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THE BVI’s CRITICAL ROLE IN GLOBAL FINANCE
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Pictured: Simon Filmer,Global Lead, Company Formation, Vistra
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For decades, the British Virgin Islands (BVI) has been a leading international financial centre that continues to play a unique and neutral role in global finance. Simon Filmer, Global Lead, Company Formation at Vistra, recently shared his insights in IFC Review on what contributed to the jurisdiction’s status and why it will continue to thrive in the next decade.
For multinational businesses, having a reliable third-party conduit is key to successful international trade. The BVI’s legal framework and court system have continued to evolve and develop over the years. As a result, more companies have opted for BVI vehicles when doing business, thus creating a virtuous circle of expansion and improvement in services to meet the needs of an increasingly sophisticated clientele.
The BVI also brings to the table first-class professional services, including accounting, audit, and restructuring, many of which are part of much larger multinational groups. Since it passed the International Business Companies Act over 35 years ago in 1984, the BVI has vigorously pursued its goal of becoming a major player in cross-border business formation and operations, which it has achieved with notable success.
Click here to read more.
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HARNEYS ADVISES ON CENTRAL AMERICA BOTTLING CORPORATION’S US$200 MILLION NOTES OFFERING
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Harneys acted as BVI counsel to Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as initial purchasers in connection with The Central America Bottling Corporation’s issuance of an additional US$200 million of its 5.75 percent Senior Guaranteed Notes due 2027. This is further to the original US$500 million note offering Harneys advised on in 2017. The net proceedings of the offering were used to refinance existing debt, fund cash on the balance sheet and for general corporate purposes, including potential acquisitions.
The Central America Bottling Corporation is a leading producer, distributor and seller of beverages and a major bottler for PepsiCo in Latin America. It has the exclusive right to sell and distribute 57 brands of PepsiCo beverage products, including Pepsi, Gatorade, 7-Up, Ocean Spray among others in Central America, the Caribbean and South America, and it has the largest portfolio of products in the region.
The Harneys team was led by Managing Partner, Tanya Cassie-Parker, with support from Associate Melissa Thomas. Harneys acted upon instructions from Shearman & Sterling.
BVI Finance congratulates the Harneys team on their latest deal!
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Pictured: Tanya Cassie-Parker, Managing Partner, Harneys
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Pictured: Melissa Thomas, Associate, Harneys
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CONYERS ADVISES DESPEGAR ON US$200M OF PREFERRED SHARE FINANCINGS AND KOIN ACQUISITION
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Conyers has advised long-standing client Despegar (NYSE: DESP), the leading online travel company in Latin America, on two separate preferred share financings, raising aggregate proceeds of US$200 million. Despegar will issue L Catterton (the largest consumer-focused private equity firm in the world) non-convertible series A preferred shares plus warrants to purchase ordinary shares for an aggregate purchase price of US$150 million. In a separate transaction, Despegar will also issue and sell to Waha Capital (an Abu Dhabi listed investment company) series B preferred shares convertible into ordinary shares for an aggregate purchase price of US$50 million. The transactions augment Despegar’s liquidity levels during a time of unprecedented business conditions facing the travel industry.
Concurrently with the closing of the preferred share financings, Conyers also advised Despeger on its acquisition of an 84% equity stake in Koin, a Brazilian online payment platform, through the capitalization of Despegar’s receivables. The acquisition expands Despegar’s technological platform by enhancing financing options for customers in Brazil. As part of the acquisition, Despegar also has a call option to purchase the remaining stake in Koin and minority shareholders have a put option to sell their stake.
The Conyers team in BVI, which worked alongside Simpson Thacher & Bartlett LLP, Despegar’s US legal advisors, was made up of Anton Goldstein, Nicholas Kuria and Rachael Pape. Citigroup and Morgan Stanley acted as financial advisors to Despegar. The Conyers team in Cayman made up of Nicholas Pattman and Rory O’Connor, advised on the Koin acquisition, working alongside TozziniFreire Advogados in Brazil and Simpson Thacher & Bartlett LLP in the US.
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BVI RECORDS 26 ACTIVE CASES OF COVID-19
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Minister for Health and Social Development Hon. Carvin Malone made the announcement today, 28 August, stating that a total of 529 persons were tested from 25 August through the 27 and comprised of persons mainly primary and secondary contact of Case Number 12 through Case Number 26.
He stated: “As contact tracing efforts continue to bear fruit, the nine newly identified cases were linked to known clusters on the eastern end of Tortola and in Road Town. Persons testing positive for COVID-19 have been placed in isolation and their households and other close contacts placed in quarantine as case-finding and testing activities expand.”
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Pictured: Hon. Carvin Malone, Minister for Health and Social Development
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He also explained that 520 of those results returned negative while 9 returned positive which totals 35 recorded positive cases in the Territory, with 8 recoveries, 1 death, and 2 persons currently being hospitalised who are not experiencing severe symptoms of COVID-19 disease at this time.
Click here to read more.
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BVI ESSENTIAL WORKERS CONDITIONS DURING CURFEW
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Essential and critical workers who are required to work during the hard curfew hours of 5:00 p.m. and 5:00 a.m. are to have a valid curfew pass.
The following conditions are to be adhered to by the approved essential workers and critical listing regarding their curfew passes:
- No one except essential and critical workers on duty should be out at curfew times.
- Persons who were granted exemptions or passes are not to be out if they are not on duty and observe curfew hours while off duty.
- Persons must carry photo identification with the curfew pass.
- For the next 24 hours, business owners or essential agencies who have yet to receive passes for their staff are to call 311 to request permission for them to perform or travel to and from their essential duties. Failure to do so can lead to prosecution.
- Persons are reminded that it is not automatic authorisation and it is up to the Royal Virgin Islands Police Force Commander to grant or deny permission.
The purpose of the Curfew Act, 2017, Imposition of a Curfew (No.28) Order, 2020 is to control, suppress and prevent the spread of COVID-19 in the British Virgin Islands. Persons can access the full list of essential workers and class by visiting www.bvi.gov.vg/covid-19.
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COMPLIANCE OFFICER/MLRO
The role requires a candidate with a minimum experience of 5 years, additional qualification will be considered as well, with well-rounded knowledge in AML Code of Practice, AML Regulations and all other relevant legislations, since he/she will interact with Compliance Committee at a Board level, as well as other persons at managerial level in the organization. Responsible also to liaise with Financial Services Commission, the International Tax Authority and the Financial Investigation Agency.
Belonger status is preferred, excellent verbal and written communication skills in English. Please note this is a position subject to the approval of the BVI Financial. CV can be sent to the following email: mhibbert@pmalawyers.com
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UPCOMING EVENTS
SEPTEMBER
BVI Finance Breakfast Forum
Webinar | 16 Sep | 10:00 a.m
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