TTI Chairman’s Blog

21 Dec 2013

BCCI victims pursue extra £200M payout

By | 2017-07-14T14:03:44+00:00 December 21st, 2013|

Make that $326,000,000 After 22 years (!) the liquidation process was closed. Wrongfully? A Luxembourg court will tell. Remarkably, against the odds and expert advice, a large percentage of the nominal moneys were retrieved. If successful, these additional funds might get recuperated. About 250,000 clients in 70 (+) countries were victims of the "Bank of Crooks and Criminals". BCCI victims pursue extra £200M payout

18 Dec 2013

Luxembourg’s tax break that helps companies to make profit from loss

By | 2017-07-16T11:23:17+00:00 December 18th, 2013|

A tax break that helps companies to make profit from loss Written by Oman Observer This article by Tom Bergin is presently making its round across the universe, probably through some syndication agreement. Of all places, this is a link to the "Oman Daily Observer". The main focus is on what sounds like a magic formula, and is summarized here in the article: "The rule, which dates back to World War Two, helps companies save hundreds of millions of dollars [...]

10 Nov 2013

Latin America is the second region in the world with the highest percentage of tax evaders

By | 2017-07-14T13:55:26+00:00 November 10th, 2013|

A Tax Justice Network compilation, from a Latin American angle. The numbers are staggering, and though G20 gets a reputation of doing nothing, I beg to differ a bit. G20 will act more and more, because governments spend more than they take in. They need the money! However it will take a long time. Remember how slowly they acted on global financial crimes, such as money laundering, or corruption? FATF standards, (the Financial Action Task Force of OECD), find broad [...]

11 Aug 2013

Fitch Affirms Luxembourg at ‘AAA’ Outlook Stable

By | 2017-07-14T13:53:19+00:00 August 11th, 2013|

Fitch Ratings has affirmed Luxembourg's AAA rating, and pointed out Luxembourg's relatively good performance in GDP growth. Several statements indicate the key spots that will be considered in future assessments: Luxembourg's greater volatility due to the reliance on financial services and its risks The total balance sheet of the financial sector is 70X GDP, though this is not indicative of potential risks. Luxembourg's debt and Eurozone liabilities are increasing Future social security liabilities and costs, though known but ignored and [...]

20 Jun 2013

Dolce and Gabbana convicted of tax evasion

By | 2017-07-14T13:51:04+00:00 June 20th, 2013|

Domenico Dolce and Stefano Gabbana were sentenced to 20 months in prison for tax evasion by an Italian court. 20 months in the cabana is no dolce vita. The good news: there will be appeals, and even if that fails, it will be mostly a sentence of "house arrest". However it has been a nightmare for both designers. It is also a dubious public relations event for Luxembourg. Indeed the tax evasion, or was it "optimization", occurred through a Luxembourg [...]

24 May 2013

Memorial day 2013

By | 2017-07-14T13:16:15+00:00 May 24th, 2013|

"Boys don’t cry," my aunt Naomi would say. So when I had to, I used some concealing strategies. That was a long time ago. But I knew Naomi would pop up, the moment I said:"Dear Day." I had arrived in Wilkes-Barre the day before Memorial Day 1992, to honor the memory of Sgt Day G. Turner, who fell during WW II in Luxembourg. At my hotel I had rehearsed my speech for the following morning, and I had choked up [...]

23 May 2013

Europe pushes to shed stigma of a tax haven

By | 2017-07-14T13:13:14+00:00 May 23rd, 2013|

Luxembourg will join a Europe-wide effort to share records on bank accounts held by foreigners. By ANDREW HIGGINS The New York Times, The International Herald Tribune An excellent excursion into the meanders of tax havens. Unless, as of yesterday, Luxembourg tries a Houdini out of its commitment to embrace automatic information. But that only beats the clock by a bit. Europe pushes to shed stigma of a tax haven

6 Apr 2013

Pierre Mariani and Dexia, Parachuting in the morning, in the evening

By | 2017-07-14T13:11:21+00:00 April 6th, 2013|

I know some about orchids, Belgium, France, Luxembourg and DEXIA. All combined give us a Belgian story today about Pierre Mariani, former DEXIA boss, who was denied (with much publicity) a seven figure Golden Parachute, in 2012. What was not well known was that, as the Golden Parachute failed to open, he got instead two Silver emergency ventral parachutes, called DEXIA Asset Mangement and Denizbank totaling Euros 675,000 annually. Safe landing! Why should we, the French, Belgian and Luxembourg taxpayers [...]

25 Mar 2013

Cyprus bailout, or the politics of Schadenfreude

By | 2017-07-14T13:09:19+00:00 March 25th, 2013|

The genie is out of the bottle. Salvaging Cyprus, is an estimated €17 billion, a pittance compared to the champions of European bankruptcy. Yet something really scary happened: the government can take all your money ! We knew it could take most of it, but in this case it is all it can grasp. The innovative part of the deal is that bank clients with deposits of more than €100,000 will see their accounts frozen, and eventually a significant part [...]

4 Jan 2013

Current TV worth more than Cargolux

By | 2017-07-14T13:07:46+00:00 January 4th, 2013|

Qatar owned Al Jazeera bought ramshackle "Current TV" owned among others by former Vice President Al Gore for $500 million. Which is a valuation of $150 million more than another Qatari company, Qatar Airways made for Cargolux. Luc Frieden should get in touch with Al Gore and learn some ropes of the trade. Current TV has about 40,000 viewers on average, less than C-Span if I may guess. Or my hometown's Town Hall Public Access TV. What are the chances [...]

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