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Miami Herald
6 hours ago
- Business
- Miami Herald
British Virgin Islands - A top choice for global trade and investment
The British Virgin Islands (BVI) play a key role in facilitating international business. Its strong reputation and strict adherence to international standards position the territory as the trusted center for global investment. BVI is poised for a promising future, demonstrating remarkable resilience and growth over the past several years. Having navigated significant challenges, including the devastating hurricanes of 2017, a global pandemic and political shifts, the territory has emerged stronger than ever. In 2024, the BVI achieved one of its best years in tourism history, marking a significant milestone in its economic resurgence. 'In 2024, we welcomed over 1.09 million visitors, including record cruise arrivals and day trippers. Overnight stays are rebounding, reaching 305,876 in 2024, moving closer to our 2016 peak of 400,000,' confirms the Premier of the British Virgin Islands, Dr. Natalio D. Wheatley. The financial services sector remains the backbone of the BVI's economy. Recognized as one of the world's leading international finance centers, the BVI has maintained its standing through a commitment to regulatory excellence. The award-winning Financial Services Commission ensures adherence to global standards, making the jurisdiction a top choice for cross-border investment. 'There is a lot of investment coming into the region in various forms, from offshore structures, investing in hotels, or fintech,' notes Shan Greer, the CEO of the British Virgin Islands International Arbitration Centre. Wheatley confirms the optimism. 'In 2024, our GDP reached a record $1.76 billion and we anticipate further growth in 2025, including record-breaking tourism and financial services performance,' he notes. The government has met all revenue targets and is set to announce a strong sovereign rating from Standard & Poor's, further cementing its economic stability. Remarkably, much of the recovery from the 2017 hurricanes has been self-funded, underscoring the resilience and determination of the BVI. Investment initiatives underway The BVI is rapidly solidifying its position as an attractive investment destination. To enhance the business environment, the government has established the Ministry of Financial Services, Economic Development and Digital Transformation, aimed at streamlining operations and fostering economic expansion, while 'soon, we will launch the Investment Act, outlining tax incentives and concessions for investors,' announces Wheatley. The potential for investment in the BVI is immense, particularly in tourism. Several major developments are underway: 'Investors are developing hotels and luxury properties, drawn by the destination's beauty and popularity among the world's wealthiest individuals,' the premier highlights. The government's commitment to transparent and responsible governance has further strengthened investor confidence. A significant investment opportunity currently open to interested parties is the redevelopment of Prospect Reef into a five-star resort. The government has issued an expression of interest for this project, which will further enhance the BVI's tourism, financial services and legal sectors, generating significant economic benefits. Another new initiative is the Residency by Investment program, which will be rolled out alongside the Investment Act. This offers investors the opportunity to become BVI residents upon meeting specific investment thresholds. Applications for the program will open later this year and the government is optimistic about strong interest from those eager to capitalize on this opportunity. As a well-regulated and internationally recognized corporate domicile, the territory is a preferred jurisdiction for global businesses. With over 350,000 registered companies, the BVI plays a vital role in facilitating international trade and investment. Many of the world's leading firms utilize BVI business structures for complex global transactions, benefiting from the jurisdiction's robust legal framework, which is based on English common law. One of the standout features is its dedicated commercial court, which efficiently handles corporate disputes. To expand its financial services sector, the BVI is developing an International Arbitration Center, positioning itself as a premier destination for international dispute resolution. 