When you are a foreigner in the DR, no matter if permanent resident or just started, this is what can happen:
WEST PALM BEACH ? Gulf Stream billionaire Harry Sargeant III should not only pay the brother-in-law of the king of Jordan $28.8 million but it should pay him as much as $8 million more, an appeals court ruled Wednesday.
The 4th District Court of Appeal upheld a 2011 Palm Beach County jury decision that Sargeant, a formidable GOP fundraiser, cut Mohammad Al-Saleh out of the profits from $2.7 billion in defense contracts to deliver fuel to troops in Iraq. Further, the court upheld Al-Saleh?s claims that he is entitled to interest dating back to August 2009, the end of the last contract.
Attorney Michael Kibler, who represents Al-Saleh, said the ruling will put another $3 million to $8 million in the pocket of his client ? who is married to the sister of Jordan?s King Abdullah II and has a house in Palm Beach. In post-judgment interest alone, the initial award has ballooned to about $32 million, he said.
Attorneys representing Sargeant, a former U.S. Marine Corps fighter pilot who made millions expanding a family-owned shipping business, declined comment on whether they planned to appeal. Kibler said he doubted an appeal would succeed.
It?s been a bad couple of weeks for Sargeant. Earlier this month, his brother sued him for $7 million in Palm Beach County Circuit Court. In addition to cutting him out of a lucrative deal, Daniel Sargeant claims his brother has managed to dig himself and therfore family businesses deeply into debt.
Harry Sargeant in January was ordered by a Texas federal judge to pay $22 million in another fraud case. This one involved the fraudulent transfer of an asphalt refinery. The order is being appealed.
As a result of the mounting judgments, Daniel Sargeant says in the lawsuit filed here, that Harry Sargeant was stripped of his management role in family-owned companies.
Complicating the already substantial debts, is Harry Sargeant?s ?taste for very expensive toys,? such as his $7.5 million mansion, three private jets, numerous exotic cars and a fire truck, according to the lawsuit.
?Harry is now insolvent by either definition of insolvency ? liabilities exceeding assets or inability to pay his debts when they come due,? Daniel Sargeant wrote.
Kilber, however, said he isn?t worried that Sargeant may be unable to pay Al-Saleh. ?Oh lord, no,? he said.
Money has been tracked to foreign accounts he controls in Dubai, the Dominican Republic and the Netherlands. Once Sargeant?s appeals are complete, Kibler said, money can be seized from foreign accounts.
http://www.palmbeachpost.com/news/news/crime-law/appeals-courts-rules-gulf-stream-billionaire-shoul/nXr7K/
The DR is bound to provide data to the US gov on their citizen's assets in the country. However, if a US citizen becomes naturalized in the DR, then he/she becomes a dully Dominican citizen and as per Law their assets can only be reported to any foreign request (even when the person holds dual nationality and the said country recognizes it as well) after a higher court rules on it(I think even the Supreme court must be if I'm not mistaken).
This case was just recently ruled on...
What they call "tracked" accounts, is nothing more than the request of assets held by a citizen of the US in the DR from their authorities. These requests don't need court approval and are handled via the gov's ministries.
WEST PALM BEACH ? Gulf Stream billionaire Harry Sargeant III should not only pay the brother-in-law of the king of Jordan $28.8 million but it should pay him as much as $8 million more, an appeals court ruled Wednesday.
The 4th District Court of Appeal upheld a 2011 Palm Beach County jury decision that Sargeant, a formidable GOP fundraiser, cut Mohammad Al-Saleh out of the profits from $2.7 billion in defense contracts to deliver fuel to troops in Iraq. Further, the court upheld Al-Saleh?s claims that he is entitled to interest dating back to August 2009, the end of the last contract.
Attorney Michael Kibler, who represents Al-Saleh, said the ruling will put another $3 million to $8 million in the pocket of his client ? who is married to the sister of Jordan?s King Abdullah II and has a house in Palm Beach. In post-judgment interest alone, the initial award has ballooned to about $32 million, he said.
Attorneys representing Sargeant, a former U.S. Marine Corps fighter pilot who made millions expanding a family-owned shipping business, declined comment on whether they planned to appeal. Kibler said he doubted an appeal would succeed.
It?s been a bad couple of weeks for Sargeant. Earlier this month, his brother sued him for $7 million in Palm Beach County Circuit Court. In addition to cutting him out of a lucrative deal, Daniel Sargeant claims his brother has managed to dig himself and therfore family businesses deeply into debt.
Harry Sargeant in January was ordered by a Texas federal judge to pay $22 million in another fraud case. This one involved the fraudulent transfer of an asphalt refinery. The order is being appealed.
As a result of the mounting judgments, Daniel Sargeant says in the lawsuit filed here, that Harry Sargeant was stripped of his management role in family-owned companies.
Complicating the already substantial debts, is Harry Sargeant?s ?taste for very expensive toys,? such as his $7.5 million mansion, three private jets, numerous exotic cars and a fire truck, according to the lawsuit.
?Harry is now insolvent by either definition of insolvency ? liabilities exceeding assets or inability to pay his debts when they come due,? Daniel Sargeant wrote.
Kilber, however, said he isn?t worried that Sargeant may be unable to pay Al-Saleh. ?Oh lord, no,? he said.
Money has been tracked to foreign accounts he controls in Dubai, the Dominican Republic and the Netherlands. Once Sargeant?s appeals are complete, Kibler said, money can be seized from foreign accounts.
http://www.palmbeachpost.com/news/news/crime-law/appeals-courts-rules-gulf-stream-billionaire-shoul/nXr7K/
The DR is bound to provide data to the US gov on their citizen's assets in the country. However, if a US citizen becomes naturalized in the DR, then he/she becomes a dully Dominican citizen and as per Law their assets can only be reported to any foreign request (even when the person holds dual nationality and the said country recognizes it as well) after a higher court rules on it(I think even the Supreme court must be if I'm not mistaken).
This case was just recently ruled on...
What they call "tracked" accounts, is nothing more than the request of assets held by a citizen of the US in the DR from their authorities. These requests don't need court approval and are handled via the gov's ministries.