ESTABLISHED 1965 www.caymancompass.com – 50 CENTS – WEDNESDAY MARCH 1, 2017 High of 86 Low of 75 Moderate with wave heights of 3 to 5 feet. EDITORIAL | PAGE 4 AGRICULTURE SHOW: SHOWING OFF THE FRUITS OF FARMERS’ LABORS BUSINESS | PAGE 9 CAYMAN-BASED STARTUP FUND GETS 146 PERCENT RETURN BENEFICIAL OWNERSHIP REGISTRY APPROVED Agriculture Show marks 50-year anniversary ‘Haven’ director Flowers recalls actor Bill Paxton KAYLA YOUNG kyoung@pinnaclemedialtd.com The Legislative Assembly passed three bills Monday that will enable the creation of a search- able, corporate ownership registry, moving the Cayman Islands closer to compliance with a U.K. agreement established in April. Ahead of Wednesday’s trip to London, Premier Alden McLaughlin requested the House move to committee to deliberate the proposed Companies Amendment No. 2 Bill, Companies Management Amendment No. 2 Bill 2016, and the Limited Li- abilities Companies Amendment Bill 2016. Together the bills outline definitions of ben- eficial ownership and set forth creation of a registry that would be accessible by law en- forcement and tax authorities. The registry, re- quested of all U.K. Overseas Territories, would aim to bolster financial crime investigations and target corruption. Premier McLaughlin said the bills’ passage will allow him to inform U.K. authorities that the islands are on track to meet a June dead- line on the issue. He is scheduled to meet with Vendors, farmers, organizers, agriculture offi- cials and sponsors, as well as some young helpers, were on hand at the Agricultural Grounds in Lower Valley on Tuesday as preparations for the golden jubilee of the annual Agriculture Show on Ash Wednesday got under way. Last year, nearly 9,000 people attended, and or- ganizers are expecting a similar or higher turnout for the 50th anniversary show, whose theme is “Commitment to Sustainable Agriculture in a Changing World.” For the full show agenda, see page 5. TAD STONER tstoner@pinnaclemedialtd.com In the wake of the recent death of Hollywood actor Bill Paxton at age 61, Caymanian filmmaker, director and screenwriter Frank E. Flowers reflected on his association with the star of his locally made film, “Haven,” in 2004. Mr. Flowers recruited Mr. Paxton for “Haven” long before production in Cayman began, describing how he first met the actor, and calling him “a rare and beautiful spirit.” “He was among the first people CROWN: SYED TOOK ADVANTAGE OF COLLEGE JAMES WHITTAKER jwhittaker@pinnaclemedialtd.com Former University College of the Cayman Is- lands president Hassan Syed took advantage of a lack of checks and balances at the college and beyond, Crown prosecutor Patrick Moran claimed as he began his closing statement in the trial Tuesday. Mr. Moran said Syed had been deceitful in his evidence to the jury and said some of his claims, including suggestions that someone else had cre- ated false documents found on his computer, simply made no sense. The prosecutor cautioned the jury not to put on the “spectacles of hindsight” and shift respon- sibility for Syed’s actions to the officials who failed to stop them. “The feeling that there were not enough checks and balances at UCCI and perhaps beyond is hard to shake,” he said. “In fact, there were far more checks and very few balances, and many of those checks were made out to Hassan Syed.” He asked the jury to consider some of Syed’s claims in detail, including his assertion that he Frank E. Flowers with Bill Paxton PLEASE TURN TO PAGE 8 » PLEASE TURN TO PAGE 8 » PLEASE TURN TO PAGE 8 » The Department of Agriculture’s Vanessa Rivers, Claudette McKenzie and Adrian Estwick show off a butterfly design of peppers, cucumber and tomatoes as they get ready for Wednesday’s Agriculture Show. Young livestock farmer William Ebanks with piglets from Willie’s Farm in North Side at one of the enclosures at the Agriculture Show. - PHOTO: JEWEL LEVY2 LOCAL NEWS WEDNESDAY MARCH 1, 2017 • CAYMAN COMPASS Daily Matinees Every Day $8.00 Seniors, Mon-Fri Before 6pm Cayman Cinema@cbcinema6cbcinema6 640-FILM (640-3456) *Additional charges will apply per 3D ticket requested. SATURDAY NIGHT: For your viewing pleasure, minors under the age of 18 will not be admitted to any film starting after 6pm, unless accompanied by their parent. - WEDNESDAY - THE GREAT WALL 3D (PG13) 12:35 | 3:55 2D | 7:00 | 9:45 2D XXX: RETURN OF THE (PG13) XANDER CAGE 3D 4:00 | 10:00 RINGS (PG13) 12:45 | 3:45 | 7:05 | 9:50 THE SPACE BETWEEN US (PG) 12:40 | 3:40 | 6:50 | 9:40 JOHN WICK: CHAPTER 2 (R) 12:55 | 3:50 | 7:10 | 9:55 LEGO BATMAN (PG) 12:30 | 7:15 Ministry of Education announces two senior appointments The Ministry of Education has appointed Lyneth Monteith as di- rector of the Department of Ed- ucation Services, and Cetonya Cacho has been named as deputy chief officer of education policy and planning. Ms. Monteith has been acting chief education officer since March 2015. Under the new Education Law, the title of “chief education of- ficer” was changed to “director of the Department of Education Ser- vices,” according to the announce- ment released by the Ministry of Education. Ms. Monteith has served for 35 years in the department. Ms. Monteith began as a class- room teacher in 1981, and after six years became head of social studies at the Cayman Islands Middle School, a role she served in until 1992. She became a se- nior tutor for 14 years and was named School Leader for Leading Edge High School (one of the four schools split from the original George Hicks High School) from 2006 to 2008. In 2008, she was appointed acting campus manager for the George Hicks campus and was deputy principal of John Gray High School from September 2010 to March 2011, when she became acting principal. She was formally appointed principal of John Gray High School in June 2011 and re- mained in that post until appointed acting chief education officer in March 2015. “The director of the Department of Education Services post is a cru- cial one in our education system as the post holder leads the opera- tional arm of the Ministry of Educa- tion and also collaborates and leads on high-level policy development and implementation,” Ms. Monteith said in a press release. “This post is one of challenge and opportunity to lead at a time of system change and development.” “I am ready for this challenge and look forward to the tremendous opportunity that this post brings, as the Ministry of Education and Department of Education Services teams work together to develop a Government Education System of excellence.” Since 2004, Ms. Cacho has been serving in the government education system, where she began as a class- room teacher. In 2008 she was ap- pointed principal of Bodden Town Primary School and in 2012 became manager of initial teacher training. She was named acting deputy chief officer for education policy and planning in March 2014. “I have always had a passion for education, and I was fortunate enough to have my life touched by a number of effective and caring teachers,” she said in the press re- lease. “Their influence as well as my own drive and determination have led me to a career in education. “My professional motto is ‘every- thing I do is for the benefit of the children I serve.’ These words are a daily reminder of the purpose of my work and help to drive my decisions in the field of education.” Congratulating Ms. Monteith and Ms. Cacho on their appoint- ments, Christen Suckoo, chief officer for education, said, “I have had the privilege to work with them both over the last three years and I am confident that they will help take the government education system to where it needs to be – a system of excellence where our students can confidently and successfully com- pete at the global level, both here in Cayman and abroad. “Both Ms. Monteith and Ms. Cacho not only worked directly in the government education system as teachers and school leaders, but they are also former students of the system and so their wealth of knowledge and firsthand expe- rience of the government schools will truly be a benefit to ensure that the system is heading in the right direction.” Ms. Monteith holds a bachelor of education degree from Leeds Uni- versity and a master’s degree in ed- ucational management from Bath University, both in the U.K. Ms. Cacho holds a bachelor’s de- gree in elementary education and psychology from the University of Miami, a master’s in business ad- ministration from the University of Southampton in the U.K., and is cur- rently undertaking doctoral studies in education at the University of Durham, also in the U.K. Cetonya CachoLyneth Monteith Bail application delayed CAROL WINKER cwinker@pinnaclemedialtd.com A man accused of rape and indecent assault had the charges transmitted to Grand Court when he ap- peared in Summary Court on Monday afternoon. The defendant, 38, of a West Bay address, is accused of committing the acts on Jan. 2. He was arrested on Friday. Defense attorney Prathna Bodden advised the court that she was filling in for the defendant’s attorney, who was unwell, and wanted the matter put over until the next day so that a bail application could be made. Magistrate Valdis Fol- dats pointed out that rape is a Category A offense, which means that it must be sent to Grand Court “forthwith,” meaning immediately. There- fore, any bail application would have to be made in the Grand Court. Since no application was made at this time, Crown Counsel Aailiyah McCarthy was not asked whether the Crown objected and no de- tails of the charges were shared as a result. The magistrate said he was remanding the defendant in custody until March 10, unless his attorney was able to get an earlier bail hearing. A press release from the police indicated that a 20-year-old woman had been arrested as an accomplice during the incident. She was on police bail and there was no information as to when or whether she would be brought to court. Rape, indecent assault charges sent to Grand Court Sentence deemed to be within recommended range CAROL WINKER cwinker@pinnaclemedialtd.com Cory Godfrey Bowen lost his appeal on Tuesday against a sentence of five years and three months for wounding with intent. The victim/complainant was a man with whom Bowen’s girlfriend had a relationship. The incident occurred in June 2015, and a Grand Court jury found Bowen guilty in March 2016. Bowen, representing him- self in the Court of Appeal, argued that the sentence was excessive in the circum- stances. He told the court, “When all this happened, I re- ally wasn’t in my right mind because my brother was shot that evening.” Crown counsel Scott Wainwright explained that the wounding oc- curred around 5 a.m. on June 13, 2015, when Bowen was taking his girlfriend to her home and the com- plainant was standing in the road nearby. The pros- ecution’s case was that Bowen left his vehicle with a knife and approached the man, who knocked Bowen to the ground. Mr. Wainwright said that as the men struggled, Bowen stabbed the other man three times, in his head, neck and abdomen. The man made a full recovery but was left with permanent scars. Bowen, now 31, told the court he was sorry for what had happened and he had not been trying to kill anyone. He explained that he had been at the hospital trying to get word about his brother. Then he saw the complainant, who told him he heard that Bowen’s brother got shot, and added, “It should be you got shot.” The appellant said it was not his knife: “I did not approach him with any knife.” He said the in- juries occurred while the other man was on top of him, hitting him. “I’m not a bad person. You can see my history,” he told the appeal judges. He described himself as a good worker, someone who did not loaf around or get into gang activity. Justice Dennis Morrison, who delivered the judges’ de- cision, referred to the his- tory between the two men because of their respective relationships with the same woman. On this occasion, the complainant had tried to protect himself as Bowen “kept coming toward him with a knife.” Justice Morrison quoted Grand Court Judge Alistair Malcolm, who said, “Knives are lethal weapons and if taken into any confronta- tion can easily cause fatal consequences. Anybody using a knife in a fight can expect to be dealt with severely by the courts.” He said Justice Malcolm had taken into account the mitigating circumstances – that Bowen’s behavior was out of character. U.K. sentencing guide- lines for wounding with in- tent have a starting point of six years, with a range of five to nine years. He said the sentencing judge had started at six years, did not identify any aggravating features and gave Bowen credit for his previous good character, resulting in the sentence of five years and three months. The sentence was well within the range and there was no basis on which the court could disturb it, Justice Morrison concluded. Justice Morrison heard the appeal with court presi- dent Sir John Goldring and Sir Richard Field. COURT OF APPEAL UPHOLDS STABBING SENTENCEThe islands’ most-trusted news source 3 CAYMAN COMPASS • WEDNESDAY MARCH 1, 2017 Make your feet count with Sol Cayman and its Esso station dealers on Saturday March 25th, 2017 at 6am as we walk/run to help the Cayman Islands Diabetes Association raise awareness about diabetes. Registration forms available at all Esso stations. Register and pick up your t-shirt at Esso Barcam only. Early Bird (until March 8th): CI$10 • General Registration: CI$15 Proceeds go to the Cayman Islands Diabetes Association Starting Point: Esso Barcam Ending Point: Esso Barcam Walk 3 Miles to Help Fight Diabetes! ES SO and the ES SO L ogo ar e tr ademark s o f Ex xon Mobil Corpor ation and ar e used under license. Sol PetroleumThe islands’ most-trusted news source 4 – EDITORIAL – Opinion&Letters The Cayman Compass welcomes comments, opinions and viewpoints from readers. Letters to the editor can be emailed to editor@pinnaclemedialtd.com, submitted via www.caymancompass.com, sent by post or hand-delivered to the Compass office. PRINTED AND PUBLISHED BY: Caymanian Compass Limited (a subsidiary of Pinnacle Media Ltd) Compass Centre Shedden Road, George Town SEND US YOUR VIEWS OR NEWS: P.O. Box 1365 Grand Cayman KY1-1108, Cayman Islands Telephone: (345) 815-0095 Email: newsdesk@pinnaclemedialtd.com ADVERTISE WITH US: Telephone: (345) 949-5111 Email: sales@pinnaclemedialtd.com Website: www.caymancompass.com PUBLISHERS DAVID R. LEGGE AND VICKI L. LEGGE EDITOR-IN-CHIEF DAVID R. LEGGE EXECUTIVE EDITOR PATRICK BRENDEL A MEMBER OF THE INTER-AMERICAN PRESS ASSOCIATION “Give light and the people will findtheirownway” WEDNESDAY MARCH 1, 2017 • CAYMAN COMPASS We often reserve our editorial space to discuss the biggest news of the day. And today – Ash Wednesday – there’s nothing bigger going on in the Cayman Islands than the Agriculture Show. In fact, many of our readers who are perusing the print edition of this newspaper are doing so right in the middle of the show on the Agricultural Grounds in Lower Valley. The show, which is officially marking its 50th iteration, might be the largest event held in Cayman on a regular basis, drawing (according to our best available estimates) “thousands” of people to Lower Valley. Attendance figures are a bit more precise for the agri- culture shows in Cayman Brac (to be held March 25) and Little Cayman (April 