TCI News Now!

The special investigation and prosecution team (SIPT) in conjunction with the civil recovery team (CRT) have issued a press release reporting on asset recoveries to date.

Cash payments made to the Turks and Caicos Islands government through the actions of the CRT amount to $7.5 million with another $11.5 million in the process of being paid. Therefore, the total recoveries settled thus far amount to $19 million dollars. The teams also report 2,500 acres of Crown land recovered.

The settlements include Joe Grant Cay, a partial settlement for Third Turtle Club and Salt Cay developments. The Salt Cay settlement is now reported to be $7 million out of the $19 million total.

Despite agreeing to pay the $7 million, returning 1,506 acres of land to the Crown and forfeiting his belongership, Czech Republic developer Mario Hoffman has admitted no wrongdoing, making the settlement to close the case, which reportedly included claims and counterclaims.

The government has confirmed that all 1,506 acres of land on Salt Cay that were transferred to the government under the settlement with Hoffman have now been registered at the Land Registry so that the government now has unencumbered title to all 1,506 acres.

As previously reported, the cost of SIPT was running at $11 million per year since it began operations, with the initial funding provided by Britain in May 2010. However, the size of the SIPT has been reported to have been reduced. The cost of the civil recovery team has yet to be announced.

Earlier this year, funds recovered by the government from stamp duty evasion included $9.5 million from the new owners of Emerald Cay. Not mentioned in the press release was the settlement with Seven Stars owner Jak Civre, who allegedly bribed former officials to obtain permission to build a seven-storey resort.

The interim government is now entertaining the possibility of approving a development that has requesting approval for buildings with 22 and 28 storeys.

Reads: 1936


Tweet

Mike:

It seems that all of the "settlement" deals are only on original deals that the Governor signed off.

I guess they really do not want to expose ANY former Governor of the TCI to cross examination in ANY court of law!