roman abramovich yacht antigua

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Net closes in on Roman Abramovich’s Bermuda-registered yachts in Antigua

Two Bermuda-registered superyachts owned by the Russian billionaire Roman Abramovich could be seized after they put into port in the Caribbean.

The 67-metre Garçon and the 55-metre Halo , flying the Bermuda flag, docked in Falmouth Harbour in Antigua, which said it was prepared to co-operate with Britain, the EU and the United States, which have imposed sanctions on Russian oligarchs after Russia launched an invasion of neighbouring Ukraine.

Sir Ronald Sanders, Antigua and Barbuda’s ambassador to the US, said: “Antigua and Barbuda has been at the forefront of objections to the invasion of Ukraine and Russia’s violation of international law.”

But he added the US had been unable to establish beyond doubt the ownership of the boats because of the “veil of secrecy” around BVI companies.

Sir Ronald said: “We have no sanctions laws here — we can’t seize property unless someone has committed a crime in Antigua, which they have not.

“However, we would wish to co-operate with the jurisdiction imposing the sanctions.

“The British would have to make a mutual legal assistance treaty request to Antigua for us to do anything.”

Sir Ronald explained that once a request was made, the case could be taken to court for a possible seizure of the boats.

He was speaking to the Antigua Observer, which said that the British Financial Times had identified the yachts as linked to Mr Abramovich.

The two yachts were said to be owned by British Virgin Islands-based Wenham Overseas and that Abramovich, 55, was the beneficial owner.

But firms based in BVI, like Bermuda, a UK Overseas Territory where John Rankin, a former governor of Bermuda, is the Governor, are not required to reveal the beneficial owners.

But E P Chet Greene, the Antigua and Barbuda foreign affairs minister, has written to Scott Furssedonn-Wood, the British High Commissioner to Barbados, who also has responsibility for several other Caribbean countries, to ask for assistance in firm identification of the boats’ owner and to promise “full assistance”.

Britain, the EU and the US have drawn up sanctions lists of the Russian super-rich and companies linked to them said to be close to Russian president Vladimir Putin, who ordered the illegal invasion of Ukraine.

Mr Abramovich, the owner of Chelsea FC in London, and other Russian oligarchs have been hit with asset freezes, travel bans and other restrictions.

Several megayachts, along with private aircraft and mansions, have been seized by authorities around the world.

Antigua and Barbuda joined the chorus of condemnation of the illegal Russian action in Ukraine and promised to take action against Russian interests.

Sir Ronald said: “We gave the lists to all our agencies, banks, Coast Guard, shipping companies, everyone who does business, saying these are people Antigua and Barbuda would prefer not to do business with.”

The country has warned that anyone caught doing business with people or companies on the sanctions list, even if by accident, risked sanctions themselves.

The Antigua Observe r said that the country’s banks had decided not to do any business with Russia or Belarus, which has supported the Russian invasion, even if the people or firms were not on any sanctions list.

Sir Ronald explained: “Going through every single person on the lists is expensive and the risk was not worth the reward.”

Lindsy Thompson, the resident British Commissioner in the two-island country, said: “It’s incredibly important for all nations, regardless of the size of their population, to put pressure on Russia.

“The horrific invasion and atrocities being committed by Russia have a profound effect on the whole world, whether it’s the cost of fuel, the cost of living, but also on each nation’s right to self-determination and this is a huge affront to that.”

Ms Thompson added: “Anything any country can do which allows the people of Ukraine to live in peace is the right thing to do.“

The Bermuda Shipping and Maritime Authority revealed two weeks ago that ten vessels on the island’s registry belonged to companies set up in other overseas territories that were “widely known to be associated with high-profile Russian nationals”.

The BSMA said there was nothing in Bermuda’s maritime legislation to allow for sanctions.

But the authority was said to be in consultation with the Attorney-General’s Chambers and the Financial Sanctions Implementation Unit to decide the next steps.

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Antigua confirms that Roman Abramovich owns two yachts moored on island

The caribbean island had asked the uk for help in identifying ships' owners.

The two vessels are docked in Antigua’s Falmouth Harbour. Getty Images

Two yachts worth almost $60 million moored on the Caribbean island of Antigua have been revealed to belong to Roman Abramovich.

Sanctions-hit oligarchs have been moving their superyachts around the globe in an attempt to avoid the reach of the West.

The two vessels, docked in Antigua’s Falmouth Harbour, are registered with a British Virgin Island company, Wenham Overseas Limited, which the Financial Times revealed had links to Mr Abramovich , who has recently been sanctioned by the UK.

It led island authorities to ask for the British government's help in identifying if he was the true owner.

The yachts involved are Halo , worth $38m, and Garcon , worth $20m.

Antigua’s minister of foreign affairs Paul Chet Greene wrote to the British High Commissioner to Barbados to verify the yachts' ownership in light of the allegations.

In response, the British High Commission said the Financial Investigation Agency of the British Virgin Islands "states the beneficial owner of Wenham Overseas Ltd is Roman Abramovich”, the paper reported.

