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Alistair Woolf to buy St. George’s Club timeshare project in Bermuda

November 9, 1994
British property developer Alistair Woolf is heading a group that is about to buy the St George's Club timeshare complex for between $3.75 million and $4.25 million, we can reveal.Mr Woolf, whose group includes several Bermudians, is currently finalising a purchase arrangement with the Club's receiver, Price Waterhouse, and is expected to put pen to paper within days.

Bermuda Fire directors stay silent despite allegations of fraud at Bermuda Fire & Marine Insurance

November 3, 1994
Despite the strong criticisms of the collapse of Bermuda Fire & Marine Insurance, the company's vice-chairman, lawyer and former UBP MP William Cox, yesterday maintained his year-long public silence on the affair."I have no comment," said Mr Cox, who is the senior partner in law firm Cox & Wilkinson.Bermuda Fire's chairman, former government Senate leader Charles Collis, the senior partner in law firm Conyers, Dill & Pearman, was not available for comment.Other directors who voted to approve the controversial split-up of the company in 1991 have steadfastly refused to comment publicly on their actions since Bermuda Fire went into provisional liquidation in November, 1993.

Bermuda attacked by US politicians over Bermuda Fire ‘fraud’

November 3, 1994
A powerful political body in the US has launched a blistering attack on Bermuda over its handling of the collapse of Bermuda Fire & Marine Insurance.Over $40 million in assets that were dividended out to the insurer's shareholders in 1991 has been described as "a prime example of outrageous irresponsibility by an offshore insurance company".The matter was "exacerbated by a cavalier disregard for the consequences on people living elsewhere", said a report released this week entitled ‘Wishful Thinking: A World view of Insurance Solvency Regulation.'

Sunday trading debate launched in Bermuda

October 27, 1994
Bermuda is heading towards a national debate over whether the country wants its stores to open on Sundays and public holidays, say traders.The battle will pit the church and people who want Sunday to remain a day of rest against businesses and Bermudians who seek the freedom to shop whenever they like.

Bank of Butterfield caught up in US stock scandal

October 6, 1994
The Bank of Butterfield has been caught up in a stock scandal that has hit some of Wall Street's best-known brokerage houses.One of the bank's clients - American Michael Morse - has been accused of ripping off brokers through a scam involving the technique of ‘short selling'.Butterfield was named as a defendant in a court action brought at Bermuda Supreme Court this week by giant US investment firm, Merrill Lynch.

Ian Linnegan joins Bermuda human resources firm

August 18, 1994
Former Bermuda Insurance Institute director Ian Linnegan has gone into partnership with professional speaker Stuart Doyle to offer human resources and insurance-related courses to the workforces of Bermuda-based companies.Mr Linnegan has taken an ownership stake in Transitions International, which Mr Doyle has been running for the last decade.

BCCI investigators turn eyes to Bermuda in search for assets

August 18, 1994
European investigators looking into the Bank of Credit & Commerce International scandal have turned their attentions to Bermuda.They are trying to locate the assets of Sheikh Khalid bin Mahfouz, who has business interests on the island.

Wolfgang Flottl to move from Bermuda to New York

August 11, 1994
Financial trader Wolfgang Flottl is pulling out of Bermuda over the next 18 months and moving his trading operations to New York, we can reveal.His withdrawal will have a significant impact on the local economy and will put pressure on landlords to reduce high-end residential rents.

ACE shares fall due to extra reserving for implant claims

July 21, 1994
Shares in excess liability insurer ACE Ltd. fell by $2 per share on the New York Stock Exchange yesterday in unusually heavy trading after the firm announced it was setting aside another $200 million to meet breast-implant litigation claims.

Glaxo closes Bermuda investment office following losses

July 7, 1994
British pharmaceuticals giant Glaxo, which has taken heavy losses in the bond markets in recent months, is closing down its Bermuda investment arm with the loss of ten jobs.The decision follows a sweeping reorganization of Glaxo's board of directors announced a week ago.

NAF&G had no capital, say sources

June 17, 1994
Reinsurer North American Fidelity & Guarantee, which is being sued for $4 million in Bermuda, moved its operations from Bermuda to Belgium in 1993 not long after failing to comply with a request to show proof of its capital, we have been told.And some insurance observers believe the company, which offered property, marine, aviation and mortgage guarantee coverage and claimed to have capital of $100 million, may have actually had very few funds available to meet claims during the year it operated in Bermuda.

