| Civil Recovery wins $9.3 million | | Print | |
| Written by Richard Green/richard@fptci.com | |||
| Thursday, 02 February 2012 11:41 | |||
 The Civil Recovery Team has won a $9.3 million judgment for the Turks and Caicos Islands against the buyer and seller of Emerald Cay for underpaid stamp duty on the transaction. Justice G.W. Martin had awarded the government a $1.25 million judgment in June against American billionaire Timothy Blixseth’s company, Emerald Cay Ltd., and Gary di Silvestri’s company, Worldwide Commercial Properties Ltd., for underpaid stamp duty on the 2006 transaction of $28 million for the 30,000-square-foot mansion on the south side of Providenciales. Martin called the sale “a carefully crafted scheme of tax evasion,” saying it could not have happened without lawyers drafting and backdating documents. The judge invited the Attorney General to investigate the actions of lawyers in the case. On Jan. 30, Chief Justice Edwin Goldsbrough upheld Martin’s ruling but said Emerald Cay and Worldwide must also pay a $7 million penalty for underpaying stamp duty. The judge tacked on interest of $571,118 from Nov. 30, for a total of $9,291,758, but subsequent interest of 6 percent per annum must also be paid. “We are delighted to have obtained this judgment, which underlines the commitment the government has to ensuring stamp duty is paid, and to pursue those who do avoid stamp duty,” said Attorney General Huw Shepheard, whose chambers along with the Civil Recovery Team brought the action. “It is another very good result for the Civil Recovery Team and very tangible evidence of the progress being made by them.” Blixseth’s U.S. lawyer, Michael Flynn of Boston, could not be reached for comment at press time, but he has told the fp that Blixseth was an innocent foreign purchaser who relied on di Silvestri and his lawyers to determine how much stamp duty to pay. Blixseth is suing di Silvestri, Angelica Morrone, Southaven Ltd. and ITAL Swiss Investments Ltd., for nearly $10 million in U.S. District Court in Miami over the transaction. Flynn has said that Blixseth is willing to pay his share of the lawful amount of stamp duty but that he would fight “to the highest court in London” paying any other damages. Click HERE to read Goldsbrough's January 2012 ruling Click HERE to read Martin's June 2011 ruling Click HERE to read Blixseth's lawsuit against di Silvestri Photo: Emerald Cay on the island of Provdenciales, Turks and Caicos Islands
|
Related Articles
Entertainment: Your Island Guide
|
Top things to do in April Top things to do in April 1. From Golfing to More... |
|
Valentine’s Day Cup 2013 model sailboat races The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More... |
|
Lime and Tourist Board announce weekly Fish Fry The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More... |
|
Turks & Caicos Reef Fun to host dazzling evening The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More... |
|
Fashion Glam at Regent Palms The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More... |
Latest Community News
|
Cholera Clinical Management Training Held in the TCI Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More... |
|
Illegal Haitian immigrants Intercepted Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More... |
|
Ministry of Health Reminding public about sanitation Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More... |
|
Scholarship applications now being accepted The Ministry of Education has announced that they are now accepting applications for scholarships More... |
|
History and traditions stay alive at the 13th annual boat races in Middle Caicos The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More... |