Two superyachts linked to Russian billionaire Roman Abramovich were spotted on the Turkish coast on Tuesday, 'Eclipse' and 'My Solaris'. Mr Abramovich is among several wealthy Russians added to an EU blacklist as governments act to seize their yachts and other luxury assets. AP

The letter said that Antigua “will provide full assistance to the Government of the United Kingdom” if it receives a request.

Mr Abramovich, the owner of Chelsea Football Club, has been placed under sanctions by the UK and the EU, for his allegedly close ties to Russian President Vladimir Putin.

World governments are seeking to isolate Mr Putin and his allies over the invasion of Ukraine .

Last month Antigua announced it would enforce all US, EU and UK sanctions on Russian entities and individuals.

The UK government has designated more than 1,200 individuals and organisations close to Mr Putin – including 76 oligarchs and 16 banks with a global net worth of £150 billion ($197.04bn) and £500bn respectively.

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Authorities say sanctioned Russian oligarch Roman Abramovich owns 2 yachts moored in the Caribbean, including one that carries helicopters

• Antigua authorities say Roman Abramovich owns two yachts moored there, The Financial Times reported.
• Two other yachts owned by Abramovich docked in Turkey after he was sanctioned.
• An Antigua official said the country would assist the UK, which has sanctioned Abramovich.

Authorities in Antigua say sanctioned Russian oligarch Roman Abramovich owns two yachts that are moored there.

The Financial Times first reported the news.

Two other yachts owned by Abramovich, thought to be worth a combined $1.3 billion, docked in Turkey late March, avoiding sanctions risks at EU harbors.

Related stories

The two boats are docked in Antigua's Falmouth Harbor are owned by Wenham Overseas Ltd, a company based in the British Virgin Islands, The Financial Times reported.

Paul Chet Greene, Antigua's minister of foreign affairs, said in a letter that the British High Commission had given Antiguan authorities a letter from the Financial Investigation Agency of the British Virgin Islands "which states the beneficial owner of Wenham Overseas Ltd is Roman Abramovich."

In Greene's letter, which was sent to the British High Commissioner to Barbados and viewed by The Financial Times, he said that Antigua would provide "full assistance" to the UK government under a mutual legal assistance treaty between the two nations.

Antigua previously said it would enforce US, EU, and UK sanctions against Russia, The Financial Times reported.

Abramovich, who owns Chelsea Football Club and whom Bloomberg estimates is worth about $14.4 billion , is believed to have close ties to the Kremlin . His name was included among those  sanctioned by the UK on March 10 and the EU on March 15 as part of Western measures to pressure Russian President Vladimir Putin to call off the invasion of Ukraine.

Abramovich has previously been linked to properties in New York, France, and London , each worth millions of dollars. As well as the two boats in Antigua, he also has at least two superyachts, multiple private jets, a helicopter, and a number of luxury cars.

One of his two vessels moored in Antigua is Halo, according to the publication. The 180-foot vessel was built by Dutch yachtmaker Amels for Australian billionaire James Packer. He listed it for sale for around $46 million a few months after it was delivered in 2018. Amels said the vessel can fit 12 guests, 12 crew, and a captain.

The other boat is Garçon, a 182-foot support vessel, which its makers Damen Yachting said was built to support the 285-foot superyacht Ace. It has a landing pad for a helicopter and can fit other smaller vessels onboard.

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Antigua says it is willing to help UK seize Abramovich yachts

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Superyachts tracked: Abramovich’s boat heads east after sanctions

Solaris is tracked off coast of Sicily, joining hurried sailings of Russian yachts to avoid seizure

• Ukraine-Russia war – latest updates
• The oligarchs and business figures on western sanction lists

Roman Abramovich’s superyacht Solaris was heading east across the Mediterranean on Thursday after sanctions were extended to the Chelsea FC owner.

His $600m vessel, tracked off the coast of Sicily on Thursday, appeared to have joined the hurried sailings of Russian oligarchs moving their superyachts across the world to avoid seizure by governments enforcing sanctions in response to Russia’s invasion of Ukraine .

The Solaris left the Barcelona port where it had been undergoing repairs on Tuesday, according to Reuters, and by Thursday afternoon it was rounding the southern coast of Sicily. Abramovich’s other yacht, the even more luxurious Eclipse – estimated to be worth more than $1bn after extensive renovations – set sail east from the Caribbean island of St Maarten towards international waters shortly after other oligarchs’ yachts were seized.

The Eclipse had crossed much of the Atlantic by midday Thursday when it was located to the west of the Canary Islands according to vesselfinder.com.

Abramovich was sanctioned by the US in 2018 but joined the UK list on Thursday morning. A spokesperson for Abramovich said earlier this week: “We never comment on the movements of the yacht or any other vehicles or vessels.”

The 163-metre Eclipse, which includes nine decks, two helipads and a 16-metre swimming pool that can be converted into a dancefloor, is the most expensive vessel owned by individuals on the growing US, EU and UK sanction lists.

Many super-rich Russians – including some not yet on the sanctions list, but with links to the Russian president, Vladimir Putin – appear to be attempting to move their superyachts to countries without formal extradition agreements with western governments.

