[van-announce] PRESS RELEASE: Olympic Bid Society's $ 1.2 Million Unaccounted For:

[No Games 2010 Coalition]

NO Games 2010 Coalition: MEDIA RELEASE
Issued:  Sunday, December 8th, 2002
For Immediate Release
Contact Phil Le Good 604 228-8292 or Chris Shaw 604 875-4111 ext 68373

OLYMPIC BID SOCIETY'S $1.2 MILLION UNACCOUNTED FOR!
Vancouver/Whistler 2010 Bid Society fails to file required financial
statements

Vancouver.  In 1998, The Vancouver/Whistler 2010 Bid Society was 
estimated to have raised $1.2 million including a $50,000 grant from the
Government of British Columbia, none of which has ever been publicly
accounted for because the Society never filed legally required financial
records, it was revealed today by the No Games 2010 Coalition.

Coalition spokesperson, Phil Le Good, said "No one knows what happened to
all the money that was raised not only from private sources but also from
the taxpayers of British Columbia."

"As a society, they were legally required to file an annual report and a
financial statement with the Registrar of Companies and they failed to do
so", said Le Good.

The Coalition, which obtained the information from the BC Ministry of
Finance and Corporate Relations and other sources, revealed that the
Vancouver/Whistler 2010 Bid Society, a forerunner to the present 
Vancouver 2010 Bid Corporation, was dissolved by the Registrar of
Companies because it failed to file annual reports for two consecutive
years. This, in spite of a letter from the Registrar dated August 3rd
2001, clearly warning the Society of the consequences of failing to file
the required documents.

Under the BC Society Act, all non-profits are required to hold an annual
general meeting and file a copy of the financial statements with the
Registrar of Companies or risk dissolution and removal from the Registry.
The Act (and the letter) also states that the liability of every director
and officer of a society that is struck off the register continues as if
the society had not been struck off the register.

Several of the Vancouver/Whistler 2010 Bid Society’s directors now hold
positions with the Vancouver/Whistler 2010 Bid Corporation. These include
Peter Ufford and Arthur Griffiths.

Le Good says the No Games 2010 Coalition is extremely concerned that a
pattern of unaccountability is emerging that is highly reminiscent of 
that which led to the gross financial abuses of the 1976 Montreal
Olympics. “We do not believe the people of BC support this kind of
'Olympics at any price' approach and deserve and demand a transparent,
fully accountable process.”

The No Games 2010 Coalition plans to present a letter on Monday, December
9th at 10 a.m. to the last known address of the Vancouver/Whistler 2010 
Bid Society, which coincidentally is the same address as that used
currently by the 2010 Bid Corporation - 200 Burrard Street, The Waterfront
Centre. The letter, written on behalf of all British Columbians, demands
“that the former Vancouver/Whistler 2010 Bid Society fulfills its legal
obligations and makes available as a public record the Society’s annual
reports, financial statements and a full accounting of all its
transactions.”

Both Le Good and Shaw will be available for questions and will provide
documentation in front of 200 Burrard Street after delivering the
Coalition's letter.

NO GAMES 2010 COALITION: Team Research


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