29) — as “everybody” on the Sister Islands will show up. And while today is the “50th Annual Agriculture Show” in Grand Cayman, as with many historical events in this country, the specifics can be more complex than may first appear. Fifty years ago, back in 1967, our predecessor pub- lication the Caymanian Weekly reported on the “5th annual show.” The apparent discrepancy in dates might be explained by years when no agriculture show was held, for example in 2005 while the country was still recovering from Hurricane Ivan’s devastation. Instead, the Ministry and Department of Agriculture sponsored a scaled-down “Agricultural Day,” which proved to be an enjoyable event and a symbolic nod to the country’s efforts to regroup and regrow after the storm. That being said, Cayman’s general tradition of hosting Agricultural Shows goes back even farther, to more than 100 years ago. The authoritative text on Cayman’s history, “Founded Upon the Seas” by Michael Craton and the New History Committee, mentions that among the myriad accomplishments of Commissioner George Ste- phenson Shirt Hirst — a man of great energy and contro- versy, who oversaw Cayman’s government from 1907 until his death in 1912 — was the establishment of a branch of the Jamaican Agricultural Society and the holding of an annual agricultural show in December. During that time, the agriculture show was held at George Town’s first public park, established by Commissioner Hirst and named in honor of Queen Victoria, on Elgin Avenue across from the new Government House that Commissioner Hirst had built in 1907. (Incidentally, the site of today’s event, the Agricultural Grounds, is a mere stone’s throw away from Hirst Road.) For decades, the Agriculture Show’s recipe for success has been simple, featuring produce, livestock, crafts, contests, competitions, games, food and music for families to enjoy on a public holiday. The show is a wholesome experience for residents and tourists, where exhibits that honor Cayman’s past traditions, such as thatch-weaving and gourd-growing, exist side-by-side with new ventures, such as hydroponic farming and heirloom tomatoes. In case you couldn’t guess, we at the Compass are very supportive of this annual event. In addition to the 24-page Agriculture Show special feature we published Tuesday, today’s newspaper is also a “special edition” of sorts – considering that we don’t typically publish on public holidays. (We are using the Ag Show itself as a major “distribution point” for today’s Compass.) As one of the proud sponsors of the Agriculture Show, we at Pinnacle Media would like to congratulate the show’s host, the Cayman Islands Agriculture Society, and extend our best wishes for another successful event — today and for the next 50 years to come. Agriculture Show: Showing off the fruits of farmers’ labors It can be dangerous to believe one’s own or others’ hype. A couple of weeks ago, 180,000 people living down- stream from the nation’s highest dam, the Oroville Dam in California, had to be evacu- ated because the dam’s main and emergency spillways were damaged due to heavy rainfall and runoff. For many years, it had been known to both state and federal officials that the dam spillways were in need of repair. But the politicians decided not to spend the nec- essary money, in part, be- cause of the erroneous belief that due to global warming, the California drought would continue and limited rainfall would not be sufficient to re- fill the dam. More scientifi- cally and historically literate individuals argued that it was just a matter of time before the California rains would re- turn and the drought would abate, as in the past. The lakes behind dams throughout California are now way above historical av- erages and unable to take much more water; so, as the huge snow packs in moun- tains begin to melt this spring, more flooding is al- most certain. Yet, owing to neglect of the state’s water storage and distribution system, as well as the failure to build necessary new ca- pacity, neither farmlands nor urban areas will have suffi- cient water when dry times return. Overhyped and exag- gerated beliefs about climate change are now imposing major economic and human costs on Californians. Misguided and downright stupid policies attributed to climate change hype have not just infected Californians but other peoples around the world subject to mass hys- teria, such as the Germans. The Germans wanted to be “responsible,” so they ag- gressively sought to develop “green energy” with wind- mills and solar panels dotting the landscape. This did not quite work out as planned – the new green energy sources greatly reduced the reliability of the electrical grid (there is not all that much sun- shine in Germany) and made electrical energy much more costly than in competing na- tions. German industries that relied on cheap energy fled to places like Louisiana, where energy is plentiful, inexpen- sive and reliable. So now the Germans are in a crash pro- gram to build many new coal-fired electrical power stations to avoid brownouts. So much for going green. The so-called experts in many professions besides climate science cause much mischief to themselves and real damage to others by be- lieving and acting upon their own ideological hype rather than empirical evidence. The often-wrong blowhard, New York Times economist Paul Krugman, made the widely quoted comment on election night when it became ap- parent that Donald Trump would win the presidency and the markets had ini- tially fallen: “If the ques- tion is when markets will re- cover, the first-pass answer is never.” The next day, the Dow Jones set a record high – and since Election Day the mar- kets have increased in value by about $3 trillion, and in- dividual markets continue to hit record highs. How could Mr. Krugman have been so wrong? Quite simply, he is a mental prisoner of his own Keynesian ideology and hype rather than empirical evi- dence and sound reasoning. President Obama’s $800-billion spending package in 2009 was supposed to re- store economic growth, yet the economy has only limped along in the years since. It grew by only 1.6 percent last year – and the Obama ad- ministration set the record of never having at least one year of 3 percent or more growth. The administration even ad- mitted much of the money was wasted and the so-called shovel-ready projects were rare. The empirical evidence shows that in the United States (and most other coun- tries) government spending as a percentage of gross do- mestic product (GDP) is al- ready above the growth-max- imizing rate. That is, more government spending as a percentage of GDP lowers the growth rate rather than in- creases it. Those Keynesians in the Obama administration, by believing their own hype, caused millions of Americans to have missed out on jobs and higher real incomes – and indirectly are responsible for election of President Trump. To hype is defined as to “promote or publicize – a product or idea – intensively, often exaggerating its impor- tance or benefits.” Calls by political leaders to go to war are often “hyped.” The idea that Iraq had weapons of mass destruction was hyped by officials of the Bush ad- ministration, which does not mean they did not honestly believe that such weapons did exist, but only that they oversold the idea to gain sup- port for the war. It is normal for politicians to “hype” or exaggerate problems and their alleged solutions. Pres- ident Obama’s promotion of the Affordable Care Act and some of President Trump’s comments about trade agreements fit more in the categories of hype than ra- tional discourse. History is replete with examples of too