By continuing your visit to this site, you accept the use of cookies. These ensure the smooth running of our services. Learn more.


Corporate Registration Watch

A Luxembourg-based companies was quoted in the media in the framework of a corruption scheme.
As Secure Finance, quoted by Transparence International France explains, Eurolux Gestion, which is based in Luxembourg would have been used to bypass the OECD Anti-Bribery Convention.
A Luxembourg-based company was used as the starting hub, then the money went to Ireland, then the Isle of Mans, then the Bahamas, then the Caïmans Islands and finally the BVI.

Is it a surprise ?

Definitely not when analysing the Corporate Registration were many "red flags" are perfectly visible.

The other Luxembourg-based company that is quoted in the media - Heine - does not seem to exist in the Corporate Registration.

I will focus on Eurolux Gestion :

Eurolux gestion was created on 18 Decembre 1998 by SIMKER LIMITED, an Isle of Man-based company.
COMPAGNIE DE SERVICES FIDUCIAIRES S.A. based in Luxemboug was appointed statutory auditor.
The publication in the Corporate Registration took place on 5 January 1999.

On 8 october 1999 a Panamean-based company was appointed administrator to replace the Isle of Mans-based administrator. The publication in the Corporate Registration took place on 7 December 1999.

On 3 juillet 2002, an extraordinary meeting decides the turnover of 3 administrators and the appointment of new stautory auditor is appointed. The publication in the Corporate Registration took place on 18 September 2002.

On 21 October 2002, an extraordinary meeting appoints a new statutory auditor located in the BVI : ERACO Ltd, société de droit des Iles Vierges Britanniques, ayant son siège à Tortola, Akara Building 24 De Castro Street, Wickhams Cay I, Road Town a été nommée commissaire aux comptes en remplacement de SOCIETE DE REVISION CHARLES ENSCH S.A. ayant son siège social 124, route d’Arlon à L-1150 Luxembourg. The publication in the Corporate Registration took place on 2 December 2003.

On 17 November 2003, an extraordinary meeting appoints nex administrators and a new statutory auditor to replace SOCIETE DE REVISION CHARLES ENSCH S.A already replaced : La société COMPTABILUX S.A., ayant son siège social, 1, place du Théâtre, L-2613 Luxembourg a été nommée Commissaire aux comptes de la société en remplacement de la SOCIETE DE REVISION CHARLES ENSCH, démissionnaire.

COMPTABILUX S.A does not seem to be a member of the IRE or the OEC. A BVI-based company is a shareholder.

Administrators and statutory auditors should have been appointed for a 6-year-period. Why the turnover ?
Why the delay to publish the decisions of the extraordinary meeting dated 21 October 2002 : 14 months ?
Who was the statutory auditor between 21 October 2002 and 17 November 2003 ?

As I already said, the Corporate Registration in Luxembourg is full of anomalies that are a threat for the reputation of the center in the current international context.

Unfortunately nobody is willing to tighten up the ship because of the "system".

Forewarned Is Forearmed !

18:05 Posted in Luxembourg | Permalink | Comments (0)

The comments are closed.