Business in brief – Cayman Finance CEO participates in OffshoreAlert panel

Jude Scott, CEO of Cayman Finance, was scheduled to speak at the 6th Annual OffshoreAlert Europe Conference in London on Nov. 14 and participate in a panel about the recent illegal data hack and leak of personal financial information.

“This is a critical time to be reaffirming our case that Cayman is a transparent, cooperative jurisdiction, which meets or exceeds the full range of globally accepted standards for transparency and cross-border information sharing with law enforcement and tax authorities,” Mr. Scott said.

“We want policymakers, industry leaders, clients and media to understand that institutions, individuals and pension holders around the world invest together in Cayman funds because we are a premier global financial hub, efficiently connecting law-abiding users and providers of investment capital and financing around the world.”

Other panelists will include Simon Bowers, a reporter for the International Committee of Investigative Journalists; James Oliver, award-winning television producer and investigative journalist for “Panorama,” the BBC’s flagship current affairs program; and Hilary Osborne, editor of The Guardian’s money website.

Volkswagen re-registers Cayman planes in Germany

Volkswagen has re-registered six company jets that were previously registered in Cayman. They are now registered in Germany in response to a new EU regulation requiring aircraft to be governed by the authority where they are physically located.

A company spokesman confirmed German media reports that out of a total of nine company aircraft, Volkswagen had seven company jets registered in the Cayman Islands. The seventh jet is about to be sold.

Volkswagen had previously denied that the planes were registered in Cayman for tax-avoidance reasons, stating it was simply a matter of less bureaucracy.

EY donates $10,000 to NCVO

EY Cayman Ltd. has donated $10,000 to the National Council of Voluntary Organisations, one of the Cayman Islands’ longest-standing charities. NCVO was established in 1974 and is dedicated to the care, education and well-being of children and families in need.

EY’s donation will support NCVO’s mission of helping children who have been victims of abuse or neglect access educational and growth opportunities otherwise not available to them.

“Abuse and neglect is not something that confronts many of us in our everyday lives. However, just as elsewhere in the world, it is a very real part of Cayman society,” said Lauren Nelson, EY area director of finance and operations. “Each time I meet with representatives from the NCVO, I am humbled by the work they do to combat this issue. We are very proud to do our part to help further their efforts with this donation.”

Dan Scott, EY managing partner for the region, commented, “Lauren has been very active, directly and indirectly, with NCVO since 2005, and we’ve seen the valuable work that the organization does in helping improve children’s lives. This donation, and the time that our volunteers have dedicated to NCVO, will help them provide these critical services to some of our most vulnerable citizens.”

CIMA, RCIPS and Chamber hold fraud prevention seminar

The Cayman Islands Monetary Authority announced it will host the 9th annual “Know Your Money” Fraud Prevention Seminar with the Royal Cayman Islands Police Service’s Financial Crime Unit and the Cayman Islands Chamber of Commerce.

The seminar will take place Nov. 15-16 at the Chamber of Commerce conference room in Governors Square. The seminar is split into four half-day sessions with the morning sessions commencing at 8:30 a.m. and afternoon sessions commencing at 1:15 p.m.

Representatives from RCIPS FCU and Cayman Islands banknote printers, De La Rue, will present on topics such as identifying banknote features, phishing and cybercrime, counterfeit detection and credit card fraud.

Although these seminars are primarily geared toward business leaders and their employees, the sessions are also open to the public.

CIMA said, with an increase in cash transactions before and during the holiday season, it is imperative that the public be educated on methods that will prevent them from becoming victims of financial fraud.

CIMA’s Managing Director Cindy Scotland said the techniques the public will learn from the seminar are invaluable and will go a long way in preventing fraudulent crimes.

Chamber CEO Wil Pineau said, “The majority of our members are small- and medium-sized businesses, and this makes them easy targets for criminals as they do not have the same financial and informational resources for security as larger organizations. These free seminars are perfect in providing advice to the small business community, helping them to detect counterfeit currencies, monetary scams, and more.”

JN Cayman reports annual increase in profits

Building society JN Cayman, a member company of The Jamaica National Group, has posted a profit of $668,000 at the end of the financial year 2016/17, following a loss of $219,000 in the previous year.

Managing director Damion Hylton credited the turnaround to fewer delinquencies and lower interest expenses, as well as improved service delivery to clients.

“In regard to our delinquency reduction, we established benchmarks to ensure that we are speaking with our clients as soon as they enter the one to 30 days arrears category. This allowed us to understand their challenges and assist where possible,” Mr. Hylton told members at the company’s annual general meeting.

The focus on delinquency management also resulted in the recovery of several non-performing loans, either based on structured repayment or the sale of collateral when other repayment methods were exhausted.

JN Cayman’s loans portfolio increased by 30 percent to $32.6 million. However, the savings portfolio declined from $51 million to $50 million due to a regulatory requirement for a closer alignment of deposits to the mortgage portfolio.

Mr. Hylton said JN Cayman is meeting the targets of its three-year plan by returning to profitability in the first year. “For year two, we are centered on regaining our position in the mortgage market through the disbursement of credit facilities and increasing our visibility in Grand Cayman. In light of those objectives, we are developing several strategies that will be beneficial to new and existing customers,” he said.

At the general meeting, JN Cayman re-elected its auditor, KPMG, and its board of directors.

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