much hype leading to disasters. The cur- rent fixation with all too many in the media – hyping the idea that Donald Trump is an evil person rather than just a political leader whose policies they disagree with – has the real potential to lead to violence. So, to alarm- ists and hypers of all stripes – climate, economic, foreign policy and their media en- ablers – cool it. The conse- quences for you and your cause are not likely to go as you would like. Richard W. Rahn, chairman of Improbable Success Productions and a board member of the American Council for Capital Formation, is on the Editorial Board of Cayman Financial Review. © 2016, The Washington Times, LLC. Hype-driven disasters RICHARD W. RAHN RICHARD W. RAHN An outlaw killing WASHINGTON POST EDITORIAL BOARD If spread on a battlefield or used against a population, the nerve agent VX would be terrifyingly deadly. A liter of the substance contains enough lethal doses, theo- retically, to kill 1 million people. Less than 10 mil- ligrams – a small drop on the skin – can kill a grown man. It has no other pur- pose than being an instru- ment of death. This is one reason most of the world has banned what is truly a weapon of mass destruction. This is also one reason it is so monstrous that North Korean leader Kim Jong Un and his coterie of brutalists may have used VX to murder his half-brother Kim Jong Nam, while he was waiting to board a plane in an inter- national airport in Malaysia. The killing, captured on sur- veillance video, displays the coldblooded mentality of Pyongyang’s young dictator, who has cut down relatives, colleagues and anyone else who might threaten him, while confining hundreds of thousands of people in bleak prison camps and building nuclear and missile forces to threaten the world. North Korea often of- fers a bully’s proposition: just recognize the govern- ment and provide it with eco- nomic favors, and, perhaps, just maybe, it will not carry out the latest ugly threat it has manufactured. In truth, a deal with North Korea that ensures denucleariza- tion once and for all would be desirable, if it could be achieved. But right now, Kim Jong Un needs to be shown there are penalties and no re- wards for such gross viola- tion of international norms. The killing of Kim Jong Nam may not have carried Kim Jong Un’s personal sig- nature, but seems likely to be the result of his orders. North Korea has had a chemical weapons pro- gram since the 1980s. It is one of the few nations that have not signed the Chem- ical Weapons Convention, which bans VX. Aside from the bucking of international norms, the assassination underlines grave questions about how Kim might behave in moments of crisis with the regime’s nuclear weapons. He is impetuous, irrational, bul- lying and armed. North Korea ought to be placed back on the U.S. list of nations that sponsor ter- rorism, from which it was re- moved almost a decade ago. China made a positive move recently in curtailing coal imports from North Korea, but sanctions could be in- tensified still further against Pyongyang’s financial system and the Chinese companies that do business there. There must be no ambiguity in the message from the United States and its allies: This was outlaw behavior. © 2017, The Washington Post It is normal for politicians to “hype” or exaggerate problems and their alleged solutions.5 LOCAL NEWS CAYMAN COMPASS • WEDNESDAY MARCH 1, 2017 50th annual Agriculture Show program The gates of the Agri- cultural Grounds in Lower Valley will open at 6 a.m. for the early risers who want to head to the annual Agricul- ture Show on Ash Wednesday. There will be entertain- ment, plant sales, demonstra- tions, competitions, games and, of course, plenty of food and drink throughout the day for all the family, fol- lowed by a fireworks display after sunset. Opening Ceremonies at Arena: 9:30-10:30 a.m. The Master of Ceremonies will be Joseph Hew, coun- cilor at the Ministry of Dis- trict Administration, Tourism and Transport. A prayer for the farming sector will be said by S.T. “Tommie” Bodden, followed by a presentation and parade of flags by local cowboys, Cayman Islands Fire Service and Cayman Is- lands Cadet Corps. Then there will be the hoisting of flags by Cayman Islands Scouts. The National Anthem will be sung Rudy Myles, while Miss Teen Cayman Liana DaCosta will sing the National Song. George Smith, president of Cayman Islands Agricul- ture Society, and Kurt Tib- betts, Minister of Planning, Lands, Agriculture, Housing and Infrastructure, will de- liver remarks during the opening ceremony. This will be followed by a declaration and opening of show, which will be marked by the ringing of a cow bell, by Acting Governor Franz Manderson, accompanied by CIAS stalwarts and farmers representing each district. Other events throughout the day will include: Arena 9:30-10:30 a.m. - Opening ceremony MCs: Woody DaCosta and Pamela Norton 10:20 a.m. - Jesse White Tumbling Team 11-noon – Eques- trian Centre demo 1-1:30 p.m. – Horse pole bending (Round 1) 1:30-2 p.m. – Kids sack race 2-2:30 p.m. – Kids egg race 2:30-3 p.m. – Horse pole bending finals/Jesse White Tumbling Team 3-3:30 p.m. – K-9 demo 3:30-4 p.m. – Horse barrel racing (Round 1) 4-4:30 p.m. – Adult tug-o-war 4:30-5 p.m. – Kids water balloon race 5-5:30 p.m. – Horse obstacle course 5:30-6 p.m. – Kids egg race 6 p.m. – Barrel racing finals 6:30 p.m. – Jesse White Tumbling Team 6:45 p.m. – Fireworks display Grounds 7 a.m. – Judging of livestock 10:30 a.m. – Tour of grounds begins, hay rides 12:30 p.m. – Storytelling by Twyla Vargas, porch of small house children’s playground Available all day on the Grounds: Food and re- freshment sales All day – Agro Industrial Area: Department of Agricul- ture, CARDI demonstrations, sales, information, plants, aggregate soils display All day – For the kids: Pony rides, face painting, bal- loon animals, carnival games, mechanical bull, bungee, trampolines, petting zoo, interactive play area All day – Sponsors’ displays: Vampt Motors Truck dis- play, SUV display and sales, Home Gas static display, Agro Industrial Area catboat dis- play, fish nets, “Founded Upon the Seas,” National Museum All day – Livestock displays: Poultry hatchery, cow/goat milking demonstrations Pavilion MCs James Myles and Kerry Akinnibosun 6 a.m. – Judging of arts/ crafts agricultural exhibits 10 a.m. – Sugar demon- stration, sugar flowers/ cake decorating 11 a.m. – Carving competition Noon – CULL Association – lionfish 12:45 p.m. – Presentation of district cook-off champions 1 p.m. – Youth cook-off 3 p.m. – Judging cook- off competition begins 3:30 p.m. – Ice-sculpting demonstration 4 p.m. – Presentation of cooking and carving awards 4 p.m. – Breakdown/ sale of exhibits All-day activities in the Pavilion – Heritage and cultural display, Weather Service, Health Services Au- thority, Hazard Management, arts and crafts, district stalls Grandstand/Platform MC James Myles, Youth Flex Crew, Orville Daniels 9 a.m. – Purple Dragon display 9:30 a.m. – Spot prizes/giveaways 10 a.m. – Dexter Bodden 11 a.m. – Beau- tiful baby contest Noon – Cayman Folk Singers 12:30 p.m. – Spot prizes/giveaways 12:40 p.m. – Ms. Farm Queen competition and hats fashion show 1:30 p.m. – Coronation of Ms. Farm Queen by Miss Cayman Monyque Brooks 1:40 p.m. – Spot prizes/giveaways 2 p.m. – Tide tricking, tumbling display 2:15 p.m. – Gospel explosion 2:30 p.m. – Rico Orrett 3:15 p.m. – Spot prizes/giveaways 3:30 p.m. – Jr. Douglas & Band 4:15 p.m. – Renard Powell & Band 5 p.m. – Andy Martin, the Cayman Cowboy 6:30 p.m. – Raffle prize drawing for $20,000 Awards for Ritz-Carlton, Seven Mile Beach The Ritz-Carlton, Grand Cayman has received