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US investors inject $40m for Zanzibar’s blue economy lots

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US investors inject $40m for Zanzibar’s blue economy lots

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Tuesday, May 23, 2023

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The Citizen

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US investors inject $40m for Zanzibar’s blue economy lots

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Arusha. The United States has pledged to support the private sector growth in East Africa and invested more than $ 40 million to the blue economy in Zanzibar.

The commitment was made by the American ambassador to Tanzania Michael A. Battle during his visit to the East African Business Council (EABC) head office in Arusha on Thursday.

"We are focused on promoting the growth of the private sector and sustainable economic development in the East African Community (EAC) region", he said.

Taifa Group signs Sh330 billion electricity deal in Zanzibar

According to him, some $40 million has been injected by the US investors for the development of various segments of the blue economy in the Isles.

These are fisheries, aquaculture, maritime transport, coastal marine and maritime transport, tourism, energy and other marine ecosystem services.

Mr Battle, who is also accredited to the EAC, paid a visit to the EABC offices to explore areas of partnership aimed at strengthening East Africa- USA trade and investment ties. EABC executive director John Bosco Kalisa told the US envoy that the bloc was open for business.

"There is a political goodwill from the EAC Heads of State to improve trade and investment climate in the region,” he pointed out.

He said the admission of DR Congo has expanded the bloc's market to $305.3 billion and a total population of 283.7 million.

The EAC has conducted a verification mission to assess Somalia's readiness to join the Community as the eighth member.

Mr Kalisa further stated that the regional business body was committed to promoting trade for peace programmes in the region "to ease doing business".

Also highlighted during the visit was USAID's Feed the Future project through TradeMark Africa and Corporate Council of Africa.

Other issues which came up for discussion were the US East Africa Trade and Investment Forum and the forthcoming US- Africa Business Summit 2023 to be held in Botswana.

“The EAC treaty is people-centered and market-driven, and EABC is at the forefront of championing advocacy for the full implementation of the Common Market and Customs Union protocols,” Mr Kalisa said.

However, he emphasized that the acceleration of the Common Market was crucial for the achievement of the Monetary Union and attendant single currency economy.

Other areas discussed during the visit included strengthening partnerships with US Alumni and AmCham, tax harmonization, women, youth, and small and medium enterprises (SMEs) in trade.

The US ambassador was also informed of the 14th African Union Private Sector Forum 2023 in Nairobi, and the East African Business and Investment Summit slated for Kampala, Uganda later this year.

Later Mr Kalisa hosted Uganda's High Commissioner to Tanzania and the EAC Fred Mwesigye expressed his commitment to promote trade ties between Tanzania and Uganda through closer collaboration with EABC.

Other areas discussed during the visit included the African Continental Free Trade Area and improving productive capacities based on country comparative advantages.

The two also deliberated on areas of partnership to strengthen economic diplomacy, empower SMEs, youth and women in trade, and the Africa Waste is Wealth Conference in Nairobi later this year.

"Economic diplomacy is central to boosting intra-EAC trade and creating shared prosperity and jobs for East Africans," the EABC boss explained.

He elaborated that the regional business body championed public-private dialogues with ministers and trade facilitation agencies at the borders "to unlock barriers to trade, especially non-tariff barriers".

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CCRIF 2023 Scholarship and Internship Programmes for Caribbean Nationals

admin — Tue, 06 Jun 2023 05:00:01 +0000

CCRIF 2023 Scholarship and Internship Programmes for Caribbean Nationals

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admin Tue, 06/06/2023 - 05:00

Tuesday, May 30, 2023

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NOW Grenada

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CCRIF 2023 Scholarship and Internship Programmes for Caribbean Nationals

CCRIF invites Caribbean nationals to apply for its scholarship and internship programmes for 2023 (https://www.ccrif.org/scholarship and https://www.ccrif.org/ccrif –uwi –scholarships for scholarships and https://www.ccrif.org/regional internship –programme for internships).

Since 2010, CCRIF has been providing undergraduate and postgraduate scholarships to Caribbean nationals in areas related to disaster risk management, climate change adaptation, meteorology, environmental management, and civil engineering among others. In 2015, the Facility launched its flagship internship programme for Caribbean nationals by partnering with regional organisations and governments to host these interns and provide them with the opportunity to integrate their academic knowledge with the work environment.

