FSC revokes licenses of two restricted Class II Trust companies

In May, the Commission released two public statements to protect interests of the customers and creditors, as well as general public, concerning the companies Cathay Asia Limited and Oriental Conrad Limited, and to inform that these companies are no longer licensed by the BVI FSC.

Cathay Asia Limited had the license of a restricted Class II Trust since December 1997, to provide trust services from the British Virgin Islands, and Oriental Conrad Limited was licensed as a restricted Class II Trust since October 1996. Both companies’ licenses were revoked by the Commission in April 2015, on the following reasons: failing to appoint a Compliance Officer or seeking an exemption from the requirement, failing to file prudential and statistical returns; and failing to pay the required annual license fees to the Commission, since 2011.

This entry was posted in BVI Companies, Unlicensed offshore services. Bookmark the permalink.

Leave a Reply