Eugene Cox Hits Back At Criticisms

by Mike Godfrey, Tax-News.com, Washington

16 September 2002

Angered by several recent public condemnations of the government for failing to act to protect Bermuda's reputation in the United States over 'corporate inversions', Finance Minister, Eugene Cox spoke out last week.

Opposition leader, Grant Gibbons, head of ACE Insurance, Brian Duperrault, and Association of Bermuda International Companies (ABIC) chief, David Ezekiel all suggested last week that Bermuda had compromised itself by allowing US companies to nominally relocate in the jurisdiction, and slammed the government for a perceived failure to respond to the negative publicity and US legislative change provoked by the political storm.

However, Mr Cox explained that although: 'Government is keenly aware of the negative publicity...I have stated before that because of the political maelstrom that surrounds the issue it would be irresponsible, indeed counter-productive, for government to attempt to address this matter via frequent official comment in the media.'

He added that: 'Government's decided abstention from such public comment should not, however, be confused with a lack of considered action. In fact, Government's efforts in this matter have rightly been focused on economic diplomacy.'

The Finance Minister revealed that over the past few months, he has made representations to Washington to safeguard Bermuda's interests, and announced that this effort will continue.

'The meetings that I personally had in Washington D.C. in May are but one example of this approach,' he told the Bermuda Royal Gazette last week.

Recommended