Government currently has no idea about how many nonprofit organizations operate in the territory, according to Ministry of Financial Services and Home Affairs Policy Officer Wilbur Welcome. Such lack of information is a problem for a jurisdiction susceptible to being used for terrorist financing and other nefarious activities, he said.
Reports that the U.K.-based Thames Water Utilities Ltd. could soon cut ties with the Cayman Islands are “highly premature,” according to Thames public relations consultant Sundeep Tucker. Mr. Tucker was referring to an article earlier this month in the Daily Mail’s business publication, This is Money.
There are more than 15,000 utility poles on Grand Cayman, all of which serve as potential nodes for fiber-optic cables. Telecom companies are eager to use those poles to expand their fiber networks, which would improve and expand their broadband internet services.
A Cuban migrant who escaped the Immigration Detention Centre to bring what he called human rights violations there to the public’s attention was sentenced to three months imprisonment by Magistrate Valdis Foldats on Thursday.
Cayman resident Mark Hennings hit the accelerator on his Tesla Model S, rocketing it silently through the underpass on the Esterley Tibbetts Highway. “It’s just a joy to drive.” he said as the electric car glided through the tunnel. “It makes you feel like Superman.”
The number of Class B banks registered in the Cayman Islands fell from 172 in 2015 to 148 last year, the largest decline since 2004, according to the Economics and Statistics Office’s 2016 annual economic report.
A group of related entities, including Cayman-based reinsurer Beechwood Re, and two of its former executives are being sued for illegally obtaining nearly US$100 million of proceeds from the sale of a defunct oil company to keep afloat the allegedly fraudulent U.S. hedge fund Platinum Partners.
Cayman sprinter Jamal Walton will compete alongside Usain Bolt and dozens of other world-class athletes this weekend when he participates in the 2017 IAAF Athletics Championships at the U.K.’s London Stadium.
When offshore financial centers receive criticism for being “tax havens,” they often counter by pointing to larger countries in Europe and elsewhere that practice many of the same policies decried by the international community.
Accountants from Deloitte have been appointed by the Cayman Islands Monetary Authority to control the affairs of Beechwood Re, a Cayman-based reinsurance firm being sued for fraud in the U.S., and with ties to a hedge fund whose former executives are facing civil and criminal fraud charges in the U.S.
Employment and total population in the Cayman Islands hit record highs in 2016, with 40,411 people working and 61,361 people residing here at year’s end, according to figures from the Economics and Statistics Office’s labor force surveys and its 2016 annual report.
It came as a surprise for Divetech owner Jo Mikutowicz when her business received a phone call last week from a man from a very unlikely place, saying that he found a tank on a nearby beach. “We were just shocked it made it all the way to Florida.”
In January 2016, the government of the BVI agreed to provide BVI Airways with a US$7 million subsidy in exchange for the airline establishing a direct route between the BVI and Miami by October of that year – an agreement touted as crucial for the continued development of the territory’s financial and tourism sectors.
Liquidators for the Cayman Islands-based hedge fund Argyle Funds SPC are suing several branches of the auditing firm BDO Ltd., including the one in the Cayman Islands, for allegedly failing to spot fraud by two of the fund’s credit advisers, costing Argyle millions of dollars and causing it to enter liquidation as a result.