In addition to being the world’s first risk pool providing parametric insurance to its 24 members, (19 Caribbean Governments, 3 Central American Governments and 2 Caribbean public utilities), CCRIF is also committed to building capacity and resilience in disaster risk management among its members. This is done through the CCRIF Technical Assistance

Programme, whereby support is provided to member countries and regional organisations in the development and implementation of disaster risk management and climate change adaptation projects and programmes. The CCRIF Scholarship and Internship Programmes are also part of the TA Programme. The CCRIF TA Programme operates as the Facility’s corporate social responsibility programme and consists of 4 components.

At the launch of this year’s scholarship and internship programmes, CCRIF CEO Isaac Anthony said, “As a development insurance company, CCRIF is committed to creating a more sustainable future for the region we call home. The scholarship and internship programmes were designed to build a cadre of professionals who can effectively contribute to comprehensive disaster risk management and reduce the vulnerabilities in the region, build resilience and fulfill the ambition of making the Caribbean the world’s first climate-resilient region in the world.”

Since the first scholarships and first internships were offered in 2010 and 2015 respectively, CCRIF has provided 165 scholarships for postgraduate and undergraduate study totalling US$1.7 million and 152 internships totalling US$409,000.

For 2023, CCRIF will continue to provide 4 scholarships of US$8,000 each to UWI students for their second and final years of their undergraduate degree. At the postgraduate level, CCRIF will provide 6 scholarships of US$11,000 each to students at Caribbean universities, including The UWI (Cave Hill, Mona and St. Augustine campuses), University of Technology Jamaica, University of Guyana, and University of Trinidad and Tobago among others. Eligible areas of study include but are not limited to Geography/Geology, Disaster Risk Management, Natural Resources Management, Climate Change, Civil Engineering, Meteorology and Land Management.

The deadline for 2023 applications to both scholarship programmes is 3 July 2023.

CCRIF’s Regional Internship Programme is designed to provide opportunities for recent university graduates who have degrees in the areas of disaster risk management, environmental management, actuarial science, geography, climate studies and other similar areas to be assigned to national and regional organisations in the Caribbean where their educational experience can be enhanced through practical work assignments.

Host organisations have included national disaster management and meteorology agencies as well as regional entities, including the Caribbean Disaster Emergency Management Agency (CDEMA), Caribbean Institute for Meteorology and Hydrology (CIMH), Caribbean Regional Fisheries Mechanism (CRFM), Caribbean Development Bank (CDB), Association of Caribbean States (ACS), Caribbean Centre for Development Administration (CARICAD), Office of Disaster and Emergency Management (ODPEM) Jamaica, and departments and centres within The UWI, among many other organisations. CCRIF provides stipends to all its interns and accommodation allowances when interns are assigned to organisations outside of their home country.

The deadline for 2023 applications to the regional internship programme is 9 June 2023.

The CCRIF Internship Programme is one of the largest in the Caribbean Region for areas related to disaster risk management and is welcomed by both young graduates and host organisations. Kenneth Kerr, a former Climate Specialist at the Trinidad and Tobago Meteorological Service, had this to say after hosting interns for a few years: “The programme continues to grow the local scientific community footprint/talent in many ways and provides opportunities to foster relationships through mentorship and training. It allows for building a stream of young and qualified talents and offers them scope to try out different avenues along their career paths.”

Some of the benefits of the internship programme are:

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Finance Ministers within CELAC discuss design of a common regional agenda in response to the global economic crisis

admin — Sun, 04 Jun 2023 23:00:01 +0000

Finance Ministers within CELAC discuss design of a common regional agenda in response to the global economic crisis

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admin Sun, 06/04/2023 - 23:00

Tuesday, May 23, 2023

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Political – The Bajan Reporter

Original Article

Finance Ministers within CELAC discuss design of a common regional agenda in re…

Ministers of Finance of the Community of Latin American and Caribbean States (CELAC) agreed to move forward to a common regional agenda in response to the global economic crisis. The decision was made during a recent high-level face-to-face meeting held at the headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, Chile. The meeting was organized by Saint...

