Shrien Dewani has cash problems

2010-12-12 17:37

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Johannesburg - Murder suspect Shrien Dewani’s nursing homes company is in serious financial trouble and closely associated with shadowy entities registered in the tax haven, Guernsey.

Dewani has been fingered in the murder of his wife, Anni, while on their honeymoon in Cape Town. 

City Press obtained and analysed the audited accounts of PSP Healthcare Ltd, a company registered in the United Kingdom, for the year ending January 31 2010.

Shrien Dewani, his brother Preyen and Wayne Shermon are the ­directors of PSP, which owns nine nursing homes and old-age care villages in the UK and Wales.

It has been suggested that a possible motive for the murder of Anni Dewani could have been possible financial gain for her husband, ­although no proof has been presented that he would benefit from her policies or investments.

PSP operates from a large house in Bristol and Shrien Dewani is ­also the company secretary.

City Press asked Rob Theunissen, forensic auditor at the Independent Regulatory Board for ­Auditors, to analyse PSP’s accounts and give his opinion on the company’s financial health.

'Tenuous'

Looking at the abbreviated ­audited accounts submitted to the UK’s Companies House, Theunissen said the financial position of the company was “tenuous”.

“What is evident is that PSP was being financed by group undertakings.

"Notes to the accounts reflect that borrowing from group undertakings increased by £1.7m (about R18m) during the year, to £2.8m. This is a large increase in the context of annual turnover being slightly above £8m and the company achieving an operating loss for the year of £575 841.”

PSP’s liabilities exceeded its assets at January 31 2010 by more than £2m (compared to £1.2m for 2009) and the company’s financial position worsened during the year, incurring a loss of £744 004.

According to the directors’ ­report, they are “confident about the continuing financial performance of the business and continue to ­review opportunities provided through PK Holdings and others”.

Tax haven


“This statement is rather meaningless but could merely be badly worded,” said Theunissen.

Curiously, PK Holdings and at least two other companies PSP borrowed money from are registered in Guernsey. The group of ­islands, in British jurisdiction, has been called a “stinking tax haven” which provides high levels of ­secrecy for shareholders.

Two of the Guernsey companies PSP borrowed money from – Heanton Holdings and PSP Care Villages – submitted written waiver resolutions to Guernsey’s registrar of companies, exempting them from having their accounts audited.

The directors and owners of these companies are unknown and the only names associated with them are those of administrators in the tax haven.
 

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