The controversial IPOC International Growth Fund and eight related companies were today wound up in the Supreme Court, marking the end of a 16-month legal process.

Lawyers representing IPOC did not contest the winding-up order, which was approved by Puisne Judge Ian Kawaley in a 10-minute hearing this afternoon. IPOC was ordered to pay the costs of the Bermuda team that has dealt with the case, which are understood to be in the region of $1.6 million.

The decision comes after last week's criminal case in the British Virgin Islands, which concluded with IPOC being convicted on charges of furnishing false information and perverting the course of justice, after a joint investigation involving teams from Bermuda and the BVI.

Around $45 million was confiscated from IPOC and The Royal Gazette understands the money will be divided equally between the two territories, meaning Bermuda will receive around $22.5 million.

IPOC has made headlines around the world and has caused reputational damage to Bermuda amid allegations that it was a $1 billion money-laundering vehicle for Russian Telecommunications Minister Leonid Reiman.

Finance Minister Paula Cox instructed the Registrar of Companies to file the petition to wind up the companies in January 2007. The companies in question were IPOC Capital Partners Ltd., IPOC International Growth Fund Ltd., Gamma Capital Fund Ltd., Convergence Capital Ltd., Com Tel Eastern Ltd., First National Telecommunication Fund Ltd., Convergence Capital Management Ltd., Augmentation Investments Ltd. and Telco Overseas Ltd.

Read a full report in tomorrow's edition of The Royal Gazette.