Refusal Letter from Faye Moffett, Managing

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Refusal Letter from Faye Moffett, Managing

TAX3 Committee Email [email protected] Directorate General for Internal Policies European Parliament Direct Dial +44 (0)1624 647 611 Tel +44 (0)1624 647 647 Attention: Mr Petr Ježek Your Ref: D317972 PRIVATE & CONFIDENTIAL Appleby Ref FM/MOC/HP 19 November 2018 Dear Mr Ježek Isle of Man Office TAX3 Committee Mission to the Isle of Man Appleby (Isle of Man) LLC 33-37 Athol Street Please note that this letter replicates the content sent to the TAX3 Committee in an email Douglas dated 7 November 2018. Isle of Man IM1 1LB Thank you for your invitation to meet with the TAX3 Committee during its visit to the Isle of Man on 22 November. Tel +44 (0)1624 647 647 We note from your email of 31 October that the TAX3 Committee is interested in meeting applebyglobal.com with tax and anti-money laundering authorities and members of Tynwald. We are none of these bodies. Isle of Man Managing Partner We understand that the TAX3 Committee’s remit is to fight against tax evasion, tax Faye Moffett avoidance and money laundering. We fully support this fight and we will continue to be Isle of Man Partners part of the dialogue which strives to stamp out any activities in the Isle of Man, or any of Christopher Cope Simon Harding the other jurisdictions in which we operate for that matter, that are not aligned to the Claire Milne high regulatory standards to which we adhere. Charles Davies Mark Holligon Caren Pegg Unfortunately, this date is not a convenient time to meet and therefore we have to Kyle Sutherland Juan Thornley decline your invitation. Garry Manley We wish you a successful and productive trip to the Isle of Man. Yours sincerely APPLEBY GLOBAL GROUP SERVICES LIMITED Appleby (Isle of Man) LLC (the Legal Practice) is a limited liability company with company number 000944L incorporated in the Isle of Man with its registered office at 33-37 Athol Street, Douglas, Isle of Man, IM1 1LB. "Partner" is a title referring to a member or employee of the Legal 370741v1 Practice. A list of such persons can be obtained from your relationship partner. Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai .

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British Virgin Islands High Court
JANUARY 2014 BRITISH VIRGIN ISLANDS HIGH COURT Appleby Corporate Services (BVI) Limited - BVI DISCRETIONARY TRUST - SOLE ASSET v- Citco Trustees (BVI) Limited Claim No. ENTIRE ISSUED SHARE CAPITAL OF INVESTMENT BVIHC (Com) 156 of 2011 COMPANY - MANAGEMENT OF INVESTMENTS DELEGATED TO PROFESSIONAL MANAGERS - ALMOST ENTIRE VALUE OF TRUST FUND LOST - DUTIES OF TRUSTEE - WHETHER TRUSTEE UNDER A DUTY TO REVIEW - PERFORMANCE OF MANAGERS - APPROACH TO THE ASSESSMENT OF EQUITABLE COMPENSATION - COURT’S POWER TO AWARD INTEREST IN EQUITY In this case the current trustee of a BVI discretionary trust, to information giving cause for concern about the management Appleby Corporate Service (BVI) Limited (“Appleby”) sought an of the Company’s assets but also to inform itself at appropriate Order requiring the former trustee, Citco Trustees (BVI) Limited intervals on the state of the Company’s portfolio and the manner (“Citco”) to reconstitute the trust fund by compensating the trust in which it was being managed. for losses, which it claims were suffered by the trust as a result of the negligence of Citco. The sole asset of the trust was the The Court held that among the duties owed by Citco to the entire issued share capital of an investment company. The beneficiaries of the Trust was a duty to take reasonable steps to investments were delegated to professional managers who satisfy itself at appropriate intervals that the investment disregarded contractual investment guidelines with a resultant guidelines were being observed and that the overall value of the loss of almost the entire value of the trust fund. fund had not been affected by any abuse on the part of investment manager of its delegated authority.
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British Virgin Islands About Appleby
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Appleby Global Services Mauritius
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Seychelles Office
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Guernsey About Appleby
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The Tax Haven Next Door
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