Archive for March, 2012

Offshore law firm reports high demand for BVI structures

Friday, March 23rd, 2012

The British Virgin Islands office of international offshore firm Ogier reported on large number of transactions involving BVI structures. It was also stated by the company that the involvement of its BVI office in global transactions reflects the strong demand for BVI-based corporate structures.

Some of recent high-profile transactions with BVI structures include, for example, Canadian-based financial institution Scotiabank’s USD acquisition of 51% in Colombia’s Banco Colpatria Red Multibanca Colpatria S.A., which became Scotiabank’s largest ever-international takeover. Other transactions are: purchase by UK private equity group CVC Capital of 51% controlling stake in Virgin Active – the fitness chain part of Richard Branson’s Virgin Group, valued at GBP900m; acquisition for GBP77.5m of the trading operations of UK-listed property services company DTZ by Australian company UGL Limited, and some others.

Ray Wearmouth, Managing Partner of Ogier BVI, said in his comments: “Ogier’s involvement in these arrangements also represent the continued confidence of the global financial community in the BVI as a stable and high-quality jurisdiction for structuring multi-national transactions.”

Nam Tai Electronics announced change of CEO

Friday, March 9th, 2012

Nam Tai Electronics, Inc., a British Virgin Islands-based company working in the spheres of electronics manufacturing and design services, had announced the resignation ofo its Chief Executive Officer Mr. Yeoh Teck Hooi, Colin, due to personal reasons.

After Mr. Yeoh resigned from the post of CEO, Mr. M.K. Koo was appointed as Acting CEO of the company. Mr. Koo, a founder of the Nam Tai Group, had been serving as executive Chairman and Chief Financial Officer of Nam Tai Electronics. The Board of Directors of the BVI company expressed confidence that Mr. Koo can take on the position of Acting Chief Executive Officer to support its continuous growth. Then, Nam Tai will use its best endeavours to identify a suitable candidate to fill the vacancy and will make a further announcement upon appointment of a new Chief Executive Officer.