WWW.USVIEOLORG
1877 432.8784
May 23, 2014
VIA U.S. CERTIFIED MAIL
Mrs. Cecile deiongh
Office Manager
Financial Trust Company, Inc.
6100 Red Hook Quarter B3
St. Thomas, VI 00802
Re: Financial Trust Company, inc.
Dear Mrs. deiongh:
The Virgin Islands Economic Development Commission (“VJEDC”) has reviewed all documents provided
regarding Financial Trust Company, Inc.’s (“FTC”) compliance review for the period January 1, 2009 to
March 23, 2012. Please be advised that it has been determined that FTC was in compliance with the capital
investment requirement and special condition number one of its VIEDC Certificate. However, FTC was out
of compliance with special condition number two. Upon discussion with our legal counsel, it was opined that
the VIEDC could not negotiate statutory requirements, namely consideration of other donations in lieu of
donations to the Territorial Scholarship Fund. See 29 VJ.C. § 708(m); 17 V.I.C. § 171. With regard to the
VIEDC Workforce Development Fund, which was created on or about August 28, 2008, the VIEDC Board
of Directors adopted Resolution No. 007-2011 in May 2011 for the implementation of violations related to
employment under 29 V.LC. § 710 and 7 12. At the time of the compliance review, FTC’s obligations to the
Workforce Development Fund under special condition two had not been met.
As noted in F1’C’s April 23, 2014 correspondence to the VIEDC, the previously noted shortfalls have now
been satisfied. Accordingly, this notification amends my letter and compliance report of January 31,
2014. Should you have additional questions concerning this matter, please do not hesitate to contact
Stephanie Berry, Director of Compliance at 340-773-6499.
Sincerely,
cc:
Erika Kelierhals, Esq., Legal Counsel for FI’C
Percival Clouden, Chief Executive Officer
Tracy Lynch Bhola, Esq., Legal Counsel
Stephanie J. Berry, Director of Compliance
Sandra Bess, CCP Compliance Officer
EEonornic Uevrlnpment Commission
Enterpñse Zone Comoessian
&ivernmeni flevelapment Bai*
Inductrial Par1 Development Carporation
Small Busrnes.s Development Agency
St CROIX 116 Xing Street Frededkstnt USV1 00848(340)773-6499 FAX (340)773-7701 St THOMAS 8000 Nisky Shopping Center SuIte 620, SL Thimas. USV1 00802(340)7144700 FAX (340)715.2753
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UNITED
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Economic Development Authority
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Jennifer Ni
Operating Officer
january31. 2014
Mrs. Cecile dci ongh
Office Manager
Financial TruL Company, Inc.
6100 Red Hook Quarter B3
St. Thomas, VI 00802
Re: Financial Trust Company, Inc.
Dear Mrs. deJongh,
A compliance review has been completed on Financial Trust Company, Inc. Enclosed for your review
and commentary is the compliance report which covers the period January 1, 2009 to March 23, 2012.
The company was found out of compliance with the capital investment requirement, and Special
Condition #1 and #2.
Please provide a response to this compliance report within thirty (30) working days of receipt of this
correspondence. You may request an extension of time to file your response by submitting a formal
notice. If we do not receive a response from you by this date, we will conclude that you are in agreement
with the findings of this report.
Should you have additional questions concerning this matter, please do not hesitate to contact Stephanie
Berry, Director of Compliance at 340-773-6499.
Sincerely,
I:
r Nugent
ACECY/Chief Operating Officer
cc:
Percival Clouden, Chief Executive Officer
Tracy Lynch Bhola, Legal Counsel
Stephanie J. Berry, Director of Compliance
Sandra Bess, CCP Compliance Officer
Erika Kelleihals, Legal Counsel for FTC
Economic lJevropment Comm-ssion
Enterprise Zone Commission
Government Development Rank
Industrial Park DeveLopment Corporation
SmalL Business Development Agency
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Economic Development Authonty
WWW.USVIEDA.ORG
I 877 432-8784
ST. CROIX 116 king Street, Frederiksted, USY1 00840(340)773-6499 FX (340)773-7701 ST. ThOMAS 8000 Nisky Shaiiping Center Suite 6Z0 St. Thomas, USVI 00802(340) 714-1700 FAX (340) 715-2753