Archive for June, 2009

Guam gasoline trading company sues its former executives for loans to BVI company

Saturday, June 27th, 2009

On June 11, gasoline retail trading company South Pacific Petroleum Corp. (SPPC) has filed civil complaint against three of its former executives for the return of more than $3.2 million in allegedly unpaid loans. It is the fourth lawsuit against former SPPC CEO and President Brian Suhr, former Executive Vice President and Chief Operating Officer Michael Hahm, and SPPC director Gi Tae Kim.

SPPC alleged the defendants of breaking their fiduciary duties as SPPC executives by authorizing the loans to the BVI-registered Sherwood, most of which haven’t been paid back; now the company seeks the return of more than $5.6 million. In the last complaint it was stated that, at the time of these loans, Suhr, Hahm and G.T. Kim knew that it was “a remote British Virgin Islands shell corporation with little or no tangible assets.” Nevertheless they caused SPPC to make loans to the BVI company without taking any security in return.

Suhr and Hahm declined to comment these allegations. The other defendants of the lawsuit, which are listed as Sherwood stockholders and which could not be reached, are W. J. Kim, Jae Jyoon Rhim and Jin Hee Hung.

The three previous complaints alleged that Suhr, Hahm and Kim used the loans made from October 20, 2005 to June 2, 2008, to fund their other business ventures; the last filed lawsuit does not state the purpose what these loans were used for.

BVI-based GAM Trading II announces new leveraged fund version

Saturday, June 13th, 2009

The fund GAM Trading II – GBP 1.25XL, domiciled in the British Virgin Islands, enabled investors to benefit from 1.25x leveraged exposure to the performance of GAM Trading II, a portfolio of hedge funds. The underlying funds can trade currencies, fixed income instruments, equities and commodities, and will be able to take long or short positions and use futures and options. Usually the fund is holding 30 to 50 funds, and now it targets absolute returns of 8%-13% per year over three to five-year periods.

The BVI-registered fund invests mainly in systematic trading and global macro funds, but may also include a small allocation to other non-directional strategies. GAM Trading II, managed by the group’s multi-manager team, last year has generated an 8.6% return. Since its inception in 1997, the vehicle has delivered positive returns every year.

GAM head of UK mutual funds Martin Harrison has said in his comments that “the new leveraged fund is designed for investors with a strong positive view of GAM Trading II, who want to enhance their exposure for the same amount of capital. Minimum investment amount is £15,000, with initial charge of 5% and annual management charge of 1.7%.

Ballyliffin Capital Corp makes a deal with BVI-registered forestry company

Wednesday, June 10th, 2009

On May 27, 2009, the Canadian company Ballyliffin Capital Corp. provided an update on the status of its proposed qualifying transaction announced on March 25, 2009. Ballyliffin had negotiations with East Top International Group Limited, a privately held company headquartered in the British Virgin Islands and having several operating subsidiaries situated in the Peoples Republic of China, in connection with a proposed arm’s length qualifying transaction. Now the company announces that a Letter of Intent has been executed with the BVI company, which is engaged in forest operations, management, logging and timber processing and trade.

Currently, Ballyliffin and East Top are in discussions with the TSXV regarding structural matters of the transaction, and further details will be announced after a definitive agreement will be signed by them.

The principal business of East Top International Group Limited includes the ownership of natural forest lands, wood fibre operations, manufacturing and other operations producing downstream wood products.

The U.S. luxury spirits company enters into import agreement with BVI-registered producer

Wednesday, June 3rd, 2009

Marani Brands, Inc., the U.S. company engaged in developing, positioning, marketing and distributing fine wine and spirit products in the United States and international markets, made an announcement that it has entered into an exclusive import and distribution agreement with Fuente Marketing Ltd., registered in the British Virgin Islands. According to the agreement, the British Virgin Islands company will import to the United States the award-winning spirit – Cigar-in-the-Bottle. Currently it is distributed in various states across the U.S., as well as in the Dominican Republic, Puerto Rico, and the Virgin Islands.

Cigar-in-the-Bottle is the product that exactly corresponds to its name – it is a cigar which is encapsulated inside the Grand Pommier XS spirit, using a special humidifier – making an illusion that the cigar is suspended in the Calvados spirit. This gold-medal product has been featured in films, television, and various publications.