WASHINGTON, May 6th, 2013 -- United Trading and Investment Company (UTICO) is pleased to provide this notice of clarification to concerned parties to clarify any misconceptions that may exist in the enforcement of its rights and fulfillment of its responsibilities under a corporate registry agreement entered into with the Nevis Island Administration (NIA). UTICO is a purpose formed company whose shareholders are United States citizens with a proven track record of business success.
UTICO, a private company registered under the laws of the Marshall Islands, entered into a legally binding
Corporate Registry Agreement (the Agreement) with the NIA in May of 2010. Under the Agreement, UTICO is
required (through affiliated entities) to provide the services necessary and desirable to operate, maintain and
market the international corporate registries, and thereby to increase the international visibility of Nevis as an
international corporate jurisdiction with the intention to grow the international corporate registries.
Further, UTICO is required to establish a registered agent in Nevis engaged exclusively in providing service in respect of business entities registered in the Nevis international corporate registries with the NIA. UTICO has identified the investment needed to turn the Island’s registries of international business entities into a cutting-edge operation that will allow existing and newly registered agents to provide service 24/7 anywhere in the world without increasing costs to their clients.
UTICO has committed the investment and resources necessary to put in place:
The systems which will allow all registered agents to provide their clients with service through ecommerce
facilities available only to registered agents;
A review, in conjunction with industry leaders in Nevis and key ‘customer’ jurisdictions, of the Nevis
international business entity product to make sure it meets customer needs;
Saturation marketing in the jurisdictions identified as the growth areas for the use of international
business entities.
UTICO has retained experts in the field of international registries and with US organizations specializing in
representing and marketing overseas jurisdictions to bring to the operation of the Nevis international registry best practice. This will create an essential part of the infrastructure necessary to permit the jurisdiction to develop as a state-of-the-art finance centre, fully compliant with all international regulatory requirements.
A central element in the Agreement is that confidentiality of the end-user shall be protected, and UTICO is
absolutely committed to this key issue. A review of local law and regulatory practice to achieve this in a way which both matches international obligation on ‘know-your-client’ and at the same time gives comfort to end-users and their representatives that no vulnerable data-base exists is a core condition of the NIA/UTICO Agreement.
While UTICO, through a subsidiary established in Nevis, will provide and finance all the operating systems and will be responsible for collection of revenues due to the NIA, accounting for revenues and transmission of fees
collected to the NIA Treasury is transparent. The NIA retains regulatory control and the right of continuous
inspection to ensure compliance with statutory requirements and the accuracy of accounting by UTICO.
UTICO’s POSITION
To date, the NIA has failed to fulfill its obligations under the Agreement despite repeated good faith overtures by
UTICO to resolve any issues that may be hindering implementation of the Agreement. This inaction has
necessitated multiple legal notices to the NIA advising them of the consequences of such continued inaction
including, but not limited to binding arbitration hearings in New York as specified in the Agreement.
Recent public reporting in Nevis has intimated NIA’s intent to”put this matter behind them” and continue its
operations under a business-as-usual scenario. Local misconceptions, misstatements and misinformation about UTICO’s role and intent have necessitated a clarification of facts.
UTICO’s position in this matter is as follows:
1. The Agreement entered into in May of 2010 with the NIA is a legally binding instrument verified by various independent international counsels and UTICO fully intends to enforce its rights, interests and remedies under the Agreement until a successful conclusion is reached.
2. The Agreement represents enormous future benefit to the NIA and the administration’s nonperformance
is in our minds a failure of NIA’s fiduciary responsibility to the people of Nevis.
3. UTICO will aggressively use all its resources to defend its rights and interests against the administration’s
failure to perform, as well as any third party entities that may enter into agreements with the NIA that infringe or conflicts with UTICO’s rights.
4. UTICO’s management prefers an amicable approach to resolving the impasse so as to limit the negative
financial impact to Nevis and damage to the international financial reputation of the NIA.
5. UTICO calls upon the NIA to meet its moral and legal obligations under the Agreement .
For more Information/Interview Contact:
George Miller, Senior Vice President Executive Action LLC 703/288-5256; gmiller@executiveaction-dc.com
George Miller, currently a Senior Vice President at Executive Action LLC, focusing on International Affairs, the
CIA, Office of the Director of National Intelligence, law enforcement, and Department of Homeland security
matters.
Mr. Miller is one of America’s leading foreign policy strategist, and has published extensively in foreign
affairs journals. With thirty years of high-level experience in homeland security, counterterrorism, and
intelligence issues, as well as extensive knowledge of the agencies and departments responsible for them.
Over the years, Mr. Miller has worked with some of the world’s top business moguls and has worked with several global election campaigns, including that of the President of the United States, Barack Obama. In politics, Mr. Miller has worked with foreign candidates and governments including: Guinean President Lansana Conte; Ivorian Prime Minister Gilbert Ake ; Russian President Boris Yeltsin and The Dalai Lama.
The numerous honors and merit awards he has received include the Distinguished Career Intelligence Medal and the Intelligence Commendation Medal. Mr. Miller pursued doctoral studies at Indiana University, and holds degrees from Dartmouth College
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