A company that owns controversial UK Conservative Party donor Lord Ashcroft’s Turks and Caicos bank has been approved to list on the Bermuda Stock Exchange.Shares of Waterloo Investment Holding Ltd, sponsored by Appleby Securities (Bermuda) Limited and Global Custody & Clearing Ltd, formerly Lines Overseas Management, were approved to list on the BSX this week.Waterloo’s principal subsidiary British Caribbean Bank has come under scrutiny in the Turks and Caicos meltdown. The bank has debt interests in a number of TCI resort properties put into receivership, including the former Nikki Beach resort.Waterloo was formed last October when Lord Ashcroft’s BCB Holdings, already listed on the BSX, was reorganised by demerging the TCI business, leaving BCB Holdings focused on the bank’s Belize business.In the fiscal year ended March 31, 2011, the BCB Holdings group’s financial services division reported an operating loss of $21.9 million and a net loss of $7.3 million.A news release announcing the BSX listing, said: “British Caribbean Bank Limited principally provides lending and deposit facilities to domestic and international customers. As at December 31, 2011, the Bank held the third largest loan portfolio of the banks operating in the Turks and Caicos Islands. The bank provides asset backed lending to tourism related development projects, residential mortgages, and loans to service businesses. The bank offers deposit accounts in US dollars, Canadian dollars and UK sterling.”Waterloo said it has close to $600 million in investments in the Caribbean and Central America that focus on financial services, hotel management, land and resort development and other investments.The company also said it holds, through various subsidiaries, substantial debt interests in the 20-acre Leeward Resort and Marina (formerly Nikki Beach) and the 1,100-acre Ambergris Cay development in TCI, as well as the Port of Belize in Belize. In addition, Waterloo owns a 50 percent share of Belize International Services Limited, and an approximate 25 percent interest in a food oil processing and distribution operation in Costa Rica.Caroline van Scheltinga, chairman and CEO of the company, commenting on the listing said: “Waterloo came into existence after the demerger of assets primarily in the Turks and Caicos Islands from BCB Holdings Limited, a company also listed on the Bermuda Stock Exchange (as well as London’s AIM and Trinidad and Tobago’s Stock Exchange). Shareholders of BCB Holdings Limited received shares in Waterloo on a 1:1 basis. I am pleased that we have strengthened our presence in the Caribbean and Central America with our listing on the BSX.”BSX president and CEO Greg Wojciechowski said: “We are delighted to welcome Waterloo Investment Holdings Limited to the Official List of the BSX. Waterloo Investment Holdings Limited joins a prestigious group of companies that have listed on the BSX.”A March report in the Independent newspaper said the value of Waterloo “appears to have plunged since its inception last October”. Waterloo shares are traded on London Matched Markets Exchange.Waterloo said it intends to publish its audited results for the fiscal year which ended March 31, 2012 in the beginning of July.Lord Ashcroft’s son Andrew is Waterloo’s chief operating officer.Lord Ashcroft came under fire in a BBC Panorama investigation into his connections to a Turks an Caicos construction firm that collapsed in 2010.The British Foreign Office suspended the TCI government and imposed direct rule in 2009 after a commission of inquiry found alleged corruption by ministers, including the former Prime Minister Michael Misick.Billionaire Lord Ashcroft was not accused of any wrongdoing by the commission of inquiry. He is taking legal action against The Independent over two reports on his business interests in the TCI.