Misconceptions about what offshore financial centers really do have led to radicalized actions even by those who have reasonable policy objectives in terms of fighting financial crime and tax evasion, panelists at the Mourant Ozannes Private Client and Trust Conference argued last week.
A single sentence in the nine-page tax plan proposed by U.S. President Donald Trump and congressional Republicans could have a multi-billion-dollar impact on U.S. businesses that structure their affairs through offshore centers.
Cayman’s gross domestic product grew by 2 percent in the first quarter of this year compared to the same period in 2016. The construction sector, wholesale and retail trade and utilities contributed most to the growth.
Ocean Rig UDW Inc., the Nasdaq-listed international contractor of offshore deepwater drilling services, completed one of the largest cross-border restructurings in the Cayman Islands and emerged from bankruptcy last week.
The regional risk insurance facility for Caribbean and Central American governments will pay US$19 million to Dominica under the island’s tropical hurricane coverage following the passage of Hurricane Maria on Sept. 19.
The devastating destruction caused by Hurricane Irma in parts of the Caribbean is expected to result in billions of dollars of insured losses, but the economic damage is likely to be much worse, analysts say.
The U.K. supply ship RFA Mounts Bay, which practiced disaster response and recovery exercises on Seven Mile Beach in July, arrived in the British Virgin Islands to help with the relief effort following Hurricane Irma. The navy vessel carries about 40 Royal Marines and Army engineers and assisted the authorities by carrying out damage assessment from the air.
Nine months after the U.S. Securities and Exchange Commission negotiated a settlement with the liquidators of failed Caymanian bank Caledonian, a U.S. court has issued default judgments against the other defendants in the case.
Two service providers to Primeo, a fund that invested all of its money with Ponzi scheme fraudster Bernard Madoff, were negligent in their duties as administrator and custodian, according to the Cayman Islands Grand Court.
A Cayman-registered Chinese delivery service that saw the largest initial public offering in the United States last year is accused in class-action lawsuits of misleading investors in connection with the fundraising.
Despite numerous government measures to bring Cayman in line with the tax transparency guidelines propagated by the Organisation for Economic Cooperation and Development, Cayman is still only deemed “largely compliant,” according to the latest OECD peer review report.
Cable & Wireless Communications is continuing its field-tests of faster mobile internet technology. The parent company of telecommunications provider Flow in Cayman has successfully completed a Gigabit LTE trial in Antigua and Barbuda and has started to test a pre-5G network, the company said.
Progressive Distributors has bought Hew’s Hotel and Restaurant Supplies, a local wholesaler of cleaning products, commercial food service equipment and restaurant supplies. Hew’s Janitorial Services is not part of the deal.