The Board of Directors of ANGLEC, headed by Mr. 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 to it that the financial statements and reports of the company are audited and reported to the shareholders each year. They failed to do so since August 2018.
The Government made several efforts as a shareholder to get the directors, who are responsible for arranging the annual general meeting and preparing the financial reports on the state of the company, to regularize and correct that situation.
The Government wrote to the Chairman, Mr. Ruan, urging that this be speedily done. The Chairman was even called to 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 Board, and in particular, the Chairman, used several tactics to continue in office without calling an annual meeting of all shareholders. As a responsible Government and a major shareholder in this public service company, the Government of Anguilla sought the advice of the Attorney General on the matter.
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.
As it stands now, the Directors are injuncted or restrained by court order from conducting any business on behalf of the company until 27th February 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 the Chairman, Mr. Ruan, who by order of the Court cannot direct them.
Premier’s Office.
January 15, 2020