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Cummings: CPP still a legal and viable force for 2023 elections

admin — Mon, 20 Jun 2022 18:00:01 +0000

Cummings: CPP still a legal and viable force for 2023 elections

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admin Mon, 06/20/2022 - 18:00

Tuesday, June 14, 2022

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Original Article

Cummings: CPP still a legal and viable force for 2023 elections

The Collaborating Political Parties (CPP) remains a viable force ahead of the 2023 general and presidential elections, Alternative National Congress (ANC) political Leader Alexander Cummings has said.

He said the fragmented opposition bloc still holds the ideas and aspirations for which it was formed and is functioning as the most viable option.

The CPP had been comprised of the ANC, Liberty Party (LP), Unity Party (UP) and the All-Liberian Party (ALP). However, both the UP and ALP have since announced their withdrawal from the collaboration, thereby leaving the ANC and LP as the only know parties within the CPP for now.

Cummins said despite the withdrawal of the UP and ALP, CPP still exists as a legal entity, and will contest as a unified body in the 2023 general and Presidential elections.

The ANC political leader insists that the CPP remains committed to restoring good governance, changing the direction of the country’s management of its vast natural resources for the benefit of all Liberians and not just for a few.

He, therefore, expressed confidence that the Alternative National Congress and the Liberty Party are determined to enlist, and encourage other political parties and well-meaning Liberians to join the CPP vision to change the trajectory of the country.

Cummings said the depths of corruption and acquisitions of illicit wealth by the Weah’s administration, is robbing Liberians of essential basic service including better health care service, quality education and depriving the working class of better living wages.

Speaking on a local radio station Tuesday, June 14, Cummings said corruption, illicit wealth acquisitions and wasteful spending by public officials are the major cause of the economic meltdown, and why the vast majority are suffering, unable to feed their families and sent their children to school.

He made specific reference to wasteful spending in the 2022 national budget, where an estimated U$7.5 million was allocated for Agriculture, while U$10 million was allotted for President Weah’s personal security.

“The Senate President Pro-Tempore earns a monthly salary of US$21,000, even more than his counterpart in the United States, points to the massive abuse and exploitation of public resources in the Weah’s government,” Cummings said.

He said while there are seemingly, other external factors, but said rampant corruption, added to the ineffectiveness of the Weah administration and the pattern of appointing incompetent and unqualified Liberians into government, are largely responsible for the worsening economic conditions and international distrust.

The ANC Political Leader said when elected President, he vowed to form an inclusive government based only on hard work, competency, and qualifications and will prioritize the economic interest of Liberians, promote private sector development as tools for job creation as well as increase the spending power of the working class by providing them better-living wages.

He said Liberia is too rich with vast natural resources for Liberians to be languishing in poverty and listed among the poorest of the world poor, due to gross mismanagement, ineptitude and outright stealing by public officials.

The post Cummings: CPP still a legal and viable force for 2023 elections appeared first on Liberia news The New Dawn Liberia, premier resource for latest news.

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Gongloe promises 50% women cabinet

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Gongloe promises 50% women cabinet

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admin Mon, 06/20/2022 - 18:00

Thursday, June 16, 2022

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Politics News Archives - Liberia news The New Dawn Liberia, premier resource fo…

Original Article

Gongloe promises 50% women cabinet

By Joseph Titus Yekeryan

Liberian presidential hopeful and renowned human rights lawyer Cllr. Tiawan Saye Gongloe has promised to form his cabinet with 50 percent female ministers if he is elected president in the 2023 presidential and legislative elections.
Through a phone interview from the United States with a Liberian – based local broadcaster Radio Gbarnga on Monday, 13 June 2023, Cllr. Gongloe explained how women are unbending when they decide to be straightforward.

Cllr. Gongloe also described Liberian women as honest, saying making them cabinet ministers would help shape productivity and transparency in the public sector.

Gongloe also used the medium to vow that his administration will audit and prosecute incumbent President George Manneh Weah’s government for alleged corruption.

Cllr. Gongloe claimed that there is endemic corruption in the three branches of the Liberian Government under the regime of Liberia’s former soccer legend, Mr. Weah.

