One of the best lessons any investor could learn is to invest in a ponzi scheme and realize that you have thrown money down the drain.
30 April 2015
Mauritius: Notice - Appointment of Special Administrator BAI Co (Mtius) Ltd
Notice of appointment of Special Administrators in BAI Co (Mtius) Ltd and any of its related companies under Section 110A(2) of the Insurance Act 2005
Pursuant to Section 110A(2) of the Insurance Act 2005, the Financial Services Commission has appointed Messrs Mushtaq M. O. Noormohamed Oosman FCA and Yogesh Rai Basgeet ACA as Special Administrators of the BAI Co. (Mtius) Ltd and any of its related companies with effect from Friday 1st May 2015.
Financial Services Commission, Mauritius
30 April 2015
Singapore's government says it's not a tax haven, it's a value-adding hub
That is the claim of the island nation's Economic Development Board, the Singaporean government agency that's been charged with attracting business and investment. It has disputed recent claims at the Senate inquiry into corporate tax avoidance that it's being used as a tax haven channelling billions of dollars for Australian companies.
Former GlobalCapital chairman ready to face French court
Dawood Rawat, accused in Mauritius of running Ponzi scheme, says he will answer to accusations in French court
L'Express: Match-fixing
Picture this: you and I are in the middle of playing a football game. Halfway through the game, I decide to change the rules. I don’t exactly sack the guy with the whistle but rather appoint a super referee over his head.
29 April 2015
Global Citizen: The world's 15 biggest tax havens - Plus one extra one that outranks them all
Corporate tax avoidance, tax dodging, secret offshore tax havens, tiny tropical islands that are the mysterious headquarters of global companies.
Mauritius: FSC Public Notice - Suspension of Management Licence of Belvedere Management Limited
Notice is hereby given that in accordance with Section 27(7) of the Financial Services Act 2007 (the “FSA”), the Management Licence of Belvedere Management Limited (‘BML’), having its registered address at 7A, 7th Floor, Ebene Mews, 57 Ebene Cybercity, Mauritius has been suspended with immediate effect.
The Financial Services Commission, Mauritius (the ‘Commission’) has taken this decision under Section 27 of the FSA, inter alia, on the following grounds:
BML has failed to:
(i) comply with the specific provisions provided under the FSA;
(ii) comply with the Code on the Prevention of Money Laundering and Terrorist Financing; and
(iii) adhere to its duties as Management Company, Registered Agent, Company Secretary and CIS Administrator.
Furthermore in accordance with Section 27(5) of the FSA, BML shall cease to carry out the activity authorised under its licence but shall remain subject to the obligations of a licensee and to the directions of the Commission unless and until the suspension of the licence is cancelled.
Financial Services Commission, Mauritius
29 April 2015
28 April 2015
Belvedere update: Guernsey FSC places three funds into administration
The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator.
EIU: How to evaluate and assess cross-border credit and financial risks in both emerging and developed markets
John Bowler, Director of the Country Risk Service, guides you through how the service allows you to assess and compare cross-border credit and financial risk in 128 markets worldwide. The service ranks countries in order of riskiness and enables you to swiftly identify countries which are experiencing a deterioration or improvement in creditworthiness. The service can therefore help your organisation to optimise its country credit limits. The session runs through our approach to analysing credit and financial risk and then showcases the rating model which generates the scores. The session offers insight on questions such as:
- How we use a blend of qualitative and quantitative indicators to calculate our country credit ratings.
- How the service can provide you with timely updates on risks affecting your country exposures.
- How changes in the political scene or policy will affect a country's creditworthiness.
- How changes in the scores for particular indicators affect the overall score and rating for categories such as sovereign and banking sector risk.
Expatriation: le top 10 des paradis fiscaux
L’île Maurice, est très prisée des français qui apprécient l’usage de la langue française et la faible taxation du pays. L’imposition sur les revenus des personnes physiques y est de 15 %.
