Transat Story (uncut) - Part I

Transat Maritime SAM (Transat) is essentially just an umbrella for several offshore entities each linked to a business based in country where the trading and profits involved would normally be taxed.  The home enterprise is shown as being a ‘branch’ of an offshore company.  That offshore company – usually an IBC of St Kitts and Nevis – is incorporated by Peter Coleridge through the offices of Morning Star Holdings Charlestown, Nevis, one of the principle company formation and registered agents service companies.   The usual format is for Peter Coleridge (Monaco resident and PDG of Transat) to be appointed Director, President and Treasurer and for his wife Sandra Coleridge to be Director, Vice-President and Secretary.  There is normally no paid up capital.  Shareholding - usually by bearer shares (in the past) or to ‘Transat Nominees’ a further Nevis IBC.

In the majority of cases, Transat does no more for its client than arrange incorporation of an offshore entity, purporting that Peter Coleridge is the Beneficial Owner, set up a bank account with Mr. and Mrs. Coleridge as signatories, and then simply carry out the instructions of the real BO with regard to giving payment instructions to the bank once the accounts are put in funds.  In some cases, Transat will also issue invoicing.

Transat Maritime SAM took over this role from United Fleet Management SAM (UFM) in 1999/2000. UFM had been set up in the mid 70’s by a Mr J. Jacoumis, of Greek origin, to manage commercial management (chartering) contracts. At the time, Mr Coleridge worked as a clerk in a Greek bank in London and Mr Jacoumis was a client of the bank.  He approached Mr Coleridge offering him a post in his new office in Monaco.  During his time as an employee with UFM, Mr Coleridge made acquaintances with shipowners and managers that would eventually become his own clients .  UFM fell on troubled times and Mr Coleridge was not paid his salary for many months (I believe that this even exceeded a year).  Eventually in exchange for the unpaid salary Mr Jacoumis signed over a 51% shareholding in UFM to Mr Coleridge who then set off trying to establish a business running offshore branches of onshore operations. Leaving behind many debts, Mr Jacoumis fled Monaco in the early 1990’s, but via a Swiss holding company retained 49% in UFM.  Eventually Mr Coleridge managed to attract clients, principally the Briese/Leda business which he put through the books of UFM, and others that were not put through the SAM but through an offshore company with the name of UFM.  Mr Coleridge would produce annual accounts for UFM and in the usual fashion (quite legal in MC) the majorority of any profits would be assigned as indemnité speciale aux administrateurs.  The  administateurs were Mr Coleridge and Mr Robinson.  Mr Robinson was at this time not declared as a salaried employee and was remunerated via the administrators’ special indemnity, this avoided social security charges.  Year end accounts therefore would always show the generally accepted level of profit in Monaco of about 3% of turnover which would then be declared and taxed.  The accounts would be prepared and sent to Tempora in Switzerland for the signature of the minority shareholder (who would basically receive nothing as the company was shown as simply just ticking over and making hardly any profit). 

During this time, around 1993/4, Rolf Briese , founder and managing director of Briese Schiffahrts GmbH & Co KG,  and its sister (in-house) crewing company Leda Shipping GmbH.