Trident Partnership receives $660 m in capital commitments

June 16, 1994
The Trident Partnership LP, whose sponsors include property catastrophe reinsurer Mid Ocean, has received $660 million of capital commitments to invest in the global insurance and reinsurance industry.Although no announcement has been made on where the funds will be distributed, observers believe that some of it will come to Bermuda.

Private detective who attacked Wolfgang Flottl has credibility undermined

June 16, 1994
The private detective who suggested that Bermuda-based financial trader Wolfgang Flottl may be helping to launder drugs money has a reputation for telling "tall" stories, we have been told.Journalists, private detectives and lawyers in the United States who have had dealings with Israeli-born Juval Aviv said he should not be believed.

Restructuring costs cuts into Corange’s profit

June 16, 1994
Bermuda-registered Corange Ltd, which owns German health care firm Boehringer Mannheim GmbH, said restructuring costs cut its 1993 profit to $105 million on sales of $3.217 billion, compared with a profit of $192.7 million on sales of $3.213 billion in 1992.

Wolfgang Flottl obtains court order for recalling of 220,000 copies of Austrian magazine

June 9, 1994
Bermuda-based trader Wolfgang Flottl obtained a court order this week banning 220,000 copies of an Austrian magazine from newsstands on the grounds that they contained an article allegedly libelling him. Austrian police carried out a door-to-door visit of Vienna's newsagents on Wednesday evening, confiscating all copies of the down-market tabloid News.

John Deuss denies rift with Chevron

May 19, 1994
Oil magnate John Deuss has denied there is a rift between himself and US oil giant Chevron that is delaying the construction of the Caspian Pipeline Consortium.

BF&M liquidators bring first lawsuit

May 19, 1994
The joint provisional liquidators of Bermuda Fire & Marine Insurance have brought their first legal action in Bermuda since they were appointed six months ago, filing an application to be appointed receivers of Bermuda London Underwriting Agency Ltd.

Regal Intl investors see light at the end of the tunnel

May 18, 1994
Bermudian investors who have for years been staring at a collective paper loss of several million dollars from their investment in a publicly-quoted US company had something to cheer about this week.They stand to get some of their investment back - or may even end up with a profit - following the announcement on Monday of a proposed deal between NYSE-listed Regal International and a Hong Kong/Chinese conglomerate.

Bermuda AG accused of ‘negligence’ while partner with CD&P

May 12, 1994
A Canadian businessman who claims that alleged negligence on the part of Attorney General Walter Maddocks while he was a partner in Conyers, Dill & Pearman cost him CDN$528,000 has had his damages lawsuit against CD&P dismissed because he took too long to bring it.

Corange’s legal battle is test case for personal trusts

May 12, 1994
Bermuda Supreme Court will today deliver a judgment that has pitted father against son and is expected to be something of a test case for personal trusts in Bermuda and, possibly, internationally.The decision by Justice Vincent Meerabux will also have significant implications for the future of one of the world's leading manufacturers of pharmaceutical and health care products, Bermuda-based Corange Ltd.

NAF&G sued for $4 million

April 26, 1994
Reinsurer North American Fidelity & Guarantee is being sued for almost $4 million in Bermuda, where it operated for only about a year before moving to Belgium last October.A lawsuit has been filed against the company by Bermuda-based Raydon Underwriting Management Company, which operated from the same building in Hamilton.

Thomas Coughlin talks about scandal but not about missing money

April 7, 1994
Businessman Thomas Coughlin, who is being investigated by Bermuda police following a complaint that he may have misappropriated funds from a local firm, has broken his public silence since allegations were made against him.But he has refused to shed any light on what has happened to hundreds of thousands of dollars that has allegedly gone missing from a local property development firm that he ran.Mr Coughlin, who has failed to return several calls left by us, last week gave an interview to his local newspaper in Connecticut, the Middletown Press.

Regulation S securities – John McNiff’s Offshore Investment Fund

April 5, 1994
More US companies may turn towards Regulation S securities offerings as a way of raising money due to the recent plunge of American stock markets, according to investment manager John McNiff.Mr McNiff, who runs Bermuda-based Offshore Investment Fund Ltd (OIFL), said US firms would find it increasingly difficult to raise money through public offerings in the current climate of market uncertainty.

Dead woman’s family sues Bermudian dive boat operator

March 30, 1994
A drowned scuba diver's family has taken steps to stop dive instructor Michael Heslop from disposing of any funds he may receive from the sale of his business.Mr Heslop has recently been trying to sell his dive boat operation, Fantasea Diving.

