TCI government recovers $8M in public cash

| 23/10/2012

(CNS):  $8.13 million has been paid into the TCI government coffers following the settlement of claims arising out of the underpayment of Stamp Duty on the 2006 sale of crown land. The government received the windfall following the forced sale of Emerald Cay by its owners. Officials from the TCI said that the payment brings to a conclusion “one of the most significant cases of the TCI government's civil recovery programme and represents a substantial recovery”. TCI’s Attorney General Huw Shepheard said the government was delighted that judgment handed down earlier this year had been satisfied.

“Whilst obtaining judgments such as this is highly important and demonstrates the Government's determination to deal with Stamp Duty evasion, the receipt of such a large sum represents another significant recovery to the benefit of the Islands. It also represents another very good result for the civil recovery team and their on-going efforts,” he added.

In June 2011 the civil recovery team obtained a judgment against Emerald Cay Limited and Worldwide Commercial Properties Limited, subsequently quantified at just under $9.3m by the Court earlier this year, with interest and costs, following the discovery of substantially underpaid stamp duty on the 2006 sale of Emerald Cay. Since that date the TCIG sought to enforce that judgment by forcing a sale of Emerald Cay. 

The property was sold Monday by Emerald Cay Limited, and government got the cash payment and a payment of stamp duty on the sale in satisfaction of the judgment and the money will be used to pay down TCIG debt, government officials said in a release.
The civil recovery team, led by London law firm Edwards Wildman, was engaged in December 2009 following the recommendations of the Commission of Inquiry Report by Sir Robin Auld. 

To date, the team has recovered over $15.5m in cash and nearly 2,500 acres of land for the government in over 40 separate claims with more significant recoveries expected.  The Emerald Cay payment follows the earlier summer settlement of the Salt Cay litigation with the return of a large part of that Island to the Government's hands and a payment of $7m in cash.

 

Print Friendly, PDF & Email

Category: World News

Comments (6)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    I am an accountant who is willing to work FOR FREE so that we can claim what we are entitled to from Mr. Dart after McKeeva gets kicked out in May.

    • Anonymous says:

      Thank you HM diplomacy at its best.  This should  be a good example to many, remember the UK is still the utlimate power in these islands.  

      God save our gracious Queen
      Long live our noble Queen
      God save the Queen
      Send her victorious
      Happy and glorious
      Long to reign over us
      God save the Queen

      O Lord our God arise
      Scatter her enemies 
      And make them fall
      Confound their politics
      Frustrate their knavish tricks
      On Thee our hopes we fix
      God save us all

      Thy choicest gifts in store 
      On her be pleased to pour
      Long may she reign
      May she defend our laws
      And ever give us cause 
      To sing with heart and voice
      God save the Queen

       
    • Anonymous says:

      You would not need to do much work.  Nothing is due from Mr. Dart. End of story.

      • Anonymous says:

        Mr.Dart legally has to pay the stamp duty on the value of the land that Mac is giving him. Regardless of what is paid (or not paid in this case), land transfer tax is payable on the FULL VALUE of the property. 

    • Anonymous says:

      ….entitled to from McKeeva…?

      • Anonymous says:

        Either one would do. When a property is transferred (even, for example in the case of a divorce to one party from a couple) the stamp duty payable is calculated on the VALUE of the property, not on the amount paid (or not paid).