The GSD says it congratulates the Government for implementing the much-needed changes to what is calls the “disastrous” PCC appointment system which was introduced back in 2012. The party says that it is sorry, however, that it has taken the Government “until weeks before a general election to sweeten Gibraltar” with the promise of a new and improved system which is set to go live on 1 January 2016.
Gibraltar has established a new category of protected cell company (PCC) specifically tailored for the insurance linked securities (ILS) sector. The new category of PCC to be known as a SPV PCC will be regulated under Gibraltar’s Insurance Companies (Special Purpose Vehicles) Regulations 2009.
The Government says it has for some months been working assiduously behind the scenes, with the assistance of Messrs Holland & Knight law firm in the USA, to persuade the District of Columbia of the fact that their published tax haven style blacklist was inaccurate in general and specifically so in the case of Gibraltar.
The GSD says it notes the “serious allegations” being made on Social Media about the alleged criminal record of the shareholder and director of the company that demolished the Risso Bakery and which received a loan from Credit Finance Company (CFC) to purchase an adjacent plot from Government.
