Virgin Islands

The assets of the bankrupt Innovative Communications Corporation were transferred to a subsidiary of a United States company, officials said last week.

Caribbean Asset Holdings, a subsidiary of National Rural Utilities Cooperative Finance Corporation, now owns Vitelco, St. Thomas Cable, St. Croix Cable and Vitelcom Cellular, according to a NRUCFC press release. The transfer of control of BVI Cable TV and former ICC companies in St. Maarten will be completed in the coming months, the release said. Jeffrey Prosser, ICC’s former owner, had objected to the sale but lost a legal battle in USVI and US Federal courts.


The charitable foundation of billionaire and part-time Virgin Islands resident Sir Richard Branson announced Oct. 8 that it will open a centre to support Caribbean small businesses in Montego Bay, Jamaica in 2011. The Branson Centre of Entrepreneurship will support “aspiring entrepreneurs” ages 18 to 35 to create and grow businesses, according to a press release from Virgin Unite, the non-profit foundation of the Virgin Group and Virgin Holidays. Virgin Holidays has committed £2 million over ten years to support the project. Virgin Unite operates a similar centre of entrepreneurship in Johannesburg, South Africa. That centre teaches computer skills and has supported the launch of a number of businesses, according to the release.