Orca Exploration discusses possible investment with Swala Oil & Gas

August 21st, 2017

BVI-registered mining company Orca Explortion Group Inc. confirmed discussions with Tanzanian Swala Oil & Gas about minority investment in PAE PanAfrican Energy Corporation, a wholly-owned subsidiary of the BVI company. The agreement is not definitive and is expected to be subject to a number of conditions including Swala securing necessary financing.

The investment by Tanzanian company, if concluded, will not affect the management or operation of PanAfrican Energy Tanzania Limited, which will continue to be wholly-owned subsidiary of PAE PanAfrican Energy Corporation, and many benefits accruing to Tanzania from BVI group’s involvement in the Songo Songo Project.

The Songo Songo Project is the first gas-to-power project in Sub-Saharan Africa, initiated by the Government of Tanzania, with the technical and financial support of the World Bank and private investors, among which there was the predecessor to Orca Exploration Group.

DryShips Inc. terminated common stock purchase agreement with BVI-based Kalani Investments

August 14th, 2017

Nasdaq-listed DryShips Inc., a diversified owner of ocean going cargo vessels operating worldwide, announced the termination of the common stock purchase agreement with British Virgin Islands-registered Kalani Investments Limited, which was signed by the company in April 2017.

Also, DryShips’ chairman and Chief Executive Officer Mr. George Economou has agreed to refrain from re-selling for a six month period any common shares of the company. DryShips also agreed to to conduct any equity offerings until after December 31, 2017, without the prior approval of the majority of its unaffiliated shareholders.

Class Action lawsuit filed against DryShips connected to its transactions with BVI company

July 17th, 2017

A class action lawsuit has been filed against Dryships Inc. and some of its officers, according to Pomerantz Law Firm and Stull, Stull & Brody. The class action is on behalf of investors who acquired DryShips securities between June 8, 2016, and July 12, 2017, and seek to recover damages caused by defendants’ violations of the Securities Exchange Act of 1934. The Complaint alleges that the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.

In a number of transactions that started on or about June 8, 2016, the ocean going cargo operator raised hundreds of millions of dollars in capital by selling newly-issued shares directly to the BVI-registered company Kalani Investments Ltd., at a discounted price. This capital allowed DryShips to almost double the size of its fleet to 36 vessels. Kalani ultimately acquired securities convertible to more than $626 million in DryShips common stock, roughly 100 times DryShips’ stock market value as of early November 2016. Meanwhile, to counter share-value dilution and avoid NASDAQ delisting, DryShips executed a series of reverse stock splits. Since November 2016, DryShips’ share price has fallen approximately 99.9%.

BVI Finance commissioned report on the role of BVI companies in global economy

June 30th, 2017

The report written by Capital Economics and funded by BVI Finance states that the British Virgin Islands are strongly contributing to the global economy and facilitating international trade and investment. It is estimated that US$1.5 trillion worth of assets are currently moved through the BVI companies and structures, and BVI is named a “sound and reliable centre which has worked harder than many bigger nations to meet international standards, and not some supposed tax haven.”

According to the report, the jurisdiction is no longer used for tax benefits alone, and has a very strong legal framework that draws heavily on US law and helps facilitate cross-border transactions. It is also emphasized that the BVI has increased transparency and information sharing – companies must now disclose the names of their directors and beneficial owners. However, ownership information can be obtained only through a court order or with the company’s permission.

Capital Economics claims that the BVI is a “substantial net benefit to governments worldwide”, and estimates that, globally, US$750 million is saved in taxes, compared to $15.7 billion that is generated. In the UK the investments made through BVI companies generate $3.9 billion in income and corporate tax.