According to the published information on companies under enforcement action in the fourth quarter of 2012, administrative penalties were imposed on the following entities: Mossack Fonseca & Co. (BVI) Ltd – in the amount of $20,500.00, Creque’s Insurance Agency Limited – $3,000.00, ANT Management (BVI) Ltd – $3,000.00, Alternative Protection Management Ltd – $1,000.00, Inter‐Continental Trust Limited – $2,000.00, and MBC Financial Services Ltd – $10,000.00.
Directives were issued by the BVI FSC pursuant to the section 40(3) (a) and 40(3) (b) of the Financial Services Commission Act, 2001 to the companies Rosebank Limited and BGL Private Equity (BVI) Limited. The amended directive was issued to Collection of Modern Art Inc. amending an earlier Directive issued to the Fund on 21st February, 2012. Also, directives were issued pursuant to section 40 (1) (a) of the Financial Services Commission Act, 2001 to Lemma Europe Insurance Company Limited, and pursuant to section 40 (1) (b) of the Financial Services Commission Act, 2001 to Caribbean Insurers Limited and Caribbean Insurers (Marine) Limited.
Fulcrum Management Limited received a warning letter for failing to have at least two directors with effect from 31 March 2011. Also, a warning letter was issued to Eurofin Capital Management Limited for its contravention of section 4(1) of the Securities and Investment Business Act, 2010 by carrying on an investment business in or from within the Virgin Islands without the Commission’s authorization.
A cease and desist order was issued by the FSC to Benson Union Limited to cease and desist carrying on all investment business activities in or from within the BVI Territory with immediate effect.