Still No Accounts for Shareholders

Our clients have repeated their requests to be provided with the detailed accounts for their respective companies. So far Martin Finch has not supplied the accounts despite it being a criminal offence not to provide them to shareholders. His position is that he is taking advice from Chris Waters at Meaby & Co Solicitors. We have therefore advised our clients to send a copy of all communications with Martin Finch to cwaters@meaby.co.uk.

Martin Finch’s position is unsustainable because the law on this matter is not open to interpretation. Mr Finch is just stalling. The reason why he might want to stall the release of information that shareholders are entitled to receive is unclear, but one thing is for certain, it isn’t for the benefit of the shareholders who invested their money into the company.

Mr Finch is just delaying the inevitable. He has no choice but to provide the accounts and the longer he delays the more concerning it is for all shareholders. How can any shareholder trust a company director who chooses to deny them their rights and is prepared to break the law in doing so and, more importantly, what possible reason can he have ? If company funds have been used properly throughout, for the indisputable benefit of the company and not for friends and associates, one would expect Mr Finch to have emailed the accounts to shareholders within 48 hours of request.

Our clients and their advisors will be scrutinising the accounts very closely when they are eventually released.

Furthermore, our clients have repeated their requests to view the company documents. These are documents that they also have a legal right to have access to. Mr Finch has ignored requests to advise our clients of suitable times for them to inspect the documents.

We would advise all concerned shareholders to write to cwaters@meaby.co.uk to ask why their company director, who claims to be being advised by Meaby & Co, is not complying with UK Law. Mr Finch has been referring shareholders to his solicitor but hasn’t been giving the contact details so we are providing them. If shareholders feel the need to speak to Mr Waters at Meaby & Co his phone number is 02077 035 034. Perhaps he can explain the advice he has been giving Mr Finch in relation to criminal offences.

As of today’s date, Meaby & Co have not responded to our enquiry seeking clarification on whether or not Mr King and Mr Hyman are still clients of theirs. In view of the potential for Mr Finch to use shareholder funds to unjustly enrich Mr King and Mr Hyman who are, in our opinion, shadow directors in the five oil companies, and our concerns that Meaby & Co have represented Mr King and Mr Hyman and their previous companies in the past, we have serious concerns over whether Meaby & Co have a conflict of interest in claiming to represent Osage 1 Ltd and its 250 shareholders or any of the other four oil companies.

It seems to us that Meaby & Co are actually representing Mr Finch, Mr King and Mr Hyman, although they have not declared as such. We believe it is no coincidence Martin Finch chose the law firm that represented Mr King and Mr Hyman in the past and may still be representing them. That is of course if Mr Finch did choose Meaby & Co or whether he was instructed by Mr King and Mr Hyman to use them.

We have seen arrangements where shadow directors control the registered director in his dealings with a law firm. The law firm tells the registered director that it cannot deal directly with the shadow directors or it would be in trouble, but as long as the instructions come from the registered director the law firm will claim it is acting properly. This is despite knowing that they are really doing the bidding of the shadow directors. It’s another one of those examples of extremely poor ethics by a law firm.

We think Meaby & Co will have difficulty claiming that they are acting in the interests of Osage 1 Ltd in this particular case, where the evidence of control of Osage 1 Ltd by shadow directors Mr King and Mr Hyman, who they have previously represented, is so strong.

We gave Martin Finch a bit more time to provide copies of the accounts to our shareholders. He still didn’t provide them. This week we will be informing the Insolvency Service and HMRC that these five oil companies should be investigated. We will publish our letters on this website and advise concerned investors to also write letters to HMRC and the Insolvency Service if their rights continue to be ignored by Martin Finch.