'We have a very developed offshore industry. The idea was to complement that with other services. The BVI Arbitration Center was the first international arbitration center in the Caribbean. Its mission is to become the leading arbitration provider for the Caribbean, the Americas, and beyond,' explains Greer. She further emphasizes the quality of work they provide, going against the prejudices that people may have: 'one of the stigmas attached to being in the Caribbean is that we can't offer the same quality of service. But the quality of work that happens in BVI is at a very high standard.' Wheatley reinforces this point, highlighting that the U.K. has expressed confidence in the islands' progress. The tourism sector is booming. Improved air connectivity has played a crucial role in the BVI's resurgence. Since 2023, American Airlines has expanded its direct flights from Miami to the BVI with two or three flights per day in the summer and up to five per day in winter in response to soaring demand. Travelers can also access the territory via several other routes including the U.S. Virgin Islands, Puerto Rico, Antigua and Sint Maarten. Committed to sustainability Environmental sustainability remains a priority. The government has implemented an environmental levy on visitors, with funds allocated to climate resilience projects through the Climate Change Trust Fund. A major initiative in this space is the Solar Technology & Energy Program which aims for 30 percent public adoption of solar technology by 2030. Under this program, the BVI Electricity Corporation will support residents in acquiring solar panels, allowing them to repay costs through their electricity bills while enjoying long-term savings on energy expenses. One of the most ambitious sustainability projects is the near-completed solar farm in Anegada where 'we are nearing completion of a solar farm that will supply over 80 percent of the island's power,' Wheatley states. The government is also implementing a beach management project in Long Bay to safeguard marine and coastal ecosystems, ensuring that the BVI remains pristine for generations to come. The British Virgin Islands stand at the forefront of economic growth and sustainability in the Caribbean. With record-breaking tourism figures, a thriving financial services industry and a forward-thinking approach to investment and sustainability, the territory is well-positioned for continued success in 2025 and beyond.
Korea Herald
17-07-2025
- Business
- Korea Herald
BTS producer becomes first tycoon referred to prosecution under new president's toughened financial oversight
Hybe says it will actively clarify Bang Si-hyuk's suspicions to regain trust South Korea's financial regulators have referred Hybe Chairman Bang Si-hyuk to the prosecution on charges of fraudulent trading, accusing him of misleading shareholders during the company's initial public offering and profiting nearly 400 billion won ($287.6 million) in the process. This marks the first time under the Lee Jae Myung administration that authorities have taken such strong disciplinary action against the head of a major conglomerate. Regulators reportedly gave Bang an unusual opportunity to appear in person and explain himself, but he declined to attend. The Financial Services Commission's Securities and Futures Commission held a regular meeting Wedneday and announced that it had referred Bang and former Hybe executives to prosecutors on suspicion of violating the Capital Markets Act, particularly its ban on unfair trading practices. A referral to the prosecution is the most severe action financial regulators can take against an individual accused of violating the law, in addition to administrative penalties. Under the Capital Markets Act, a person who gains or avoids losses of over 5 billion won through unfair trading may face a prison term of five years to life. 'The suspects circumvented the lock-up period meant to prevent major shareholders from offloading shares immediately after listing, and dumped their shares on the market for profit. The nature of this violation is particularly serious,' a financial authority official said via local media outlet. 'The stock price plunged afterward, causing significant harm to ordinary retail investors.' Hybe said it would actively work to clarify the suspicions and restore market trust. 'It is unfortunate that the financial regulators did not accept the major shareholder's explanation during the Financial Supervisory Service's investigation, in which he made clear he did not pursue personal gains based on the company's IPO,' Hybe said in a statement sent to The Korea Herald on Thursday. 'Nevertheless, we respect the decision and will do our utmost in the upcoming investigation to actively address the allegations and recover the trust of the market and our stakeholders,' the company added. According to authorities, Bang allegedly deceived early investors into selling their shares by falsely claiming that Hybe's IPO prospects in 2019 were bleak. He is also believed to have signed a private agreement with a private equity fund that had acquired a large stake in the company, pledging to share 30 percent of any future gains from selling his shares — eventually profiting nearly 400 billion won. In response to this type of misconduct, the Korea Exchange revised its IPO due diligence checklist late last year, adding requirements for underwriters to inspect contracts between shareholders and assess risks to investor protection.
