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BVI Financial Sector Shines with 2023’s Complex Cross-Border Transactions

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Throughout 2023, the British Virgin Islands (BVI) financial services sector through a series of intricate cross-border transactions, showcased its strength and depth of expertise on the global stage.

Amidst the year’s challenges, BVI firms were at the forefront of numerous high-value, sophisticated transactions spanning IPOs, acquisitions, restructurings, and more. Furthermore, the BVI solidified its position as a hub for cutting-edge financial services, enhancing its expertise and regulatory framework in burgeoning areas like virtual assets, fintech, and climate finance, thereby attracting top-tier market participants.

Mergers and Acquisitions

Appleby BVI and Conyers BVI played pivotal roles in facilitating a significant international acquisition involving Shift4 and Finaro, bolstering clearing technology provision and online merchant banking in Europe.

Meanwhile, Ogier advised Fortress Investment Group on its acquisition of Vice Media Group, a deal valuing the media giant at £350 million ($445 million).

Conyers provided counsel to B2Gold Corp. in its acquisition of AngloGold Ashanti Limited’s 50% stake in the Gramalote Project, solidifying B2Gold’s ownership.

Harneys navigated a business combination between Maxpro Capital Acquisition Corp. and Apollomics Inc., culminating in Apollomics’ shares debuting on the Nasdaq Capital Market.

Walkers served as BVI counsel to Lumentum Holdings in its acquisition of Cloud Light Technology Limited, further expanding Lumentum’s reach.

Gold Leaf Consulting successfully navigated a multi-million-dollar private asset sale, overcoming procedural hurdles to release escrowed funds.

Restructuring

Maples and Calder advised Sunac China Holdings Ltd. on restructuring its $10.2 billion offshore debt, marking a monumental achievement in China’s real estate landscape.

Conyers aided All Year Holdings Limited in concluding a successful restructuring and provisional liquidation.

Capital and Funding

Conyers advised Commonwealth Bank of Australia on a five-year AU$500 million syndicated credit facility to Gold Fields Limited, a landmark sustainability-linked loan transaction in the Australian mining industry.

Additionally, Conyers facilitated Telegram Group Inc.’s issuance of $210 million bonds, supporting the firm’s expansion plans.

Walkers advised NCL Corporation Ltd. on issuing up to $900 million in senior secured notes, a significant financing move for the Norwegian cruise line.

Carey Olsen advised Socket Technologies Limited on its $5 million investment round, contributing to fintech and digital innovation.

Initial Public Offerings

Harneys facilitated the successful IPO of Pono Capital Three, Inc., a special purpose acquisition vehicle, raising $115 million for future acquisitions.

Digital Assets

Harneys BVI spearheaded the launch of the industry’s first crypto hedge fund managed accounts through the 3iQ Managed Account Platform, signaling a new era in digital asset investment.

Teneo BVI played a crucial role in the liquidation of 3 Arrows Capital, securing assets and upholding regulatory standards in the digital asset space.

Ministerial and CEO Statements

Hon. Lorna Smith, OBE, Minister of Financial Services, Labour, and Trade, lauded BVI’s financial prowess, citing its adaptability and innovation in an evolving market.

Elise Donovan, CEO of BVI Finance, highlighted the territory’s resilience and adaptability in meeting global demand for specialized financial services.

BVI’s financial triumphs in 2023 reaffirm its status as a premier international financial center, committed to excellence, innovation, and global economic prosperity.

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BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes

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The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.

The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.

Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”

Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.

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Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development

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The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.

Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”

This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.

A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.

In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.

Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.

Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.

To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.

The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.

In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.

Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.

 

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FirstBank Customers Accounts Show Zero or Negative Balances Electronically

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– Persons Accessing Cash In Bank

This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.

The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.

“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”

The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.

JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.

While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.

At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.

The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.

JTV News will continue to monitor the situation closely and provide updates as more information becomes available.

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