The CIREBA Board of Directors recently made the difficult decision to expel two member companies, namely Cayman Realty Consultants (CRC) and Cayman Real Estate Company Ltd. (CARE).
The decision to expel these two companies was not an easy one. We had hoped – and tried – to avoid doing it, but when CRC and CARE refused to abide by CIREBA’s Rules and Regulations, the Board felt it had little choice.
Although we have been advised by our attorney not to get into specific details, we can say this: Concerns arose over financial irregularities with separate real estate transactions in which these two companies were involved. In the case of CARE, CIREBA was contacted by the police for assistance.
As provided for by section 1(c) in CIREBA’s Rules and Regulations, when there is a question about possible financial impropriety, CIREBA’s Board of Directors can require member companies to submit to an independent audit/investigation. CIREBA asked CRC and CARE for their cooperation in these matters and both companies refused.
CIREBA expects every one of its member companies to conduct its business in a competent and fair manner with the highest level of integrity. Businesses that cannot meet that expectation cannot enjoy the benefits of membership, one of which is an assurance to the public that they are doing business with a trained professional who at all times will be guided by the high ethical standards set by CIREBA.
We do not know if CRC or CARE did anything untoward; we only know that there were questions of financial irregularities into transactions involving both of those companies. However, because they refused to agree to an independent investigation/audit that could have determined if there were in fact any financial irregularities, CIREBA’s Board of Directors decided it had to take the action of expelling both CRC and CARE, as provided for in Section 1(c) in CIREBA’s Rules and Regulations.
Please rest assured that there were no ulterior motives for making the difficult decision to expel these two companies. Having to expel companies to which we have granted membership reflects poorly on CIREBA no matter what the reason, but the Board of Directors believes that one of this Association’s duties is to protect the public.
Because CRC and CARE refused to allow an independent audit/investigation of their respective companies, questions of financial irregularities remain unresolved. We did not feel that allowing CRC and CARE to remain CIREBA members in good standing under the circumstances would be satisfactory fulfillment of our duty to protect the public.