Lloyd’s List stands behind ‘Bermuda warning’ story

March 29, 1994
The UK insurance daily newspaper Lloyd's List has reiterated its claim that the Department of Trade & Industry is concerned about the quality of Bermuda's reinsurance market - despite an angry letter from the Bermuda Ministry of Finance.

Tony Habib trial date postponed

March 29, 1994
The trial of Bermuda company boss Tony Habib, which was originally due to have been held on March 21, has been postponed because of additional time required by US investigators to gather information locally.

Trial date set for Tony Habib

March 22, 1994
A trial date for Bermuda company boss Tony Habib, who is accused of a multi-million dollar fraud, has been set for March 21 in the Federal Court southern district of New York.

Beinhocker and Plunkett firm faces winding-up

March 3, 1994
An application has been made to wind up Bermuda-based Windsor Investments, which is majority owned by beleaguered American businessmen Gilbert Beinhocker and Gregory Plunkett.Channel Islands-based Maydown Consultants, which filed the winding-up petition at Bermuda Supreme Court on Wednesday, claims the investment company owes it $375,000.

New hope for Beinhocker and Plunkett investors

February 24, 1994
Bermuda-based investors fighting to regain $750,000 which was allegedly stripped from their firm by American Gilbert Beinhocker may get most of their money back.The receiver of their investment firm, EPA Inc, has ordered the return of $500,000 in Promissory Notes that were taken out of the firm by Dr Beinhocker.Dr Beinhocker, who ran EPA for its investors, gave two notes - worth a total of $207,692 - to law firms Hale & Dorr, of Boston, and Richards, Layton & Finger, of Delaware, as payment for legal bills.

Graham Ferguson-Lacey relaxes ties with Bermuda

February 24, 1994
Controversial businessman Graham Ferguson Lacey, whose failed ventures are reported to have cost investors more than $400 million, is relaxing his business ties with Bermuda.An application has been made to move the domicile of the publicly-quoted Van Diemen's Company Ltd. from Bermuda to Luxembourg.

ACE downplays exposure to breast implant litigation

February 23, 1994
Potential losses from breast implant litigation in the United States should not cause undue problems for Bermuda-based excess liability carriers ACE and XL, both companies said this week.

Bermuda budget will see relaxation of exchange controls in stages

February 22, 1994
The likelihood of foreign exchange controls being lifted in their entirety in the Budget on February 14 is considered to be virtually non-existent by Bermuda's financial community. While a complete overhaul of Bermuda's financial regulations may have been the Government's intention as recently as a few months ago, the issue has been turned on its head by talk of independence, according to businessmen.

Oil, money and power – the watch-words of businessman John Deuss

February 18, 1994
Bermuda-based oil magnate John Deuss, 51, has lived a life that is remarkable even among the rich and famous. Since his first car dealership went bust in the 1960s, he has outwitted the Soviets, broken an oil embargo in South Africa, had his home fire-bombed by anti-apartheid protesters and helped clinch the world's largest oil deal. In the process, this self-made Dutchman has made billions of dollars. DAVID MARCHANT takes a look at his extraordinary career and asks: 'John Deuss - Hero or Villain?'

Members sign deal to buy St. George’s Club

February 10, 1994
Members of the plush 69-unit St. George's Club timeshare complex have signed a preliminary agreement to buy the business for approximately $5 million.A party from the Members Advisory Council will visit Bermuda later this month to inspect the Club's books and meet with Government, which owns the land.

Investors get stung time and again on Vancouver Stock Exchange

February 9, 1994
The saying ‘there's one born every minute' has never been more appropriate than when applied to the plethora of investors who have lost their shirts gambling on companies that prospect for diamonds and gold in ‘them thar hills' of British Columbia, Canada. DAVID MARCHANT takes a look at an industry that has attracted substantial investment from Bermuda residents and scrutinizes the performance of the notorious Vancouver Stock Exchange, which helps firms raise money and which was described in Forbes magazine in 1989 as ‘The Scam Capital of the World'.

Bermuda police investigate Summit Development

February 3, 1994
Bermuda police are investigating an allegation that hundreds of thousands of dollars have gone missing from a local property development company.The cash has allegedly disappeared from The Summit Development Ltd, which built ten homes in Cut Road, St. George's, during the late 1980s.

Bermuda Fire & Marine liquidators receive court extension

February 3, 1994
Ernst & Young, the provisional liquidators of Bermuda Fire & Marine Insurance, have been granted an extra three months by Bermuda Supreme Court to compile information about the company's financial health and are now expected to produce their findings on March 10.