French and Italian authorities last week seized three yachts worth more than $225m (£170m).

Tracking data from the shipping intelligence service MarineTraffic shows that Titan, a $100m superyacht owned by Alexander Abramov, a billionaire iron and steel magnate, arrived in Maldives waters last week after sailing from Fethiye in Turkey. Its owner, who holds a big stake alongside Abramovich in the London-listed coal and steel group Evraz, is not on any sanctions lists.

Clio, a $65m superyacht owned by the aluminium billionaire Oleg Deripaska, who has been subject to US sanctions since 2018, was reported last week to be heading for Raa Atoll in the Maldives. The Maldives is an Indian Ocean island nation with no extradition treaty with the US or the EU.

The US president, Joe Biden, said last week the US was actively working to seize the superyachts, luxury apartments and private jets of oligarchs linked to Putin. “We are coming for your ill-begotten gains,” he said in his State of the Union address .

The White House spokesperson, Jen Psaki, added: “We want [Putin] to feel the squeeze, we want the people around him to feel the squeeze.”

Three ways you can help the people of Ukraine from the UK

Support local charities

There are several Ukrainian charities working on the ground.  Sunflower of Peace  is a charity that helps paramedics and doctors, and has been fundraising for supplies, which includes first aid medical tactical backpacks.

United Help Ukraine  focuses on providing medical supplies and humanitarian aid, and raising awareness of the conflict.

Voices of Children  aims to help children affected by the war in eastern Ukraine, providing support through art therapy, psychologists, video storytelling and a number of other methods.

The  British Red Cross  has launched an emergency appeal to help Ukraine. The charity will be updating its webpage with news on the work its team is doing, and how support will be used to help people.

Support local journalism

English-language news outlets based in the country, such as  Kyiv Independent  and the  New Voice of Ukraine , are covering developments on the ground as the conflict unfolds, using local journalists. The Kyiv Independent says it was created by journalists in order to defend editorial independence. This  site on Twitter  covers many local journalists in Ukraine.

Write to your local MP

This can be a way to lobby the British government to place further sanctions on the Russian government and its associates. You can get in touch with your local MP via email or post to their constituency address. Instructions on how to get in touch can be found on  parliament.uk.

Grant Shapps, the UK transport secretary, said the government would detain any yachts suspected of being Russian-owned if they entered UK waters. “I want to make it impossible for individuals with links to Putin to use their aircraft in UK airspace, at UK airports or airfields, and any aircraft suspected of being linked to Russia will be detained,” he said. “Likewise, their yachts. Any of these floating gin palaces with an identifiable Russian connection will be detained if it attempts to dock in a British port.”

France detained Amore Vero , a 280ft, $120m superyacht they said was owned by Igor Sechin, in the Mediterranean port of La Ciotat. Sechin, who is also facing sanctions, is the chief executive of the Russian oil producer Rosneft and a close ally of Putin. Amore Vero, which means “true love” in Italian, can accommodate 14 guests and 28 crew.

French police, who boarded the vessel at night last week, said the ship was in port for repairs, but its crew were “making arrangements to leave in a hurry, without having completed the planned work”.

Italy’s Guardia di Finanza boarded and impounded Lena , a 41-metre, $45m yacht owned by Gennady Timchenko, a close friend of Putin who has an estimated $21bn fortune held in several large Russian raw materials companies, in Sanremo. Lady M, a 64-metre, $60m yacht owned by Alexei Mordashov, was seized in the nearby Ligurian port of Imperia.

Dilbar , the world’s largest superyacht by gross tonnage, which the US government said is owned by Alisher Usmanov , was reported to have been seized in Hamburg. However, German authorities later clarified that the 156-metre vessel, which has been valued at $600m, has not been impounded but requires an export waiver to leave the port.

Usmanov, who reportedly owns Witanhurst, the second biggest private home in the UK after Buckingham Palace, was added to the EU’s sanction list on Wednesday. The US imposed sanctions on him last week after the White House described him as a “one of Russia’s wealthiest individuals and a close ally of Putin”.

The yachts identified by the Guardian as linked to oligarchs are worth more than $3bn. The ultimate ownership of superyachts can be difficult to confirm as many are owned through shell companies registered in tax havens.

Additional reporting by Pamela Duncan , Joanna Partridge and Georgina Quach

• Roman Abramovich
• The super-rich
• Foreign policy

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Antigua Breaking News

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• April 1, 2022

Antigua confirms Roman Abramovich owns two yachts moored on island

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FINANCIAL TIMES: The Antiguan government has established that two yachts moored in the Caribbean island belong to Roman Abramovich, confirming a Financial Times investigation that revealed the vessels appeared to be owned by the sanctions-hit oligarch.

The FT reported this week that boats docked in Antigua’s Falmouth Harbour were owned by a British Virgin Island company with ties to Abramovich, prompting the Caribbean nation to call on the UK government to help confirm whether the oligarch was their ultimate owner.

In a letter to the British High Commissioner to Barbados seen by the FT, Antigua’s minister of foreign affairs Paul Chet Greene said the island’s government had requested information on whether the owner of the BVI company, Wenham Overseas Limited, is on Britain’s sanctions list, in light of “persistent allegations by the Financial Times that the vessels could be owned by Mr Roman Abramovich”.

