UBS focused on tax avoidance for its clients. However, WTC pays no taxes, so what is the lure of placing former UBS executives in the newly formed Ireland Corporations?
Possible Answers: It appears that they are being used to receive all assets so that they can do one or more of the following:
1. Leverage these properties to extract value without liquidating them. Meanwhile members continue to pay monthly payments for the use of the KHs they already paid for previously. These monthly payments go toward the equity draws that have been taken. Essentially they are now renting what they previously owned.
2. Use the equity draws taken from properties under their management to "invest for profit". The Directors are former investment bankers. No doubt they were very persuasive in claiming that they could grow funds.
3. Liquidate any properties that are not being adequately paid for by congregations. Take the proceeds and invest for profits. The congregations are displaced but who cares? They were not paying their share.
4. Use one of the 3 corporations to manage payments (transfers) of funds IN and OUT. This is a complicated transactional business, calling for meticulous management to avoid money laundering prohibited by the countries that WTC operates in.
5. Pay WTC what is needed, when it is needed. Such payments are tax-deductible of course. The current corporations used by WTC have/will have no accumulated assets because such were transferred into the Ireland Corporations. They will essentially be corporations on paper only for the most part. When a CSA lawsuit arises, there are no funds to be taken. The accuser has no standing to sue the Irish corporations that have the assets that USED to be in the PA Corporation, the NY Corporation, or the Christian Congregation of JWs. The accuser could go after the local congregation elders but that is almost always a dead end. Individual elders can declare bankruptcy.
Any of the above provide WTC new protections from CSA lawsuits, and help them manage assets without fear of new financial attacks. As an internal safeguard, a board of directors on each of the 3 corporations is made up of loyal Bethelites who can monitor the CEO to make sure that funds are used as intended, even generating profit if the investments produce as planned. It is likely that any funds they receive personally will be donated back to WTC, which will then transfer those donations back to Ireland. The Bethelites will be within the guidelines of their 'vow of poverty'.
Even though it is likely that WTC will not be breaking laws - it is NOT what members expect them to do with dedicated funds. What would Jesus do?
