November 16, 2019

Grand Theft Tender? How €56bn went to tax havens

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By Piotr Arak From Eurobserver The Juncker Commission was struck by the Luxleaks scandal and Panama Papers but it did not deliver any sound solutions to money-laundering. In the last 12 years, €56bn from public tenders around Europe went to tax havens and nobody did anything. Tax haven-based companies win roughly five percent of value of public tenders throughout […]

Affordable residential development seeks to meet local Cayman Islands market demands

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George Town, Grand Cayman: 19 North Development Company Ltd. (“19 North”), a new affordable for-sale residential development in the Cayman Islands, recently launched its pre-sales initiative to resounding response. Pre-sales opened to the public in December 2018 through a digital-led whisper campaign, and only 20 of the development’s 75 apartments are still available for purchase. […]

Tax avoidance by the numbers: The Paradise Papers

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By Kenneth W. Boyd Here’s a quick riddle for you: what do Donald Trump’s son-in-law, Shakira, and Queen Elizabeth II have in common? All of them are mentioned in the Paradise Papers! This 1.4-Terabyte treasure trove of financial documents contains details about some of the world’s wealthiest people. The list of hundreds of people whose confidential transactions have […]

Cumberland paying $25M+ for antibiotic [Cayman Islands co. to get $20 million]

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By Geert De Lombaerde From Nashville Post New treatment will be company’s biggest seller Cumberland Pharmaceuticals has signed a definitive agreement to buy an antibiotic treatment for some skin infections and hospital-acquired pneumonia from a much larger publicly traded company. Cumberland’s deal to take over Vibativ from Theravance Biopharma calls for the local firm to […]

Liquidators seek Ch. 15 to track Cayman Islands firm’s cash

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By Rick Archer From Law360 Law360 (September 19, 2018, 7:37 PM EDT) — The liquidators of a bankrupt Cayman Islands-based investment advisory firm Tuesday asked a New York bankruptcy court to begin Chapter 15 proceedings, saying they need to act to find and protect the U.S. assets they believe the firm has. The liquidators say […]

US SEC files charges in busted microcap schemes include Cayman Islands broker

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Washington D.C., July 13, 2018 — The Securities and Exchange Commission has charged a stock promoter and four others involved in an alleged series of microcap fraud schemes that were foiled by FBI undercover work and an SEC trading suspension. According to the SEC’s complaint filed in federal court in southern California on July 6, […]

Cayman Islands-based law firm moves to Camana Bay

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Solomon Harris Cayman Islands has moved to its new location in Camana Bay, a mixed-use community and financial services hub on Grand Cayman. The relocation comes as the law firm marks two decades of service in the Cayman Islands. 20 years ago, Solomon Harris was among the first tenants to open its doors in the […]

US: McCaskill’s husband invested $1 million in hedge fund tied to Cayman Islands

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BY LINDSAY WISE, KEVIN G. HALL AND STEVE VOCKRODT From McClatchy DC Bureau WASHINGTON As a U.S. senator, Claire McCaskill supports cracking down on offshore tax havens. But the Missouri Democrat’s husband has invested $1 million in a hedge fund tied to the Cayman Islands, one of the world’s most notorious tax havens. Joseph Shepard’s […]

Regulatory immunity no shield for Options Clearing Corp from accusations some investors got tips on price movement

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By Robert Davis CHICAGO — The organization known as the world’s largest equity derivative clearinghouse must yet face a lawsuit accusing it of tipping off certain investors to changes in the price of certain options, as a state appeals panel says such private admissions undermine the protections it might otherwise enjoy under regulatory immunity. In […]

Sohu to Reincorporate from Delaware to Cayman Islands

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By Peter H. Frank From Capital Watch The Chinese internet giant said that shareholders would not be affected, except that they would receive American depositary shares in the newly established company. Sohu.com Inc. announced today its intention to end its incorporation in Delaware and convert to a Cayman Islands-based company. The Chinese internet giant said […]