"For example, Jesse Grant Hester — a nominee director based on the English Channel island of Sark and later the Indian Ocean tax haven of Mauritius — was the director for an Irish entity Candonly Limited, which an official inquiry later found was used by the regime of Iraqi dictator Saddam Hussein to cheat the United Nations’ Oil for Food Program. Hester, who did not respond to a request for comment, has been listed as a director for at least 1,500 other companies in the British Virgin Islands, Britain, Ireland and New Zealand, according to the ICIJ analysis. Until the practice was stamped out in the late 1990s, it was common for Sark residents like Hester to lend their names as directors to businesses around the world wanting anonymity. At the height of what became known as the “Sark Lark” the BBC reported, the 600 inhabitants of the island held 15,000 directorships between them, some of which later led to controversy."
Posted on: Thu, 03 Oct 2013 13:26:34 +0000
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