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Cathay Asia Limited - Public Statement No. 7 of 2015 (20 May 2015)

Public Statement No. 7 of 2015

 20 May, 2015

PUBLIC STATEMENT

 CATHAY ASIA LIMITED

 

Tortola, British Virgin Islands – 20 May, 2015 – The British Virgin Islands Financial Services Commission (the “FSC”) considers it necessary to issue this public statement in order to protect the public interest, and the interests of any of the customers and creditors of Cathay Asia Limited (the “Company”), and to make the general public aware that the Company is no longer licensed and/or regulated by the FSC.  

The details are:

The Company was formerly licensed by the FSC as a restricted Class II Trust to provide trust services from within the Territory. The Company was initially licensed on 29 December, 1997.

On 28 April, 2015 the FSC revoked the restricted Class II Trust licence based on the grounds as set out in section 37 (1) (a) (i) of the Financial Services Commission Act, 2001; namely, that the Company contravened:

1.     section 34(3) of the Financial Services Commission Act, 2001 by failing to appoint a Compliance Officer or seeking an exemption from the requirement;

2.     section 4 of the Financial Services (Prudential and Statistical Returns) Order, 2009 by failing to file prudential and statistical returns; and

3.     sections 2 and 2A of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to pay to the Commission the required annual license fees since 2011.

The Company is now no longer licensed and/or regulated by the FSC.

The FSC will provide an update on any further development in this matter.

The FSC has issued this Public Statement pursuant to Section 37A (1) of the Financial Services Commission Act, 2001.

 

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg