BVI Government seeks new investors for hotel, after failure of deal with CA (BVI) Group Corp

May 1st, 2019

The VIP government is seeking new investors for redevelopment of the state-owned Prospect Reef Hotel, as the previous US$90 million deal between NDP administration and ICA (BVI) Group Corp signed in July 2017 has not materialized. Junior Tourism Minister Shereen Flax-Charles announced during the budget debate that prospective investors appeared at a recent tourism conference; also, by words of BVI Premier Fahie, many persons have interest about the hotel and continue to make contact with the BVI government.

Meanwhile, Third District Representative Julian Fraser urged the new government to pay the employees of the resort, as there are security guards who are not being paid. Also, he asked the government to give the facility some attention: “Prospect Reef has been a benefit to no one for the last 15 years. We cannot afford to lose those kinds of facilities. We are a tourism-oriented economy, and those are the things that we need. We don’t go back when it comes to development and efforts should be made in getting investors involved in bringing those things to life.”

The previous developers, ICA (BVI) Group Corp, had the plans to construct 150 rooms, condos/townhouses, a marina, conference centre, parking lots, a dolphin attraction, infinity pool, salt water pool, and villas. They received an extension from the NDP government, which expired on March 31, 2019.

Luxoft entered into strategic partnership with Trend Micro Incorporated

April 10th, 2019

Trend Micro Incorporated, the global leader in cybersecurity solutions, announced a strategic partnership with Luxoft Holding, Inc., the global digital strategy and engineering company incorporated in the BVI. The companies will jointly introduce and deploy the Intrusion Detection System (IDS) and Intrusion Prevention System (IPS), a comprehensive cybersecurity solution aimed to detect, mitigate and respond to cyber-attacks on connected cars.

The upcoming IDPS solution developed specifically for cars, will be enhanced with machine learning techniques to identify anomalies in communication, behavior and the state of components. Key features of the solution are: securing vehicle-to-everything (V2X) communication, both physically and in remote mode; protecting cloud and mobility services, including over-the-air updates and asset management; establishing secure operation of car components; and providing sustainable cybersecurity protection level via continuous threat research and proactive control mechanisms.

Hutchison Ports signed Heads of Agreement with Malaysian company

April 4th, 2019

Hutchison Port Holdings Limited, a private holding company registered in the British Virgin Islands and headquartered in Hong Kong, signed a Heads of Agreement with KA Petra Sdn Bhd, the company which a pioneer in the Ship-to-Ship transfer business in Malaysia. According to this agreement, the parties will become strategic partners to jointly develop the world’s largest Ship-to-Ship Transfer Hub in Malaysia – the flagship project of KA Petra.

According to the Heads of Agreement, the BVI holding takes 30% stake in KA Petra’s Ship-to-Ship Hub, while the Malaysian company will have 70% interest in the project. The construction of the Hub, which is to commence in the next 12 months and is estimated to cost US$150mln to US$180mln, will be funded both by internally integrated funds and debt financing.

During the signing ceremony Hutchison Ports was represented by Group Managing Director Mr. Eric Ip, and KA Petra was represented by its founder and Executive Chairman, Dato’ Shahrul Amirul. The ceremony was also formally witnessed by Prime Minister of Malaysia and Minister of Transport of Malaysia, with the presence of Minister of Economic Affairs and Minister of Domestic Trade and Consumer Affairs.

Mr. Eric Ip, Group Managing Director of Hutchison Ports said, “We are equally excited to be part of this significant project that will have such a positive impact on the marine sector in Malaysia, as well as in SE Asia. Given our global port network, we are confident of introducing the many benefits offered in this STS Hub to our global shipping lines customers. This would be one of our valued propositions as a strategic partner with KA Petra in undertaking the development of the world’s largest STS Hub in Malaysia.”

Bank of Asia (BVI) Limited appointed new President

March 19th, 2019

Bank of Asia (BVI) Limited, the first digital bank in the BVI and one of the first fully digital cross-border banks in the world, announced the appointment of senior banker Dr. Peter Reichenstein as President. He replaces Bank’s former Interim President Wayne Yang who has returned to Hong Kong to his post of Managing Director and Head of Wealth Management at BOA Financial Group. The appointment of the new President is effective 15 March 2019.

Dr. Peter Reichenstein will be based in Tortola, BVI, and will work with Carson Wen, Founder and Chairman of Bank of Asia, and the Board to execute the Bank’s strategy in providing core banking services to offshore companies, trusts and high net worth individuals.

For over 10 years Dr. Reichenstein was Managing Director and Chief Executive Officer at VP Bank and Trust Company (BVI) Limited; prior to this he worked at UBS Private Bank, Financial Planning & Wealth Management International. He is also a former President of the BVI Bankers’ Association and member of the Economic Advisory Committee to the Premier and Minister of Finance in the BVI. Originally from Switzerland, he has been domiciled and has been working in the British Virgin Islands since 2000.