British Virgin Islands: Madoff related case heading to London

The BVI Beacon is reporting that a case involving BVI-based “feeder funds” linked to Bernie Madoff´s Ponzi scheme is heading to the Privy Council in London.

The legal fight involves the liquidators of feeder funds who are trying to claw back losses from the “net winners” from Madoff´s activities. The Judicial Committee of the Privy Council is the “final Court of Appeal for the the UK overseas territories and Crown dependencies”.

Once again, ultimate responsibility for governance of a secrecy jurisdiction is found to be in London.

Bonus links: the biographies of the Justices page is worth a look: it includes the wonderfully named Lord Sumption. And as if to emphasize that the Judicial Committee of the Privy Council is essentially a relic of colonial times, here is the first item on the “Did You Know” section of the website:

“In the 1920s, it was said that people living on a quarter of the planet could bring their appeals to the JCPC (including Canada, Australia, New Zealand India and parts of Africa).”


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