VIEDC ltr June 27 2012 re Board suspension approval
4 UNITED STATES VIRGIN ISLANDS ECONOMIC DEVELOPMENT CorvllvllssIoN INDUSTRIAL PARK DEVELOPMENT CORPORATION June 27, 2012 Erika A. Kellerhals, Esq. Attorney Kellerhals Ferguson, LLP 9100 Havensight, Port of Sale, Suite 15-16 St. Thomas, VI 00802 Re: Financial Trust Company, Inc. Dear Attorney Kellerhals: The Commission at its Executive Session on June 21, 2012 met to consider the request of Financial Trust Company, Inc “FTC” to seek a suspension of its EDC benefits effective March 23, 2012. After careflul consideration, the Commission approved the following: 1. To grant a suspension of benefits effective March 23, 2012 to March 22, 2013. 2. To require FTC to provide proof of its compliance with severance pay within 30 days notice of the Board’s decision. 3. To require FTC to provide notice to the EDC within 30 days of the expiration of the suspension of benefits on the business intent to (1) reactivate its business operations, (2) terminate its certificate or (3) extend its suspension of benefits. 4. …
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4 UNITED STATES VIRGIN ISLANDS ECONOMIC DEVELOPMENT CorvllvllssIoN INDUSTRIAL PARK DEVELOPMENT CORPORATION June 27, 2012 Erika A. Kellerhals, Esq. Attorney Kellerhals Ferguson, LLP 9100 Havensight, Port of Sale, Suite 15-16 St. Thomas, VI 00802 Re: Financial Trust Company, Inc. Dear Attorney Kellerhals: The Commission at its Executive Session on June 21, 2012 met to consider the request of Financial Trust Company, Inc “FTC” to seek a suspension of its EDC benefits effective March 23, 2012. After careflul consideration, the Commission approved the following: 1. To grant a suspension of benefits effective March 23, 2012 to March 22, 2013. 2. To require FTC to provide proof of its compliance with severance pay within 30 days notice of the Board’s decision. 3. To require FTC to provide notice to the EDC within 30 days of the expiration of the suspension of benefits on the business intent to (1) reactivate its business operations, (2) terminate its certificate or (3) extend its suspension of benefits. 4. To hold FTC responsible for non-compliance with the terms and conditions of its certificate of benefits for the period commencing January 1,2007 to May 23, 2012. 5. To require FEC to provide preference in hiring to all employees laid off during the suspension period and provide proof to the EDC within ten (10) days upon rehiring staff. 6. To require FTC to provide the name and contact information of its resident agent; name forwarding address and telephone numbers of the principals of the company. 7. Upon reinstatement FTC must be in MI compliance with the requirements of its certificate, to include ten (10) MI-time employees and appropriate benefits, as of the date suspension went into effect. A DInsIoN OF THE EcoNoMic DEVELOPMENT AuTHORITY Qwea444 V’teant P.O. Box 305038 • ST. ThoMAs, U.S. VIRGIN ISLANDs 00803 • (340) 774-8104 • Fax (340) 774-8106 #1I6KING5TREET ST.CROIX,U.S.VIRGLNI5LAND5 00840 • (340)773-6499 • Fax(340)773-7701 TOLL FREE 1-877-432-8784 www.usvieda.org rr. UNITED STATES VIRGIN ISLANDS Financial Trust Company, Inc. Board Decision — June 27, 2012 Should you have any questions regarding the Commission’s decision, please contact the undersigned at (340) 714-1700. SincerelLct. Percival Clouden Chief Executive Officer Economic Development Authority cc: Jeffeiy Epstein, President Jennifer Nugent — Hill, ACEO/COO - EDA Sandra Bess, Compliance Officer - EDC