Cayman 27, which ceases operations today, is not the only licensee threatened to have its licence suspended for failing to pay fees to the regulator OfReg.
As of Friday, 30 Aug., there were five licensees, including Hurley’s TV Ltd., the parent company of Cayman 27, that remained delinquent of their licence fees and royalties.
All five licensees had been issued enforcement notices on 31 July and were due to have their licences suspended on Sunday, 1 Sept., Alee Fa’amoe, the acting CEO of OfReg noted in an email to the Cayman Compass.
Fa’amoe added that he would not make any further public statements until after a meeting with Cabinet next week.
Cabinet typically meets on Tuesdays. Randy Merren, managing director of Hurley’s TV Ltd., cited the lack of cooperation from regulator OfReg as the main reason for the closure of Cayman’s only local TV news station, which had faced financial difficulties for almost a decade.
The company owed more than $100,000 in unpaid regulatory and licence fees to OfReg for a period going back to the final quarter of 2016.
Licensees are expected to pay 6% of their revenues every quarter, in addition to a regulatory fee.
For more on this story, see Monday’s Cayman Compass.