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Finance company penalised

Published:Friday | May 2, 2008 | 4:26 PM

A court in the British Virgin Islands, BVI has slapped what\'s believed to be a record penalty on an offshore finance company.

The amount of $45.5 million was against IPOC International Growth Fund Limited of Bermuda which had pleaded guilty to fraud-related crimes.

BVI prosecutors say it may be the largest court order of its kind ever made in the Commonwealth.

This follows yesterday’s call by British Members of Parliament for stricter regulations to deal with financial institutions in the United Kingdom.

The court order reportedly followed a 17-month investigation by the British Virgin Islands and Bermuda authorities.