Monday 18 April 2016

‘UAE President, Sheikh Khalifa Al Nahyan Corruptly Squanders $1.7 billion on Properties in UK’

NOTHING in life can be hidden forever. No matter how long you pretend as if all is well, be it in business or career, someday only with time, light will exhume those shady deeds you felt no one ever saw you perpetuate.Sheikh Khalifa bin Zayed bin Sultan Al-Nahyan is hereditary ruler of United Arab Emirates (U.A.E.) capital Abu Dhabi. Al-Nahyan is head of the country’s richest emirate and he is one of the world’s wealthiest monarchs. As confirmed by FORBES recently, his entire wealth is not all from oil, although he does control 97.8 billion barrels of proved reserves: he also runs the world’s second-largest sovereign wealth fund, with reported assets of $773 billion.
Undercover investigation as documented inside the Mossack Fonseca data British Virgin Islands companies used to buy luxury real estate and other properties showed that Sheikh Khalifa was the original beneficial owner of at least 30 companies established in the British Virgin Islands by Mossack Fonseca, through which he held commercial and residential properties in pricey areas of London such as Kensington and Mayfair, worth at least $1.7 billion.

The Sheikh financed his acquisitions through loans from the London branch of the National Bank of Abu Dhabi and the Royal Bank of Scotland. Until 2007, Mossack Fonseca provided companies that acted as directors and shareholders of the Sheikh’s BVI companies. But by December 2015, nearly all the shares in those companies were held by Mossack Fonseca through trust structures, but the true beneficiaries was discovered to be the Sheikh, his wife, son and daughter (purposely to beat tax return declaration and payment). In 2011 Mossack Fonseca wrote that the law firm handling Sheikh Al Nahyan’s affairs was “usually hesitant” in providing information about his identity.
Our correspondent analysis of the the heavy Mossack Fonseca certified true copy of Declaration of Trust between Sheikh Khalifa and Mossack Fonseca signed, dated January 5, 2011 showed that Emir of Abu Dhabi officially gave power of attorney to Mossack Fonseca as a registered agent to establish for him Boston House Properties Limited- a company incorporated in the British Virgin Islands having its registered office at Akara Building, 24 De Castro Street, Wickhams Kay 1, Road Town, Tortola.
Under a sub-title ‘The Shares’, it reads: “Certificate Number One Fifty Thousand (50,000) shares with per value US$1.00 registered in the name of the Trustee in the books of the Company (the “Shares”). Sheikh Khalifa declares in this document that Mossack Fonseca holds its shares as the Trustee for the owner, authorizes the Trustee as its attorney to execute and deliver any transfer (and causing the same transferee to execute and deliver the same) or in its name to transfer or dispose of any share in a manner which may be permitted by the Articles of the Association of the company and by statute.”
Under another sub-title ‘Jurisdiction’, it reads: “ This trust is hereby declared and the rights and duties of the parties thereunder shall be governed by and shall be construed in accordance with British Virgin Islands law.
Under ‘Termination’ sub-title, it states that “The owner shall notify the Trustee once he has execute the above-mentioned share transfer form in order to deliver any Share to any transferee.” In this transaction above, tax payment were avoided as witnessed by three top officials of Mossack Fonseca: Maria Gonzalex (Director), Sara Montenegro (Director) and Yvettee Rogers (Office Clerk).
Sheikh Khalifa Evades Tax, hides Self from British Properties
President of UAE playing smart and without wanting any residential and company properties in UK traceable to him, he had introduced a proxy, Engineer Mubarak Saad Al Ahbabi, an intimate friend who conceptualized the construction of 180-metre ‘Super yacht AZZAM’, the largest luxury yacht in the world as his British Trustee fronting for him ( Sheikh Khalifa), wife, son and daughter under Forestway Properties Limited .
Confirming this deal in a legal document with reference number: AGS/MDJ/4822.013 titled Re: Forestway Properties Limited issued from Pettman Smith Solicitors 20th October 2015 signed by Ann Glaves-Smith, a firm regulated by The Law Society addressed to Ms. Rosemary Flax Mossack Fonseca & Co (BVI) Ltd, British Virgin Islands with Telephone number 00 1 284 494 4840, it reads: “The beneficial owner of Forestway Properties Limited wishes the company to grant a power of attorney in favour of Engineer Mubarak Saad Al Ahbabi in respect of the management of 243 Knightsbridge, London, SW1. The power of attorney should be in similar form to that already granted to Berkeley Square Holdings Limited (another real estate firm owned by President of UAE) and I enclose a letter by HH Sheikh Khalifa to the Directors confirming his request. I look forward to hearing from you with the Power of Attorney but should the Directors have any questions in connection with the above, please let me know.”

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