its fourth consecutive AAA Five Diamond award, and Seven Mile Beach has been recognized as one of the best beaches in the world by TripAdvisor voters. The Ritz-Carlton is among 89 hotels and resorts in North America and the Caribbean to have earned Five Diamonds, the highest AAA rating, for this year. It is the only Cayman Is- lands hotel to win the accolade in the hotel/resort category. The Ritz-Carlton, Grand Cayman’s restaurant Blue by Eric Ripert remains the only AAA Five Diamond restaurant in the Caribbean, the hotel stated in a press release. AAA Diamond Ratings for hotels and restaurants represent a combination of the overall quality, range of facilities and level of ser- vices offered by the prop- erty. According to AAA, North America’s biggest motoring and leisure travel organi- zation, it uses professional inspectors who conduct anonymous, in-person prop- erty evaluations. Forbes award The hotel also learned this week that it had won the Forbes Four Star awards both for the resort and for its La Prairie spa. The Ritz- Carlton, Grand Cayman has been listed among the top five hotels in the Caribbean by US News & World Report, which also named it the number one resort in the Cayman Islands. “We are deeply honored to receive these distinctions for 2017,” said the hotel’s gen- eral manager, Marc Langevin. “They are a tribute to the la- dies and gentlemen who create, enrich and personalize the resort guest experience, every day. The team’s com- mitment to our guests, our community and each other shines brightly in these Stars and Diamonds. TripAdvisor award Seven Mile Beach was named a winner in the 2017 TripAdvisor Travelers’ Choice awards for Beaches. The beach was ranked fourth in the Caribbean and 12th out of 25 in the world. “It brings us tremendous pride to once again see Seven Mile Beach so highly re- garded by the esteemed Tri- pAdvisor community, cap- turing the hearts of travellers worldwide,” said Cayman Is- lands Director of Tourism Rosa Harris. “To have our iconic Seven Mile Beach climb this world ranking year after year serves as tes- tament to the sophistication and evolution of our guest of- fering, further positioning the Cayman Islands as a world- class vacation destination.” It is the only Cayman Islands hotel to win the accolade in the hotel/resort category. The Ritz-Carlton, Grand Cayman resort on Seven Mile Beach. – PHOTO: TANEOS RAMSAY Brian Crichlow, deputy director of the Department of Agriculture, oversees the construction of the department’s booth by staff workers Martin Bodden and Gine Bodden. - PHOTO: JEWEL LEVYDISTRICT DAYS 6 District Days Sister Islands WEDNESDAY MARCH 1, 2017 • CAYMAN COMPASS Walkers Art Club on the Brac welcomes Gordon Solomon Cayman artist Gordon Sol- omon, who recently returned to Cayman Brac to live, will be teaching Walkers Art Club youth classes this month. Mr. Solomon will teach classes at Spot Bay and West End primary schools using his “spots of light” technique. Each class will complete a 36” x 24” canvas which will be displayed at the National Gallery in Grand Cayman in May as part of the annual Walkers Art Club exhibition. “It’s a privilege to continue teaching and encouraging the arts, now through the Walkers Art Club in Cayman Brac,” said Mr. Solomon. “As an artist and teacher, I hope to inspire students and adults alike to express them- selves with art, believe in themselves through art, and become one through art. “The more we nurture healthy avenues of expres- sion the more we grow into our positive selves. Thank you National Gallery and Walkers for making this op- portunity available to myself and to the people of Cayman Brac,” he said. Mr. Solomon, a member of the Native Sons artist collec- tive, is well known not only for his paintings, but also for his book of art and po- etry, “Dr. Moody.” He held his first solo art exhibition “True Colors” in 2005. His awards include the Cayman Islands Cultural Foundation’s Ar- tistic Endeavor Award (2002); the Silver Star Medal for Cre- ativity in the Arts (2009); and second place in the Ogier Art Awards (2012). Organized by the Na- tional Gallery of the Cayman Islands, the Walkers Art Club after-school program benefits more than 300 students an- nually across Cayman. Par- ticipants range from pre- schoolers to teens. Through a combination of hands-on instruction and individual experimentation with art foundation prin- ciples, children learn tech- niques, art history, self-con- fidence and how to form and articulate opinions about the work they are creating, a press release states. Students work on indi- vidual and collaborative group projects. One of the club’s aims is to encourage them to appreciate the unique abilities of their peers. Mr. Solomon’s decision to base himself on the Brac is welcomed by the island’s arts community. “It is wonderful that we now have a member of the Native Sons artist collec- tive living on the Brac,” said Simone Scott of the National Gallery’s Sister Islands office. “Gordon Solomon will be able to come into the classes and share his story, style, and artistic knowledge with students. We thank Walkers for their continued spon- sorship of this great pro- gramme and I cannot wait to see the pieces that students will produce.” For more information, contact education@nationalgallery.org.ky or call (345) 945-8111. “As an artist and teacher I hope to inspire students and adults alike to express themselves with art, believe in themselves through art, and become one through art.” GORDON SOLOMON Students in Walkers Art Club at West End Primary School. - PHOTO: SIMONE SCOTT Gordon Solomon is known for his ‘spots of light’ technique. 50 YEARS AGO MLAs head to Sister Islands for the day In the March 1, 1967 edition of the Cayma- nian Weekly, a precursor of the Cayman Compass, news from the Sister Is- lands included: “Just after 10 a.m. on Thursday last, after a delay to change a spark plug, the DC-3 left for the Lesser Is- lands with MLAs and their wives who were paying an official fact-finding tour to Cayman Brac and Little Cayman. After a false start one or two of the travellers decided to stay at home but those who ventured forth were well rewarded by an excellently arranged, inter- esting and pleasant day with smooth flying all the way. “It is a good advertise- ment for the C.B.A. that Mrs. Celia Rutty, who is scared of flying, acted as hostess on the Kingston flight on the 19th and for this flight and made a very good job of serving the coffee. “With Capt. Cruz in the pilot’s seat, Mr. P.H. Williams as copilot and cruising at 150 mph at a height of 6,000 feet it was fascinating to fly over the island and be able to pick out every home, church etc. quite distinctly. “On arrival, the flight was met by a police con- stable in full dress uniform, and a courtesy rum punch awaiting them. The distin- guished guests were met by Mr. Dennis Foster, District Commissioner, his wife and others from the island. They then boarded the blue school bus, ably driven by Mr. Sel- burn Lazzari, for a tour of Cayman Brac, going along the coast from east to west in the morning and on the south for a short distance after a delicious buffet lunch served at the Buccaneer’s Inn. “Mr. Foster gave a valu- able commentary en route and several stops were made including the schools, Gov’t offices, power plant, etc. and of course particular attention was drawn to the bad condi- tion of the roads. “The antiquated method of discharging cargo at the Creek was fully demon- strated as the Kirk Trader was anchored and the small boats were plying back and forth. On the dock was the 75 year old crane, purchased by Mr. Charles Briggs, an Amer- ican, for one pound, which