BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Joe who wrote (25528)	6/13/1997 11:13:00 AM
From: Bill Jackson	of 28369

Joe; It is logical for a company, who is basically honest, to buy 'error and omissions' insurance. They protect against accidental errors and the insurance companies insist on frequent check on the books so they do not have to pay for income taxes/etc witheld and not remitted to the government. Deliberate crooked acts are not covered. IMO they put this $$ offshore because some in management knew of the deliberate crooked acts, and also knew that one fine day a very large and angry cat would get out of the bag, and would never be rebagged. Insurance would not cover this for damages against the crooked directors, and honest directors would not be liable for the crooked acts.(no doubt some were honest, as as long as they showed that they would escape) So the very existence of this fund is evidence (a 'flag') of crooked intent. You are right to be aggravated. The $ may or may not be out of reach. Some offshore boltholes allow for access by foreign courts under mutually agreed(by their treaties) situations. Often fraud gives access, but tax avoidance does not. If they have specifically chosen a very secure bolthole, then the money is as good as gone forever. Bill

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