The letter then confirmed that the British High Commission had provided Antiguan authorities with a letter “from the Financial Investigation Agency of the British Virgin Islands which states the beneficial owner of Wenham Overseas Ltd is Roman Abramovich”. Abramovich, the owner of Chelsea Football Club, has been placed under sanctions by the UK and the EU, though not by the US, for his allegedly close ties to Russian president Vladimir Putin.

While Antigua said this month that it would enforce all US, EU and UK sanctions on Russian entities and individuals, the island nation initially struggled to verify the ownership of the two boats. Antigua’s confirmation of Abramovich’s ownership of the yachts raises the prospect that they could be seized. The letter noted that Antigua “will provide full assistance to the Government of the United Kingdom” if it receives a request under the two nations’ Mutual Legal Assistance Treaty.

Recommended On Wall StreetBrendan Greeley A superyacht is a terrible asset British officials confirmed the government was in contact with the authorities of Antigua and Barbuda and was providing assistance. The UK said it would not comment on discussions. The yachts in question — called Halo and Garçon — are worth about $38mn and $20mn respectively, according to valuation service VesselsValue.

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Halo was built for Australian billionaire James Packer and was originally named EJI after the initials of his three children.

However, the casino heir put the yacht up for sale a few months after it was delivered in 2018, reportedly because it was “too small”. Garçon is a 67-metre explorer vessel designed to carry helicopters and an “armada of water toys”, and was built for Ukrainian billionaire Yuriy Kosiuk, who sold the so-called support yacht last year.

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TERMS OF REFERENCE (ToR)

(Consulting Services – Accountant)

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) was created to increase the amount of financing available to MSMEs in the Eastern Caribbean Currency Union (ECCU). The programme provides guarantees of up to 80% on loans made by private sector lenders to qualifying micro, small and medium enterprises (MSMEs). ECPCGC became operational in 2020 and its staff is working with banks in the six nations that comprise the ECCU. In general, both banks and MSMEs are unfamiliar with guarantee schemes and the credit enhancement that they can provide. The process is that the entrepreneurs approach the financial institutions for loans, armed with their financial documents, projections, business history, and a clear idea of the purpose of the loan. The institutions would review the documents, adjudicate the loan, and if approved, send an application to ECPCGC for a guarantee to make up for the collateral deficit. In the absence of proper records, the financial institutions are unable to complete their assessments.

The Current Issue

The banks have cited the following issues that are prevalent among the customers:

• A high level of informality among the businesses
• Incomplete financial records
• Unrealistic business projections

Consequently, the institutions have requested that the clients get their files organized so that proper assessments may be made of the businesses and the need for financing. Many clients are cash constrained and are unable to afford the fees for an accountant to prepare the requisite statements. They, therefore, do not return to the banks with the documentation and so lose out on the opportunity to participate in the guarantee programme.

As the economies rebound from COVID 19, it is expected that the demand for guarantees will pick up, and there may be many more under prepared clients trying to access the guarantees. ECPCGC will send referrals to the accountant so that the required reports can be prepared for submission to the financial institutions. 

The Purpose of the Assignment

ECPCGC is looking to obtain the services of an experienced accountant who has worked with MSMEs nationally and has experience in creating financial reports and projections from incomplete records. 

The consultant would have the following responsibilities:

• Facilitate meetings with the clients for whom referrals are made
• Retrieve records from the client – invoices, receipts, bank statements, and other records, depending on the type of business that the client owns
• Use the records provided and other information obtained from the client, to compile financial records that would provide a clear indication of the financial standing of the business
• Provide business projections, supported by the statements that were compiled above

Fees will be paid on a “per client” basis.

Requirements

The ideal candidate will have a minimum of 10-15 years of accounting experience and would have substantial prior engagement with MSMEs. 

Term of the Engagement

The engagement will last between 6 and 12 months beginning in June 2022. 

Expression of Interest:

Interested applicants whose qualifications and experience are in line with the Terms of Reference are invited to submit their CV, a letter of application stating suitability for the position, two professional references on or before May 24, 2022 at 11:59 Atlantic Standard Time (AST) to  [email protected]   with the job reference number KN-ECPCGC-293793-CS-IDV in the subject line of the email.

Key Personnel 

The following are key organizational staff that you may contact regarding any questions on the position: 

Bernard Thomas, Chief Financial Officer, 869-466-8251, [email protected]

Carmen Gomez-Trigg, Chief Executive Officer, 868-620-8144, [email protected]  

Terms of Reference for Marketing/Technical Assistance Expert for the Eastern Caribbean Partial Credit Guarantee Corporation

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) was created to increase the amount of financing available to SMEs in the Eastern Caribbean Currency Union (ECCU). The scheme provides guarantees of up to 75% on loans made by private sector lenders to qualifying small and medium enterprises (SMEs). The scheme recently became operational and is working with banks in the six nations that comprise the ECCU. In general, both banks and SMEs are unfamiliar with guarantee schemes and the credit enhancement that they can provide.  

