9 February 2009

Only 13% of the money was spent looking for Maddie - 24Horas

The Madeleine Fund has received almost 3 million euros from private donors, but the accounting fails to explain where all the money has gone to

by Duarte Levy (in London)

The Leaving No Stone Unturned Limited fund, which was created by Kate and Gerry McCann nine days after Madeleine disappeared from the apartment in Praia da Luz, received, until March 2008, almost three million euros in donations, but only 13,3 percent of the money has been spent with the investigations that, according to the couple, are searching for their daughter. The Madeleine fund’s accounts from May 2007 until March 2008 were only revealed after some of the aspects of the use that was given to the money by the McCanns were discussed during the TVI talk show “As Tardes da Júlia”. According to the official document that we had access to, the fund that was created to finance the searches for Madeleine received a total amount of 2.819.403 euros until March 2008, of which only 1.222.669 euros (43.37%) were spent, mostly on current expenses. The fund then presented a positive balance of 1.596.733 euros (56.63%).

Curiously, the McCanns spent 122.856 euros (4.36%) on posters and adverts, but the document fails to specify exactly where these items were distributed, which leaves some commentators perplexed, given the fact that several poster distribution and outdoor campaigns for Portugal and Spain that were announced by the British media never materialised, and even in Morocco, the country where the investigators that were hired by the McCanns believed that Maddie was located, the few posters that were distributed were those that Kate and Gerry brought when they visited, and handed over to the children that had been assembled for the occasion. Another curious piece of data is the fact that the accounts do not show the amounts that the couple used to pay the two instalments of the mortgage on their house, which were paid with money from the donations, according to confirmation given to the media by Clarence Mitchell, a former head of Tony Blair’s government’s media monitoring unit and the McCanns’ spokesman.

All in all, the couple spent 224.529 euros (7.96%) on public relations and media monitoring, expenses that are not supposed to include – if we take his own statements into account – Clarence Mitchell’s salaries, but reveal a constant preoccupation with what is being said in the media, and not forgetting about the internet where the couple’s lawyers have been threatening some of those who don’t believe in the theory of Maddie’s abduction. Since May 2007, the internet has actually been a constant preoccupation for the McCanns, which might eventually explain the amount that was spent on the creation and maintenance of the internet pages for the Fund and for the virtual store, where t-shirts, bracelets and other objects related to the little girl can be bought: according to the expenses that have now been declared, the site cost 55.606 euros (1.97%) over eleven months of activity.

Rich, very rich…

As long as Madeleine’s body is not found, the Madeleine Leaving No Stone Unturned Limited fund has its future guaranteed, as its purpose is to continue the search for Madeleine, and a financial health that many enterprises, especially during a crisis, would envy: after 11 months of operation, the fund presents a positive balance of 1.596.733 euros, which equals 56.63% of the income.

Fund regulated as an enterprise

Delivers only accounts summary

Contrary to what had been thought initially, the fund that was created by the McCanns on the 12th of May 2007 – only nine days after Madeleine disappeared – is not a charity, which, according to one of the couple’s former spokespersons, was explained by the fact that the couple didn’t wish to be subject to the severe management conditions that are imposed by the commission that rules over this type of institution, The Charity Commission, where they would be obliged to scrupulously respect the fund’s purposes and to reveal their expenses and income in great detail.

Being a private fund, the Find Madeleine is regulated by the same department that controls small and medium businesses (Department for Business, Enterprise and Regulatory Reform) and as such, after the first year of operation, is only obliged to deliver a summary of its accounting.



source: 24Horas, 09.02.2009

5 comments:

  1. Madeleine, Leaving No Wallet Unturned Unlimeted Fund

    ReplyDelete
  2. How convenient, not a charity, heh? It would be so unhepful, hurtful and ludicrous to have to submitt to the strickt rules of a charity!
    And what about the accounts from March 2008 to this day?
    And amazingly gullable people are still giving...

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  3. Oh dear Gerry Mcpound!
    it is allways money and madness!

    keep the money safe you will need every penny for very good lawyers,liers and psycotherapy.

    You are just a clever business man,as a father you are a looser.
    Keep that money for your defence,
    and Kates too.

    Cheers,
    Maria

    ReplyDelete
  4. Great, Maria from Brazil.

    Any idea if the Fund has to pay taxes?

    ReplyDelete
  5. Great, Maria from Brazil.

    Any idea if the Fund has to pay taxes?

    ReplyDelete