Misick, "who had previously promised to resign on March 31, said he was stepping down early to give his successor more time to set up a new government, even as Britain plans to dissolve the territory's cabinet and legislature following the wide-ranging U.K. corruption inquiry," reports the Associated Press.

In July 2008 a UK government Commission of Inquiry was set up to "look into whether there had been corruption involving past or present elected members of the islands’ House of Assembly, the 21-member parliament,” details Reuters.

An interim report by the Commission describes “a high probability of systematic corruption or serious dishonesty,” and “clear signs of political amorality and immaturity and of a general administrative incompetence” (BBC).

The British government has drawn up an order suspending parts of the islands’ constitution, which will be implemented if the final report, due at the end of April, matches the interim findings, notes the Financial Times.

The order would “remove the cabinet and the House of Assembly from office and hand their powers to the islands’ governor, who represents the Queen,” writes Reuters.

The inquiry was told that Misick, "arranged for his wife to be paid [US] $300,000 (£203,000) from government funds to be the face of an international tourism campaign," reports the Times.

Misick had criticised the moves and called on the UN to intervene on the country’s behalf, according to Bloomberg.

In a statement Misick said: “The British still think that there are none among us who are worthy and/or capable of running the affairs of our country. They still view us all as corrupt people, unfit to govern ourselves.”

The British Foreign Office has rejected accusations of colonial ambitions, stating: “This would not be direct rule, nor would it be indefinite. It would be a smart, targeted, intervention for an interim period by the governor whose responsibilities not only include representing the Crown in the islands, but also the interests of the people of the Turks and Caicos islands,” reports the Financial Times.