La procédure d’obtention de la résidence y est « simple », selon Bradley Hackford. Elle consiste notamment à acheter un bien immobilier sur l’île d’une valeur minimale de 500.000 dollars américains. Ce programme, baptisé « IRS » pour « Integrated Resort Scheme », a été lancé par le gouvernement mauricien en 2002 afin d’encourager la construction et la vente de villas de luxe à des étrangers dans des emplacements particuliers. Ces acheteurs internationaux ont le statut de « résidents mauriciens » tant qu’ils sont propriétaires des villas agréées par le programme.
Île Maurice — Parlement: une compagnie mauricienne potentiellement impliquée dans un Ponzi de $ 16 milliards
Une compagnie mauricienne pourrait être impliquée dans un Ponzi Scheme de portée internationale à travers lequel auraient transité pas moins de $16 milliards.
World Policy Journal: The New Face of Tax Havens
...the most formidable tax havens are not necessarily those distant islands, but rather major Western cities—from New York to London. The infograph below examines builds upon this new reality—first explored by Andres Knobel in "The Next Rising Tax Haven"
IFC Review: In the Chair with Roger Wilkins AO, President of the Financial Action Task Force
In a Q&A with FATF President, Roger Wilkins, we consider the relationship IFCs have with the Financial Action Taskforce and the impact the organisation's recommendations have had on IFCs.
IFC Review: The Growing Role for IFCs in a World of Increasing Transparency
Geoff Cook examines the crucial role IFCs play in a world of increasing transparency.
Mauritius: The Financial Services Sector: Lapses and Opportunity for Redress
The Mauritian Financial Services Sector (FSS) has been in the limelight over the past weeks for ‘bad reasons’. What is happening to the FSS may be assimilated to an earthquake with dual epicenters bearing the names British American Insurance Co Ltd (BAI) and Belvedere Management (BM).
27 April 2015
Schillings - Reputation Resilience: Safeguarding Corporate Reputation
The way a company protects its reputation will have a direct bearing on how analysts & investors determine the value of the business and how they will treat its stock. This is one of the headline findings from Schillings’ Reputation Resilience report; how the people who value companies value reputation. To learn more, download this special feature as detailed in The Lawyer
BVI: Final Report Released On Financial Services Sector
The final report on ‘Building on a thriving & sustainable Financial Services sector in the British Virgin Islands’ has been released.
The three month effort was commissioned by Government and facilitated by global consultants McKinsey with involvement of the industry and other stakeholders. The aim was to lay out a pragmatic strategy and implementation plan to ensure a thriving and sustainable Financial Services sector.
Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, stated, “For three decades we experienced tremendous growth in our Financial Services industry, became one of the largest domiciles for company incorporations, and established a global brand that reached through the Americas, into Europe, and across the Asia Pacific Region. Financial Services directly account for over 60 percent of our government revenues, and likely upwards of 80 percent of indirect sources are included. Financial Services fuel our economy, create our jobs, and fund public services such as education, healthcare, roads and other infrastructure.”
The Premier added that the jurisdiction is at a critical point in its history and solving the issues at hand is vital to it longevity and the livelihood of our community. He said that it will require all of us – the people of the BVI, government and industry – to band together and prioritise our long-term future. Premier Smith gave his commitment to seeing through the implementation of the efforts, and that Government has already started acting on some of the recommendations. He added that he hoped that the report serves as a roadmap for the Territory.
Bloomberg: Britam Kenya Assures Investors Over Mauritius Regulatory Action
Mauritius’s central bank on April 3 revoked Bramer Banking Corp.’s license and the Indian Ocean island nation’s Financial Services Commission appointed conservators for BAI Co., an insurer owned by the same company that controls Bramer.
26 April 2015
Mauritius: Chinatown Food and Cultural Festival 2015
The 11th edition of Chinatown Food and Cultural Festival will be held on Saturday 2nd and Sunday 3rd May in Port Louis Chinatown. The artists performing for the Festival are the Meizhou Folk Songs Cultural Troupe of Guangdong Province, China and Theatre Arts Troupe of Singapore at the conference. Two cooks from Meizhou will also be present.
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