He alleged that the treasury of Liberia is going into the pockets of government officials, referring to them as ‘greedy minority.’

“They are focused on taking more home for themselves and leaving the masses in abject poverty. Corruption has taken over the nation and the hope of the Liberian people has been dashed,” said Cllr. Gongloe.

“My Presidency will ensure justice for the country and its people. I will bring all of them to justice. They will pay for every damage caused,” Gongloe warned.

He expressed concerns over the erection of condominiums by President Weah and his cabinet ministers just one year after his election. The renowned Liberian lawyer also questioned the sources of the money President Weah and his officials are allegedly using to build the mansions.

Asked about how his government will tackle corruption when elected, the former Liberia National Bar Association President said he and his cabinet ministers’ access declarations, salaries and benefits will be made public and published on the internet.

He said his government will prosecute and dismiss any government official who will be found guilty of corruption. Gongloe also promised to resign as president, if he is caught in the web of corruption.

The post Gongloe promises 50% women cabinet appeared first on Liberia news The New Dawn Liberia, premier resource for latest news.

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Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

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Business - The BVI Beacon

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Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

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Sue over blacklist, says economist

admin — Mon, 20 Jun 2022 17:40:01 +0000

Sue over blacklist, says economist

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Thursday, April 28, 2022

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Original Article

Sue over blacklist, says economist

Caribbean countries that live in fear of being blacklisted by the European Union should band together and take legal action, according to Barbados-based economist and Caribbean policy expert Marla Dukharan.

“I felt like there should be some legal recourse that should be pursued collectively,” Ms. Dukharan said on Feb. 23 on the regional livestreamed show “Territories Talk,” hosted by Shaina Smith-Archer, chairwoman of the BVI Chamber of Commerce and Hotel Association.

The EU blacklist often comes under fire in the VI for being a moving target.

Ms. Dukharan said it is also unfair. EU member states such as the Netherlands and Ireland are “well known for their extensive money laundering and tax evading activities,” but have never been included on any EU blacklist, she said.

To her, this suggests Eurocentrism or even racism, and perhaps an effort to undermine countries that are “eating part of their pie,” she said of the EU.

Grey-listed

In February, the territory was added to the EU’s “grey list,” along with nine other jurisdictions in the Caribbean and elsewhere.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total on the list up to 25 jurisdictions.

Although the February inclusion does not mean that any penalties or sanctions will be levied against the territory, the move represents a significant setback after the VI rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

The standards for inclusion on the EU lists have frequently changed, and Ms. Dukharan pointed out that the European Parliament itself has noted problems with the selection process.

In 2021, the legislative body proposed that the tax regimes of EU member states be scrutinised along with the rest of the world and subject to blacklisting if they don’t measure up.

“That tells you that you have a legal leg to stand on, because they, the policymakers, have acknowledged that we are not applying our own standards to our own member states, and that’s not fair,” she said. “Why is it that our countries have not come together, found a law firm that will represent us collectively, and taken them to court over this action?”

Fighting back

She added that even a statement from the Caribbean Community condemning the actions of the EU is simply “not strong enough.”

“I think if all of the countries came together from the Pacific and the Caribbean and agitated and protested, I think that there is a chance,” she said. “For example, if you appeal to the United Nations, you appeal to the World Trade Organisation, somebody is going to hear you. But when each individual little tiny micro state appeals individually, it is just white noise.”

She also recommended that countries that object to the blacklist expel EU ambassadors.

“The second thing I think we need to do is take diplomatic action,” she said.

With changing criteria, she noted, even countries that have satisfied the Financial Action Task Force and Organisation for Economic Cooperation and Development standards still run the risk of being blacklisted.

“But we don’t have the courage to do these things because we are small and we are insecure maybe,” she said.

Current list

In a Feb. 24 press release, the EU Council said that the grey list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteriafor the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The next revision is scheduled for October.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist for “non-cooperative” tax jurisdictions, which remained unchanged after the February announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States VI, and Vanuatu.

The post Sue over blacklist, says economist first appeared on The BVI Beacon.

