The newsletter will be distributed on a quarterly basis and distributed electronically. The newsletter, which is published in HTML format, can also be read on our website at the following address Newsletter, which will also contain archived copies of earlier editions.

If for some reason, you do not want wish to receive the newsletter or have some comments and/or suggestions, simply send an e-mail to newsletter@inter-oceanmgt.com with your comments or the word “Remove” in the subject to be removed. If you have any other persons that may be interested in the detail in the newsletter, please feel free to forward the newsletter onto them.

The Inter-Ocean team hope that the newsletter will provide you with some interesting articles and information, and look forward to continuing an existing or starting a new relationship with you.

Inter-Ocean Aviation Finance Corporation
This company, Inter-Ocean Aviation Finance Corporation, was formed in order to assist in cross-border asset based finance transactions, with a specific emphasis on aircraft assets. The initial target market was clients that were situated in countries that had exchange control regulations in force and where the availability of hard currency funding was scarce.

Inter-Ocean Structured Finance LTD
Inter-Ocean Structured Finance Limited was subsequently established in order to assist those clients that required specific structured asset based finance needs. This company has assisted clients not only in asset based transactions but has also assisted certain clients in completing offshore management buy-outs, offshore restructuring of onshore assets and the consolidation and parceling of certain debt instruments.

Inter-Ocean Financial Services LTD
To assist in the financing of those client's insurance premiums, a niche insurance premium financier, Inter-Ocean Financial Services Limited was also established. This company specialises in providing finance to clients in many different jurisdictions where the ultimate insurance underwriter is located in London.
 

Inter-Ocean Holdings LTD
Inter-Ocean Holdings Limited acts as the holding company and group treasurer of the above entities. It also acts as the investment vehicle of diverse minority holdings and is the incubator of new ideas and greenfield operations, which currently include:

• International School based in Mauritius
  
   
• Multi Media software and products
  
   
• Aquaculture operations including Fish Farming and Sea Cucumber farming - the latter currently in its inception stage
  
   
• Microlite flying company

All the Mauritian aspects of the business are serviced by a Mauritian staff compliment of 10, with additional staff employed in various other countries.

Trust have existed for more than 500 years and the last century has seen the emergence of different forms of trusts ranging from charitable trusts, to asset protection trust to discretionary trust. The BVI has recently come up with a varying form of Trust called the Vista Trust whereby the settlor retains some form of control over the assets he settles into the Trust.

Trusts are set up for different reasons but the most common ones are for assets protection and privacy goals.

A popular planning option to avoid concerns over litigation is to set up an asset protection or discretionary Trust. In this event, assets are settled into the discretionary trust by the settlor. These assets are then legally regarded as the assets held in Trust and owned by the Trustee (which is normally a professional trust company). In the event the settlor faces legal proceedings, the assets held in the Trust cannot be used to settle his debts as they are not legally his assets.

With the declaration of amnesty on exchange control transgression in South Africa, South African investors have been re-thinking other mechanism through which to hold their assets.

From a South African perspective, it would seem that a number of problems are associated with offshore trusts however, trusts are still used extensively by other people.

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International Trade - Banking Perspective

The buying or importing and selling or exporting of goods is known as International Trade. Success in international trade relies on a number of different factors, e.g. Import and Export markets, the trading partner's creditworthiness.

There are various risks involved for the importer and the exporter. The importer may face delays in receipt and questionable quality of the goods he has ordered. The exporter, on the other hand, faces the risk of non-payment by the importer. Some of these risks may be reduced with a number of payment methods which are available through the banking system.

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South African Aircraft Operating Certificate ("AOC")

Inter-Ocean Aviation Finance Corporation an associated company in the Inter-Ocean group, through its South African Subsidiary, Aircraft Systems (SA) Pty Ltd t/a Air-Tec Africa was awarded its South African AOC in January 2007.

Inter-Ocean aviation has been a dedicated 19 seat LET 420/420 UVP-E20 aircraft provider since 1998, having offered its aircraft for lease through a mixture of ACMI and AI lease contracts. Clients have been sourced mainly in Africa, and have included entities ranging from major oil companies, to regional airlines to non-governmental organizations such as the United Nations.

With the increase in its fleet, Inter-Ocean aviation decided in 2006 to pursue the attainment of its own aircraft operating certificate.

The long-term ramification is that the aircraft owned and operated by Inter-Ocean/Air-Tec Africa may now be offered directly to organizations such as the World food Program, The United Nations and such other agencies, without having to "sub-lease" the aircraft through other companies that had their own AOC's.

