Business in brief

Harneys appoints new managing partner

Nick Hoffman, Harneys

Harneys has appointed Nick Hoffman as managing partner of its Cayman Islands office. Marco Martins stepped down on 1 July after eight years as managing partner.

Hoffman joined Harneys in 2017 and heads the Litigation, Insolvency and Restructuring practice in Cayman. He has been practising in the Cayman Islands for almost 10 years and specialises in insolvency and restructuring, financial services litigation, company disputes and fraud.

Chairman Peter Tarn said in a press statement, “Nick is well positioned to deliver our Cayman Islands strategy and we are delighted that he has agreed to take on the position of office managing partner.”

Tarn added, “I would like to thank Marco for his tremendous contribution to the firm over the past 13 years. Marco joined Harneys in 2007 and practised in our British Virgin Islands office before relocating to the Cayman Islands and becoming managing partner of our Cayman office in 2012. He has led and been instrumental in developing our incredibly strong Latin America practice.”

C&W Communications expands B2B operations in Cayman

C&W Communications, operator of Flow, announced the acquisition of Cayman-based IT Outsource Ltd.

Founded in 2004, the company provides managed and support services, cloud back-up, security services and enterprise hardware and software solutions.

Chris Coles, chief commercial officer, B2B, at C&W Communications, said in a press release, “The acquisition of IT Outsource represents an important step in the execution of our growth strategy and will strengthen our business by bringing innovative solutions and technologies to existing customers and solidifying our position as the leading provider of ICT services in the Cayman Islands.”

Garry Southway, general manager and managing partner of IT Outsource, said, “As the entire world shifts to focusing on how to secure a mobile workforce, we aim to expand our portfolio of solutions in the region for protecting people, services, and data – on the network and beyond.”

“We know these are challenging and uncertain times, and we are excited about what this deal means for the expansion and profitability of your business and ours, and that in the process we hope to offer a more comprehensive and secure ‘end to end’ offering and to better serve our clients in the region with new and innovative solutions,” Southway added.

JN Money Cayman donates to Meals on Wheels

JN Money Cayman has donated $2,000 to Meals on Wheels to enable the charity to continue its work in the community as the COVID-19 pandemic has increased the reliance of many elderly on its food delivery programme.

“Before the pandemic, we would serve on average 470 meals and soups each day. But since COVID-19, that number has increased to over 1,000 daily meals and soups,” said Jennifer West, general manager of Meals on Wheels. “The increase is as a result of restrictions placed on the elderly and vulnerable groups who are unable to leave their homes because they are considered most at risk of contracting COVID-19, but also due to lack of access to a hot meal and loss of income,” she said.

West said the organisation was grateful for the donation because Meals on Wheels had to cancel its usual fundraising efforts used to cover the cost of the meals which are delivered free of charge to the homes of those in need. “This donation will allow us to provide 800 hot soups and nutritious meals,” she added.

Glenroy Henry, country manager, JNMS Cayman, said, “We are committed to the growth and development of the island and have consistently supported activities in the health, education and the general welfare of Cayman and its citizens. Therefore, when we heard the story of Meals on Wheels and their charity efforts, we thought it was prudent to support their efforts in a meaningful way.”

“This donation will allow us to provide 800 hot soups and nutritious meals. We appreciate the support and thank JN Money for choosing to support Meals on Wheels at this time as we continue to serve an increased number of persons in need,” she stated.

CPA Canada helps Caribbean-based accountants navigate the COVID-19 crisis

Marla Dukharan
Tashia Batstone, CPA Canada

CPA Canada hosted its first pan-regional webinar earlier this month with a focus on navigating the COVID-19 crisis in the Caribbean. The session examined the financial impacts across the region, including the changes and reforms necessary to successfully emerge from the pandemic.

“To present this free member event, CPA Canada worked closely with our chapter advisory councils in the Cayman Islands, Trinidad and Tobago, and Barbados and extended the invite to Canadian CPAs across the region,” said Tashia Batstone, senior vice president, External Relations and Business Development, CPA Canada, in a press release. “These are not normal times and Canadian CPAs are actively looking for advice and insight to better support business resiliency and sustainability in response to the economic challenges resulting from the COVID-19 pandemic.”

Barbados-based economist Marla Dukharan, who led the session, said, “As business professionals, we all have a role to play in helping the Caribbean achieve a more prosperous and sustainable future.

“It is important that we look to shape proposals, create opportunities, innovate and diversify, so we can put the region on a more sustainable socioeconomic trajectory.”

In her presentation, Dukharan cited reinvigorating old sectors in new ways and diversifying into new sectors such as climate-adaptive construction, renewable energy and technology among strategies for business survival this year.

“Working with other Caribbean-based CPA Canada advisory councils has been a pleasure and a revelation,” said Karen Watson, chair of the Cayman Islands Chapter Advisory Council. “We have so much in common and shared interests in helping the region and our profession evolve and grow. I predict this is just the first of many joint efforts in the future.”

More than 260 CPAs from across the Caribbean registered to take part in the webinar.

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