Cameco tax mess complicated by Barbados offshore companies?

Canada Revenue Agency Barbados

Back in early May, BFP told our readers how a Canadian company avoided 1.4 billion in taxes by using an offshore subsidiary. We speculated what it means for Barbados as the Canadian tax authorities attempt to track down and close the tax loopholes that, frankly, are the life blood of our offshore banking and financial industries. (See Cameco tax case is scary for Barbados!)

In the Cameco case profits were diverted to a Swiss based subsidiary that paid a far lower tax rate than the Canadian operations of the uranium producing company.

Now one of our sharp-eyed BFP readers has come up with five Barbados offshore companies that look like they could have something to do with the Canadian Cameco company involved in the international tax mess. Some of the Directors appear throughout the companies and we wonder what it all means. According to some of the news accounts, Cameco shareholders are facing some hefty losses depending on the outcome in the Canadian courts.

We will continue to follow this case as it is a canary in the coal mine for the health of our offshore banking and companies revenues.

The Barbados offshore companies are:

CAMECO GLOBAL SOUTH AMERICA INC.

CAMECO INSURANCE SERVICES INC

CAMECO RESOURCES, L.L.C.

CAMECO SERVICES INC.

CAMECO URANIUM INC.

Here are the names of the Company Directors and Officers. Hmmmmm…. I recognize a few names! 

Company Directors/Officers

Company Name: CAMECO GLOBAL SOUTH AMERICA INC.
Company Type: INTERNATIONAL BUSINESS COMPANY
Company Number: 35122

Last Name
First Name
Title
Date Appointed
Date Resigned
CARMICHAEL
TREVOR A
DIRECTOR
11-09-20

FERREIRA
ANDREW C
DIRECTOR
11-09-20

FIELDS
WAYNE I
DIRECTOR
11-09-20

GODSON
BEVERLY J
DIRECTOR
11-09-20

GORSALITZ
CAROLINE M
DIRECTOR
11-09-20

HINDS
STEFAN M
DIRECTOR
11-09-20

Company Directors/Officers
Company Name: CAMECO INSURANCE SERVICES INC
Company Type: EXEMPT INSURANCE REGISTER
Company Number: 15399

Last Name
First Name
Title
Date Appointed
Date Resigned

BELOSOWSKY
RANDALL J
DIRECTOR
04-11-17
05-12-01

CARMICHAEL
TREVOR A.
DIRECTOR
98-05-15

CHAD
GARY
DIRECTOR
05-09-13

FIELDS
WAYNE I.
DIRECTOR
07-02-21

GODSON
BEVERLY J.
DIRECTOR
05-12-01

GOHEEN
OTIS K.
DIRECTOR
04-11-17

GORSALITZ
CAROLINE M.
DIRECTOR
05-12-14

O’CONNOR
CHRISTINE M.
DIRECTOR

07-02-21
TOMLIN
WILLIAM M.
DIRECTOR
98-05-15

Company Directors/Officers

Company Name: CAMECO RESOURCES, L.L.C.
Company Type: EXTERNAL I.B.C. REGISTER
Company Number: 13948

Last Name
First Name
Title
Date Appointed
Date Resigned

CHAD
GARY M S
DIRECTOR
96-12-30

QUINN
SEAN
DIRECTOR
98-12-31

GOLLOP
FRED W
POWER OF ATTORNEY
97-01-03

Company Directors/Officers
Company Name:  CAMECO SERVICES INC.
Company Type:  INTERNATIONAL BUSINESS COMPANY
Company Number: 17422

Last Name
First Name
Title
Date Appointed
Date Resigned

BELOSOWSKY
RANDALL J.
DIRECTOR
04-11-17
05-12-01

CARMICHAEL
TREVOR A.
DIRECTOR
99-08-30

CHAD
GARY M.S.
DIRECTOR

05-09-13
FERREIRA
ANDREW C.
DIRECTOR
99-08-30

FIELDS
WAYNE I.
DIRECTOR
07-02-21

GODSON
BEVERLY J.
DIRECTOR
05-12-01

GOHEEN
KIM
DIRECTOR

04-11-17
GORSALITZ
CAROLINE M.
DIRECTOR
05-12-14

HARRIDYAL-SODHA*
LIZA A.
DIRECTOR

O’CONNOR
CHRISTINE M.
DIRECTOR
02-04-05
07-02-21

TOMLIN
WILLIAM M
DIRECTOR
07-12-12

Company Directors/Officers
Company Name: CAMECO URANIUM INC.
Company Type:  INTERNATIONAL BUSINESS COMPANY
Company Number: 12564

Last Name
First Name
Title
Date Appointed
Date Resigned

ASSIE
GEORGE
DIRECTOR
04-10-14

BELOSOWSKY
RANDALL J.
DIRECTOR
04-11-17
05-12-01

CARMICHAEL
TREVOR A.
DIRECTOR
97-10-29

CHAD
GARY M.S.
DIRECTOR

05-09-13
FERREIRA
ANDREW C.
DIRECTOR
97-10-29

FIELDS
WAYNE I.
DIRECTOR
07-02-21

GODSON
BEVERLY J.
DIRECTOR
05-12-01

GOHEEN
OTIS KIM
DIRECTOR
04-11-17

GORSALITZ
CAROLINE M.
DIRECTOR
05-12-14

HARRIDYAL-SODHA*
LIZA A.
DIRECTOR

HOYOS
ELLA N
DIRECTOR
04-07-01

O’CONNOR
CHRISTINE M.
DIRECTOR
07-02-21

GOLLOP
FRED W.
SECRETARY
96-09–23

3 Comments

Filed under Barbados, Business & Banking

3 responses to “Cameco tax mess complicated by Barbados offshore companies?

  1. PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Are those some Barbados names ? lawyers ?

  2. A policy holder

    If it was legal when originally set up, NO WRONG has been done. If come 2014 and Revenue Canada want to change the rules then Barvados and Cabada must comply but going back 15 years is most unreasonable

  3. Due Diligence

    If Cameco tiefing in Switzerland, it would seem to follow that Cameco tiefing in Barbados.

    The Senator should resign his Cameco Directorships, or resign his seat in the Senate, or both.