10 February, 2007



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.


  1. CAn you check out something for us. I heard the shareholders were prevented from selling their shares to other persons who have zero shares in the compnay. A few of us would be happy to relieve those persons who want out of the company by purchasing their shares. Why is this company in such a financial limbo? And why hasn't the FSC not acted on behalf of the shareholders? Why hasn't the courts force the company to settle this issue?

    On another note it is clear that ANTIL took NICA model and form a new compnay for themselves and friends. This is business espionage anywhere else but AXA.

  2. I have learned that by Notice published in the Official Gazette on 31 July 2006, Vol 36, No7, the Registrar of Companies struck off the company.
    That means, as I recall, that the assets, including all the land and money in the bank, have vested in the Crown.
    If the Directors have not taken steps to have the Registrar put it back on the Register we are in trouble.
    Does anyone know if the Directors had the company name restored to the Register of Companies?

  3. I suggest you ask Courtney Devonish - cel 476-++++ - about the $25,000 cheque. As I understand it, these funds were outright embezzled, and according to Courtney, his fellow NICA board members, who had an obligation to the shareholders to protect company funds, simply refused to act, for what Courtney described as "political reasons." Courtney resigned in frustration over this and other adventures.

    Perhaps more willing to talk to you, and angrier, is Bob Rogers, 497-++++, who, with others, sued the NICA board.

  4. I believe anyone can inquire about company regsitration. Something is seriously wrong with AXA legislation if companies can function in this gray area of business activity.

    Does this fall under FSC oversight? Because if it is under British control, God help us when it is remove from the Governor authourity.

  5. Would someone like to move a motion to wind up the company? I want to second it!

  6. Hello Calvert,

    Is it true that NICA is struck off the Register of Companies?

    Could you tell me who is the company lawyer and who is the company accountant?


  7. Your rapid fire machine gun hit another fertile target, NICA. This is the most interesting story never told. Once this entity is opened up and exposed, not only will eyebrows raise and mouths fly open but a number of people will have some serious explaining to do. And that's just the tip of the iceberg. I'm not sure NICA is totally doomed but until the covers are pulled back and highly qualified people engaged to do a full and thorough investigation, no one will ever know.

  8. The Registrar of Companies, Mr Lanston Connor, has today confirmed that NICA has been struck off the Register of Companies as of 6 January 2007. The company is currently dissolved. We can conclude from this that at this moment of time all its assets belong to the Crown as having no owner. What is the Board of Directors going to do about it?

  9. Where is the article in the Anguillian? It WILL be in the Anguillian next week, won't it, Mr. Hodge? This is news to be on the front page of our Vigilant Newspaper next week, right?


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