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GLOBAL WITNESS WELCOMES UK’S HISTORIC ROLLBACK OF CORPORATE SECRECY

David Cameron will pledge today to make public the names of who actually owns and controls British companies, in a move applauded by Global Witness which has been campaigning on this issue for many years. This will make it much harder for criminals to hide their identity behind sham UK shell companies, and for the corrupt to steal billions of dollars from developing countries.

“Global Witness’ investigations have shown how anonymous shell companies are the global getaway cars for crime, corruption and tax evasion. Full credit should go to the Prime Minister and the Business Secretary for acting to take away the keys,” said Gavin Hayman, director of campaigns at Global Witness.

At the G8 in June, the UK said it would create a central database of the ultimate owners of UK companies, rather than just the legal ownership information currently held by Companies House. Following a consultation, the Prime Minister has now announced that this register will be open to members of the public, rather than just restricted to law enforcement.

It is crucial that information on the real, beneficial owners of companies is out in the open. It will allow citizens to hold companies to account, companies to know who they are doing business with, and law enforcement from around the world to chase down criminals who have abused UK companies. This move will be cheap for the majority of businesses who do not have complicated ownership structures.

“Life is about to get much more difficult for corrupt politicians, arms traders, drug traffickers and tax evaders. Others countries, including the British tax havens, the EU and the US, now need to follow the UK’s leadership and commit to publishing information on who ultimately owns companies,” added Hayman.

/Ends

Contact: Robert Palmer on +44 (0)7545 645 406 or rpalmer@globalwitness.org or Andrea Pattison on +44 (0)7970 103 083 orapattison@globalwitness.org.

Notes to editors:

  1. The announcement will be made at the start of the Open Government Partnership summit in London.
  2. Read Global Witness’ Idiot’s Guide to Money Laundering for step-by-step instructions on how to use companies to hide stolen assets, fund terrorism and evade taxes. http://bit.ly/11LQuyV.
  3. Read Global Witness’ briefing, ‘Anonymous Companies: How secretive shell companies are a major barrier in the fight against poverty and what to do about it’. http://bit.ly/1gbKb2R.
  4. Global Witness believes that it needs to include enough information to properly identify a company’s beneficial owner, as well as to understand how they exercise their ownership. The register should be published as machine readable open data to ensure that the information can be used as widely as possible, and combined with other information easily and cheaply.

 

Harvard Business School
Launches Startup Studio in New York City

New facility will help HBS alumni in New York create and develop new ventures

Harvard Business School (HBS) and its Arthur Rock Center for Entrepreneurship announced today the opening of the HBS Startup Studio in New York City as well as the appointment of Avani Patel as the new facility’s director. Although HBS has long had a network of offices around the globe dedicated to supporting faculty research, this is the first off-campus facility for graduates of the School who are practicing entrepreneurs. It complements the broad variety of programs offered to Harvard MBA students by the HBS Rock Center andHarvard University’s Innovation Lab.

The Startup Studio, which is temporarily located in midtown Manhattan (1460 Broadway) before moving to a permanent and larger location in Silicon Alley next spring, will be both a gathering place for the many HBS entrepreneurial alumni in the Greater New York City area and a workspace for New York-based teams with at least one founder who is a Harvard Business School graduate. The Studio’s mission is to help foster connections and collaborations among alumni, whether they are founders, investors, or among those who have joined one of the many high-growth startups for which New York City has become well known.

“HBS alumni in New York have been at the forefront of the surge in startups there with companies such as Birchbox, Blue Apron, Rent the Runway, Oscar, and Hello Alfred, to name a few,” said Jodi Gernon (MBA 1991), director of the Rock Center, located on the School’s campus in Boston. “For years, many of them have returned to HBS to interact, seek advice, and network with others facing similar challenges. Now they can do that by staying in New York and making use of our Startup Studio.”

Teams gain access to the Studio by application. They must have seed funding in excess of $500,000 and fewer than seven employees. Teams will reside at the Studio for up to eighteen months, depending on their growth stage, and will be able to take advantage of all events and programming at the Studio, such as founder forums, subject matter and industry expert councils, and general networking events.

The initial teams in the Startup Studio represent a cross-section of industries, from consumer products and health care to digital and financial technology. They currently include:

ARCHWAY HEALTH, bundled payments platform for healthcare providers;

BOOYA FITNESS, an online fitness video platform;

BRINGMETHAT, an online food delivery platform;

BUNDLE ORGANICS, beverages that provide proper nutrition for expectant and new mothers;

GREENSHIELD, a new financial wellness and benefits utilization platform aimed at putting more money back in employees’ pockets and reducing employer’ healthcare costs and payroll taxes;

LEGAL HERO makes law simple for businesses by providing experienced, vetted lawyers at fixed prices;

SHOW SCORE is like a Rotten Tomatoes for New York City theater — all the shows, all the reviews, and all the prices — all in one place;

SUMMUS, building a platform for expertise in specialty medicine; and

TOOTELAGE, which provides educational content for at-home learning.

As the new director of the Studio, Avani Patel joins Harvard Business School with many years of experience in the startup world as a founder, advisor, mentor, and investor. Most recently she founded TrendSeeder, New York’s first fashion-focused accelerator, which also has an educational component once described by Women’s Wear Daily as a “mini-MBA program taught by industry experts.” TrendSeeder boasts over a hundred mentors recruited by Patel from the executive levels of the world’s most highly regarded fashion companies. In her work with TrendSeeder and other organizations, Avani has advised more than 500 entrepreneurs in the U.S. and abroad.

A graduate of Loyola University in Chicago, Patel holds an MBA from Columbia Business School and a JD from the Northwestern University School of Law. While in law school, she founded a men’s and women’s contemporary clothing label before working as a corporate attorney in Chicago and New York, specializing in mergers and acquisitions. “Harvard Business School has proved itself to be the leader in the entrepreneurial space,” Patel said. “I am delighted to be able to share my knowledge and experience with HBS alumni who are eager to make a difference in the world by creating and developing new products and services.”

About The Arthur Rock Center:
The Arthur Rock Center for Entrepreneurship was created through the generosity of prominent venture capitalist Arthur Rock (MBA 1951), who donated $25 million to Harvard Business School to support the entrepreneurship faculty and their research, fellowships for MBA and doctoral students, symposia and conferences, and outreach efforts to extend the impact of the School’s extensive work in this field. HBS offered the country’s first business school course in entrepreneurship in 1947 and, today, entrepreneurship is one of the largest faculty units at the School, with over 30 faculty members conducting entrepreneurship research and teaching. The Rock Center works closely with the HBS California Research Center in Silicon Valley on entrepreneurship-related research and course development efforts.