The Turks and Caicos Islands Government has obtained Judgment for close to $9.3m on the Emerald Cay Stamp Duty Claim.
In the latest judgment for the civil recovery team, published in a ruling handed down by Chief Justice Goldsborough on 31 January 2012, the Attorney
General, Huw Shephard on behalf of the Government of the TCI, has been awarded judgment of $9,291,758 (nine million, two hundred and ninety-one
thousand, seven hundred and fifty eight dollars) against Emerald Cay Limited and Worldwide Commercial Properties Limited, arising out of the
under-payment of Stamp Duty on the acquisition of Emerald Cay in 2006.
The judgment follows a hearing to assess damages held on 29 and 30 November 2011.
On 21 June 2011, Mr. Justice Martin awarded the Government an interim payment of $1.25m after entering judgment on liability in the case. He
ordered a full assessment of damages, which has now taken place. The judgment for $9.3m replaces the interim award of $1.25m given last June.
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. It is another very good result for the civil recovery team and very tangible evidence of the progress being
made by them, commented Attorney General Huw Shepheard.
