TCI gets just $6M from recovery package of $19.5M
(CNS): The Turks and Caicos Islands government has spent over $13 million dollars to recover around $6 million as part of the ongoing corruption investigation. According to local reports from the overseas territory, the Civil Recovery Unit recovered $19.5 million in cash for the TCI government, but $13 million of thatwas paid to UK law firm Edwards Wildman. Over the past three years that the firm has been working on behalf of the TCI government it has also recovered more than 2,500 acres of land. In an interview with the local media house, The Turks and Caicos Sun, Laurence Harris, the law firm's deputy managing partner, defended the fees
"We got back US$19.5 million and it cost US$13 million, so that is an investment rate of return of about 50 percent over three years, roughly speaking, which is about 17 percent annually,” he said, adding that the firm had also recovered land, which he described as the people's birthright and worth millions of dollars.
He said the $13 million in legal fees was down to the expense mechanism. “First, are the fees of my firm,” the lawyer told the local press. “Second are fees of barristers that we instruct, who present the cases in court … The third is fees from independent experts, who are often needed for these cases,” he added as he defended the fees charged by his company as standard market price.
Meanwhile, as TCI finds its feet again on the road back to democracy, its governor will soon be departing. A spokesperson for the governor’s office in TCI said that Peter Beckingham will replace Ric Todd in October 2013. Beckingham is currently Deputy High Commissioner in India, heading the Mumbai-Western Indian offices.
Category: World News
Now dis is wha I calls "value for money"!!
Yes, it represents a $6m contribution towards the TCI public funds.
Having worked extensively in TCI and knowing the facets of the fraud that has taken place I can add two comments to this article. First of all the TCI in looking for help in identifying land fraud would have been far better off in employing lawyers from Cayman rather than those in London for the very simple fact that the TCI laws are very similar to those of Cayman.
Secondly a certain Lord who will remain nameless is intrinsically involved in an abundance of land transactions which will undoubtably never be investigated. His lordship coincidentally offered to transport on his private plane none other than Simmons, the new FCO man in the Caribbean, to the TCI and pay his accommodation.
Does any of this remind you of what takes place here?
Yes Chris everyone who's anyone makes money from corruption, perhaps even those who recommended this law firm to help recover the people's money received 'finders fees'.
Nonsense. Cayman would have provided overpriced lawyers with no experience of the necessary work, whereas the UK selected what is acknowledged as the best team in the business who seem to have done an excellent job so far.
My dear friend you have it so wrong. The law on land transfers in TCi are similar to our own and were most likely based on Cayman’s Land laws which are very much different from those of the UK. Thus Cayman lawyers are well versed in the subject. When the UK team first talked to me on the subject they were not aware of the TCI Company Land Holding Law as it regards stamp duty. I had to inform them which as a lowly bookkeeper I should not need to do.
Moreover for your edification London legal fees frequently exceed those of Cayman lawyers and by the way Cayman is closer to London and thus travel costs are less.
I stand by my earlier response.
You cannot say that a legal team in the Caymans could get close to the expertise and specialism of the team the UK selected.
My inclination on this is to believe Chris. Sounds like he knows his subject.
no
The U.K. paid the bill, not the TCI government.
I think the operative term is "bollocks"!! Get your facts right… this was off the backs of the TCIslanders!
Serves them right for voting for a bunch of crooks.
Kudos to Turks! It's not always about the money but the principle. Now in future Corporations would be hesitant to do criminal activity there. Cayman take note!!!
Less Pissing Contests PLEASE! Put more women in Govt., show the bwoys how it's done!
Kiss me neck. Cayman we were hollaring about the $10 million they sucked out of us in Tempura……well they found a more lucrative way to fleece Turks and Caicos. The new price to come and F*** up tour Country's establishment, is aroung $10 to $15 million.
Where have you been for last three years? The bill for Tempura/Cealt reached CI$10million back in 2009, by now it must be at least three or four times that and growing daily. TCI got off lightly, at least they got some of the money back but there's no prospect of that here.
So who was it that benefited the most from this whole thing ?
They got paid for doing a job no one else could do and the people got some of the stolen money, and a lot of stolen property back. Only thieves and crooks would not see a benefit. I'm guessing thats why many people in Grand Cayman are not good with this?
What a rip off!
Your right! They should not have wasted their time or money to help the helpless.
I hope the UK taxpayer is not out of pocket for tidying up this grubby little den of corruption. We need to take back power from the “overseas territories” because they cannot handle it properly. Let them go independent if they want, as long as it does not cost the UK anything.
Anon 1230 amazing point of view.
You are truely from the UK.
Our big problem down here is that we go to the UK to get police officers.
Most times the criminals get off because of poor eveidence collection by police.
Its like Tempura investigation. About people overseas run by them but paid for by Caymanians.
I think the eveidence and thumbs speak for themselves.
Your big problem down here is that you are riddled with corruption and greedy people who see politics as a way to get seriously rich. Don't blame anyone else for that.
And what of the MP Housing Allowance scandals? BAE bribing? Paying for access to government officials as part of normal business? And others, all of which takes place in the U.K.? I don't see you have room to discuss what's wrong "down here".