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Bank pushes procurement progress

admin — Mon, 20 Jun 2022 17:30:01 +0000

Bank pushes procurement progress admin Mon, 06/20/2022 - 17:30

Thursday, April 28, 2022

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Business - The BVI Beacon

Original Article

Bank pushes procurement progress

As the latest step in the Caribbean Development Bank’s efforts to help Caribbean governments get better value for money, the bank has launched a new phase of its public procurement reform programme with a workshop in the Virgin Islands.

“Better expenditure management provides a foundation for building stronger and more inclusive economies,” CDB Head of Procurement Douglas Fraser said. “This can be achieved through robust public procurement that provides transparency and accountability by promoting civil society participation, stimulating private sector growth and investment, and encouraging wider improvements in governance.”

The CDB has held procurement workshops in the VI before, most recently in September and October of 2018. That session focused on educating public officers about general procurement principles, planning, red flags and ethics, and generally helping ensure that governments get good value for money, according to CDB representatives in the territory at the time.

That workshop came on the heels of two previous CDB opportunities in 2018: an August workshop for businesses interested in competing for public contracts and a procurement development session for public officers in April 2018.

This new stage of the procurement programme, launched this month and expected to last until mid-2024, will involve helping countries with completing outstanding legal and regulatory reforms, forming dedicated procurement institutions, developing standard procurement documents, and establishing electronic procurement systems, the bank stated.

According to a CDB spokeswoman, the phase kicked off with a six-day, 47-participant workshop in the VI from March 21-30. It focused on “training of procurement practitioners throughout the public service, including state-owned enterprises,” in concordance with the newly passed Public Procurement Act, she added.

Separate tailored sessions were provided to Cabinet, suppliers, the deputy governor and senior managers including permanent secretaries, and others, with a total of 150 people trained across all of the sessions, according to the spokeswoman.

Before the procurement reform started in 2018, CDB as sessments found that few countries had dedicated procurement, legal or regulatory frameworks, the press release stated. In addition, the bank added, existing systems relied on “outdated” financial and administration acts.

“Often appropriate institutional structures were not in place to undertake and oversee procurement and almost none of the public servants were dedicated to procurement, whilst those involved in procurement lacked suitable qualifications,” the bank wrote.

The bank has reason to be invested in procurement in the VI: It launched a $65.3 million reconstruction and rehabilitation loan project in the territory in April 2018, which is designed to fund various infrastructure efforts and capital projects, including the reconstruction of the new West End ferry terminal; the construction of a new Department of Disaster Management building; and the rehabilitation of schools.

Also in the past four years, the bank embarked on legal and regulatory reform in Antigua and Barbuda, Anguilla, Dominica, Montserrat and St. Kitts and Nevis.

“Typically, public procurement can account for more than 10 to 15 percent of a country’s gross domestic product, but the amount can be considerably higher for small island developing states such as those in the Caribbean, where $8 to $11 billion is spent every year on public procurement,” the bank wrote. “Consequently, there is significant need for CDB to support its borrowing member countries’ development objectives in this area.”

OECS states

The CDB added that it has also advocated for all of the Organisation for Eastern Caribbean States members to join and participate in the Inter-American Government Procurement Network to share technical knowledge and best practices, with the result that “for the first time all the OECS procurement leads had a venue to meet and build technical relationships,” the bank stated.

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US hopes to seize VI-linked jets

admin — Mon, 20 Jun 2022 17:00:01 +0000

US hopes to seize VI-linked jets

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Monday, June 13, 2022

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US hopes to seize VI-linked jets

A federal court in New York has authorised the United States government to seize two private jets collectively worth $410 million that are allegedly owned by a Russian oligarch and registered via “shell companies” in the Virgin Islands and elsewhere, according to an affidavit filed for a seizure warrant in court on Monday.

The planes — a $350 million customised Boeing 787-8 and a $60 million Gulfstream G650ER — are allegedly owned by Russian oligarch Roman Abramovich through companies registered in the VI, Cyprus and Jersey.

The planes are currently located in the United Arab Emirates and Russia, respectively, according to the affidavit, signed by Special Agent Alan Fowler of the Federal Bureau of Investigation.

The application — which was filed under seal before being approved and unsealed on Monday — requested the seizure warrant for the airplanes for alleged violations of the Export Control Reform Act and the recent sanctions issued against Russia after its invasion of Ukraine.

