Business in brief: Cayman Finance CEO defends Cayman at Offshore Alert conference

Jude Scott, CEO of Cayman Finance, participated in a panel at the 6th Annual Offshore Alert Europe Conference in London on Nov. 13 to discuss the recent illegal data hack and leak of personal financial information.

He was the only panelist to represent the offshore financial services industry. Other panelists included Simon Bowers, a reporter for the International Committee of Investigative Journalists (ICIJ); 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.

“I proudly represent the Cayman Islands. There’s been a tremendous amount of work that’s been done over many, many years to build what is now a successful, well-run jurisdiction – a jurisdiction that is very transparent, very cooperative,” Mr. Scott said in his opening comments.

He also praised the Cayman Islands’ international leadership on beneficial ownership in response to one of the questions he received: “We also, for example, worked hard over the past 15 years developing what we think is one of the best approaches to beneficial ownership, which is a verified beneficial ownership regime.”

Jamaica National Group aims to diversify

The Jamaica National Group said that it will seek to expand revenue by further deepening its diaspora linkages and maintaining its position as one of Jamaica’s premier mixed multinational conglomerates.

The company made the announcement during its first general meeting, since its reorganization in February. The meeting was held at the Jamaica Pegasus hotel in New Kingston on Tuesday, Nov. 14.

Curtis Martin, chief financial officer for the group, indicated that deepening ties with the diaspora and maintaining the group’s position as a premier mixed conglomerate are the company’s top two goals, together with diversifying revenue streams through its non-financial subsidiaries.

“While Jamaica will remain our main market, the slow growth of the Jamaican economy has impacted the financial sector,” Mr. Martin told members, as he outlined the group’s financial performance.

Approximately 15.5 percent of the JN Group’s members are Jamaicans living overseas, with the majority residing in the United States, the United Kingdom and Canada. Membership in the JN Group is acquired through holding an account with JN Bank, the commercial bank member of the group.

“Compounded annual growth rate for total assets and deposits have averaged 6.6 percent per annum and 7.7 percent per annum, respectively, for the past five years,” Mr. Martin said. “Hence, JN is focusing on repurposing its corporate vehicle and delivery channels in the U.K., USA and the Cayman Islands, to facilitate expansion of its product offerings and services and to accelerate balanced growth and profitability.”

Earlier this year, the JN Group was divided into three holding companies, which comprise the Jamaica National Group Limited, as the parent company in the conglomerate; the JN Financial Group Company Limited, which owns and oversees all regulated companies in the Group, and the MCS Group, which owns and oversees all non-regulated entities in the JN Group.

JN Cayman and JN Money Services Limited are part of the JN Financial Group Company Limited.

IMAC scholarship fundraises $13,000

The Insurance Managers Association of Cayman Scholarship Fund was the recent recipient of a $5,000 donation from Orbis/Performa Ltd., in support of an IMAC Golf tournament, where local vendors and players helped to fundraise an additional $8,000 on the day.

IMAC’s educational scholarship trust fund was formed in 1994 to assist with the post-high school education of young Caymanians. The IMAC Scholarship has raised more than $3.4 million and is currently providing the funding for 15 students to pursue their overseas college educations. It has so far sent 42 Caymanian students to complete post-secondary education.

Conyers elects new chairman

Christian Luthi has been elected as chairman of the firm of Conyers Dill & Pearman. He succeeds Narinder Hargun and David Lamb who have been co-chairmen since 2012.

Mr. Luthi is a litigator who joined Conyers’ Bermuda office in 1994.

“Narinder and David have been invaluable leaders during their term, providing guidance and ensuring continuity as business and markets have changed.

“I look forward to making a positive impact on service to our clients and for our people at the firm, as well as working with the board and management to strengthen our position as a leading international law firm,” Mr. Luthi said.

Narinder Hargun, director and Head of Litigation and Restructuring in the firm’s Bermuda office, said: “I am delighted Christian has been appointed as chairman. He is a natural leader and has the respect of the firm and the community at large.”

“I would like to congratulate Christian on his election and look forward to this new phase at Conyers under his leadership,” added David Lamb, partner in the firm’s Hong Kong office.

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