Archive for April, 2016

China Natural Resources again compliant with Nasdaq Requirements

Thursday, April 21st, 2016

BVI-incorporated company China Natural Resources, Inc. announced that on April 6 it received a written notice from the Listing Qualifications department of the NASDAQ Stock Market, informing that the company has regained compliance with the US$35mln market value of listed securities requirement set forth in Nasdaq rules.

The decision was based on the closing bid price of the company’s common shares during recent ten consecutive business day measurement period, and the matter has been closed.

The BVI corporation is focused on the acquisition and exploitation of mining rights mainly located in Anhui Province in China, however, due to the depressed market price of metals, mining oprations at the company’s current mining property were temporarily suspended since December 27, 2015.

BVI company announced appointment to the Board of Directors

Saturday, April 16th, 2016

TSX-listed company Talon Metals Corp., incorporated under the law of the British Virgin Islands, announced new appointment to its Board of Directors. Mr. David Deisley is Executive Vice President, General Counsel and Corporate Secretary of Novagold Resources Inc., which is responsible for all aspects of the company’s legal governance and corporate affairs. He has long years of experience in the mining industry, as well as in project permitting, corporate social responsibility, corporate development, mergers and acquisitions.

Mr. Deisley’s appointment stems from the board nomination right granted to Resource Capital Fund VI L.P. under the terms of the loan agreement between Talon Metals and Resource Capital Fund on November 25, 2015.

Panama law company located in BVI issues statement

Sunday, April 10th, 2016

Mossack Fonseca, the legal firm having an office in the British Virgin Islands, which suffered from the leak of its confidential financial services records, has issued a complete ‘Statement Regarding Recent Media Coverage’, trying to defend the reputation of the company and the countries involved in the international case, primarily the BVI as the country mentioned in most leaked data.

In the statement, the company mentioned the measures the BVI has taken to fight tax evasion: “Panama, the British Virgin Islands (BVI), and the United States have agreed to terms for financial institutions in their jurisdictions to comply with the US Treasury’s Foreign Account Tax Compliance Act (FATCA). This act ensures that American citizens with accounts in these territories declare and pay any taxes on income or investments earned in them that are due to the US Internal Revenue Service.”

The leaked documents show that Panama law firm incorporated more than 100,000 secret companies in the British Virgin Islands. There were also other companies registered in various tax havens. Mossack Fonseca stated it has limited ability to manage the use of these companies, and it regrets any misuse of its services and takes steps to prevent it. The company also said that allegations that it provides shareholders with structures specially designed to hide the identity of the real owners are ‘unsupported and false’.