Web Sify
Follow us on
Mail
Print

T&C: Sandals reaches agreement, pays $12M

Source : AP
Last Updated: Wed, Jan 23, 2013 19:15 hrs

Special prosecutors in the Turks & Caicos Islands say Sandals Resorts will pay $12 million as part of a probe into corruption.

A Wednesday statement from Turks & Caicos says the agreement involves no admission of liability.

It says the agreement and the payout relate to the resort company's cooperation with a U.S. investigation and voluntary release of evidence that was shared with a special prosecutor's office in Turk & Caicos, which is investigating local corruption.

It did not give details, but in 2011, Sandals counsel Dimitri Singh said a former senior Sandals officer was linked to "various unauthorized transactions" and said the Jamaica-based resort company was voluntarily cooperating with international authorities probing former islands officials.

Sandals media officers based in the U.S. and Jamaica made no immediate comment Wednesday.




More from Sify:
blog comments powered by Disqus
most popular on facebook
talking point on sify finance