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-   -   EK Provident Fund Being Moved To Dubai? (https://www.pprune.org/middle-east/610987-ek-provident-fund-being-moved-dubai.html)

trimotor 11th Jul 2018 09:00
EK Provident Fund Being Moved To Dubai?
 
Low-grade rumour only at this point, though heard around the bazaars today that STC mooting movement of the Prov Fubd assets to Dubai, away from IoM.

That at would be cause for resignation...So why would this move be a good one? STC planning to raid the piggy bank or local government wants to tax it?

Discuss.

The Outlaw 11th Jul 2018 11:07
Originally Posted by trimotor (Post 10194063)
Low-grade rumour only at this point, though heard around the bazaars today that STC mooting movement of the Prov Fubd assets to Dubai, away from IoM.

That at would be cause for resignation...So why would this move be a good one? STC planning to raid the piggy bank or local government wants to tax it?

Discuss.
I'm not sure that it could be done with any amount of ease but I'll bet they have some language in the fund somewhere that will allow it to happen should the government of the UAE insist...they always get their way in matters like this.

On the other hand, I had heard the same rumour a year or so ago and it made me think about securing my provident fund. There seems to be a lot of "read between the lines" with EK and turbulent times ahead. In any case, I wouldn't trust any airline management with my retirement fund, they would steal in in a second without any thought or remorse which has been proven in the past...even in the first world.

thatwasclose 11th Jul 2018 11:44
If the average fund is 100,000 that’s 400 million. Am sure the average is a bit higher

flareflyer 11th Jul 2018 13:01
Thanks goodness in 2 moths i am out....

fatbus 11th Jul 2018 13:52
FF why endure the summer? 26 May was the best departure day!

TOGA! 11th Jul 2018 17:04
Originally Posted by trimotor (Post 10194063)
Low-grade rumour only at this point, though heard around the bazaars today that STC mooting movement of the Prov Fubd assets to Dubai, away from IoM.

That at would be cause for resignation...So why would this move be a good one? STC planning to raid the piggy bank or local government wants to tax it?

Discuss.
I emailed Nick F. I will post the answer here. I doubt the rumor.

Emma Royds 11th Jul 2018 17:04
This rumour has no substance to it so nothing to discuss! https://www.pprune.org/images/smilies/thumbs.gif

The trustees (Equiom Group) own and safeguard the invested funds and they are bound by IOM financial law as passed by the Manx Ministry of the Treasury. The company has no legal recourse for relocating these funds elsewhere, irrespective of if you are called Timothy Charles Clark! https://www.pprune.org/images/smilies/evil.gif

Jack D 11th Jul 2018 19:03
Originally Posted by Emma Royds (Post 10194408)
This rumour has no substance to it so nothing to discuss! https://www.pprune.org/images/smilies/thumbs.gif

The trustees (Equiom Group) own and safeguard the invested funds and they are bound by IOM financial law as passed by the Manx Ministry of the Treasury. The company has no legal recourse for relocating these funds elsewhere, irrespective of if you are called Timothy Charles Clark! https://www.pprune.org/images/smilies/evil.gif
So that’s TCSTCC !

I have always wondered about the legality of retroactively deducting, or threatening to deduct, contributions to an individual,s named account (company contributions) as a means of punishment .




punishment in disciplinary cases.

harry the cod 11th Jul 2018 19:43
Jack, we're confusing two different things here, the legal structure of a Company and a Companies right to access certain funds within that Company.

Best analogy is a car showroom based in IOM. There are three cars, A, B & C. The first car actually belongs to the Company and each year they upgrade it and it becomes more valuable. The other two cars are owned by you. Car A is actually a present from the Company for your hard work and loyalty. After 7 years, if you choose to leave the Company, you can take the whole car. Before then, only parts of it! However,if Jack's been a naughty boy and willfully negligent, Jack doesn't get the car. You still keep cars B & C regardless.

Whatever the outcome, the garage will always remain in the IOM as the Company does not own it, only the rights to cars A in the garage.

Happy motoring

Harry

QNHbox 11th Jul 2018 21:34
Fly, you fools!

TOGA! 12th Jul 2018 18:05
Originally Posted by Emma Royds (Post 10194408)
This rumour has no substance to it so nothing to discuss! https://www.pprune.org/images/smilies/thumbs.gif

The trustees (Equiom Group) own and safeguard the invested funds and they are bound by IOM financial law as passed by the Manx Ministry of the Treasury. The company has no legal recourse for relocating these funds elsewhere, irrespective of if you are called Timothy Charles Clark! https://www.pprune.org/images/smilies/evil.gif

as Emma Royds stated, this rumor is FALSE. Received an email today from administrator stating such.


nothing to discuss


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