ANGUILLA--A release from Premier Victor Banks’ office states, “As it stands now, the Directors (Ed. of ANGLEC) are injuncted or restrained by court order from conducting any business on behalf of the company until February 27, the date of the final hearing on this matter. The Court has ordered the operational managers of the company and the CEO to conduct all the affairs of the company without any reference to those directors, including Chairman Mr. Ruan, who by order of the Court cannot direct them.”
The Board of Directors of ANGLEC, headed by Harold Ruan has been in flagrant breach of the requirements of the Company’s Act and the by-laws of ANGLEC to hold an annual meeting of all shareholders of this public company since August 2018. The Directors are also responsible for seeing that the financial statements and reports of the company are audited and reported to the shareholders each year and they have failed to do so since August 2018.
The release notes that the Anguilla government made several efforts as a shareholder to get the directors, who are responsible for arranging for the annual general meeting and preparing the financial reports on the state of the company, to regularize and correct the situation.
The government also wrote to Ruan urging that this be done speedily. Ruan was even called to a meeting of the Executive Council in 2019 to explain why these things were not done and to inform as to when they will be completed.
The Government of Anguilla, as a major shareholder, was forced to requisition a meeting under the provisions of the Companies Act in April 2019, which was held. The Chairman shut down the meeting, preventing the Government’s proposed resolution, which included the removal of directors, from being decided.
The government, as a major shareholder and responsible government, sought the advice of the Attorney General. As a result of that advice, the action in the Court was pursued to ensure that the requirements of the law are complied with and the interests of all shareholders protected.
The injunction should not interfere with the operations of ANGLEC, as the CEO will conduct business with his staff without consulting the Board.
