New chief officer appointed

Dax Basdeo has been appointed chief officer, Financial Services, in the Ministry of Finance, Tourism and Development.

The appointment was made by Deputy Governor Donovan Ebanks for the new post created as a result of the importance the Government places on the financial industry and changes to ministry responsibilities resulting from the creation of a Minister of Finance under the new constitution, according to a government press release.

Mr. Ebanks said, “It is particularly pleasing to see a young Caymanian rising through the ranks to achieve one of the most senior positions in government.”

Mr. Basdeo, who took up his position on 1 October, holds a bachelor of science degree in finance and statistics from the Wharton School at the University of Pennsylvania, a master’s in business administration from the University of Manchester and a doctorate in strategic management from the University of Maryland.

A published author, Mr. Basdeo has also conducted research involving US businesses, with research teams at various academic institutions.

He began his career in the civil service in 1995 as an economist. In 2004 he assumed responsibility for the Cayman Islands Investment Bureau (now the Department of Commerce & Investment) and devised policies and programmes supporting inward investment and economic diversification, small business development and provision of advisory services for international investors.

Mr. Basdeo currently has responsibility for a broad range of departments and authorities within the Ministry of Finance, covering such key areas as financial services policy, economic development and international relations. Specific functions under Mr. Basdeo’s leadership include: the Department of Commerce & Investment; the Financial Services Secretariat; the Cayman Islands London Office; the General Registry, and the Tax Information Authority.

On taking up his appointment, Mr. Basdeo said, “I look forward to the challenges of this new position and the opportunity to continue to develop policies that will enhance the sustainable economic development of these islands.”

Some 23 people applied for the post as part of an open recruitment process; four candidates were interviewed by a selection panel consisting of Mr. Ebanks, chairman; Peter Gough, strategic adviser; Nick Freeland from PricewaterhouseCoopers; Paul Byles and Kenneth Jefferson, financial secretary.