Archive for April, 2014

UK Government asked to create public register of BVI and CI company owners

Monday, April 28th, 2014

The UK-based churches’ global development agency Christian Aid welcomed plans of the British Government to create public register of UK company owners, and urged it to make further steps concerning the companies in UK’s tax havens, including the British Virgin Islands, the Cayman Islands and Jersey.

The UK company register, creation of which was announced in October 2013, will require all individuals holding more than 25% of a company to declare their personal details, and how they exercise control over the company.

Christian Aid’s Senior Economic Justice Adviser Joseph Stead said: “On key questions, such as ensuring that companies’ owners are identifiable, making the register open to the public and free to use, and putting strict limits on any exemptions, the Government appears to be moving towards the right answers.” He also added: “The UK now has the opportunity to set a new gold standard on transparency of company ownership, that other countries should be encouraged to follow… We are calling on the Government to use all powers and influence at their disposal to spread public registers around the world, including to the Overseas Territories and Crown Dependencies.”

TechFaith announced expansion of new model shipments into Europe

Saturday, April 19th, 2014

BVI-registered company China TechFaith Wireless Communication Limited, focused on the research, development and design of mobile hand software, announced that in the second quarter of 2014 it will start shipments of its ruggedized Android JNote into European markets.

This model was designed on the robust Android operating system and certified with IP68 and MIL-S810G standards. Its characteristics include 6.0 inch, 1080P high-definition LCD screen, water resistance up to 1.5 meters, dust resistance, as well as the ability to operate in extreme temperatures, dual sim card support, long battery life, high resolution 13.0 MP rear camera, and 802.11a/b/g/n wireless LAN and Wi-Fi Direct.

Mr. Deyou Dong, President and COO of TechFaith, commented on the expansion of the new model: “Our ruggedized JNote is a powerful entertainment, communications and computing device in a highly durable package.  Consumers continue to demand the large screen and slim form factor.  We have continued to enhance our Note family by leveraging the hottest features from each earlier design, while adding in new value add features allowed by the Android Jelly Bean operating system, including our integrated outdoor applications. This approach continues to differentiate our products in the marketplace and provides us with a distinctive advantage in both the retail and enterprise segments.”

Turkish exploration company sells its Oman properties held through BVI subsidiary

Saturday, April 12th, 2014

Gentor Resources Inc., a mineral exploration company focused on copper exploration properties in Turkey, entered into an agreement with an AIM-listed mineral exploration company Savannah Resources plc. By terms of the agreement, Gentor Resources sells properties in Oman to Savannah Resources. All Gentor’s properties in Oman are held through its wholly-owned BVI-registered subsidiary, Gentor Resources Limited.

The consideration for the Oman sale includes cash payment of US$800,000 payable to Gentor on closing, as well as: (a) the sum of US$1,000,000, payable to Gentor upon a formal final investment decision being made for the development of the Block 5 licence in Oman, (b) the sum of US$1,000,000, payable to Gentor upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 licence in Oman, and (c) the sum of US$1,000,000, payable to Gentor within six months of the payment of the deferred consideration.

Closing of the Oman sale is anticipated to occur in May 2014. Gentor’s President and CEO Arnold T. Kondrat commented on the agreement: “The sale of our Oman properties reflects Gentor’s focus on its copper exploration properties in Turkey, which we believe represent a very exciting opportunity for Gentor and its shareholders.”

Laureate BVI awarded by USEIC

Monday, April 7th, 2014

British Virgin Islands hedge fund Laureate BVI has been chosen to receive 2013 Excellence award in Finance by the US Institute for Excellence in Commerce (USEIC). Laureate BVI will receive this prestigious award as a major participant in the US$2 trillion industry which includes approximately 10,000 active hedge funds.

USIEC conducts annual business surveys and industry research in order to identify companies that have achieved success in their local business environment and industry category.

CEO of Laureate BVI Peter Tasca said in his comments: “We work hard for our clients and are proud of our track record. This is a huge honor to be recognised globally for our fund performance and ethics in business.”