Archive for January, 2012

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.

Offshore law firm with BVI presence opens practice in Luxembourg

Thursday, January 19th, 2012

Offshore law firm Ogier, advising on the British Virgin Islands, Cayman Islands, Guernsey and Jersey law and providing fiduciary services, announced that it is opening a boutique practice in Luxembourg. By this, Ogier becomes the first offshore law firm with an onshore presence in this country.

Chief executive officer of the Ogier group Nick Kershaw said: “The new office is being driven by client demand, as many of our existing clients currently use or have expressed an interest in using Luxembourg, either standalone or as part of an offshore structure. Having a Luxembourg legal capability will therefore complement our existing suite of services.”

The Luxembourg office will be led by Francois Pfister, supported by Ogier Jersey partner Daniel Richards.

In addition to the new legal outpost, later this year Ogier plans to establish a corporate and fund administration busuiness in Luxembourg. Last year, offshore law firm opened its first Chinese office in Shanghai, in addition to an office in the Hong Kong offshore jurisdiction, which was established in 2006.

Currently, Ogier employs 850 people worldwide and has offices in Bahrain, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland, Jersey, London and Tokyo.

NHS Health Solutions’ BVI subsidiary moves towards revenue

Thursday, January 12th, 2012

NHS Health Solutions, Inc. has announced that its wholly owned subsidiary, a British Virgin Islands-registered corporation Mineseeker Operations Overseas Limited has made significant advancements toward its target to be under revenue by the second quarter of 2012. During the past 5 months, the BVI company has invested in excess of US$200,000 in order for the data collected during trials in Croatia to be processed and finalised. Mineseeker will also make available samples of the images to the market in general.

This month, the management team of the BVI company have been asked to travel to Mozambique to present the results of the trials to government ministers responsible for humanitarian demining and the oil and gas sectors. Mineseeker is confident that it will secure letters of intent for both the humanitarian projects and for the liberation of land in the oil and gas concessions as a result of these meetings.

Cayman subscription TV licence holder to transfer shares to BVI company

Monday, January 2nd, 2012

The competition may appear in the Cayman Islands’ subscription television market, due to partial share transfer involving majority ownership in a local company that holds an Information and Communications Technology Authority (ICTA) licence. On December 19, 2011, Infinity Broadband Ltd., that holds a current ICTA licence in the Cayman Islands, has requested the authority’s consent to transfer 51 per cent of its shares to the British Virgin Islands company Camber Holdings Ltd.

According to the records publicly available, the following services are included under the licence currently held by Infinity Broadband: Internet telephony, public service TV broadcasting, subscription TV broadcasting, and Internet. The olicence also authorises Infinity to operate ICT networks.

Licence holder Randy Merren declined to comment on this case, saying the proposed shares transfer was pending before the ICTA board. ICTA officials also declined to comment on the share transfer application.