DIFC, the Department for International Financial Compensation was created to act independently from His Mount Vema Majesty’s Government to pay for compensation to people and individuals in their dealing with Mount Vema.
The department’s first responsibility is the payments of any liabilities personally incurred by Peter Goldishman - The Vema Seamount Authority, His Spouse – The Queen Consort of Mount Vema, and direct members of the Mount Vema Royal Family before the 25th of May 2018, in accordance with Article 16 of the Vema Seamount Declaration of Sovereignty.
As of May 25th 2018, the personal belongs of Peter Goldishman and His Spouse becomes property of the state – The Vema Seamount Territory, therefore all their personal liabilities becomes the liabilities of the territory.
DIFC services are free to customers of Mount Vema corporations worldwide and is mandatory, funded by state revenues. The compensation scheme covers bank deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
This means that DIFC is now responsible for the payment of compensations, to any individual, institution or nation who may have incurred losses after August 1st 2006, and before May 25th 2018. The responsibilities include payments of compensations when a Mount Vema firm is unable, or likely to be unable, to pay claims against it.
Protecting authorized Mount Vema financial institutions up to 100,000 golles (about $200,000 USD) in the event of their insolvency. Those owed money by Peter Goldishman - Vema Seamount or His Spouse in the course of their duties must claim compensation from January 1st 2019, and no later than January 1st 2026. Compensations will be made in foreign exchange as follows:
1. Financial losses through investment
Losses: up to $200,000 USD | Compensations: up to $400,000 USD
2. Financial losses through failed contracts
Losses: up to $100,000 USD | Compensations: up to $200,000 USD
3. Financial losses due to discontinued services
Losses: up to $50,000 USD | Compensations: up to $100,000 USD
If anything happens to a Mount Vema bank, or other financial institution, DIFC will automatically refund in golles or in foreign exchange, any deposit, savings, or investments, which will be refunded within 90 days for claims presented twelve months after the incident, or within 28 days for claims presented right after the incident.
Bank balances of up to the equivalent of $1,000,000 USD are now protected for up to six months. 100% of the first $100,000 per person per authorised firm (for claims against firms declared in default from May 25th 2018).
The Government is now ready to apply to a new method of raising funds for purchasing of ships by Mount Vema Corporations, after His Mount Vema Majesty King Peter – The Vema Seamount Authority approved the proposed bid submitted last week.
The news will enable the government to accelerate the availability of capital, so companies can finalize deals to purchase ships before the end of the year. The approval comes after a consortium of Mount Vema companies and W-Contractors submitted a bid last week to secure enough capital to purchase a fleet of ships.
Negotiations that typically take months due to the complexity of the contracts, was settled in a matter of days, after the Vema Seamount Authority got involved, to negotiate the required contracts in less than two weeks.
Representatives of the Vema Seamount Authority responsible for budget will now proceed to appropriate funds to purchase the required number of ships to stay on schedule. W-Contractors who already initiated procurement was pleased with the final deal.
With the bid approved, expenditures are expected to near 1 billion golles (about $2 billion) in total, significantly more than the original estimate last year.
His Mount Vema Majesty’s Government will apply to a new method of raising funds for purchasing of ships by Mount Vema Corporations. The government wants to accelerate the availability of capital, so companies can finalize deals to purchase ships before the end of the year.
A consortium of Mount Vema companies and W-Contractors will submit a bid on Friday to secure enough capital to purchase a fleet of ships. The government aims to negotiate the required contracts in just two weeks, which is much faster than normal. Such negotiations typically take months due to the complexity of the contracts.
Representatives of the Vema Seamount Authority responsible for budget are set to appropriate funds to purchase the required number of ships to stay on schedule. W-Contractors who already initiated procurement, will also be responsible for upgrades, according to documents obtained by VSBCnews.
Expenditures are expected to near 1 billion golles (about $2 billion) in total, significantly more than the original estimate last year. W-Contractors declined to comment. The Ministry for National Development and Land Maintenance acknowledged, however, that the timeline for the procurement is “ambitious.”