- Mail Sport can reveal the ECB has had hundreds of thousands saved away in offshore tax haven
- All 18 first-class counties and MCC purchased shares in Reigndei ‘wet day’ fund
- However some golf equipment’ parts of the fund are actually valued at nil in annual accounts
County cricket golf equipment are to demand solutions from the ECB after 1000’s of their shares in an offshore insurance coverage firm have allegedly been valued nugatory.
The governing physique used the huge sums of cash to arrange Guernsey-based ‘wet day’ insurance coverage firm Reigndei Restricted 30 years in the past for golf equipment to obtain pay-outs when matches are rained off.
All 18 first-class counties and the Marylebone Cricket Membership (MCC) every bought 30,000 shares for £28,500 in 1993.
The Nationwide Counties Cricket Affiliation (NCCA) bought 15,000 shares for £14,250.
However a Mail Sport investigation has discovered that hundreds of thousands are sitting within the scheme, but some golf equipment’ parts are actually valued at nil.
An insurance coverage fund value hundreds of thousands arrange by the ECB in Guernsey in 1993 to make sure counties obtained pay-outs for washed out matches has allegedly been valued as nugatory
A number of counties are questioning the English Cricket Board over what occurred to the cash
There’s a surplus of round £12million ensuing from the distinction between premiums and claims declared within the annual ECB audited accounts from 1997 to 2022.
The shares are actually regarded as value as much as £20 every so If the ECB had been to as an alternative use a UK-based insurer, that might see Reigndei scrapped and a pay-out of as much as £500,000 to every membership.
The governing physique strongly dispute the determine however wouldn’t give any additional readability.
The scheme is ruled by three administrators, one in all whom is the ECB chief monetary officer Scott Smith.
A Mail Sport investigation can reveal:
- The ECB have had hundreds of thousands saved away in an offshore tax haven since 1993
- Kent, Gloucestershire and Sussex’s 30,000 shares every in Reigndei are immediately valued at nil, per their annual accounts
- It’s unclear how the nil valuation has been arrived at
- Fourteen counties don’t have any point out of the Guernsey scheme of their accounts
- The Reigndei accounts seem to not have been audited in 2015, arising from a decision waiving the annual audit
The Reigndei Restricted insurance coverage firm was arrange in 1993 so golf equipment obtained pay-outs when their matches are rained off
When approached by Mail Sport, the ECB refused a number of instances to offer any accounts or figures which has additional added to the confusion.
One county chief government stated: ‘I’ve not had any briefing by the ECB or was conscious in any respect of our shares on this insurance coverage scheme. It is unusual, and I will be getting in contact (with the ECB).’
One other chief government stated: ‘We must always know what’s in these accounts. It might definitely be attention-grabbing to see what it (the insurance coverage) would price on a non-public insurance coverage market.’
A county finance director stated: ‘I am unable to recall seeing the figures. I do not understand how a lot is in there.’
Nottinghamshire’s 30,000 shares are valued at £28,500, the identical quantity they invested in 1993.
For Kent, Gloucestershire and Sussex, their parts have been valued at nil.
Gloucestershire’s account word states: ‘This funding has been carried at £nil worth within the steadiness sheet for various years because the membership just isn’t anticipating to derive any future profit from it.’
The Reigndei accounts cannot be publicly accessed on account of Guernsey firm legal guidelines, and there’s no point out of the corporate within the different 14 counties’ accounts who’re all helpful shareholders.
A number of nation executives are demanding Reigndei Restricted’s accounts from the ECB
Some counties are pleased with the preparations. Nonetheless, others declare they’ve been left at nighttime for many years in relation to the shares — having allegedly not obtained the most recent Reigndei accounts — and have vowed to strategy the ECB concerning the matter.
Mail Sport understands a county CEO approached the ECB for the accounts and acquired them — but it surely took two months after their preliminary request.
The county finance administrators are given an annual presentation by the ECB on varied issues, with Reigndei included. Nonetheless, that has not alleviated confusion.
Between 2009 and 2015, the ECB’s then finance director was additionally a director on the Guernsey firm. A decision dated December 31, 2014 within the Guernsey registry exhibits the annual audit was waived.
After which in November 2018, the corporate went on to indefinitely cancel their annual AGM, in response to the minutes of a gathering dated November 1, 2018.
An ECB spokesman was approached for remark.