Tyco Dismisses Relocation Suggestions

by Mike Godfrey, Tax-News.com, Washington

15 October 2002

It emerged late last week that despite suggestions to the contrary, Tyco is planning to stay put in Bermuda - at least for the moment.

The speculation over the beleaguered company's possible relocation back to the United States was sparked by a Financial Times interview with company director, Jack Krol who suggested that Tyco 'had to find the justification economically' for its incorporation in Bermuda.

However, speaking to the Bermuda Royal Gazette on Thursday, company spokesman, Gary Holmes announced that: 'It (the location of the company's headquarters) is an issue that is always under review, but we have no views to change it.'

Tyco has come in for criticism both for the alleged criminal activities of several of its former top brass, and for its decision to relocate offshore (although this in fact took place in 1997). However, when pressed by the Royal Gazette as to whether the current storm over 'corporate inversions' in the United States may eventually force the company to move its headquarters back, Mr Holmes stated that:

'I'd rather not get into that kind of thinking, except to say that we are nowhere close to making any decisions.'

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