Headlines:
| Landmark fine in BVI |
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| Friday, 02 May 2008 | |
A court in the British Virgin Islands
has slapped what is believed to be a record penalty on an offshore finance
company. The amount of $45.5 million was levied against IPOC International Growth Fund Limited of Bermuda which had pleaded guilty to fraud-related crimes. Prosecutors have said that it may be the largest court order of its kind ever made in the Commonwealth. It came on the day that a British government report called for more direct United Kingdom involvement in supervising tax havens in its offshore territories. The court order followed a 17-month investigation by British Virgin Islands and Bermuda authorities. |