A story last week regarding money manager and author Terry Coxon's failed appeal to prevent US authorities from gaining access to details of his offshore financial affairs confused two legal matters regarding the businessman.

The Royal Gazette wishes to clarify that the Bermuda Court of Appeal case relates to Mr. Coxon and his company Passport Financial Incorporated which has a bank account in Bermuda. US Treasury officials have been given clearance to access on-Island financial details about that company.

We reported that US tax authorities were pursing a $1.5m liability against Mr. Coxon and Passport Financial. The $1.5m is not a tax liability but an outstanding amount Mr. Coxon has been ordered to pay by a California district court following a case brought by the US Securities and Exchange Commission against him and his company World Money Managers. It is not linked to Passport Financial.