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Two British Virgin Islands-registered subsidiaries launched by TurkPower Corporation

Tuesday, January 31st, 2012

TurkPower Corporation, an American junior mining company holding interests in coal fields in Russia and iron ore mines in Turkey, has announced the launch of two new subsidiaries in the BVI, named Sibcoal Mining Corporation (SMC) and Sibcoal Commodities Trading Corporation (SCT).

SMC will hold the company’s mining licenses in Russia’s Novosibirsk Region, where mining operations are to be commenced in the second quarter of 2012. The second British Virgin Islands company, SCT, is the commodities trading division of TurkPower Corporation, and will have offices in Russia, Spain, Switzerland and the British Virgin Islands.

TurkeyPower Corporation expects to sell and ship its inventory of coking coal worth in excess of $20 million through its subsidiary SCT in the first quarter of 2012. Also, a substantial long-term coal off-take agreement is scheduled to take place in the first quarter of 2012.

Posted in BVI Company Formation, BVI IBC Business News, Investors' News | No Comments »

BVI company’s subsidiary suspends mining operations for safety reasons

Thursday, December 8th, 2011

British Virgin Islands-incorporated telecommunications company Qiao Xing Universal Resources, Inc. announced that its wholly-owned subsidiary, Chifeng Haozhou Mining Co., Ltd., has suspended mining operations at its copper-molybdenum poly-metallic mine, located in Inner Mongolia, China. This was decided after the receipt of safety-inspection report from the inspection team based at the open-pit mining area. In the course of preliminary investigation, it was stated that the structural integrity of the mining-waste containment dam may have been compromised because of massive rainfall and flooding in this region of China in July-August 2011.

For the safety of company’s employees as well as for environmental protection concerns, the BVI company has ordered an immediate suspension of the molybdenum mining operation in order to further investigate the situation.

At the current moment, Qiao Xing Universal Resources is actively monitoring the mining-waste containment reservoir, and also is evaluating possible remedial options to fix the containment dam and resume mining operation as soon as possible.

Posted in BVI IBC Business News, Investors' News, NASDAQ listed BVI Companies | No Comments »

Indian companies invest into Mauritius, BVI and other offshore centres

Monday, July 25th, 2011

According to the release of Reserve Bank of India on overseas direct investment, almost one-third of money invested abroad by Indian companies as outbound investment have been in tax havens. More than 80 Indian companies invested in countries like British Virgin Islands, Mauritius and Cyprus.

In June 2011, investments by Indian companies in overseas markets made over US$5 billion, of them US$3.9 are in the form of guaranteed issues. More than US$600 million are in equities, and US$900 million is in the form of debt. Most of investments are in wholly-owned subsidiaries and joint ventures.

To name the leaders, the major investor in the overseas companies was Mundra Port with US$2.2-billion investment as credit guarantee in Australia; the second one was Biocon with US$350-million investment in its Malaysian subsidiary, followed by Sun Pharma with US$300-million investment in the British Virgin Islands.

Actually, 60% of equity investments by Indian companies come to Mauritius. The British Virgin Islands and other offshore tax havens are used by companies to save on tax in the United States.

Posted in BVI company investments, Investors' News | No Comments »

Tongxin International to make presentation at Global Hunter Securities Conference

Thursday, July 14th, 2011

British Virgin Islands-registered company Tongxin International Ltd., which is the largest independent supplier of engineered vehicle body structures (EVBS) in China, announced that company’s CEO William Zielke will present at the Global Hunter Securities Conference a full overview of Tongxin’s achievements, market position, new business initiatives and plans for growth. The Conference will be held at the Intercontinental Hotel in San Francisco, July 17-19, 2011.

BVI company’s CEO stated in his comments: “I am very pleased to discuss the recent achievements of Tongxin International and our plans to maintain our vigorous growth with Global Hunter’s audience of top institutional investors who are focused on China-based companies. I look forward to sharing with them Tongxin’s 20-year history of growth and our most recent initiatives for the future. I’m confident they will recognize our achievements and the opportunity to participate in our growth over the next few years.”

Global Hunter Securities, LLC is a full service investment bank focused on middle market corporate and institutional clients. Global Hunter has offices in San Francisco, New York, Houston, Ft. Worth, New Orleans, and Newport Beach, it has also presence in mainland China.

Posted in BVI IBC Business News, Investors' News | No Comments »

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