Public Statement No. 2 of 2009 (20 January 2009) - Whitten Trust Company Limited

The British Virgin Islands Financial Services Commission (the "Commission") pursuant to Section 37A (4) of the Financial Services Commission Act, 2001 issues this public statement to inform the public that, upon the application of the Commission, the High Court of Justice of the Virgin Islands has appointed Joint Administrators for Whitten Trust Company Limited (the "Company").

On 14 January, 2009, Mr. Ian Trumper, Senior Managing Director of FTI Forensic and Litigation Consulting in London, and Mr. Ian Thompson, Managing Partner in FTI Forensic Accounting Limited, BVI office were appointed Joint Administrators of the Company.

As Joint Administrators, Mr. Trumper and Mr. Thompson will have the power to:

take possession of, and to have full and complete access to, all books, records, papers, statements and other documents of the Respondent wherever located and in whatever form and to exercise such powers as may be necessary for the purpose of acquiring, retaining possession or making copies thereof;
examine and verify the said books, records, papers, statements and other documents of the Respondent;
take over and manage the affairs of the Respondent;
examine by interview any director or officer of the Respondent;
examine by interview any person who in the opinion of the Joint Administrators is likely to have information relevant to the affairs of the Respondent;
make such applications as may be required concerning any matter arising out of the exercise of the above powers;
assist in the appointment of a fit and proper management team and the implementation of internal controls and procedures that are appropriate for the holder of a Class I trust licence.

The Joint Administrators are required to report to the High Court of Justice of the Virgin Islands and to the Commission within 45 days of the date of the Order of the Court on the exercise of their powers under the Order pursuant to section 39(4) of the Financial Services Commission Act.

The Commission will provide additional updates on developments as this matter progresses.

Robert A. Mathavious
Managing Director /CEO
British Virgin Islands Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Telephone: (284) 494-4190
Facsimile: (284) 494-5016
E-mail: [email protected]
Website: www.bvifsc.vg
Hours: Monday - Friday 8:30 am - 4:30 pm