Mr. Abramovich is one of several oligarchs targeted by the West in recent months as part of attempts to isolate and weaken Russian President Vladimir Putin in return for the invasion.

The affidavit claimed Mr. Abramovich owned both airplanes through “a series of shell companies” — two registered in Cyprus, two in Jersey, and one in the VI.

The VI firm, Wenham Overseas Limited, was alleged to be the owner of the Boeing — “one of the world’s most expensive private airplanes,” according to the affidavit.

Luxury jets

The US alleged that in 2017, the Boeing was sold to Wenham for approximately $93,650,000 as a “green” aircraft, meaning without a finished interior. In 2018, it was allegedly flown from the US to Europe and customised into a luxury jet.

“In connection with the purchase transaction, Mr. Abramovich’s representatives disclosed during meetings that Mr. Abramovich was the ultimate beneficial owner of Wenham,” according to the application.

The application alleged that Clear Skies Flights Limited, owner of the Gulfstream, and Wenham are both wholly owned subsidiaries of Jersey-based Wotton Overseas Holdings, and that in turn, all of the shares of Wotton are owned by Cyprus-based Finservus (Trustees) Limited, a nominee for the Cyprus-based Europa Settlement Trust.

“I believe that Mr. Abramovich was the beneficiary of the Europa Trust,” Mr. Fowler wrote in the application.

On Monday, OffshoreAlert reported that Jersey’s corporate registry showed that both Wotton Overseas Holdings Limited and Clear Skies Flights Limited also originated in the VI, before being continued to Jersey in June 2017.

VI-linked yachts

The affidavit is not the first time that vessels linked to the VI-registered Wenham have been identified in recent months.

In April, the Financial Times reported that two luxury yachts worth a combined $60 million — Halo and Garcon — allegedly registered to Wenham had been located in Antigua and Barbuda. The Caribbean country announced at the time that it was willing to help the United Kingdom seize the yachts, but only if the UK sought such assistance via an international treaty.

Last week, however, the Antigua Observer reported that both yachts — which would normally depart the island well before hurricane season — were both still moored in Antigua’s Falmouth Harbour.

Sir Ronald Sanders, Antigua and Barbuda’s ambassador to the US, told the Observer that the UK would have to make a mutual legal assistance treaty request in order for any action to be taken.

“We have heard nothing further from the UK authorities concerning an MLAT request,” Sir Ronald said in the June 1 Observer report.

He added that since all ports and harbours in the country have been forbidden from doing business with sanctioned entities, the yachts will remain in place for now.

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Burke out of surfing championship

admin — Mon, 20 Jun 2022 15:20:01 +0000

Burke out of surfing championship

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admin Mon, 06/20/2022 - 15:20

Friday, June 17, 2022

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Barbados Today

Original Article

Burke out of surfing championship

By Morissa Lindsay

Barbados surfer Josh Burke showed great determination during the second round of the men’s World Surf League Championship tour event presented by Corona but was unable to advance in the ongoing competition in El Salvador.

Competing in heat three, the 25-year-old knew before the start of today’s competition that it would be a challenge to get past former World Surf League champion and Olympic Gold medallist, Italo Ferreira of Brazil who won the heat with a tally of 13.20 to advance into the Round of 16.

Ferreira showed his level of experience where he made something out of nothing with the seemingly small waves presented to him as he skillfully manoeuvred on the surfboard to register scores of 7.33 and 5.87 for the top spot in that heat.

New to this level of competition having entered as a wildcard in place of American-born eleven-time world champion Kelly Slater who had withdrawn from the competition because of an injury, Burke was forced to work with the waves given to him by mother nature. In the end, he only managed heat scores of 5.10 and 3.78 behind the dominant Ferreira.

Despite not being able to advance as he would have wanted in what was an historic outing as the first surfer from Central America and the Caribbean to compete at the World Surf League Championship, Burke described it as an honour to have reached this far.

The sea conditions in El Salvador looked similar to what Burke was accustomed to at home in the Soup Bowl at Bathsheba. But it was Ferreira’s amazing capabilities that gave him the advantage over Burke who will hope to come back much stronger once the opportunity presents itself.

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Burke out of surfing championship