Turks and Caicos, May 5, 2017 – Providenciales – Another hearing must happen and soon to determine the damages Akita Holdings limited owes to government after the company had its case dismissed on March 28. This decision comes after the dismissal of the appeal by the Privy Council in London, affirming the decisions of the Supreme Court and Court of Appeal.
Akita Holdings Ltd. holds the majority of the land where its fuel storage and related facilities in South Dock, Providenciales on trust for the Government.
In September 2014, the Chief Justice, Hon. Margaret Ramsey-Hale ruled that Akita Holdings had obtained the land in breach of fiduciary duties owed to the Government by its owner and former Minister of Natural Resources, McAllister Hanchell.
The Government was found to own almost 70% of the land and to be entitled to the profits earned through the use of the land. The Court ordered that a further hearing should take place to assess the value of the damages due to the Government to account for the ownership interest and profits owed to the Government.
The Chief Justice ordered that an assessment of damages be done, following the case being returned to the Supreme Court.
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