Treasurer's Blog: Reporting Quandary

Posted 15/03/2009 - 22:53 by David9J

Hi All,

Given all the money you have been donating a reasonable question to ask is: How much have we raised and how much do we have left? I cannot give a complete answer to that question yet because I do not have full visibility over the Lloyds TSB Bank Account.

However, before long I will have the information and it raises the issue of how much financial information we should disclose on what is essentially a public website. The DAG has quite a few actual and potential legal adversaries. Just try to hire a good lawyer on the Isle of Man to represent you at the liquidation proceedings. It is almost impossible because almost every lawyer on the island is representing somebody else. Not to mention potential targets in the UK and further afield. It is not unknown for lawyers to play for time in the knowlege that time means money their opponents cannot afford.

We may have 2,500 members on this site but we know that they are not all depositors. Some will be lawyers, some will be journalists, some will be members of the IOM administration. Some may just be insomniacs.

So the quandary is: publicising the state of our finances to the world gives our opponents valuable information and yet those who are supporting us financially surely have some right to know how fund-raising is progressing and what we are doing with their money. Once we are a limited company we will have to file public accounts, but the first accounts usually do not have to be filed until about 18 months after incorporation, and annually thereafter. What to do in the meantime?

Ultimately I will be guided by the DAG Strategy Team leadership on how to handle this, but I would be interested to receive your views, as these will help me advise the Team on what your feelings are. Please let me know what you think at: finance(?)ksfiomdepositors [dot] org.

Thanks,

David

4.88889
Your rating: None Average: 4.9 (18 votes)