On 3 December, the Turks & Caicos Islands Government issued civil proceedings against Emerald Cay Limited, Worldwide Commercial Properties Limited, Timothy Blixseth and Andrew Hawes arising out of the substantial under payment of stamp duty owed on the acquisition of land parcel number
60400/219 known as Emerald Cay in Chalk Sound, Providenciales. Those proceedings have now been served.
TCIG’s claim against the Defendants alleges that by a series of agreements of no or little practical or commercial value they concealed the true value of the consideration paid for the Land in August 2006 leading to an underpayment of stamp duty owed under the Stamp Duty Ordinance.
TCIG alleges that the true consideration paid was $28 million whilst it was recorded on the Land Transfer Certificate as just $10 million and that the Defendants conspired together to enter into a scheme to avoid payment of stamp duty of $2,730,000 properly due, instead paying just $975,000.
TCIG is seeking a declaration that adequate stamp duty was not paid and that the Defendants are liable for the outstanding stamp duty of
$1,755,000, as well as a penalty of $7,020,000 under section 8(c) of the Stamp Duty Ordinance, as well as damages, interest and costs.
These are the latest set of proceedings issued by the Civil Recovery team since they began their work at the end of 2009, and the first set of
proceedings in connection with the avoidance of stamp duty. The Civil Recovery team is now involved in a substantial number of active recoveries
and further sets of proceedings are expected to be brought.
A copy of the Writ, was sent to RTC News for viewing
