TCI government recovers $9.29M in stamp duty fraud

(CNS): The government of Turks and Caicos has been awarded a judgment of $9.29 million involving the Emerald Cay private island property, following a ruling by Chief Justice Edwin Goldsborough on Wednesday. The court ruled that Tim Blixseth, helped conceal the true value of the retreat and underpaid stamp duty on the deal. Attorney General Huw Shepheard said the judgment against Emerald Cay Ltd. and Worldwide Commercial Properties Ltd. replaces an interim award of $1.25 million because of stiffer penalties.

"We are delighted to have obtained this judgment, which underlines the commitment the government has to ensuring stamp duty is paid, and to pursue those who do avoid stamp duty," he said.

The TCI interim government said the defendants paid $28 million for Emerald Cay while land transfer documents recorded the sale at only $10 million. It accused them of conspiring to avoid paying $2.73 million.

According to a report on Bloomberg Blixseth lawyer Michael Flynn contends that it was the seller who was at fault.

The Emerald Cay property has a nine-bedroom mansion with man-made sandy beach, several docks and a retractable bridge linking it with the island of Providenciales.