tap a larger slice of business opportunities in Asia and beyond.

The expansion seems timely as the global oil and gas industry is expected to boost capital expenditure on exploration and production (E&P) this year to $723 billion, 6.1 percent higher than last years $682 billion, Barclay Banks said in a Dec. 9, 2013 equity research report.

Oil and gas E&P expenditure in Asia is likely to track the global spending, albeit at a slower rate of 2.47 percent in 2014, the Barclays report indicated. Countries in the region are projected to spend around $124 billion, compared to $121 billion in 2013. The E&P estimates were derived from Barclays data as well as its research on firms like PetroChina Company Ltd., China Petroleum & Chemical Corp. (Sinopec), China National Offshore Oil Corp. (CNOOC), Petroliam Nasional Berhad (Petronas), Oil and Natural gas Corporation Ltd. (ONGC) and others.

In Southeast Asia, Malaysia and Indonesia two major petroleum producers in the region are expected to invest more in the E&P sector. They are likely to have the greatest forecasted investment in oil and gas, due to increasing urgency of stemming production declines. Both countries are developing shallow water plays, while also moving to deepwaters, OCBC Investment Research said in a report highlighted in Singapores Business Times.

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Cheang has covered the upstream and downstream sectors of the oil and gas industry for over a decade. Email Cheang at cheeyew.cheang@rigzone.com.

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Singapore Offshore Firms Expand Yards to Grow Business



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