Oh well done Ritchie!

And how was that money stolen? In part as a consequence of using the anonymity provided by the UK’s unaccountable system of corporate law and company registration.

No, Moldova’s money was not stolen using a UK company.

One of the companies registered at the address is Fortuna United LP, the UK partnership

You know, like Tax Research UK is a partnership?

21 comments on “Oh well done Ritchie!

  1. Yes an LLP is a very different beast from a company.

    If you were, say, a tax campaigner who believed in transparency and paying up your dues as owed to civil society you might prefer a company so that the tax paid by the company was transparently shown as was director’s remuneration and PAYE. You would also be paying employers’ and employees’ NIC.

    If you were a slimy hypocritical cunt of a tax campaigner you might prefer the LLP set up which avoids employers’ NIC, pays class 4 NIC which is a lower rate than class 1 employees’ NIC and keeps the amount of income tax you actually pay a closely guarded secret.

  2. @ LE
    It’s not simply pendantic to say “No, Moldova’s money was not stolen using a UK company.” It was stolen from a Moldovan bank by Moldovans because Moldova – which has now replaced Albania as the poorest country in Europe having been run by Communists and ex-Communists for the last 20-odd years while Albania has alternated between anti-Communists and ex-Communists – in chronically corrupt.

  3. @LE, is it pendant to say that the place of business (or accommodation address) of the company (or partnership) has nothing to do with the money being stolen, but the nationality of the people running the business is what’s key. They seem to be based in the Seychelles.

  4. To be truly pendantic, a Limited Partnership (LP) is a different entity to a Limited Liability Partnership (LLP). In an LLP there is limited liability for all partners. In an LP, there must be at least one partner (a general partner) who accepts unlimited liability, although of course nothing to prevent that GP being a limited company with a £2 share capital……

  5. From the point of view of transparency, there’s not much difference between a standard company and an LLP.

    But are UK companies particularly anonymous?
    The French equivalent of ltd or plc is after all SA, or societe anonyme. Something similar in Italy. How anonymous they still are I don’t know.

  6. John 77 is spot on

    The remarkable thing here is we have fixated on the definition of company and LLP – a tiny detail in comparison with the likely valid assumptions:

    1/ Murphy does not have a clue where Moldova is on a map

    2/ He evidently has no understanding of any of the social, economic or political background regarding the country – where corruption is absolutely endemic at almost every level, mostly facilitated by people who once upon a time were heavily involved in a now collapsed version of the very Courageous state he would like to inflict upon us all.

    In fact the Moldovans have made strides in this regard – considerable strides but here is an excerpt from a report on the country:

    ‘Hundreds of thousands of Moldovans work abroad, and remittances accounted for 25 percent of gross domestic product in 2013. More than two-thirds of remittances reportedly come from workers in Russia, and Moscow’s warnings against EU integration include threats to close the Russian labor market to Moldovan migrant workers or restrict access.

    Private business activity is hampered by factors such as corruption and the role of powerful businessmen who use political connections for personal gain.’

    ‘ Moldova’s assessment shows that all 13 governance institutions assessed have a high vulnerability to corruption and are lacking in transparency and integrity. Some institutions shown to be most vulnerable to corruption are political parties, the Ombudsman and the private sector.

    In particular, corruption in the private sector is poorly regulated by the state, and the “shadow economy” – in which some private sector actors conduct business – poses significant corruption risks. Additionally, the ethical standards of small enterprises are low, and big enterprises usually do not implement corporate management norms.
    80% OF MOLDOVANS THINK THE JUDICIARY IS CORRUPT/EXTREMELY CORRUPT.
    This is according to our Global Corruption Barometer 2013. The findings from Transparency International Moldova’s assessment show that judiciary reform efforts do not go far enough.’

    No doubt the ignorant cretin would dismiss the report’s authors as ‘neoliberal trolls’ but of course he ‘has no political axe to grind’ – over to Arny old Shite to try and defend the indefensible……

  7. @ Van Patten
    Thanks for a fairly thorough explanation, and upgrade, of my hasty comment. I didn’t (and don’t until Sunday) have time to dig out the detail.

  8. doesnt having a system of law imply accountability? Not sure why he thinks UK corporate law is unaccountable. Is he saying that companies are unaccountable to anyone (in which case the existence of a system of corporate law would seem to contradict that).

  9. “I see Ritchie is losing it about Noel Scoper

    Well done Noel (I know you read this blog).”

    Just been across there and that post doesn’t seem to have any comments at all. Did he get so wound up he deleted that lot?

  10. Seems to be a few now, typically leftie hand wringing, when he doesn’t like the subject FOI request is frivolous, much like free speech doesn’t apply when he doesn’t like it

  11. Exactly. Search for FOI on Ritchie’s blog and you will find quite a few applications he has made. What’s sauce for the goose….

  12. Luke

    In Spain we have SAs. Nothing anonymous about them, merely that it is a legal entity and the owners are not liable for debt beyond their capital (unless they do crooked stuff). It is a fuller version of the SL (limited company). The difference between the two is to do with capital requirements and shareholding, corporate government and to a certain extent reporting requirements.

    As an SA, we have to report everything to our equivalent of company house. My competitors have full access to our accounts and can even get free warnings (from private operators which trawl all information deposits) if (as I have just done) I call an AGM, change board members, buy a significant share in another company, deposit annual accounts. We all buy the info on our competitors.

    I have just offered for an outsourcing contract and am worried about a technologically more advanced and bigger competitor that give the impression of being a multinational. For €100 I have the set up of the small network of companies and have seen they run a rickety ship and ther are 5 names that come up in the 5 companies. Just received a warning that one company has run into financial trouble. Spoke to a colleague in Madrid and he knew one of them and he filled me in.

    In the Basque Country each of the three provinces has its own tax authority (we pay the State for it’s services) and they have everything on record, what isn’t truly digital has been scanned. I have to declare all shareholders over 5%. They actually fill out my tax return and send it to me. If I am happy with it I can accept it. The last three years the difference has been pennies or zero!

    Mr. Murphy would love it.

    Can’t be much different from th UK can it? To hide you have to really make an effort and it helps if you break the law and use lots of ex-EU jurisdictions.

  13. “I see Ritchie is losing it about Noel Scoper”

    He’s not really, is he?

    Scoper’s probably got one of those police investigation walls with cuttings and printouts all joined together with red string. And a scrapbook

    And a “Scoper’s Scrapbook” full of his Murphy based witticisms and blurred telescopic-lens photos of Murphy’s wife.

    And a plan of how to poison Murphy’s dog. With a map and everything.

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