The ECPCGC was designed with a staff of four to five people to handle marketing, processing guarantee applications, and monitoring lender performance. During the initial operational phase, the need for training and implementation of the web portal has stressed the ability of the staff to keep up with day-to-day activities as well as handle the training. While the current staff has provided training on the web portal and terms and conditions of the guarantee scheme, it is likely that loan officers will have questions regarding both the terms and conditions of the scheme and web portal operations when they use the program for the first time.  

The Covid virus has slowed business on the islands, including the requests for bank lending. When lending picks up, it is likely that loan officers will have questions regarding program operations and using the web portal. In addition, one of the concerns banks raise repeatedly is that many applications are not complete when submitted, requiring substantial additional time to get all of the information in a format that can be used for a credit application.

The ECPCGC is looking for an experienced bank or non-bank loan officer who has worked with SMEs in the Caribbean region and has experience in the Sales and Marketing of financial products. The consultant would have five main responsibilities.  

• The first will be marketing the scheme to staff at the Participating Lenders, including line or branch loan officers. The idea is to convince the loan officers to consider the guarantee before declining any loan applications.  
• The second will be to develop training in pipeline building and sales for the Loan Sales Officers.
• The third responsibility will be answering questions from officers at Participating Lenders regarding the guarantee scheme. The consultant would be required to become familiar with the electronic portal that is being used to accept applications from the Participating Lenders.   While a significant amount of time has been invested in the current training regimen on the portal, experience has shown that there will be questions from loan officers when they have a case in front of them that may qualify for a guarantee.  
• The fourth facet of the engagement will be working with loan officers at Participating Lenders to get their SME loan application packages ready for submission to the ECPCGC. This includes suggestions on structuring the transaction and may include determining that the applicant is not creditworthy.
• The fifth responsibility will be to meet with selected lenders that are not currently participating in the scheme. These meetings will be via video conference and in person. The purpose will be to assess the SME lending capability of a lender.   This may involve reviewing policies and procedures, learning about their target market, and discussing credit analysis with them. Selected lenders may include banks and credit unions.  

The ideal candidate will have a minimum of 10-15 years of SME lending experience in the Caribbean region, preferably in the countries of the ECCU.

Experience with marketing, sales, and/or working with a guaranteed lending scheme would be beneficial.  

The engagement will last between 6 and 12 months beginning in June 2022.  

Interested applicants whose qualifications and experience are in line with the Terms of Reference are invited to submit their CV, a letter of application stating suitability for the position, two professional references, and a current Police Certificate of Good Character on or before May 20, 2022 at 11:59 Atlantic Standard Time (AST) to  [email protected]  with the job reference number KN-ECPCGC-292033-CS-INDV in the subject line of the email.  

Key Personnel  

The following are key organizational staff that you may contact regarding any questions on the position:  

Carmen Gomez-Trigg, Chief Executive Officer, 868-620-8144, [email protected]

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) was created to increase the amount of financing available to SMEs in the Eastern Caribbean Currency Union (ECCU). The scheme provides guarantees of up to 75% on loans made by privatesector lenders to qualifying small and medium enterprises (SMEs). The scheme recently became operational and is working with banks in the six nations that comprise the ECCU. In general, both banks and SMEs are unfamiliar with guarantee schemes and the credit enhancement that they can provide.

The ECPCGC was designed with a staff of four to five people to handle marketing, processing guarantee applications, and monitoring lender performance. During the initial operational phase, the need for training and implementation of the web portal has stressed the ability of the staff to keep up with day-to-day activities as well as handle the training. While the current staff has provided training on the web portal and terms and conditions of the guarantee scheme, it is likely that loan officers will have questions regarding both the terms and conditions of the scheme and web portal operations when they use the program for the first time.

The ECPCGC is looking for an experienced bank or non-bank loan officer who has worked with SMEs in the Caribbean region and has experience in the Sales and Marketing of financial products. The consultant would have fivemain responsibilities.

Interested applicants whose qualifications and experience are in line with the Terms of Reference are invited to submit their CV, a letter of application stating suitability for the position, two professional references, and a current Police Certificate of Good Character on or before May 3, 2022 at 11:59 Atlantic Standard Time (AST) to  [email protected]  with the job reference number KN-ECPCGC-156400-CS-INDV in the subject line of the email.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No . KN-ECPCGC-207852-CS-INDV

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project.  

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses , knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30 th , 2021.   The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below.  

https://bit.ly/3yOG8F6

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

• An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
• Minimum of 5 years’ experience in MSME lending. Applicants should also have:
• The ability to design and implement risk management procedures  
• Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
• Extensive knowledge of MSME banking operations
• Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
• Experience developing and presenting information in public, including responding to questions in real-time
• Experience lending to MSMEs located in the ECCU
• Knowledge of marketing and communicating with the MSME sector
• Ability to draft procedures to be used in a lending operation
• Familiarity with the mechanics of a loan guarantee program
• Exceptional written, oral, interpersonal, and presentation skills, and
• Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers.  

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Bird Rock, Basseterre,

Expressions of interest must be delivered in a written form by e-mail by August 25 th , 2021, to [email protected] .  

