His Excellency Governor Ric Todd has responded to the many requests received for clarification re SIPT cost.
A press statement from Gov Todd said:-
“The costs of the SIPT and Civil Recovery Programme will be recouped several times over from the proceeds of their work.
“Each year the SIPT costs approximately $7m and Civil Recovery $4m. Both are expected to run for three years each. To date (until 30 Sep 11) the cumulative cost of both operations is $17.4m, already abated by a $10m payment by the UK Government.
“The remaining costs for this, the second year, and next year will be initially met by TCIG, with the costs ultimately abated by the proceeds from the Civil Recovery programme. This has already made significant progress recovering $2.25m in cash and some 800 acres of land valued at $150m. The pace, success and sums recovered throughout 2012 is expected to accelerate greatly, recovering millions of dollars in misappropriated funds and assets for benefit of the people of the TCI.
“The original Ministerial statement about both the SIPT and Civil Recovery programme was clear that the UK would make a contribution to the costs in year one. I am sorry if TCIG did not make this clear enough at that time.
“We will investigate all means of reducing this burden to TCIG, including asking the UK for additional support, but, clearly, this is not guaranteed. However, and it is worth repeating: we expect that the costs of these investigations will be recovered many times over and will significantly boost the coffers of the TCI Government.”
