Further to iNews Cayman’s story yesterday (6) from Courthouse News Service that the SEC on Friday sued Cayman Islands-based Caledonian Bank and four other companies, accusing them of taking more than $75 million from unregistered sales of “virtually worthless” penny stocks, Caledonian Bank have issued the following statement:

“GEORGETOWN, GRAND CAYMAN, Cayman Island, Feb. 9, 2015 /PRNewswire/ — Caledonian Bank announced today that the Company is cooperating with the U.S. Securities and Exchange Commission and is working to prove that its actions were appropriate with respect to the sales of certain restricted securities in the United States.

“Caledonian has always held itself to a high standard within the international business community and we are confident that this will be evident as this matter unfolds.

“We thank our many clients for their words of encouragement and support.”

SOURCE Caledonian Bank

See iNews Cayman story published February 8 2015 “SEC goes after a Cayman Islands Bank” at: http://www.ieyenews.com/wordpress/sec-goes-after-a-cayman-islands-bank/

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Minister Weighs In On Caledonian Case

Statement by the Minister of Financial Services, Wayne Panton about the Caledonian Entities

 “I have been made aware of a filing action by the United States Securities and Exchange Commission (SEC) in relation to Caledonian Bank Ltd. and Caledonian Securities Ltd. — two entities headquartered in the Cayman Islands (the Caledonian Entities) and regulated by the Cayman Islands Monetary Authority (CIMA).

This is a regulatory matter, which is being dealt with by CIMA. 

I am advised that the Caledonian Entities have been in discussion with the SEC and CIMA over the weekend.

I have every confidence that CIMA will seek the best possible resolution and take the necessary action available to it, in the best interests of depositors and investors.”