FISCAL REVISIONISM
Home Search site Links News

Financing Prem Rawat
-Hiding the Truth-
Wikipedia Distortion
Rawat's followers exposed
Exploiting Gandhi
Lord Mayor's Appeal
Conversations
Spread this Knowledge
PUBLIC ACCESS TV
Burt Wolf
FREE SPEECH
-DMCA Case Law-
NOT THE KEYS
-Inhibition of Speech-
-Promotion of Stigma-
-Agreements-
LEGITIMACY
-Process-
-The UN-
-References-
FISCAL REVISIONISM
Ron Geaves

The process of promoting Prem Rawat requires not only the presentation of Prem Rawat in a positive light, it also requires that negative images of Prem Rawat arising out of dubious activities and judgements from the past to be remodelled and recast.
The organisations supporting Prem Rawat do not rely upon simple public relations 'spin' to ensure a remodelling of this negative past, but actively pursue structural and financial revisionism to disguise potentially embarrassing details. The history of Myrine Investment Ltd is a prime example of the Fiscal Revisionism practiced in the name of Prem Rawat.

MYRINE INVESTMENTS LTD

Myrine Investments Ltd was first registered in the tax haven of Jersey, CI, UK. in 1981;  the details given in the Jersey register are:
Registration Number: 22632
Registered Business Office: 22 Grenville Street, St. Helier, JE4 8PX
Date Registered: 23 Dec 1981

Shares in Myrine were held in 2003 by two companies, both also listed at 22 Grenville Street, St. Helier, these were Juris Limited, Reg. No. 24294 and Lively Limited, Reg. No. 3719, the total share holding was 5,000,000 listed at par value, no indication is given to what realisable asset value these 5,000,000 shares represented. Juris Ltd was created in 1982 and held just 60,000 shares, Lively Ltd was created in 1969 and its pre dating of Rawat's European activities suggests that it is a company offering a share holding service.

In mid 2005 Elan Vital Incorporated (Australia) published, in the form of Frequently Asked Questions,  a number of statements on its website; these statements were apparently (unacknowledged) responses to various claims and criticisms regarding the role of Myrine Investments Ltd in the Amaroo/Ivory's Rock Conference Centre development.

The Criticisms

Appearing on the Ex Premie website and on Internet forums the claims and criticisms that surrounded Myrine Investments can be summarised as:

1. Myrine Investments Ltd was created to hold assets in beneficial interest for Prem Pal Singh Rawat.

2. Myrine Investments Ltd was created to facilitate tax avoidance.

3. Myrine Investments Ltd was created to disguise the personal ownerships of Prem Rawat.

4. Myrine Investments Ltd operated to obscure Prem Rawat's personal enrichment from the Amaroo (Australia)  development and to disguise the conflict of interest this caused to the non profit Elan Vital Inc.

The Amaroo Development

Amaroo is a $20 million plus development on what was previously farmland, near to the town of Ipswich, Queensland, Australia. The development has seen the creation of a  Conference Centre, the company pursuing the development and operating the Centre is called Ivory's Rock Conference Centre Ltd, IRCC Ltd is owned by Elan Vital Incorporated via an intermediary called Jeeps Nominees. The land on which the development has taken place was bought by and remains in the ownership of Myrine Investments Ltd.

THE ELAN VITAL REBUTTAL

The Elan Vital Myrine FAQs  comprise a  'rebuttal' to the various criticisms that have appeared on the Internet, central to this rebuttal is false history which presents Myrine Investments Ltd current status as having been unaltered from its creation.

The creation of Myrine Investments Ltd in 1981 was ten years before the Amaroo project had begun and its original purpose remains obscured. Elan Vital says in answer to its FAQ  Where did the funds come from to purchase the IRCC properties? 

"The funds came from contributions and loans from individuals and from the trust that holds the shares of Myrine Investments Ltd"

This answer implies that in 1991 a Trust was in existence that a) held the title to Myrine Investment Ltd shares and b) had access to substantial funds to contribute to the multi million dollar purchase of the Amaroo land. This raises two vital questions:

Who was the beneficiary of this unnamed Trust ? and  What was the source of the Trust's funds ?

Elan Vital offers no answer to these questions, it does however seek to say what was not. In answer to its FAQ Who are the beneficial owners of Myrine Investments Ltd ?

Elan Vital says

"There is no individual beneficial owner as such and never has been. MIL provided a convenient legal structure for the holding of the IRCC property. The IRCC property is held not for any individual or for any personís benefit but is held for use for educational purposes. The shares of MIL are held for The Prem Rawat Foundation for its public educational and charitable purposes. The status of TPRF is approved by US regulatory authorities."

This answer may be correct as to the ownership of Myrine Investments Ltd as of 2005, but TPRF only came into existence in 2002 and its most recent statement makes no reference  to its ownership of any substantial assets. Further the statement "There is no individual beneficial owner as such and never has been" is ambiguous, it avoids the question of:

Who did own Myrine Investments Ltd before its beneficial ownership was transferred very recently to TPRF ?

Additional confusion follows in a further FAQ

Does Myrine Investments Ltd. own other property ?

"The IRCC property is the only asset of MIL. MIL previously owned a residential property in Brisbane which was purchased by individuals and transferred to MIL in 1986. This property was lawfully acquired by the individuals concerned for the personal use of Prem Rawat, during his visits to Australia. For administrative ease, the property was transferred to MIL as a convenient entity to hold it. The individuals originally involved with the establishment of MIL understood the demarcation between the properties and the different purposes for which they were held.

This property is no longer owned by MIL and was transferred out of MIL in order to clearly separate those assets held for personal use from the asset, IRCC, which is held for educational purposes. All applicable taxes and governmental fees required to be paid or documents filed in relation to this transaction have been done as required for any dealings of this nature. The legal process of implementing this has taken some time and was completed in 2003."