has done yeoman service … “At the conclusion of the lunch … Mr. T.W. Farrington spoke on behalf of the visi- tors. He said that they were very glad indeed of the op- portunity of seeing some of the development in the island which had impressed them very much indeed, and were particularly pleased with the new Sec. Mod. School which he was sure filled a long felt need … “Leaving the Gerrard Smith Airport (named after two former Commissioners) at about 4 p.m. it was not long before the party were touching down on the grass airstrip at Little Cayman which was studded with bright yellow flowers which looked like giant buttercups. “Mr. Dave Williams, man- ager of the Southern Cross Club, Mrs. Dillon Kirkcon- nell and Mr. Carol Scott were on hand to give greeting and to supply transport to the Club where a courtesy drink was enjoyed and some of the group engaged in a very serious discussion on the rearing in captivity of green turtles with a member of the Club who is interested in un- dertaking such a project in Little Cayman. They also vis- ited the home of Mr. Dillon Kirkconnell and some trav- elled through Blossom Vil- lage, the only local settlement on the island. “Arriving back in Grand Cayman about 6 p.m. the consensus of opinion was that it had been a very worthwhile trip.” In the same issue, Cayman Brac correspondent Lilian Ritch wrote: “The Spot Bay Youth Club had a programme at the Bethel Baptist Church on the 18th entitled ‘Speak up for Christ’ with Mr. Randall Douglas as chairman. “This was followed by a cake sale, the purpose of which was to raise a dona- tion for the hospital fund. “The M.V. Trial came in from the fishing banks on Friday. She made a catch of 74 turtle which were sold in all three islands. “Miss Aline Watson, daughter of Mr. and Mrs. Henry Watson of Watering Place, returned home from Jamaica in much im- proved health. “Capt. Alderman Scott (Retd.) of Pensacola, Florida, spent a short va- cation here as guest of Mr. and Mrs. A.A. Foster. “A very large and rep- resentative gathering of the community met in the Sec. Mod. schoolhouse on Wednesday the Feb. 22 to hear and discuss the con- stitutional proposals, i.e. agreement reached by the majority of the members of the Legislature in Com- mittee Meetings. Mr. Burns Rutty MLA carefully and clearly explained the pro- posed changes and moved through discussion to ob- tain the views of the people, making notes to report back to the House in March. Mr. D.H. Foster, District Commis- sioner, chaired the meeting.”DISTRICT DAYS 7 District Days Sister Islands CAYMAN COMPASS • WEDNESDAY MARCH 1, 2017 Brac farmer still active at 83 JEWEL LEVY jlevy@pinnaclemedialtd.com At 83, Norma Scott has not lost her love for the land or her passion for planting. “Despite the hard work it in- volves, it is the best therapy under the sun,” she said. Some 30 years after returning to her Cayman Brac roots, she still cultivates the land with her hus- band Henley, 84. The couple make the trip to their Bluff farm every morning by car and go about planting and harvesting peppers, when in season, sweet po- tatoes, yams, bottlers, watermelons, apple bananas and cassava. In the evening, they make their way home to the north side of the island. “Some people don’t want to get their hands and toes dirty but I just head to the sea and wash it off when I am finished farming,” said Mrs. Scott with a laugh. The Scotts, like most farmers on the island, are familiar faces at the Brac’s Agriculture Show, but this year Mrs. Scott says the lack of rain- water has given her a smaller crop. “I’ve got nothing much by way of crops to enter into this year’s Agri- culture Show, maybe a few lemons, some Seville oranges and a few local eggs – it’s just too dry,” she said. “The water fall on the Brac has been very poor and you can’t put too much of the ‘well’ water on the plants because it will burn them up …. Last year, we had sweet potatoes by the thousands of pounds, and lots of yams too, but that ain’t hap- pening this year,” she added. Getting a good crop on the Brac, Mrs. Scott said, heavily depends on the area one is farming. “The produce that grows good on the Brac just depends on the area that you grow,” she said. “The land that we bought was cultivated a long time ago so we got good crops out of it. We can’t get the pear trees to grow, but have a lot of mango trees. “I was the first one that brought relish pepper seeds to plant on the Brac,” she added. Mrs. Scott is also into raising chickens and has a coop to collect eggs. She also fishes. Her passion for farming came from watching and helping her fa- ther with the farm at age 12. She planted pumpkin seeds and helped to harvest the crops. Today, she still finds that way of sustainable living fulfilling. “I got back into farming about 30 years ago after working as a cashier at a number of stores on island,” she said. “After marrying my husband and buying a piece of property, we built a home on Cayman Brac Bluff where I seriously got back into planting.” In earlier years, agriculture was vital to the survival of the Cayman people and contributed signifi- cantly to the supply of food. Ev- eryone had a farm plot, whether it was backyard or inland. Some- times, the women would accom- pany the men to the farm house and stay for days cooking and help tend the farm. Some of the men would make the journey to sea to catch fish. When they returned, they would salt and hang the fish to dry. Cooked with produce from the farm in one pot, this became the Caymanian stable dinner called “fish rundown.” “There’s not much differences between the way I farm today than how my parents farmed when I was a little kid; it’s just a bit easier,” said Mrs. Scott. “I drive to the farm, have run- ning water and a proper house and home. Those days, my parents made the journey by foot for days. They carried or caught water in a drum and spent the dark and sometimes wet night with a lamp light and did their farming in the day by hand, with machete and hoe.” Mrs. Scott said she also helped her mother raise her 12 siblings, Lloyd, Fred, Carol, Stanley, Anthony, ShirleyMae, Amelita, Eulalee, Man- dlee, Avenell, Arney and Burns. Back in the days before supermarkets, Mrs. Scott’s mother gave her chil- dren goat’s or cow’s milk and made bulrush porridge. As usual, this year Mrs. Scott’s produce will be featured at the Cayman Brac Annual Agriculture Show, which takes place on March 25. Throughout the day, there will be live demonstrations, a variety of displays and exhibits, delicious local and international foods and entertainment. The show moves over to Little Cayman on April 29. Norma Scott collects eggs from the chicken coop. Booby Pond nominated for expanded protection Little Cayman’s Booby Pond on the island’s south side is among six sites on the island nominated for Pro- tected Area status under Cay- man’s new National Con- servation Law. According to the Depart- ment of Environment website, Booby Pond is the Cayman Islands’ only Ramsar site – a designation it received in 1994 as a wetland of interna- tional importance. “Owned and managed by the National Trust for the Cayman Islands, the Booby Pond is a unique hab- itat for breeding seabirds, with large nesting colonies of red-footed boobies, Sula sula and magnificent frig- atebirds, Fregata magnifi- cens,” the site states. As a Trust site, it is also protected by the National Trust for the Cayman Islands Law. The National Trust’s En- vironmental programs man- ager Paul Watler has noted that the colony had about 2,500 active booby nests, and scientists believe it now rep- resents at least a third of the birds’ entire Caribbean and Atlantic population. The National Conserva- tion