Korea Herald
17-07-2025
- Business
- Korea Herald
BTS producer becomes first tycoon referred to prosecution under Lee's toughened financial oversight
Hybe says it will actively clarify suspicions to regain trust South Korea's financial regulators have referred Hybe Chairman Bang Si-hyuk to the prosecution on charges of fraudulent trading, accusing him of misleading shareholders during the company's initial public offering and profiting nearly 400 billion won ($287.6 million) in the process. This marks the first time under the Lee Jae Myung administration that authorities have taken such strong disciplinary action against the head of a major conglomerate. Regulators reportedly gave Bang an unusual opportunity to appear in person and explain himself, but he declined to attend. The Financial Services Commission's Securities and Futures Commission held a regular meeting Wedneday and announced that it had referred Bang and former Hybe executives to prosecutors on suspicion of violating the Capital Markets Act, particularly its ban on unfair trading practices. A referral to the prosecution is the most severe action financial regulators can take against an individual accused of violating the law, in addition to administrative penalties. Under the Capital Markets Act, a person who gains or avoids losses of over 5 billion won through unfair trading may face a prison term of five years to life. 'The suspects circumvented the lock-up period meant to prevent major shareholders from offloading shares immediately after listing, and dumped their shares on the market for profit. The nature of this violation is particularly serious,' a financial authority official said via local media outlet. 'The stock price plunged afterward, causing significant harm to ordinary retail investors.' Hybe said it would actively work to clarify the suspicions and restore market trust. 'It is unfortunate that the financial regulators did not accept the major shareholder's explanation during the Financial Supervisory Service's investigation, in which he made clear he did not pursue personal gains based on the company's IPO,' Hybe said in a statement sent to The Korea Herald on Thursday. 'Nevertheless, we respect the decision and will do our utmost in the upcoming investigation to actively address the allegations and recover the trust of the market and our stakeholders,' the company added. According to authorities, Bang allegedly deceived early investors into selling their shares by falsely claiming that Hybe's IPO prospects in 2019 were bleak. He is also believed to have signed a private agreement with a private equity fund that had acquired a large stake in the company, pledging to share 30 percent of any future gains from selling his shares — eventually profiting nearly 400 billion won. In response to this type of misconduct, the Korea Exchange revised its IPO due diligence checklist late last year, adding requirements for underwriters to inspect contracts between shareholders and assess risks to investor protection.
Reuters
16-07-2025
- Business
- Reuters
South Korea financial regulator refers HYBE K-pop agency chair Bang for investigation, Yonhap says
SEOUL, July 16 (Reuters) - South Korea's financial regulator, the Financial Services Commission, has referred the chairman of K-pop agency HYBE to prosecutors for investigation of his activities during the company's stock market listing, Yonhap News Agency reported on Wednesday. The commission alleged that, ahead of the 2020 IPO, Bang Si-hyuk and three other executives "deceived" investors into selling their shares to an investment company they controlled and eventually profited from share sales after the listing, the Yonhap report said. The Financial Services Commission did not answer telephone calls seeking comment. HYBE said in a statement to Reuters that it regretted that the explanation by the "largest shareholder" - referring to Bang - to financial authorities that "he did not pursue personal gain on the premise of an IPO" was not accepted. "While we respect the financial authorities' decision, we will do our best to proactively clarify any related speculations in the upcoming investigation to restore the trust of the market as well as our stakeholders," it said. HYBE manages the global hit boy band BTS.
Bloomberg
16-07-2025
- Business
- Bloomberg
Billionaire Hybe Founder Said to Face Probe Over IPO Disclosures
Bang Si-hyuk, the billionaire founder of BTS-agency Hybe Co. Ltd. faces investigation by South Korean prosecutors for allegedly misleading investors ahead of its 2020 IPO. The Financial Services Commission referred the largest shareholder of an unidentified company and its former executives on allegations of deceiving investors and violating trading practices. While the FSC did not name the probe's targets in its statement, a person familiar with the investigation told Bloomberg News the company in question was Hybe.
