BVI holding company recognized as world leading IT service provider

September 14th, 2017

Luxoft Holding, Inc., BVI-registered company working in the sphere of software development services and innovative IT solutions, announced that it has been recognized as the world’s leading IT service provider on the “Global Outsourcing 100” list of the International Association
Of Outsourcing Professional’s (IAOP).

This is the sixth year running when Luxoft is among the world’s best outsourcing companies, in the rating based on applications which are then evaluated by an independent judging panel organized by the IAOP. Luxoft was specifically marked for its size and growth, customer references, awards, and innovative programmes.

Global marketing vice president of Luxoft commented on the award, saying: “We are thrilled to have been recognized as a world leading IT outsourcer for the sixth consecutive year by the IAOP. As one of only a number of providers to be distinguished in four categories, we believe that this achievement reaffirms our status as a truly innovative IT service provider.”

Orca Exploration discusses possible investment with Swala Oil & Gas

August 21st, 2017

BVI-registered mining company Orca Explortion Group Inc. confirmed discussions with Tanzanian Swala Oil & Gas about minority investment in PAE PanAfrican Energy Corporation, a wholly-owned subsidiary of the BVI company. The agreement is not definitive and is expected to be subject to a number of conditions including Swala securing necessary financing.

The investment by Tanzanian company, if concluded, will not affect the management or operation of PanAfrican Energy Tanzania Limited, which will continue to be wholly-owned subsidiary of PAE PanAfrican Energy Corporation, and many benefits accruing to Tanzania from BVI group’s involvement in the Songo Songo Project.

The Songo Songo Project is the first gas-to-power project in Sub-Saharan Africa, initiated by the Government of Tanzania, with the technical and financial support of the World Bank and private investors, among which there was the predecessor to Orca Exploration Group.

DryShips Inc. terminated common stock purchase agreement with BVI-based Kalani Investments

August 14th, 2017

Nasdaq-listed DryShips Inc., a diversified owner of ocean going cargo vessels operating worldwide, announced the termination of the common stock purchase agreement with British Virgin Islands-registered Kalani Investments Limited, which was signed by the company in April 2017.

Also, DryShips’ chairman and Chief Executive Officer Mr. George Economou has agreed to refrain from re-selling for a six month period any common shares of the company. DryShips also agreed to to conduct any equity offerings until after December 31, 2017, without the prior approval of the majority of its unaffiliated shareholders.

Class Action lawsuit filed against DryShips connected to its transactions with BVI company

July 17th, 2017

A class action lawsuit has been filed against Dryships Inc. and some of its officers, according to Pomerantz Law Firm and Stull, Stull & Brody. The class action is on behalf of investors who acquired DryShips securities between June 8, 2016, and July 12, 2017, and seek to recover damages caused by defendants’ violations of the Securities Exchange Act of 1934. The Complaint alleges that the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.

In a number of transactions that started on or about June 8, 2016, the ocean going cargo operator raised hundreds of millions of dollars in capital by selling newly-issued shares directly to the BVI-registered company Kalani Investments Ltd., at a discounted price. This capital allowed DryShips to almost double the size of its fleet to 36 vessels. Kalani ultimately acquired securities convertible to more than $626 million in DryShips common stock, roughly 100 times DryShips’ stock market value as of early November 2016. Meanwhile, to counter share-value dilution and avoid NASDAQ delisting, DryShips executed a series of reverse stock splits. Since November 2016, DryShips’ share price has fallen approximately 99.9%.