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iNews briefs1CD&P law firm held liable for costs in Bermuda after trial no-show

Bermuda Chief Justice Ian Kawaley has taken the extraordinary step of holding prominent offshore law firm Conyers Dill & Pearman and one of its attorneys, Ray DeSilva, liable for costs in a legal action after neither the law firm nor its client turned up for a trial.

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Cayman’s anonymous liquidation petitioner identified as owner of multi-billion dollar global group

An insolvent firm – CIL Limited, f.k.a. CEVA Investments Limited – that anonymously petitioned for liquidation two months ago in the Cayman Islands is the holding company for an international conglomerate with 50,000 employees worldwide and reported revenues of $9.5 billion in 2012, OffshoreAlert can reveal.



CIL Limited: Winding-Up Petition

Insolvent firm being wound-up anonymously at Cayman Islands court

CIL Limited: Liquidation Order

Cyrus Opportunities Master Fund II, Ltd. et al v. CIL Limited: Chapter 7 Order

Cyrus Opportunities Master Fund II, Ltd. et al v. CIL Limited: Involuntary Petition

CIL Limited: Amended Winding-Up Petition

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Bowling back at Kings

The Cayman Bowling League will be back at Kings Sports Centre commencing on July 8th and will continue for seven weeks.

The cost is $425 for a team of five and it starts on 8 July for seven weeks.

Game play is Monday or Tuesday. There are weekly prizes and the winning team receives $500.

The Cayman bowling scene is flourishing. It is open to anyone interested in consistent league play or a one-off game or a place to hold a celebration party. King Pin Bowling seems to have it all.

For more information call 323-6095.

Rankin in court for work permits problems and no T&B Licence

Mario Rankin appeared in court last week accused of employing more than 30 people without work permits and operating a restaurant/bar business without a valid Trade and Business (T&B) Licence between November 1st and December 27th 2012.

Although the businesses at Grand Harbour, Brick House, Dog House, Brew House and Oar, were sold to Rankin on November 1st 2012 by previous owner, Harry Lali, the Department of Immigration said the licences were still in Lali’s name until December 28th 2012 and therefore could not be used by Rankin.

All these business are now under new ownership and are closed.

Government’s short term borrowing to be extended

Cayman’s new premier, Alden McLaughlin, seems to have had a good first meeting with Foreign & Commonwealth Office (FCO) Minister for Overseas Territories, Mark Simmonds.

Simmonds, has reportedly agreed to extend the Cayman Island Government’s short term borrowing.

The FCO Minister also said when he met with Cayman Premier, Alden McLaughlin, the UK will help government privatise some elements of the public sector and provide technical experts who could advise Cayman on public-private funding packages. This could provide necessary capital but without the long-term revenue consequences.

Election month may be changed

Since the Cayman Islands General Election was moved to May because of Hurricane Ivan in September 2004. it does not give enough time for a new government to prepare a new budget by the end of June.

Premier Alden McLaughlin has hinted that he might ask the Foreign and Commonwealth Office if elections could take place again in November. There is no word if he is asking for the current government’s term to be extended or lessened if they agree to the change.

Garbage collections are still spasmodic

There is still no word when Cayman’s garbage collections will be running smoothly again because of problems with the trucks breaking down.

Grand Cayman has seen a notable decrease in garbage collections in all districts and the Department of Environmental Health has said because of budgetary restraints repairs to vehicles take time and there is less maintenance. This causes additional strain on the vehicles that are in service and more breakdowns.

There is no time line when garbage collections will be back to normal.

Cayman Free Press sold

Cayman Free Press, which publishes a stable of magazines, a commercial printing business and other related companies including the Caymanian Compass, has been sold to Pinnacle Media Ltd, formerly Pinnacle Publishing.

Long time Cayman residents, David and Vicki Legge, own Pinnacle Media that has published the semi-annual Grand Cayman Magazine since 1995 and its predecessor Britannia Magazine. Grand Cayman Magazine will continue to be published by the new company.

FCO Dep Director says Cayman has the right attitude

Tim Colley, the Deputy Director of Overseas Territories from the Foreign and Commonwealth Office (FCO) will be visiting the Cayman Islands to meet with Premier Alden McLaughlin. They will discuss how to further the communications they had recently in London.

Mr. Colley, in saying on local television station CITN/Cayman27 that the new Cayman Islands Government has the right attitude to strengthen Cayman’s relationship with the U.K., added, “It’s a very positive and optimistic moment. Whenever there is a new administration formed, there’s a moment where they think about their priorities. It’s a good moment to come and seize the opportunity to establish the kind of relationship we want. Over the past decade there has been too much arguing over whose power something is.”



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