For further information, please contact:

Carmen Gomez-Trigg                                                             Bernard Thomas

Chief Executive Officer                                                           Chief Financial Officer

Tel: 868-620-8144                                                                   Tel: 869-765-2385

Email: [email protected]                                           [email protected]

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The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses , knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, or related field; and a minimum of 5 years’ experience in MSME lending in a financial services institution. The initial contracted employment period will be for two years subject to a performance review and an expression of further contracted employment three months before the expiration of the existing contract. The assignment is expected to begin on April 15, 2021.  

The consultant will report directly to the Chief Executive Officer of the ECPCGC and the ECPCGC Board of Directors.

https://tinyurl.com/yygezdt9

• An Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, or related field; and
• Minimum of 5 years’ experience in MSME lending in a financial services institution.

Applicants should also have:

• Proficiency in the use of Microsoft Office software.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.

A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers.  

Further information can be obtained at the address below during office hours 0800 to 1700 hours.

Expressions of interest must be delivered in a written form by e-mail by February 16, 2021 to [email protected]

Brid Rock, Basseterre,

Chief Executive Officer                                                         Chief Financial Officer

Tel: 868-620-8144                                                                     Tel: 869-765-2385

Email: [email protected]                                       [email protected]

Economic Advisory Services – Project Management Consultant Terms of Reference

Antigua and Barbuda

Terms of Reference

The Government of Antigua and Barbuda (GOAB) is to receive funding from the NDC Partnership to enhance its economic planning and recovery efforts and its response to both the COVID-19 pandemic and climate change. The GOAB recently established an Economic Recovery Commission (ERC) in the wake of the pandemic. It comprises public-private stakeholders, who advise the Cabinet of Antigua and Barbuda on the long-term economic recovery of Antigua and Barbuda, including avenues to stimulate development and create jobs. The support of the NDC Partnership and its implementing partners will complement the work of the ERC.

Funding from the NDC Partnership will go towards the operationalization of a Project Management Unit (PMU) for the Ministry of Finance and Corporate Governance that will help the country to design and implement low-

carbon and climate resilient projects in line with the Nationally Determined Contributions (NDCs) under the ParisAgreement. This assistance will strengthen the country’s capacity to develop and execute interventions that address the adverse effects of climate change and improve its ability to attract climate finance.

The PMU within the Ministry of Finance will be tasked with coordinating the implementation of transformative projects for the building, road and finance sectors; and adaptation interventions. The PMU has to implement projects with oversight from the Department of the Environment (DOE) — an Accredited Entity (AE) to the Green Climate Fund (GCF). The PMU must also work with Executing Entities (EE) and other implementing partners. The PMU will consist of one or more Project Managers, one or more Project Coordinators, Project Component Coordinators, a Financial Officer, a Procurement Officer, an Environmental and Social Safeguards Officer, a Knowledge Management Officer, a Monitoring and Gender Officer, and an Administrative Officer.

Objectives of the Assignment

The objective of the assignment is to acquire the services of an experienced and qualified Project Management Consultant, who will be responsible for setting up and operationalizing the PMU. The Consultant will be required to set up and prepare for the operation of new projects while the project staff are being hired. The Project Management Consultant should have a proven track record of supervising and managing relevant projects. The Consultant will take responsibility for building the PMU’s capacity for planning, coordinating, and implementing low-emission and climate resilient projects. Also, the PMU will be required to carry out monitoring and evaluation and reporting functions. The Consultant will be based in the Ministry of Finance. The contractual period is expected to last for 12 months at which time the PMU should be established, and any new projects assigned will be in full operationalization and implementation phase.

Scope of Work

The Project Management Consultant will carry out specific duties and responsibilities under the general direction of the Ministry of Finance. The Project Management Consultant will:

• Prepare for approval Terms of Reference (TORs) to recruit PMU staff
• Establish the process for recruiting and onboarding new hires
• Develop a Project Operations Manual to guide the workflow of the PMU, including implementation,arrangements
• annual work plans, budgets, procurement plans, monitoring plans for approval
• procurement, project monitoring and evaluation, financial management, progress and financial reporting
• Build the capacity of local ministry staff through trainings in project development and management as well as mentor junior staff and experts
• Conduct training and capacity building of PMU staff and representatives from relevant entities that will support the work of the PMU
• Develop TORs and Requests For Proposals (RFPs) for individual consultants and firms to coordinate their work to ensure that the objectives of their consultancies are met
• Support the implementation of activities within project implementation plans in accordance with assigned budgets and schedules
• Support public outreach, stakeholder engagements and consultations
• Draft or supervise the drafting of performance reports and other reports related to projects under the unit’smanagement

monitoring and reporting

provide initial oversight for the PMU staff in the execution of their respective duties, including

• Track initial performance on established indicators to measure achievement and monitor progress towards results and overall objectives
• Train staff to track outputs and deliverables via a cloud-based project management software (Smartsheet)
• Submit, in a timely manner, required reports as stipulated by the TORIndicative Deliverables
• Identify and disseminate good practices, lessons, and knowledge
• Perform other tasks and orders required to operationalize the PMU and any new projects underoperationalization during the duration of the contract

During this contract period, if the PMU has to implement a project, the Project Management Consultant will be provided with more detailed tasks.

