Turks & Caicos Islands

Record land deal signed in Turks & Caicos Islands

The largest land development agreement to be signed in the history of the Turks & Caicos Islands calls for the construction of a harbour and duty free zone in the southern end of Grand Turk that is estimated to cost $312 million in a four phased development plan, reported the Turks & Caicos Free Press.The agreement was signed in December by the government and Grand Turk Harbour Development Company Limited, which is registered in TCI. The first phase of the plan is scheduled to begin early this year.

Turks & Caicos Islands Legislative Council meeting ends in farce and acrimony

If there's nothing decent on television, residents of the Turks & Caicos Islands can always go and sit in on the local Legislative Council for their fix of high drama and farce.One of the better episodes of LegCo, as the elected body is known, came during a debate on The Companies (Amendment) Bill on December 4, 1997.

FCO announces end of bank secrecy in overseas territories

The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.

Insider Talking: January 30, 1998

OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

Caribbean hotels insurer goes into run-off

The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

Great Quotes of Our Time

Reactions from various members of the offshore business community following the publication of the first ever edition of OffshoreAlert.

Bermuda investors seek to sell Turks & Caicos property

FOR SALE - 1,375 acres of undeveloped land in uninhabited East Caicos, 50-100 yards from the ocean, asking price: in excess of $563,750.The seller is Solar Enterprises, the only local company listed on the Bermuda Stock Exchange whose shares have never traded.

Aneco Re Chairman to sue

Aneco Reinsurance Underwriting Ltd chairman Mark Hardy has instructed his lawyers to commence legal proceedings against the underwriters, cedants and brokers responsible for handling Aneco's property catastrophe book of business. The action, to be brought either in Bermuda or in London, will seek damages in connection with the underwriting and placement of this business with Aneco.