Michael Ashcroft had already gotten a 24 cent per share discount from government when his company E-com bought back shares in BTL earlier this year. And while that was what was publicly put on the table, evidence has now surfaced to show the sub-agreements that were never disclosed. In an unprecedented and extraordinary maneuver, government has paid the stamp duty arising form the sale of those E-com shares. Freebelize.dot.org, today released a September 22nd., 2005 letter in which senior finance advisor Joe Waight, acting on behalf of the Financial Secretary is instructing the Governor of the Central Bank, Sydney Campbell to pay $2.25 million dollars to the Companies Register as payment for stamp duty and registration fees arising form the transfer of BTL shares to E-com limited and Sunshine holdings. According to Waight's letter, government has agreed to pay the stamp duty and registration fee as a part of this agreement.
It's a very unusual transaction because the stamp duty arising on a transaction is at all times paid by the person buying, not the one selling. And what makes it even more irregular, is that government does not, as a general rule, pay any taxes. And that fact that it is paying now is only, we presume, at the behest of Lord Ashcroft. We note that the E-com agreement, the signed one that we have here at 7 News, does not specify that government must pay the stamp duty on the transfer of shares - making this an even more extraordinary act of kindness to Lord Ashcroft's companies.

See Waight's letter here

Tags Michael Ashcroft E-com BTL Joe Waight Sydney Campbell Central Bank