October 16, 2018

The Editor Speaks: Cayman Monetary Authority’s non-announcement

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Colin Wilsonweb2If you go to the Cayman Islands Monetary Authority’s (CIMA) website it lists the Directors as Mr. George McCarthy, OBE, JP – Chairman, Mr. Linburgh Martin – Deputy Chairman, Mrs. Cindy Scotland – Managing Director, Mr. Harry Chisholm, MBE, JP – Director, Prof. William Gilmore – Director, Mr. Raul Nicholson-Coe – Director, and Ms. Judith Watler – Director.

There is also a nice cozy picture of them all.

However, according to an official gazette notice released by government that information is not correct.

George McCarthy is no longer chairman, nor a member of the board. The new chair is Grant Stein, who was managing partner of Walkers Global in the Cayman Islands. Stein as you can see was not a member of the original board.

Other new appointees are Gus Pope, Patricia Estwick and Brian Murphy. Linburgh Martin in no longer Deputy Chair – that job has gone to Harry Chisholm.

No reasons have been given as to the changes and one would have thought the CIMA would have been the first to have made the announcement and provided some reasons for the appointments and replacements.

The Government on July 21st approved the changes. It would appear only William Gilmore and Judith Watler have kept their positions.

With the scandal over financial institutions and former bankers being involved in the FIFA investigations it would have been pertinent to provide an explanation quickly as to why the changes were made and if there was any connection. The result is conclusions being made that may not have any foundation whatsoever.

It is this total lack of communication that gives rife to speculation and out of date information on prominent and influential websites is a BIG NO, NO!

It is has been a week now since the Gazette was published and the silence in the wake of the storm is hurting this country.

Especially so when the Managing Director, Cindy Scotland, is very close to individuals who may or may not be the subject of the FIFA investigation.

It was the former Chair McCarthy who said, amid media requests for her to remove herself from her position whilst investigations were being executed, “there was no need for her [Scotland] to set aside her role at this time.” He also said there was no evidence any Cayman Islands banks had done anything wrong.

Now McCarthy has gone, what do we conclude?

Do you see what non-announcements create?

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