NICA 1

NICA 1.

The National Investment Company of Anguilla Ltd, or NICA for short, is a bad word in Anguilla. It was founded by the National Bank of Anguilla to offer Anguillians an opportunity to invest their saved funds in a common commercial venture with the bank’s backing. I was the first legal adviser to the company. I invested a not insignificant sum of money in it. Many Anguillians invested their life savings in its shares. The initial share offering raised the required capital of five million dollars within a few short days. Then, just as it was getting off the ground, its talented St Kitts-based investment adviser was let go due to Anguillian political pressure. No other professional adviser was hired to guide the company in managing the shareholders’ funds. This was some fifteen years ago.

Four or five years ago one of the shareholders, Bob Rogers, one of the revolutionary leaders of Anguilla, took the company to court. He asked for an accounting and for someone to be appointed to let all shareholders know what was going on. He has told me that the judge made an order. In 2002, in a burst of hope and good-will, a new Board of Directors was elected. Cecil Niles was appointed Chairman of the Board. A few years later, after nothing had happened, there was another public meeting of shareholders to whom more promises were made and the company’s new lawyers and accountants were introduced. Calvert Carty, a local businessman, was elected the new Chairman of the Board. A deathly hush has once again fallen over the company and its proceedings. Bob Rogers wrote a letter to the editor complaining. Still nothing happened.

Now, my old friend Collins Richardson of North Hill has contacted me. He tells me that he and Daphne invested their life’s savings in the company. Daphne has now passed away. He is not well himself, and is confined to his home. He wants to make his last will and testament. He does not know if he has anything to leave to his children. He would like to know if his shares are worth anything. He authorized me to tell everyone that I am checking on his behalf. I have checked with Calvert. He tells me that the company has accounts it would like to publish, but it is too expensive to publish to the several thousand shareholders.

I checked with the company. It is listed in the Yellow Pages. No one answered the telephone that is the listed number.

Does any member of the Board of Directors of NICA, or its legal adviser or accountant, want to explain to Collins and to Bob why nothing has been heard of from the company after all these years? I am offering this free forum to explain what you have been doing all these years since you were appointed. I need to get back to Collins as a matter of some urgency.