FRIDAY 8 OCTOBER 2021

H O M E

A B O U T

EVENTS

BVI GLOBAL IMPACT

WALKERS TRIUMPHS IN PRIVY COUNCIL "BLACK SWAN" APPEAL

The Privy Council has today handed down its judgment in Convoy Collateral Ltd v Broad Idea International Limited and Cho Kwai Chee, the so-called "Black Swan" Appeal and a related appeal, dismissing both appeals from the Eastern Caribbean Court of Appeal.

The appeals, which were heard by a seven-member Board in February of this year, concerned two principle issues: (i) the "Service Out" issue: whether the BVI Court has jurisdiction to permit service out of the jurisdiction under r 7.3(2)(b) of the Civil Procedure Rules of the Eastern Caribbean Supreme Court ("CPR") of an application claiming only freestanding freezing relief; and (ii) the "Power" issue: whether the BVI Court had jurisdiction or power to grant a freezing injunction against Broad Idea, a party within the jurisdiction of the court, to assist enforcement through the court’s process of a prospective (or existing) foreign judgment, the so-called "Black Swan" order named after the original case in which such relief was granted, Black Swan Investment ISA v Harvest View Ltd (BVIHCV 2009/399 (unreported) 23 March 2010).

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ICIJ’s PANDORA PAPERS: FIRST IMPRESSION

Martin Kenney

The International Consortium of Investigative Journalists (ICIJ) latest ‘blockbusting’ exposé is many things, but blockbusting it is not. 

I once described the Panama Papers as being potentially explosive. I characterised the Paradise Papers as being a damp squib in comparison.

I have formed the initial impression that we are now faced with an even less impressive story in the Pandora Papers. I stand to be corrected as the ICIJ and its global team will drip-feed the tasty bits over the next few weeks to maintain public interest.

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USING BVI CORPORATE STRUCTURES FOR SCALING WEST AFRICAN BUSINESSES

Adenike Sicard 

Jeffrey Kirk

Increasing investment opportunities, along with market size and market demand were chief amongst discussions for using British Virgin Islands (BVI) corporate structures in scaling businesses in West Africa.

The discussions took place at the West Africa CXO Roundtable, hosted by BVI Finance and African Review on September 30.

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BVI: A STEP TOWARDS A MODERNIZED TRUST ACT

The British Virgin Island (“BVI”) established the trust concept with the enactment of the BVI Trustee Act in 1961 (“Trustee Act”). A trust as defined within the Trustee Act is a legally binding arrangement whereby a person (known a settlor) transfer assets to another person (known as the trustee) who is entrusted with legal title to the trust assets, not for his or her benefit but for the benefit of a third party (known as the beneficiary) who often includes the settlor or a specific purpose.

All directives from a settlor to the trustee are included in a document known as the trust instrument. The trust instrument is a private document for the settlor to include all powers of the parties, indicates all wishes of management and disposition of the trust. 

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DELOITTE BVI ANNOUNCES NEW PARTNER PROMOTION

Natasha Ruscheinski

Deloitte BVI is pleased to announce the promotion of Natasha Ruscheinski to Partner. Natasha has dedicated nearly 14 years to Deloitte, first joining Deloitte Johannesburg as an auditor in 2008, where she qualified as a CA(SA), before moving to Deloitte BVI in 2011. She successfully delivered high-quality audits for clients across multiple industries from 2008 to 2013.

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MAPLES GROUP CONTINUES SUPPORT OF MUSIC PROGRAMME AT BVI HIGH SCHOOL

The Maples Group is proud to announce the donation of a 55-piece steel band with accessories as part of its continued support of the music programme at the Elmore Stoutt High School ("ESHS") in the British Virgin Islands ("BVI"). 

The new steel pans, which were built in Trinidad, will be used by students of ESHS' Steel Orchestra at various performances throughout the school year. An official handover ceremony took place on Friday, 24 September 2021 with students, members of Government, the Virgin Islands Recovery & Development Agency ("RDA") and the Maples Group in attendance.

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THE HOUSE THAT MATHAVIOUS BUILT:

BVI to Celebrate Dr. Robert Mathavious’ Legacy

We are delighted to host this very special Conference on Wednesday 17th and Thursday 18th November, 2021. Beginning with a black-tie Gala with our keynote Pascal Saint-Amans, Director of the Center for Tax Policy and Administration at the OECD and followed by a panoply of presenters and panelists drawn from around the globe, including many of our own imminently qualified and experienced professionals, this is an event that you do not want to miss!

What better time to celebrate Dr. Mathavious, but also to chart the way forward in international business and financial services? A global mind-set that can understand and navigate through the worldwide market dynamics, while at the same time, possessed of a local mindset to understand the social, economic, and political climate that is at the base of the operations of the financial services industry, is critical to charting the way forward for all our jurisdictions.

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BVI RUGBY CLUB PRESENTS

This event is to raise funds for the BVI National Men’s Rugby Sevens Team that will be competing the following weekend (16th and 17th October 2021) in the Rugby Americas North (RAN) Sevens rugby tournament taking place in Turks and Caicos. The BVI team will be playing against regional giants, Jamaica as well as the Dominican Republic on the Saturday. The results of those games will determine their opponents on the Sunday. 

BRITISH VIRGIN ISLANDS MONOPOLY

IN THE NEWS

‘We are one millimeter away’ from global tax deal, French finance minister says

Corporation tax: Ireland moving towards reform deal

OECD close to final global deal on corporate tax

UPCOMING EVENTS

East Africa CXO Roundtable

28th October 2021

BVI Finance

Road Town, Tortola, BVI

www.bvifinance.vg