Institutional Arrangements and Reporting

The Project Management Consultant will work under the guidance and supervision of the Permanent Secretary of the Ministry of Finance. The Project Management Consultant will provide oversight of the Project Management Unit and shall liaise with the government, NDC Partnership, donor agencies and other key stakeholders. The Project Management Consultant shall also collaborate with the Economic Advisor and the Climate Finance Analyst during the execution of his/her tasks and responsibilities.

Education, Experience, Skills and Abilities

The Project Management Consultant should possess the following qualifications:

• Advanced university degree in economics, business administration, public policy/administration or related discipline with strong experience in project management
• At least 8-years experience in project preparation and management, and being engaged in similar assignments
• Formal training and/or certification in project management
• Experience delivering training in project management strategies, techniques and best practices
• Experience delivering training in budget preparation and risk managementEconomic Advisory Services – Project Management Consultant, Antigua and Barbuda 3 October 2020
• At least 5-years experience working with regional and international donor and financing agencies
• Knowledge of the Green Climate Fund’s policies and procedures or the United Nations FrameworkConvention on Climate Change process is an advantage
• Knowledge of the Antigua and Barbuda political and institutional context is an asset
• Previous work experience in small island developing States (‘SIDS’), particularly in the Caribbean isdesirable
• Proficient in the use of project management software tools and techniques
• Experience in collecting and analyzing economic and social data is an asset
• Be computer literate and well developed skills of working with Microsoft Word, Excel, Internet Explorer
• Fluent in oral and written English, excellent communication, presentation and facilitation skills
• Ability to work effectively with others in a team environment
• Ability to adapt to dynamic environments

Economic Advisory Services – Project Management Consultant, Antigua and Barbuda 4 October 2020

Invitation to Tender

Construction of Airport Heliport

Property located at the Eastern end of Runway 10 has been designated for a helicopter landing area.   This tender is being offered for the construction of a helicopter landing pad as well as a 4 office building.  

The area will require preparation and landing area constructed in accordance with ICAO and ECCAA regulations as well as logistically designed for maximum safety and benefit.

Requirements:

• Be able to apply for and receive an ABAA pass, as well as have clean Police Records.
• Aviation knowledge required.
• Helicopter Flight Logistics knowledge a must.
• References in construction will be required.

All bids must be submitted to [email protected] by 20 Nov. 2020.   All enquires with regard to tender should be addressed to the above email.

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses , knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30 th , 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

https://bit.ly/3iVannm

• The ability to design and implement risk management procedures 

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

Expressions of interest must be delivered in a written form by e-mail by August 11 th , 2021, to [email protected] . 

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

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Russian Oligarch Roman Abramovich’s Two Superyachts Are Sailing Towards Each Other in the Mediterranean

Ship tracking platforms show that the billionaire’s yachts "eclipse" and "solaris" are relocating to the mediterranean, with no port destination specified., emma reynolds, emma reynolds's most recent stories.

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Russian oligarch and billionaire Roman Abramovich is on the move—and so are his superyachts.

After being slapped with sanctions in response to Russia ’s invasion of Ukraine, the billionaire was last seen on March 14 at an airport in Israel, where he has dual citizenship, according to Reuters .

Abramovich, who is currently worth an estimated $7.1 billion, according to Forbes , appears to be moving his yachts to safer waters. His 533-foot superyacht Eclipse , normally anchored year-round in the Caribbean, has been sailing east towards the Mediterranean since February 21, according to global ship tracking platform MarineTraffic. As of Wednesday, the ship is located off the coast of Algeria and is still sailing east with no port destination specified. The yacht, estimated to be worth over $600 million, is one of the largest and most expensive in the world , and seems to be cruising towards Abramovich’s other yacht, Solaris , in the Ionian Sea.

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Roman Abramovich’s “Solaris” superyacht.  Courtesy of Lloyd Werft

The 461-foot Solaris  is currently located in the Ionian Sea off the western coast of Greece and heading south. Solaris was most recently at a port in Barcelona, where it had reportedly been receiving repairs since late 2021 . The ship left without declaring a destination. However, it’s possible both Solaris and Eclipse are heading towards each other and are even eyeing ports in Israel where Abramovich is considered safe from sanctions.

Though a long-time ally of Russian President Vladimir Putin, Abramovich has denied having close ties to the Kremlin. This hasn’t stopped dozens of nations, including the US, UK and several EU countries, from implementing sanctions and asset freezes on the oligarch. The sanctions are part of a concerted multinational effort to pressure Russia’s wealthiest and most powerful individuals to help bring Russia’s war on Ukraine to an end.

Perhaps sensing the economic pressures to come, Abramovich made headlines just days after the Ukraine invasion for stating his intention to sell his beloved Chelsea Football Club in London for $2.5 billion. The billionaire said all proceeds would benefit Ukrainian refugees and “victims of the war,” which, notably, may also include Russian soldiers.

