How the WTS hides its cash.....you may find this interesting (page 2)

yknot

Works for me.......

Thank you for sharing insight!

blondie

The only reason most jws do what is right is if they think they might be caught; and even some gamble and go ahead anyway.

minimus

Hey! God Delusion said you were against what he said, not moi.

blondie

But you said how I would react. We don't know each other that well, red dot.

God_Delusion

Mad Sweeney posted "I'm fairly ignorant on this trust issue. What's the point of setting up a trust in a foreign country? To avoid taxes?"

......Hi Mad Sweeney.

Our clients open Trusts for many reasons. We have had clients that wanted to hide funds from their spouse. But mostly, the main reason is for tax issues. Trusts formed in jurisdictions like The Seychelles, The Cook Islands, BVI, etc. are tax havens. Trusts are not taxed if they are managed by an agent that is a resident in the country where the Trust is established. Also, because our clients use companies like the one I work for, their details are not on the Trust. Therefore, when the going gets tough, they can store vast sums of cash in Trusts and only their agents (companies like mine) know about it.

The secondary reason is mostly due to legal duress reasons. For example, we have had clients that are expecting their company to be put into liquidation by the local government. In situations like this, they open Trusts (normally in The Cook Islands as Trusts are practically untouchable if setup properly in that jurisdiction), store their cash in them and then sit back and wait for for the liquidators to come along and wind up the company. This normally affects Partnerships, as LLC's are covered by the capital that was invested in them when the company was formed.

My two cents....

C Scienza

hamsterbait

I am convinced of this:

Somebody somewhere is getting VERY rich. He is not a Witless in fact a non-believer, and sits in his mansion enjoying the high life.

I bet Booze Rutherford set things up for his family.

HB

jwfacts

God_Delusion - Great post. It would be helpful if this could be verified, but I imagine the point of trusts is that they make this hard to verify.

Rebel 8 - the main reason I see the WTS entering into such an arrangement is to protect their assets. The GB would hold a fear of governments seizing their assets in an attempt to close them down, and the commercial system trying to sue them over pedophilia, blood transfusions and shunning. They have good precedence for this with the French Government changing their tax status, and the 2008 payments regarding pedophilia - backed up by a good helping of persecution complex.

daniel-p

Thanks for the info, God_Delusion.

A few points:

It is fairly obvious that the WTS has become more and more corporatized over the years, especially since the late 90s and early 00s. So no, it would not surprise me that there is a team of people using the organization as a money machine.

So the question is, who are the benficiaries? My inclination is that if this is going on, it's the current officers of the WTS and maybe a few of the GB members.

DaCheech

there was interesting experience once I read where GB members are staying in 5star resorts and fly first class.

http://www.freeminds.org/organization/post-franz/scandal-in-malta.html

frankiespeakin

It would be nice if someone talked to Raymond Franz about this. Maybe he can shed some "new light" on this?

How the WTS hides its cash.....you may find this interesting

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