8th December 2017
TO ALL 4C SHAREHOLDERS:
RE: Mr. Hany Salem
When we were elected to the Board of 4C Controls Inc in May 2016, little did we realise the enormity of the difficulties that 4C has.
As you know the tenure of the former sole director and officer, Mr. Hany Salem, was terminated on the basis of mismanagement of the company’s affairs. We now know this to be an understatement of the facts insofar that Mr. Salem failed:
• To file any financial returns
• To maintain any books of account
• To maintain any up-
• To generally provide any management information
We, as the incoming Board, have been unable to find any records, bank statements, financial ledgers, correspondence etc in relation to the company’s affairs. We have made numerous requests to Mr. Salem to deliver up any and all records that he holds or which were/are under his control and to date he has failed to reply to our requests.
We made representations to the company’s former professional advisors, attorneys, accountants, auditors, registrars and to Wilton, Isle of Man, but no information was forthcoming and indeed the attorneys previously instructed by Mr. Salem, Wuersch & Gering LLP, exercised a lien over any records they hold, including the details of their client account into which (so we are told) Mr. Salem directed shareholders’ investor money.
As a Board, this leaves us in a very difficult position, and in particular our concerns about the unknown.
We are aware that some shareholders have launched a criminal complaint against Mr. Salem and other former directors/associates, but as a company we are not party to such investigation, nor privy to its current status.
In any event, given the missing records and access to all information, we would be unable to defend any legal action if brought, aside from the fact that the company has no available cash and the current Board is acting entirely pro-
To do so and recognising that the company’s only asset is its shareholding in Menasat Gulf Group Plc, an English incorporated company, the undersigned was co-
In order to be able to obtain advice of how the company should continue its business, the following is needed by year end 31st December 2017:
• Evidence of your subscription and payment for your shares
• Evidence as to when and where your payment was made
• Copy of share certificate if hardcopy currently held by you or current broker statement if shares held electronically
• Any correspondence you had with Mr. Salem or any of the company’s former officers/agents
• A summary of the representations made to you by Mr. Salem or any of the company’s former officers/agents
Subject to the above, the Board will then consider if a shareholder cash call is appropriate or whether the company should seek to enter into insolvency.
We look forward to hearing from you.
Patrick Burke, President
By order of the Board