Thursday, October 07, 2010

Bermuda - no sheriff in town

Following our paper on the rise of Britain's tax haven empire, we have received correspondence from someone in Bermuda. It contains some particular details that we can't reproduce here, for libel reasons (since we don't know the ins and outs of it) but the first paragraph speaks for itself:
Dear Sir

Am in the process of reading your article on the subject matter , As a citizen of a British Colony (Bermuda ) I have seen and experienced first hand the devastating effect of these countries.
Here in Bermuda there appears to be no sheriff in town with respect to the Banks and international companies. There is neither accountability or any regulation of the Behaviour of executives and Directors of these entities .There are numerous documented cases of fraud and malfeasance and neither the police or the Courts are prepared to assist.
. . .
I do not know what if anything you are able to do but the spotlight needs to shine on this little Island."
And Bermuda calls itself (as they all do) a "transparent, well regulated jurisdiction with nothing to hide."

4 Comments:

Blogger Michael said...

As a resident of Bermuda for the last 30 years I can only echo what was said. No sheriff in town!

3:58 am  
Anonymous Anonymous said...

Dear Sirs
There is no enforcement or regulation of the probity of Directors and officers of large companies in Bermuda. I have seen a recent Response to a complaint filed by a Citizen to the BMA (regulatory body)with respect to the Behaviour of a local Bank. The BMA RESPONSE WAS It is not their practice to be involved in matters between a Bank and its customers. Are they saying that it is not their practice to do their Job which I believe is to regulate these institutions

11:29 am  
Anonymous Anonymous said...

It is obvious that there are serious flaws and impediments with the regulatory framework of the financial institutions in bermuda
while the saying where there is smoke there is fire.Hopefully
someone will put the fire out before the house burns down
maybe someone wil wake the fire department up Perhaps this is the means by which tax haven avoid transparency thus enabling a
lack of any accountability

1:25 pm  
Blogger Sandi Davis said...

As a frequent visitor to Bermuda for over 40 years, I have been watching with interest the growing disparity between the "haves" and "have nots". The inability for many to afford basics.... in particular housing, is increasing. I am appalled by the very apparent financial and judicial improprieties - they act with absolute impunity and the legal system constantly shows blatantly obvious bias towards "the machine". The government has been busy lately trying to "explain" that Bermuda is not a tax haven. Hmmm ... you know the old adage - "If it walks like a duck and talks like a duck.... it might be a duck?" Just a thought! Sandi Davis London, Canada

11:55 am  

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