The scale of confusion now begins to look like deliberate dissemblement.

Elan Vital has already said that at some point prior to the beneficial ownership being acquired by TPRF that a "trust [held] the shares of Myrine Investments Ltd". If  Myrine Investments Ltd shares were held by a Trust, that Trust must have had title to the "residential property in Brisbane".  Elan Vital also says "The IRCC property is ..... held for use for educational purposes. The shares of MIL are held for The Prem Rawat Foundation for its public educational and charitable purposes."

If the Trust that held the title to Myrine Investments Ltd prior to TPRF obtaining ownership, was charged with furthering 'educational purpose' how was that Trust able to 'right off' the  "residential property in Brisbane" from its ownership without breaking its fiduciary responsibilities ?

Elan Vital says that "The individuals originally involved with the establishment of MIL understood the demarcation between the properties and the different purposes for which they were held." This statement is a non sequitur, if a Trust existed that owned Myrine Investments Ltd the only compelling interest is that of the legally entitled Trustees and their legal requirement to exercise their fiduciary responsibilities in respect of meeting its 'educational purpose'.

The question  then arises:

On what basis did (the) Trust "transfer the property out of MIL" without undermining the Trustees fiduciary responsibilities in respect of meeting its 'educational purpose' ? 

Elan Vital reinforces the educational purpose consideration because it tells us that This property is no longer owned by MIL and was transferred out of MIL in order to clearly separate those assets held for personal use from the asset, IRCC, which is held for educational purposes. Again a non sequitur is proposed because there is no legal method by which a 'charitable' Trust can hold 'private property' in the way Elan Vital seems to suggest happened.

BEHIND THE FISCAL REVISION

The Purpose of Myrine Investments Ltd:

Myrine Investments Ltd was set up in 1981 as part of the financial structures that facilitated Prem Rawat enjoying the benefits provided by his status de facto leader of the then Divine Light Mission.

The Ownership of Myrine Investments Ltd:

Claims that Prem Rawat was the direct beneficiary of Myrine Investments Ltd are almost certainly wrong, from the outset a Trust holding the Myrine shares was the most likely arrangement. And as The Prem Rawat Foundation did not come into existence until 2002, for over 20 years Myrine was beneficially owned, via a  Trust, by some as yet unidentified person or legal entity.

The Transfer of Myrine Investments Ltd to TPRF:

As Myrine Investments Ltd was owned and operated apparently successfully for and on behalf of some unnamed Trust for nearly a quarter of century, the questions arise as to why beneficial ownership was transferred to The Prem Rawat Foundation ? and What were the circumstances of that transfer ?

THE UNANSWERED QUESTIONS

What was the name of the Trust that held the ownership of Myrine Investment Ltd shares between 1981 and the recent acquisition by The Prem Rawat Foundation ?

Elan Vital has never previously acknowledged the existence of such a Trust, certainly it appears never to have been named publicly.

Who was the beneficiary of this unnamed Trust that held the ownership Myrine Investment Ltd shares between 1981 and prior to the recent acquisition by The Prem Rawat Foundation ?

Elan Vital in Australia, nor in the US, UK, or Switzerland where Elan Vital organisations operate from has never before 2005 suggested that anyone connected to Prem Rawat or Elan Vital controls a Trust operating for educational purpose.

What was the source of the unnamed Trust's funds with which it bought the land for the Amaroo development ?

Previously Elan Vital had claimed that the land acquisition was achieved by 'donations', the existence of a Trust which had claim to ownership of the Amaroo land was never acknowledged.

How was that Trust able to 'right off' the  "residential property in Brisbane" from its ownership without breaking it fiduciary responsibilities ?

In part the answer to this question depends on a subsidiary question - under what jurisdiction did the unnamed Trust operate ? The fact that Myrine Investment Ltd was registered in Jersey does not mean that the Trust was constructed under Jersey jurisdiction. Nevertheless any Trust that is claimed to operate for a 'charitable benefit' is likely to be constrained, firstly from being a convenient entity to hold a private property, and secondly from having ownership of a property and being able to give it away without recompense.

On what basis did (the) Trust "transfer the property out of MIL" without undermining the Trustees' fiduciary responsibilities in respect of meeting its 'educational purpose' ?

Adopting a charitable purpose is an onerous legal burden, giving away a property without recompense suggests that the Trustees were grossly derelict in their fiduciary duties.

Why was beneficial ownership transferred to The Prem Rawat Foundation ?

This question is inextricably tied to the financial circumstances of the Amaroo development and the embarrassment caused by the claims that Prem Rawat was benefiting personally from the increased value that the development was adding to property that he ultimately owned. With the transfer to TPRF the criticisms appear to have been effectively deflected, however as the prior beneficial ownerships is still secret the criticisms about ownership prior to the TPRF transfer remain unaddressed.

What were the circumstances of the transfer to The Prem Rawat Foundation ?

Many subsidiary questions flow from this, including:

What were the shares in Myrine Investment Ltd worth prior to transfer to TPRF ?

In addition to the 'right off'  of the "residential property in Brisbane", were there any other material changes to the assets of Myrine Investment Ltd that affected the value of Myrine Investment Ltd shares ?

Did Myrine Investment Ltd buy back any share holding thus releasing capital to its then share holders ?

Was such a buy back financed with loans secured on the Amaroo property, effectively reducing the net value of Myrine Investment Ltd shares ?

In taking title on the Myrine Investment Ltd shares has TPRF adopted any commercial risk or other liabilities ?

Whether the public relations demands of the promotion of Prem Rawat require that these questions be addressed remains to be seen.

SOURCES

Elan Vital FAQs

Myrine Registration  

TPRF Statement                                 

Back Next