Roadtown, Tortola - The Government of the Virgin Islands (UK) signed a Memorandum of Understanding (MOU) yesterday with the Eastern Caribbean Supreme Court (ECSC) for the Commercial Division of the ECSC.
Premier Honourable Ralph T. O’Neal, OBE signed the agreement on behalf of the Government, Chief Justice Honourable Hugh Rawlins signed on behalf of the ECSC while Attorney General Kathleen Quartey witnessed their signatures.
His Excellency the Governor Mr. David Pearey delivering brief remarks at the ceremony expressed his delight in being a part of such an important event. “This week has been the most significant in the creation of this institution with the formal opening of the commercial court on Monday and the signing of the MOU today, which will establish and concretise the relationship between the Virgin Islands Government and the ECSC.”
Chief Justice Honourable Rawlins gave a brief history of the 13 years it took to bring the creation of the Commercial Division of the ECSC to fruition. He also expressed his delight in being able to “share this very proud and significant moment with the Government and people of the Virgin Islands and the Eastern Caribbean who have been at the forefront in having these initiatives taken on their behalf.”
Chief Justice Honourable Rawlins identified the reasons for which the Virgin Islands (UK) was chosen as the jurisdiction to house the Commercial Division including “the realisation that over the years the Virgin Islands has been the premier jurisdiction in the region in relation to international commercial matters; and that it is extremely critical to the economy of the Virgin Islands that the establishment of the commercial division of the court and the profile that the judge has, would assist internationally in stimulating further economic activity for that sector in the Virgin Islands.”
The Premier expressed his appreciation to everyone who has helped to bring the establishment of the Commercial Division of the ECSC to a reality and to those that came to the signing to show support for the institution.
He said it is important that the Virgin Islands provide the infrastructure the financial services industry will need to do business in the Territory. “The Government is of the opinion that this court is vital especially to the financial services, which the Territory is dependent on and also to the other members of the ECSC as the financial services sector develops in those member states,” the Premier added.
According to the MOU, the Government of the Virgin Islands will fund, provide and maintain a contemporary, professionally-equipped facility, which will serve as the initial Commercial Court building including a dedicated registry, and pay the salary and provide the advertised benefits of the Commercial Court Judge for the first three years of his engagement. Additionally, the Commercial Court which serves the ECSC will sit in the Virgin Islands save in exceptional circumstances when the exigencies of a case would lend themselves more readily to sitting in another member state in respect of cases filed in that other member state. The Commercial Court Judge will be at all times a Judge of the ECSC headed by His Lordship the Chief Justice and will be subject only to the direction of the Chief Justice.
The ceremony, chaired by Deputy Permanent Secretary in the Deputy Governor’s Office Ms. Arlene Smith, was well attended by other members of Cabinet, House of Assembly members and members of the Judiciary. The Commercial Division of the ECSC was officially opened on Monday, May 4 with a special sitting of the Court of Appeal. During that sitting Justice Edward Bannister, QC was officially welcomed to the Territory.
British Virgin Islands News