September 21, 2019

Cayman Islands drops ‘excluded persons’ regime

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By Pedro Goncalves From international Investment Cayman is introducing a a regulatory and supervisory framework for ‘excluded persons’, people exempt from requiring a license to conduct securities investment business or being overseen by the island’s regulator. Lawmakers approved amendments to the Securities Investment Business Licensing Law this week following criticism from the Caribbean Financial Action Task Force […]

Cayman Islands JP’s congregate for Annual General Meeting

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At their annual general meeting, Cayman Islands Justices of the Peace (JP) underscored the ongoing success of a free programme started by their association for the people last year. The programme is underway every Monday, Wednesday and Friday from 9 am to 12 noon at the Government Administration Building lobby. During that time, a JP […]

Trinidad Directors appointed to Board of Cayman Islands Bank

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From OECS Business Focus At its annual general meeting last week, Cayman National Corporation Ltd. shareholders voted to appoint Republic Group executives Nigel Baptiste and Roopnarine Oumade Singh. Appointing Baptiste and Singh to the board of Cayman National is pursuant to terms of agreement for Republic Group’s acquisition of the once-local bank. The Trinidad-based Republic […]

Cayman Islands: ‘Akin to an attempt to take over’

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From Bernews Cayman Islands Premier Alden McLaughlin denounced a suggestion from the UK Foreign Affairs Committee that British citizens to be able to vote and run for office in the Overseas Territories, with the Cayman Premier saying it is “akin to an attempt to take over the territory.” This is according to a report in the Cayman Compass, which said, […]

Abraaj founder ordered to pay litigation costs in Cayman Islands court

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By Pedro Goncalves From International Investment A Cayman judge has ordered the founder of troubled equity firm Abraaj to pay for the costs of a recent hearing in the jurisdiction regarding the company’s restructure attempts out of his own pocket. At the hearing, Abraaj’s largest creditor, Kuwait’s Public Institution for Social Security  argued that Dubai-based company  […]

Cayman Islands authorities to wind up Beechwood Re following fraud scandal

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By Matt Sheehan From Reinsurance News The Grand Court of the Cayman Islands has approved a petition for the winding up of Beechwood Re, a locally domiciled reinsurer that is being sued for fraud in the U.S and has ties to the hedge fund Platinum Partners, which collapsed after a federal investigation last year. Grand […]

Cayman Islands’ offshore banking sector dropped in 2017

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By: Pedro Gonçalves From International Investment Offshore banks reported losses of $1bn last year, an improvement of the $2bn of net losses in 2016, according to the Cayman Islands Monetary Authority’s 2017 banking digest. “While the sector reported reductions in Operating Expenses of $0.9bn, Net Interest Income and Net Non-interest Income reported significant declines of […]

STATEMENT: Cayman Islands Minister clarifies TBL process and role

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From: Hon. Joseph Hew Minister for Commerce, Planning & Infrastructure 11 October, 2018 Earlier this week the Cayman Compass published an editorial which voiced concerns related to the regulation of the watersports industry. The safety of our visitors and residents on the seas is something we all must be concerned with.  At the same time […]

Cayman Islands: Push for people’s port referendum

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From Facebook Opponents of plans for new cruise piers in George Town harbor will begin collecting signatures Saturday in the hope of triggering a referendum on the controversial project. Cayman’s constitution allows for a “people initiated referendum” on any topic of national importance if a petition signed by 25 percent of the electorate is presented […]

The Editor Speaks: It only takes only one bad apple

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I mentioned in passing in my Editorial yesterday concerning the petty crimes executed by teens that targeted the tourists on our beautiful beaches. Our tourism industry is booming and the CaymanKind advertising campaign has proved to be a winner. We pride ourselves on being one, if not, the safest place in the Caribbean. However, it […]