Local business in brief: Scotiabank awards financial support to students

Scotiabank has awarded five Caymanian students with a scholarship of US$5,000 each.

Scotiabank has awarded five Caymanian students each with a US$5,000 student bursary. The bursary provides additional financial support to students attending an overseas university. The Scotiabank bursary supports Caymanian students in financial need who are seeking to pursue an undergraduate degree in business or finance at a college/university overseas.

This is the third year Scotiabank has awarded the bursary. Each year Scotiabank accepts applications through June 30.

“Scotiabank is proud to support young Caymanians in a quest to further their education overseas, and I would like to offer my sincere congratulations to Scotiabank’s 2017 Bursary recipients,” said Dwight Burrows, Scotiabank managing director.

Scotiabank donates $500,000 to Caribbean hurricane relief efforts

Scotiabank is donating US$500,000 to charitable organizations assisting with rescue and relief efforts in the many Caribbean countries affected by Hurricane Irma.

The Canadian Red Cross will receive $250,000; the remainder will go to initiatives supporting young people in the affected communities. The Canadian Red Cross has a presence in the area and is coordinating with the International Federation of the Red Cross and supported the mobilization of regional Red Cross teams.

“The devastation caused in the countries impacted by Hurricane Irma is heartbreaking,” said Brian Porter, president and chief executive officer. “Scotiabank has been part of the affected communities for decades. We are committed to the region and will support our customers and employees during these challenging times,” he said.

CIMA issues warnings against Titan funds

The Cayman Islands Monetary Authority has issued warning notices against six Cayman-registered entities connected to the New York-based hedge fund company Titan Capital Group.

According to CIMA, the funds Titan Volatility Fund Offshore Ltd., Titan Volatility Fund L.P., Titan Asia Volatility Fund Ltd., Titan Asia Volatility Fund L.P., Titan Global Return Fund Offshore Ltd., and Titan Global Return Fund L.P. failed to submit audited accounts between 2010 and 2016, and failed to pay annual registration fees and penalties between 2014 and 2017.

The warning notices state that CIMA is proposing to cancel the funds’ licenses and is giving Titan Capital Director Russell Abrams 28 days from Sept. 12 to respond to the regulator about why the licenses should not be canceled.

HSM articled clerk called to Bar

Majdi Beji, an articled clerk with HSM Chambers, was called to the Cayman Islands Bar on Sept. 27.

Mr. Beji’s admission was moved by HSM Partner Ian Lambert, who summarized his qualifications for Justice Robin McMillan. Mr. Beji moved to the Cayman Islands in 2006 and has experience in project management, hotel and property management, and real estate. Mr. Beji earned a commendation in his Professional Practice Course and also has a bachelor’s in technical science in mechanical engineering.

He is joining HSM as a litigation associate and will focus on civil litigation, acting for banks, strata corporations and businesses in the Cayman Islands and overseas.

Appleby promotes two lawyers to counsel

Offshore law firm Appleby has announced five promotions in Hong Kong and Cayman. This includes the appointments of David Bulley and Liesl Richter to counsel in Cayman and three partner promotions in Hong Kong.

Appleby Group Managing Partner Michael O’Connell said the appointments reflect the firm’s growth plans as an independent law firm.

 

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