WT Financial strategy to reduce liability - Create artificial debt!!!!!!

by Viva la Vida 19 Replies latest jw friends

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  Viva la Vida

  See this letter from the Royal Commission:

  Letter from Watchtower Australia to Governing Body regarding transfer of funds between branches.

  http://www.childabuseroyalcommission.gov.au/downloadfile.ashx?guid=61967dc3-2203-4cca-8dc7-cd612c66645e&type=exhibit&filename=WAT.0012.001.0023&fileextension=pdf

  In your letters AF:AG February 19, 1999 No. 142, AF:AG November 8, 1999 No. 139, AOK:ACB August 16, 2000 No. 301, and others the principle of holding sufficient debt between branches to enable a claim to be made in the event that adverse circumstances endanger the property of the branch, is clearly made. At present our records show substantial indebtedness between Australia branch and branches to which we are currently sending literature, funds, and other items. We do not see any need to write off these amounts already shown on the records.
  
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  AudeSapere

  From the letter cited above: ... the principle of holding sufficient debt between branches to enable a claim to be made in the event that adverse circumstances endanger the property of the branch, is clearly made.

  .

  Wow! How utterly calculating of the loving organization personally directed by Jehovah's Holy Spirit.
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  Mephis

  Oh that letter is fun! It's a deliberate attempt to massage their accounts to evade their legal obligations under Australian privacy law on the records they could hold about individuals. Obviously the commission is concerned about the records of those alleged to be abusers, because it shows how far they go to avoid letting those records be known about. And also it implicates Brooklyn directly. Nice find. Saw passing reference to it in the opening statement by counsel. (edit: or I may be mistaken, and that was something about a new corporation being formed for presumably 'financial' purposes)
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  PaintedToeNail

  How awful! Purposely getting rid of capital so they would not have to report child abuse! It is there in writing as plain as day. Despicable.
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  Viva la Vida

  I think this is one of the more damaging letters disclosed. As a charity, the WT's accounts are public in several countries (UK, Canada, NZ, France, Australia). In all cases big debts are reported. For example in the UK they reported debts for 28M pounds.
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  elderINewton

  This document if real would destroy the status of charity in the US or Canada. Willful avoidance is not acceptable under most tax law. I wonder if this was ok'd by the Australia tax authorities?

  Also the title is misleading, its to reduce assets not increase liabilities. The document is really just an accounting term, so the Aussie branch is sending funds to other places by way of loans (or interbranch indebtedness) but they need to classify them as donations to minimize financial exposure.

  In the US we would call this a tax loophole or tax haven avoidance.
  
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  breakfast of champions

  Friggin incredible.

  If this council has any say in the matter, they're screwed.
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  OrphanCrow

  This is a link to the Financial Report that was submitted to the Royal Commission.

  http://www.childabuseroyalcommission.gov.au/downloadfile.ashx?guid=37c1759e-bb75-4d7e-b8b6-ea2e3f41f709&type=exhibit&filename=WAT.0009.001.0004&fileextension=pdf

  It had been posted on another thread by Lost Generation. (fastJehu, too)

  In that report, the WT Australia Branch is claiming that they had a loss last year of $1,703,164.

  They also report that they spent $10,236,291 in "donations and overseas aid".

  Something smells fishy...or is that a skunk walking by??
• 

  elderINewton

  Well terrible financial statement notes.

  Looks like the debt only increase overall by about 293,927 but notice a key line in the notes - "due to and due from domestic and overseas entities" so how much of this is really overseas? Then the real question is, are these just for one entity or is there is like 10 others in the country? Its that way in the US.

  In a way these statements look identical to the Canadian ones.
  
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  OrphanCrow

  It looks like the WTS has been preparing for this. The Royal Commission was called in 2013.

  http://www.childabuseroyalcommission.gov.au/about-us/terms-of-reference

  The have been moving money out of countries in anticipation for this. Canada's money has always flowed freely downriver to the Tower. And now they have siphoned off the Australian money to the obereas/NY. Where, of course, they have a big building project to pay for.

  All those translation offices? Scoop the money out of the palces where they have legal issues. Decrease their funds.

  Another thing. The statement shows a $100 liability for each director. That is it. A $100 liability?? Is this a joke?

  Personal story: I organized a public awareness campaign one summer (2006). I was doing street performances with groups of women to raise awareness about the Missing and Murdered Women in Canada. Three of my performances were held on city streets - I blocked the streets off for a space to perform. In one of the cities that we performed, I was required by city bylaws to carry 3 and a half million dollars in personal liability to be able to proceed. I didn't have a lot of money but i bought the insurnce policy I needed. $365.

  And these guys only carry 100 f**ing dollars liability??? They are "shepherds" and they can't be bothered to insure themselves for some wrongdoing, even if it is accidental? I had no intention of anything bad happening when I took women out on the street to perform in a public palce. I carried the insurance. Because I cared about the people who would be involved, and I cared about those who were watching. I didn't want anybody to be hurt just because of me.