Monthly Archives: July 2012

CIC Energy announced financial results for the second quarter 2012

CIC Energy Corp., the company engaged in the exploration, development and operation of coal properties in Southern Africa, announced financial results for the second quarter 2012. The BVI corporation reported net loss for the three month period ended May 31, 2012, in the amount of $2,320,378, or $0.04 per share – as compared to a net loss of $9,220,278, or $0.17 per share for the second quarter 2011. The year change in net loss for the second quarter and for the six month period of 2012 is due to employee costs and office and general expenses.

By the end of the second quarter of 2012, capital expenditure on exploration properties was US$166,685,511, with capitalized exploration costs for the first six months totalling US$1,863,306.

Consolidated Interim Financial Statements for the three and six months ended May 31, 2012, are available at www.sedar.com.

BVI Government takes over management of dormant bank accounts

Thousands of dollars are to be transferred from dormant bank accounts to the Government of the British Virgin Islands in accordance with the Dormant Accounts Act, 2011. Before the commencement of this Act, inactive accounts were managed by banks, and last week the shift in management was initiated from the banks to the BVI Government, by the banks publishing lists of all non-active accounts.

In accordance with the legislation, all banks are mandated to publish a list of all inactive accounts in both the Gazette, the official paper of the government and two selected newspapers.

Financial Secretary Mr. Neil Smith explained the purpose of the Dormant Accounts Act, 2011, saying that it provides framework for the management of those dormant accounts by the Government. The Dormant Accounts Act, in its turn, is guided by international standards, according to which governments manage any unclaimed assets in their jurisdictions. After the funds from dormant accounts are added to Government’s reserve fund, the ownership of these accounts can also be claimed, upon providing credible proof.

The funds will be used to increase Government’s reserves and to enhance liquidity. In some circumstances, they can be also used in special social projects.

During sixty days period, the account holders will be able to make a claim to prevent their accounts from being ranked as dormant. Then, unclaimed assets will be transferred to a special fund, held in the Government’s reserve fund, which will be administered by a committee, chaired by the Financial Secretary and consisting of the accountant general, the director of Internal Audit, a representative of the Financial Services Commission, two persons nominated by financial services institutions, and a representative of the Attorney General.