MAY 25TH - JUNE 1ST, 2013
VOLUME 9 - No. 20
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$13MILLION LAWYER BILL TCIG gets $6M from civil recovery, while UK attorneys are paid $13M BY VIVIAN TYSON SUN SENIOR EDITOR
T
he Civil Recovery Unit recovered $19.5million in cash for the Turks and Caicos Islands Government, but $13million of that amount was paid to the British lawfirm Edwards Wildman. In an interview with The SUN, Laurence Harris, the law firm’s deputy managing partner, confirmed receiving the $13million, but he rejected suggestions that the Turks and Caicos Islands is not receiving value for money and that his law firm was ripping off the country. “We got back nineteen and a half million (dollars) and it costs 13 million, so that is an investment rate of return of about 50 percent over three years, roughly speaking, which is about 17 percent annually. For much people investing money in a business or in a bank, it’s pretty hard to get a 17 percent rate of return. So in terms of the value of the investment, if you just look at the money, it’s a pretty good rate of return. But don’t just look at the money. The thing you really have to focus on is the land, because the land, which is the (people’s) birthright really. It’s the most valuable asset of all the islanders,” Harris stated. Over the past three years that the firm has been working on behalf of the government to recover land, some dating back to the Derek Taylor People’s Democratic Move-
NASTY LEEWARD HIGHWAY ACCIDENT: An awful two vehicle accident along the Leeward Highway in Providenciales in the vicinity of Caicos Lodge on Thursday, May 23, left one of the occupants with what appeared to be serious injuries. The accident, which took place about minutes to 6p.m., involved a Honda motor car and a SUV. Both vehicles received extensive manage. The impact of the accident resulted in the SUV mowing down nearby vegetation and coming to a rest several yards into the bushes. The driver, however, was not hurt. He was spotted milling around the scene as paramedics work feverishly to preserve the other motorist’s life. From reports, each vehicle had only the drivers on board. Photo shows paramedics making a gallant effort to stabilize the motor car driver before ushering him from the mangled car to the ambulance. At press time his condition was not known. The SUN was also unable at press time to establish the cause of the accident.
ment (PDM) administration and as recent as the former Michael Misick Progressive National Party (PNP) administration. So far they have recovered more than 2500 acres of land. Asked if he felt the Turks and Caicos Islands was receiving for
money by paying his firm $13million when the Attorney General’s Chambers and the Land Department could have done the job, Laurence said: “The answer (about receiving value for money) has got to be yes. And the reason it has got to be yes is, first of all the government
NEW DEVELOPMENT AGREEMENT FOR BEACHES
UK APPROVES TCIG FISCAL PLAN
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DETENTION CENTRE INMATE ON SUICIDE WATCH
CONDO OWNERS THREATENING TOURISM
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is in profit, and secondly it has got two and half thousand acres of land (back). How do you value that? That is worth tens of hundreds of millions in money terms but it is very much more than that, because it is controlled (by government) again,” Harris said. “And so, I think you have got to look at the result. If the government was trying to do it itself and lost this case, you (journalists) would be the first one to say ‘this is no good. You have been losing these cases. You haven’t got this land back. What was the point of doing this? Why didn’t you go to people who have done it before?’ So this is kind of a no win situation,” Harris continued. He said the $13 million in legal fees was as a result of a four tier expense mechanism that the Civil Recovery programme has taken. CONTINUED ON PAGE 2