There are three companies involved in the present situation that we find ourselves in; Standard Reserve Holdings Limited, Standard Reserve Issue Limited, and Standard Transactions (BVI) Limited also known as Standard Transactions Worldwide.
Standard Reserve Holdings Limited, (SRHL) is the company that holds all assets including intellectual property, shares, furniture, software, etc. This company comprised of 6 directors and several shareholders as well as other companies like Standard Transactions (BVI) Limited and Standard Reserve Issue Limited. Under the direction of Dr. Elwyn Jenkins (CEO, Chairman, Director and founder), the company included the following directors; Douglas Jackson, Jack Jones, Elwyn & Glenda Jenkins, Terry Ford and Barry Downey. As of the 12th of June, Dr. Elwyn and Glenda Jenkins have resigned. Standard Reserve Holdings Limited is strictly a holdings company. Standard Reserve Issue Limited, (SRIL) is the company that holds the value of customers account, under the direction of Barry Downey (CEO) since November of 2001. This is the company that protects and holds the value that backs-up the customer accounts that Standard Transactions Worldwide sells. All digital currency held in the system is backed by gold and controlled by this company. Standard Transactions (BVI) Limited, (STBL) is the marketing and contract holder of the group. It’s purpose; establish customer accounts, set-up regional offices, take deposits, and issue digital currency. This company was under the direction of Dr. Elwyn Jenkins until late April when it became known as Standard Transactions Worldwide and was placed under the direction of Chris Gallant, CEO. What Happened? The short version is Standard Transactions (BVI) Limited ran out of operating funds and started using the customers’ accounts money back in March of 2001. It appears that due to a constant lack of funds required to maintain continuous growth specifically in the Regional program development and expansion customer funds were used to fund the operation. The gold accounts that resided with e-gold, and that were to be monitored by SRIL and Barry Downey, were never followed too closely and therefore were depleted. In April of 2002 as I took over as CEO of Standard Transactions Worldwide, Charlotte Wilson and myself conducted a due diligence, or more specifically an audit, and found several discrepancies concerning customer’s funds and the lack of control over the trust or the accounts that should of backed the digital currencies. At that time it was too late. The funds were gone and most of the employees and suppliers had not been paid. In May of 2002 the company was severely strapped for money and could not honor any card loads or monies owed to any supplier, employee or customer. At the beginning of June, the board of directors finally stepped in, and we are basically still at the same stage. Two postings have been made at www.standardreserve.com on June the 12th and no word since. At this stage my understanding is that Ancien Limited; (a Nevis company owned by Douglas Jackson and Barry Downey) has filed a claim against SRHL, and possibly Deloitte Touché of the British Virgin Islands. These claims will force SRHL into bankruptcy and place a liquidator in charge of processing not only claims but also sell off any assets that any of the companies involved may have. This leaves all of us with the option of standing in line with the rest of the claimants or adopt a different solution. I will be making a proposal to our clients, creditors and employees very shortly. Chris J. Gallant CEO - STW --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
