On Monday, March 28th 2017, the Privy Council in London dismissed Akita Holdings Ltd's appeal against the Turks & Caicos Islands Government, affirming the decisions of the Supreme Court and Court of Appeal.
Akita Holdings Ltd. holds the majority of the land where its fuel storage and related facilities in South Dock, Providenciales on trust for the Government. The full judgment is attached and also available from the Privy Council website.
In September 2014, the Chief Justice, Hon. Margaret Ramsey-Hale ruled that Akita Holdings had obtained the land in breach of fiduciary duties owed to the Government by its owner and former Minister of Natural Resources, McAllister Hanchell.
The Government was found to own almost 70% of the land and to be entitled to the profits earned through the use of the land. The Court ordered that a further hearing should take place to assess the value of the damages due to the Government to account for the ownership interest and profits owed to the Government.
In today's ruling, as well as dismissing the appeal, the Privy Council ordered Akita Holdings to pay the Government's costs of the appeal and returned the case to the Supreme Court, in order for an assessment of damages, which the Chief Justice originally ordered should now proceed.
Attorney General, Hon. Rhondalee Braithwaite-Knowles stated; "After Akita Holdings unsuccessful appeals have delayed matters by two and a half years, the Government is now looking forward to valuing and recovering the damages due to it on behalf of the people of the Turks and Caicos Islands."
ENDS
Notes to Editors: The Government's claim against Akita Holdings Ltd. is part of the Civil Recovery Programme. The appointment of a civil recovery team was a key recommendation of the Report of the Commission of Inquiry. The Attorney General appointed the London office of the international law firm of Cooley (UK) LLP (formerly Edwards Angell Palmer & Dodge UK LLP) to undertake the programme working closely with Attorney General's Chambers.
Link to the Privy Council website confirming the position: https://www.jcpc.uk/cases/jcpc-2016-0064.html