Posted 06 June 2014 - 11:22 AM
Notes to the Financial Statements Period 17th July 2012 to 30th of November 2012, Under Contingent Liabilities on Page 11, Paragraph 15. "Charges have been made against the film in favor of the following parties in order to secure their interests in the copyright of and title to the film. CinemaNX Ltd Head Gear Films FN Ltd Pinewood Films Ltd Firemans Fund Insurance and International Guarantors LLC The British Film Institute. Why does CinemaNX Ltd have copyright and title to the film? What is the value of the copyright and title to the film owned by CinemaNX Ltd. Who is the Director and majority shareholder of CinemaNX Ltd? Who is paid to be the 'Investment Coordinator' between Pinewood Films / Pinwood Film Advisors Ltd and the Isle of Man Film Investment Fund? Who is the Director and majority shareholder of GasWorks Media Ltd? What films have been financed out of the IOMFI Fund that have copyright and title in either CinemaNX or GasWorks Ltd and what amounts have been provided? Is there a conflict of interest between Steve Christian as a member of the Board of Directors of Pinewood Shepperton Plc and the directorships in CinemaNX Ltd, GasWorks Media Ltd when it comes to coordinating investment advice as to what projects are to be funded out of the Isle of Man Investment Fund?
Should these questions and others be asked by the Public Accounts Committee? These are questions not accusations, questions that lead to others and all of them should be answered in an open and fully accountable way on the floor of the Parliament and why should that be? Because it is public money that is being spent and that means under the laws of the Isle of Man they have to account for it to you and me though our elected representatives, that's Democracy when it works as it is intended to do, isn't it?