SIPT drops case against Jak Civre

SIPT drops case against Jak Civre

By Hayden Boyce, Publisher & Editor-in-Chief

Attorney General Huw Shepheard and the Special Investigation and Prosecution Team (SIPT) have dropped criminal charges against multi-millionaire Jak Civre, the developer of Seven Stars. “I have agreed to discontinue the criminal proceedings against Varet Jak Civre.
I took this decision having considered the public interest, primarily because of Mr Civre’s age and state of health” Shepheard said in a press release. He added: “In turn, Mr Civre has agreed not to resist the SIPTs application for a civil recovery order, by which he will pay the Civil Recovery Authority the sum of $4.7million, plus $250,000 costs. I consider this to be a proper and proportionate outcome of the case against him. The prosecution of those persons who are suspected of serious crime and charged with offences as a result of the SIPT’s investigation will continue. The Crown will also continue vigorously and wherever possible to recover assets that are the proceeds of wrongdoing.”
Commenting on the case being dropped, Civre said: ”
“I have been under for investigation for almost two years now. While I have always maintained myinnocence of any
crime whatsoever, the strain of that investigation has had a severe effect upon both my
health and the well being of my family. After careful consideration, I have therefore decided to agree toenter into a civil
recovery order to avoid any further lengthy and contested proceedings. It is a huge
relief to me that that this case is now over.”
On November 10, 2011, Civre was charged with bribery contrary to common law. Civre, who was represented by Conrad Griffith QC, appeared before the then Chief Magistrate Joan Joyner, who is now a Supreme Court judge, and was granted $34 million bail and ordered to report to the SIPT on a monthly basis. He was allowed to keep his travel documents.
Sir Robin Auld, who conducted a Commission of Inquiry in 2008-2009, concluded that the payment by Jak Civre, the developer of the Seven Stars Resort, to the Hon Floyd Hall of $150,000 on 8th February 2007, the day before the election, purportedly as a campaign donation, but which the Hon Floyd Hall paid into the business account of his company, Paradigm was a possibly corrupt payment.
Civre, a Belonger and long time resident of TCI, is the President and CEO of Sodalco Development Company Ltd, which bought the 22-acre former Allegro Resort property and spearheaded the seven-storey Seven Stars development. According to the Seven Stars website, since 1968 Jak developed one of the most well recognized corporate conglomerates in Italy.
Additionally he has a long history of successful entrepreneurial ventures to his credit throughout Europe and the United States. He is considered one of the top experts in Marketing Science in Italy, the website stated. In 2002 the entire corporate conglomerate founded by Civre was sold to a private equity financial group allowing Jak to fully concentrate on his real estate holdings in the Turks & Caicos Islands.
The purchase of the Seven Stars site marked one of the largest single real estate acquisitions in the Turks & Caicos Islands. The property has since been sold.
Posted July 5th 2012

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