International Business: Co-Incidence Or Not?
In the last few weeks, one international company has announced a move to Switzerland, one to New York, one to Luxembourg and one cancelled a proposed Bermuda corporate restructuring plan in favour of Ireland.
Today: Amlin Plc announced it is moving the headquarters of its Bermuda unit to Switzerland, however the company says it remained committed to Bermuda “as a key operating platform” and will retain all 32 employees.
April 7: Dragon Oil Plc announced that it would not proceed with its proposed Bermuda corporate restructuring plan, and instead is looking at Ireland as an alternative jurisdiction.
April 6: W.P. Stewart & Co Ltd announced that their headquarters and all other operations presently conducted in Bermuda will be relocated to New York, resulting in the loss of 5 jobs in Bermuda
March 22: Flagstone Re announced they may change their place of incorporation to Luxembourg, however they stated they will continue to maintain underwriting and executive offices in Bermuda.
Are these instances considered par for the course, or is Bermuda beginning to see a trickle out of international business? Be part of our unofficial survey; let us know below, via Twitter [@bernewsdotcom] or on our Facebook page.
It’s all she wrote for Bermy
co·in·ci·dence [koh-in-si-duhns]–noun
a striking occurrence of two or more events at one time apparently by mere chance
It’s a normal cause of action that each jurisdiction would experience
So whats the big deal. If the 32 employees still have a job, whats the fuss.
So I move $100,000 from one bank to another. The teller still has his/her job……jeeesh………………….
During the 60′s certain Bermudians stupidly walked around proclaiming that tourists loved Bda and us so much they’d always come back no matter what. Then in the 70′s and 80′s their children started ‘spitting’ on tourists . Now we virtually have to pay them to come here .
For the last 11 years certain Bermudians have been ‘spitting’ on International Business …
Coincidence ? I don’t think so …