Nearly a week since the Pension Holding Corporation was formed on April 11, 2012 we still have no information from any of those directly involved in its setup and creation. No records from court documents or orders indicate the formation of such a corporation and no notes or minutes from past public meetings mention this corporation or its purpose.
Our only source of information thus far has been what is contained within the Articles of Incorporation ( http://kixproductions.com/cnmiretiree/wp-content/uploads/2012/04/00-12.04.13-PensionHoldingCorp..pdf ):
- It is a Private Corporation
- It shares the same address as the Retirement Fund (both Mailing and Physical)
- Purpose for business: “Process Pension, Benefits & Premium Payments”
- Applicant and Incorporater – Richard Villagomez
- Capital Stock of $15 million
- Local Agent : Ellsbeth Viola Alepuyo
- Directors:
- Adelina Roberto
- Marian DLG Tudela
- Richard Villagomez
- Officers:
- President – Richard Villagomez
- Vice President – Cristopher Timmons
- Sectretary – Carolyn Kerns
- The Retirement Fund has already purchased $10,000 worth of Shares in the Corporation (authorized by A. Roberto)
To date there has been no official statement from any of the Fund Board members or those noted above as participants in this Corporation.
there has got to be ethical violations in forming a private corporation that will do the exact thing that the government entity (the Fund) does and place the same Government Officials at the helm of the private company.
i also wonder about any type of violation with the attorneys have such an integrated role in this new corporation since the purpose stated is very specific (to process pensions). should that really be the duty of the legal team hired and still working for the fund?
You are right Son. A LOT more detail information is much needed. CRA should call a meeting of the retirees, and have these members of the Pension Holding Corporation appear to answer retirees questions.
$10,000 taken from the Fund to purchase shares in this Corporation???? For WHAT?????