Gibbons Urges Government To Rebuild Bermuda's Reputation In US

by Mike Godfrey, Tax-News.com, Washington

12 September 2002

Opposition Leader, Dr Grant Gibbons has criticised the Bermudian government for its inaction over the latest US move to deny companies which have reincorporated offshore contracts with the Homeland Security Department.

Speaking to the Royal Gazette earlier this week, Dr Gibbons warned that the US vendetta could have 'serious consequences' for Bermuda's private sector, and urged the government to try and salvage the jurisdiction's reputation in Washington.

'It is real clear that the issue has not gone away. And it is clear that Bermuda has taken the brunt in this attack...it is an attack on our credibility as an offshore jurisdiction.'

He continued: 'We have lost a lot of our standing and although there is not a lot that can be done right now, it will be important, after the November elections, to re-establish links with key people in Congress. We have to show what Bermuda has to offer and more importantly, what Bermuda is not.'

The Opposition leader suggested to the local newspaper that any PR drive should include making US lawmakers aware of the - often significant - contributions made by Bermuda to the US economy, for example in areas such as insurance and reinsurance.

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