Law provides for the es- tablishment of new protected areas and expansion of ex- isting protected areas. Ac- cording to the nomination, expanded protection of the site would close a signifi- cant gap in the protection of the nesting bird colonies, as the nominated lands include some mangrove/dry land transition in which red-footed booby nesting is currently oc- curring, and limestone flats embedded in dry shrubland which supports the endemic Little Cayman land snail. “Nominations of lands to be protected can be submitted to the National Conservation Council annually, and any purchases that are agreed are paid for using the Environ- mental Protection Fund,” the Department of Environment states on its website. Contiguous landowners and the general public are in- vited to submit written views on the Protected Area nomi- nations to the National Con- servation Council. According to the Depart- ment of Environment website, the consultation period will end on May 2 2017. After that the Council will consider all written submissions before deciding whether to recom- mend the proposal to Cabinet, or to amend or withdraw it. The nomination docu- ment, posted on the Depart- ment of Environment web- site, proposes that a privately owned parcel, one small Crown parcel and specific parts of a much larger Crown parcel adjacent to the Booby Pond Nature Reserve be made into a Protected Area under Section 7 of the Na- tional Conservation Law. The National Conservation Council has resolved to ad- vance this nomination. The nomination docu- ment notes that the spe- cific areas within the large Crown parcel contain small sub-population aggregations of the unique Little Cayman land snail, Cerion nanus, which will only survive if its very specific habitat areas are protected. “These areas are in unde- veloped places near existing government buildings, and are small enough in area that they should not unduly re- strict expansion of govern- ment facilities as or when these may become needed,” it states, adding: “Protection of these nom- inated lands will help se- cure the seabird colony on Little Cayman containing red-footed booby and mag- nificent frigatebirds, which is the key attraction for the Na- tional Trust’s visitor centre and the most visible and in- ternationally known above- water feature of the island. As such, it is one of the fac- tors that draw visitors to Little Cayman.”The islands’ most-trusted news source 8 WEDNESDAY MARCH 1, 2017 • CAYMAN COMPASS to officially sign onto ‘Haven,’ knowing that his involvement would legitimize the project, seeing as it was not an easy movie to get made,” Mr. Flowers told the Cayman Compass. “I went to meet him for the first time, in the lobby of a high- end hotel in Beverly Hills, ready to do my pitch and convince him to be a part of the movie. I was so nervous, being fresh out of col- lege and having never met with a movie star before. “Bill made it easy. As soon as I sat and got ready to start pitching what I prepared, he could see I was very nervous, so he cut me off and said ‘Listen, you wrote a beautiful script, I am going to be in your movie and help you get it made. So if you want us to talk about other stuff instead, let’s do that.’ It was a sigh of relief,” Mr. Flowers said. “If Bill believed in something, he jumped in head first. He was a mentor and a dear friend.” Mr. Paxton played “dirty businessman” Carl Ridley in the film, which also featured Or- lando Bloom, Zoe Saldana and Anthony Mackie. Mr. Flowers spoke fondly of the star, saying: “From that meeting and throughout many years to come, [Mr. Paxton] gave me the validation and inspiration on my journey as a filmmaker. “He always pushed me to be- lieve in myself as an artist and al- ways supported the original cut of the film, because he knew that it represented what we set out to make together.” “A few years after the movie,” Mr. Flowers said on Tuesday from his Los Angeles home, “[Partner] Samantha and I spent the holidays down in Cayman with him and his family. James [Mr. Paxton’s son] was interested in marine life and because of the safety of our island, he felt it was one of the few places that he would feel comfortable let- ting his son pursue that passion. “Cayman was a magical place for Bill, and his legacy will forever be a part of our islands’ story.” The long-standing relation- ship between the two families blossomed over the years, Mr. Flowers said. “Bill was family. We saw each other for birthdays or celebra- tory dinners or at times he would spontaneously call, saying he was ‘near the hood’ – and I would always drop anything to go grab a bite with him. “Last August on my birthday, it was a tough day as my mother had passed only a few months before. Bill came by to pay his respects and fill the house with his laughter and light. He shared a meal with my dad and a few of our friends. He asked about some of the Cayma- nians that he remembered, saying that he missed the place, and after a few drinks we even tried to Face- Time some folks, despite the late hour and the fact that Cayman was three hours ahead of LA. “He was easy to talk to, always had great stories of his experi- ences, but relayed them with the utmost humility and grace. A bril- liant mind, well-read and versed in many forms of art and the ar- tistic process, he understood film- making not just as an actor, writer and director, but also appreci- ated the hundreds of hours that every member of the crew took to make something happen,” Mr. Flowers said. Mr. Flowers recalled a man of grace and compassion. “I have heard countless times from anyone that has had the honor of working with him that Bill respected every person on the set, no matter their position. I will never forget the gen- uine passion of his voice, his razor wit and one-of-a-kind sayings. “My heart breaks for his ab- sence,” Mr. Flowers said, “but at the same time one can only be filled with gratitude for the gifts he bestowed on anyone who knew him. He and his family, will remain forever in our hearts and prayers.” Mr. Paxton, who died on Feb. 25 following complications from surgery, initially gained renown for his roles in three science fic- tion classics: “Predator 2” in 1990, “Aliens” in 1986 and “Terminator” in 1984, when Arnold Schwar- zenegger threw Paxton’s switch- blade-wielding punk character into a fence. Mr. Paxton’s first major role was alongside Helen Hunt in the 1996 film “Twister.” ““My he art breaks for his absence, but at the same time one can only be filled with gratitude for the gifts he bestowed on anyone who knew him. He and his family, will remain forever in our hearts and prayers.” - FRANK E. FLOWERS, filmmaker and ‘Haven’ director ‘Haven’ director Flowers recalls actor Bill Paxton CONTINUED FROM PAGE 1 the Foreign and Com- monwealth Office in London on Monday. The Legislative As- sembly will adjourn until Mr. McLaughlin’s re- turn on March 8. “One of the things we wish to do on that trip is to brief the minister and FCO personnel about where we have reached in terms of our preparation to deal with the deadline with respect to the ben- eficial ownership issue,” he said Monday. He added that creation of the law enforcement reg- istry will allow government to avoid the creation of a public database. Following committee deliberations, Financial Services Minister Wayne Panton read through a long list of amendments to the bills, primarily regarding definitions in the legislation. North Side member Ez- zard Miller asked if the ex- tensive Companies Bill amendments created a constitutional issue. The Cayman Islands Consti- tution requires bills to be published at least 21 days before they are in- troduced, except in