Russian oligarch and Chelsea Football Club owner Roman Abramovich appears to be seeking cover from international sanctions in Israel, where he has dual citizenship.  Associated Press

Russians own up to 10 percent of the world’s megayachts, so Abramovich is just one of many Russian billionaires who are moving their assets to avoid seizure by international authorities. This week, Italian police seized Russian oligarch Andrey Melnichenko’s 486-foot Sailing Yacht A, and earlier this month, France impounded the yacht Amore Vero , owned by Russian oil billionaire Igor Sechin. Other Russian billionaires have had their yachts impounded in other EU countries.

This isn’t the first time Russian oligarchs’ whereabouts have been made public. Florida teen Jack Sweeney, who once tracked Elon Musk’s jet, created a Twitter account —@RUOligarchJets—dedicated to tracking the private jets of Russian oligarchs, which is updated daily.

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Roman Abramovich’s $1bn five-yacht fleet revealed

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Robert Smith , Cynthia O’Murchu and Arash Massoudi in London and Max Seddon in Riga

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Russian oligarch Roman Abramovich owns or is linked to a collection of five yachts estimated to be worth almost $1bn, including several vessels whose ownership remained secret until this week.

A Financial Times investigation into the billionaire’s assets has lifted the veil of secrecy he maintains over his wealth, even after the UK and EU imposed sanctions on him following Russia’s invasion of Ukraine for his allegedly close relationship with President Vladimir Putin.

Authorities in the UK and EU are attempting to identify all of the assets owned by sanctioned oligarchs. Abramovich was already widely reported to be the owner of Solaris and Eclipse — worth $474mn and $437mn, respectively, according to yacht data service VesselsValue. But the FT revealed this week that he also owns Halo and Garçon, which are both moored in Antigua.

The Antiguan government was unaware of the ownership of the boats docked on the island before inquiries from the FT, highlighting the scale of the challenge UK and EU authorities face in enforcing sanctions.

Tom Keatinge, director of the Centre for Financial Crime and Security Studies at the Royal United Services Institute think-tank said governments, banks and other institutions trying to enforce sanctions had to navigate a world where “ownership trails run cold and morph into a haze of front companies, nominees and cut-outs”.

Halo and Garçon are valued at $38mn and $20mn, respectively, and are now at risk of being seized.

In a letter to the British high commissioner to Barbados regarding the yachts, Antiguan minister of foreign affairs Paul Chet Greene said the island would “provide full assistance to the government of the United Kingdom” if it receives a request under the two nations’ Mutual Legal Assistance Treaty.

The letter noted that Antigua had requested information on the company that owns the two boats — British Virgin Islands-registered Wenham Overseas Limited — after “persistent allegations by the Financial Times that the vessels could be owned by Mr Roman Abramovich”.

In response, the British high commission provided Antiguan authorities with a letter, seen by the FT, “from the Financial Investigation Agency of the British Virgin Islands which states the beneficial owner of Wenham Overseas Ltd is Roman Abramovich”.

The letter also shows the billionaire’s address in Switzerland is listed simply as “Immeuble, Gatzby Le Magnifique”, which translates as “The Great Gatsby Building”.

Keatinge described the UK’s ability to demand full ownership information of companies registered in any of its overseas territories or crown dependencies as its “most powerful global weapon” in combating financial secrecy.

However, he asked: “How much is that weapon being used?”

A person with knowledge of Abramovich’s boat collection and documents seen by the FT indicate that the oligarch may also still be the owner of Sussurro, the first yacht he bought in 1998, despite reports he had given it to an ex-wife in a divorce.

The person who correctly identified the two yachts in Antigua as belonging to Abramovich told the FT the oligarch still owned Sussurro.

The vessel’s owner is listed in maritime registers as Vesuvius International Limited in the British Virgin Islands. BVI documents show this company was deregistered there in 2017. Another Vesuvius International was registered in Jersey the same year.

The owner of Jersey-based Vesuvius International is listed as Wotton Overseas Holdings Limited. This entity — which shifted from the BVI to Jersey in 2017 — is also the owner through a subsidiary of a helicopter that has been photographed landing on Abramovich’s Solaris several times.

Maritime tracking services show Sussurro, which means “whisper” in Italian and is valued at $11mn, is moored in La Ciotat in the south of France — the same port where the French government last month seized a $116mn superyacht belonging to a company tied to Igor Sechin, head of Russian oil group Rosneft.

Sussurro’s management company is Blue Ocean Management, a Cyprus-based company that also manages Le Grand Bleu, a 113-metre superyacht that Abramovich reportedly gave to his business associate Eugene Shvidler.

The UK placed Shvidler under sanctions last week.

The letter from the BVI’s financial investigation agency to its British counterparts also reveals that the owner of Le Grand Blue — Ashchurch Holdings Limited — is owned by “Zarui Shvidler”. Shvidler’s wife is commonly known as Zara Shvidler.

VesselsValue pegged Le Grand Bleu’s market value in a range of $110mn-$130mn, noting that the boat had last been tracked this week in the Caribbean Sea off the coast of Puerto Rico.

Representatives for Abramovich and Shvidler did not respond to requests for comment.

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