Inter-Ocean Management Limited have undertaken all the administrative functions for Inter-Ocean aviation such as accounting work, debtor and creditor control and treasury control for the last six years.

Congratulations to the management and staff of Inter-Ocean Aviation.!

Management of LET aircraft in the Caribbean

Air-Tec Mauritius Limited has recently concluded two long-term operating leases for Take Airlines of the island of Martinique in the Caribbean. These aircraft are each flying in excess of 100 hours per month. Air-Tec enjoys the LET aircraft factory agency rights for most of Africa and selected other territories around the world. With over 15 years of experience in marketing LET aircraft and associated LET aircraft operations, Air-Tec is ideally placed to service its ongoing client aviation needs. Inter-Ocean Management Limited provides the ongoing administrative requirements of Air-Tec.

Michael Sababady appointed a Director of Inter-Ocean Aviation Finance Corporation

Congratulations are extended to Michael on his recent appointment as a Director of Inter-Ocean Aviation and its various subsidiaries. Well Done Michael!

Michael joined Inter-Ocean Aviation in 2004 from Emirates Airline. Michael is a qualified aircraft engineer, has a Private Pilots Licence and is presently studying towards his Master of Business degree.

Want to own a property in Mauritius?

With recent favorable international subsidies for both the sugar and textile industry expiring, new ways of increasing foreign investment in the Island are coming to the fore. In the past the property industry has been exclusively reserved for the locals and non - citizens have been unable to own property in Mauritius, until the concept of the Integrated Resort Scheme (IRS) came into fruition.

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Ever thought of Sea Cucumber Farming ?

In its ongoing role of diversification of interests, Inter-Ocean Holdings along with 4 other potential joint venture partners are currently involved in assessing the viability of a commercial sea cucumber farming venture. Whilst not a direct extension of its interests in the only fish farm in Mauritius, Ferme Marine de Mahebourg LTD, the Sea cucumber project continues to illustrate the continual diversification of Inter-Ocean Holding's interests.

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Funnies

A man is getting into the shower just as his wife is finishing up with hers when the doorbell rings. After arguing over who should answer the doorbell, the wife quickly wraps herself up in a towel and runs downstairs. When she opens the door, she sees Bill, the next door neighbour. Before she says a word, Bill says, "I'll give you $800 just to drop that towel that you have on". After thinking the woman drops her towel and stands naked in front of Bill. Bill has a close look at her, hands over $800 and leaves. When she gets back to the bathroom, her husband asks from the shower "Who was that?" "It was Bill," she replies. "Great," the husband says, "did he say anything about the $800 he owes me?"

Moral of the story: Share critical credit information with your stakeholders to prevent avoidable exposure!

A priest was driving along and saw a nun on the side of the road. He offered her a lift which she accepted. She got in and crossed her legs, forcing her gown to open and reveal a lovely leg. The priest had a look and nearly had an accident. After controlling the car, he slid his hand up her leg. The nun looked at him and said, "Father, remember psalm 129?" The priest was flustered and apologised. However, he was unable to remove his eyes from her leg. While changing gear, he let his hand slide up her leg again. The nun once again said, "Father, remember psalm 129?" The priest apologised again. "Sorry sister, but the mind is weak." Arriving at the convent, the nun got out and went on her way. On reaching the church, the priest rushed to look up psalm 129. It said, "Go forth and seek; further up, you will find glory."

Moral of the story: Always be well informed in your job; or, you might miss great opportunities.

A young executive was leaving the office at 6 pm when he found the CEO standing in front of a shredder with a piece of paper in his hand. "Listen," said the CEO, "this is a very sensitive and important document and my secretary has left. Can you make this thing work?" "Certainly, Sir" said the young executive. He turned the machine on, inserted the paper, and pressed the start button. "Excellent, excellent!" said the CEO as his paper disappeared inside the machine. "I just need one copy."

Moral of the story: Never, never assume that your boss knows everything.

There were 4 guys John, Franky, Manav and Ashley who found a small bottle. When they rubbed the bottle, a genie appeared. Thankful that they had released him , the genie said, "Next to you all are 4 swimming pools, I will give each of you a wish. When you run towards the pool and jump, you shout what you want the pool of water to become, and then your wish will come true." John ran towards the pool, jumped and shouted "Wine". The pool immediately changed into a pool of wine. John was ecstatic. Next came Franky. He did the same and shouted, "Vodka" and immersed himself into a pool of vodka. Manav jumped and shouted, "Beer". The last of them was Ashley. He was running towards the pool when suddenly he stepped on a banana peel. He slipped towards the pool and shouted, "SH&*%!!!!!!!........."

Moral of the story: Mind your language; you never know what it will land you in.