Letter To The Editor

The Editor
The Anguillian

Dear Editor,

National Investment Company of Anguilla (NICA) – Where the money gone?

As a shareholder of NICA, I am increasingly concerned about the state of that company and the investments my family and I made in it in 1989. I write to draw to the attention and of the Anguillian public, especially the other two thousand (2,000) shareholders, the following issues:
1. After 16 years of operations no dividends have been paid.
2. No audited financial statements have been submitted to shareholders since 1994.
3. A report prepared by a qualified auditor as a result of an order by former High Court Judge, Ola Mae Edwards, remains hidden from the average shareholder who remains ignorant of its contents either by choice or design.
4. No action has been taken against the directors responsible for the state of the company, either by the current board of directors or anyone in authority, in spite of the former judge’s request that a copy be sent to the Attorney General’s Chambers for review.
5. A new board, elected a year ago, has yet to make a report to shareholders as the statutory deadline of 15 months between annual general meetings approaches.
6. Rental income from the bookstore and rum factory appears inadequate to fund the day to day operations of the company but, given that no audited financial statements have been submitted since 1994, it is difficult to ascertain the extent to which the company is financially sound.
7. Land totalling over 37 acre remains the company’s major asset, yet the board fails to take the necessary decisions to use it as collateral to bring the company out of its current financial difficulties.
I hope that by bringing these matters to the public’s attention persons will be more informed and will demand an account of “where the money gone”?

Yours Truly,
John R Rogers (Bob)