cases of emergency. Attorney General Samuel Bulgin said he did not be- lieve the amendments were an issue. “I’m not sure it affects the constitutionality. It is true that it is a signifi- cant set of amendments, but I think they’re more for clarity than anything else, so I’m not so sure it affects the substance of the under- lined premise of the bill it- self,” Mr. Bulgin said. Service providers in the Cayman Islands currently collect beneficial owner- ship data, but until now have not been required to report to a central registry. This information is made accessible through bilateral agreements and multilat- eral treaties. Beneficial ownership registry approved CONTINUED FROM PAGE 1 was too busy to provide pa- perwork for some $400,000 of credit card spending to the college’s accountant. Syed is charged with theft in re- lation to around $200,000 of that spending, which he used to make personal pur- chases, including expen- sive jewelry and holidays for his girlfriend. He also faces 11 other charges related to allegations of dishonestly obtaining funds from the college, using other UCCI funds for his own benefit, and lying about his qualifications to get the job in the first place. Mr. Moran said Syed had failed to provide a “shred” of paperwork to the col- lege’s accountant to support his credit card spending, de- spite repeated requests. He said he had been much more diligent, however, in pro- viding paperwork and in- voices when he felt the col- lege owed him money. “Mr. Syed and Mr. Singh [the UCCI accountant] were able to communicate when- ever Mr. Syed felt he was en- titled to money. Don’t forget that when you consider if Mr. Syed would have had such difficulty in providing paper- work to Mr. Singh when it came to his credit card state- ments,” he told the jury. Syed has claimed that an arrangement was in place for the college’s accountant to check the credit card state- ments and deduct money from his salary for repayment of personal expenditure. He said in his evidence that he had been negligent about pa- perwork but not dishonest. Mr. Moran suggested this was simply not true and would have been im- possible in the absence of any receipts. He said he had given the accountant nothing but empty promises to repeated requests for receipts and con- tinued to spend money on the credit card at a rate that was far in excess of his salary. In September 2007 alone, he spent $30,000 on personal items on the card. “How could he possibly have believed that Mr. Singh would be able to deduct that from his salary or that he would be able to repay it?” asked Mr. Moran. “Where did he think the money was going to come from every time he pulled out those cards?” He said Syed, in his evi- dence, appeared to have dis- claimed responsibility for numerous false documents, some of which were found in his electronic folder on the UCCI computer. These included an e-ticket, which the Crown says was doc- tored and used to claim travel funds, a fake credit card policy for the univer- sity, which the prosecutor says was given to auditors by Syed in an effort to justify his spending, and Syed’s resume, which falsely claimed he had a doctorate from the Univer- sity of Victoria. Mr. Moran asked the jury to examine the credibility of Syed’s claims not to have cre- ated those false documents. He said the jurors needed to ask themselves who would benefit from the creation of those false documents, whose folder they were found in and who gave instructions to destroy them. “You may find the answer to those questions is Hassan Syed,” he said. Throughout the case, the prosecutor said, Syed had been able to remember de- tails when he felt it helped his case but had been evasive on other occasions. “Even the most intelli- gent person will come un- stuck when confronted with evidence of their dishonesty. I suggest that has happened during the course of this trial,” he said. He highlighted Syed’s claim that he had not sent the resume which was in his name and was reviewed by the selection panel that ap- pointed him as president. The resume contained a false claim that Syed had a doc- torate from the University of Victoria. In his evidence, Syed claimed not to have seen the document before and said he had not sent a resume with the application because the college already had his on file. Mr. Moran said, “There is no dispute that a lie was told in the resume that was provided with the applica- tion paperwork. There can be no realistic dispute that lie enabled Mr. Syed to get the position as president. The only question is, who told the lie?” He said it would make no sense for anyone but Syed to have created the resume. Pointing out that a second re- sume, with the same claims, had been sent on Syed’s be- half as part of a job appli- cation for a post in Canada around the same time, Mr. Moran said, “We’ve got some- body trying to get him a job in Cayman and someone else trying to get him a job in Canada? Why would anyone do that? “The only person who stood to benefit from these resumes is Hassan Syed …. Mr. Syed behaved dishon- estly and now he has tried to put the blame on others for those lies.” Mr. Moran was continuing his closing statement as of press time Tuesday afternoon. Crown: Syed took advantage of college CONTINUED FROM PAGE 1 Premier McLaughlin said the bills’ passage will allow him to inform U.K. authorities that the islands are on track to meet a June deadline on the issue.The islands’ most-trusted news source 9 Business CAYMAN COMPASS • WEDNESDAY MARCH 1, 2017 EU budget chief eyes oil tax The European Union’s budget chief is suggesting that member countries could put aside a portion of their tax revenues from oil to help finance the bloc. Guenther Oettinger said Tuesday that it’s worth considering setting aside ‘a small part’ of oil tax revenue for the EU, perhaps one or two cents per liter. Cayman-based startup fund gets 146 percent return A small Cayman Islands- based startup is using a former reality TV treasure hunter and a contrarian bet on gold to beat funds run by heavyweight firms such as Goldman Sachs and Pimco. Montreux Capital Man- agement’s $30 million natural resources fund has returned 146 percent in the past year, beating 99 percent of peers, according to data compiled by Bloomberg. By comparison, the $1.8 billion Goldman Sachs Structured Investments fund is up 33 percent while a com- modity fund managed by Pa- cific Investment Management Co. has gained 22 percent. Managing Partner Oliver Harris said Montreux is ben- efiting from a 2014 wager on gold after the metal’s worst year in decades, and an al- liance with Steven Newbery, an industry veteran and former star of the Lost Trea- sure Hunters show. Bul- lion posted the first annual gain in four years in 2016 as increased political tur- moil boosted demand for the metal as a store of value. “With political headwinds in Europe, also in China and the U.S., gold will be a nat- ural hedge toward traditional market volatility,” Harris, 35, said in a telephone interview from his offices in London. Seeking assets for his new fund, Harris flew to Dubai in late 2014 at the suggestion of a colleague to meet with Newbery, who was looking for capital for Tanzanian mining ventures. That meeting formed the basis of a part- nership that helped catapult Montreux’s tiny fund to the top of its class two years later. Rather than buying shares in the largest or most heavily traded gold miners, Montreux focuses on spe- cific assets, an approach that gives it an edge as gold prices stabilize and investors have to work harder for re- turns. The fund is placing its bets this year on producers it considers undervalued as global uncertainties fuel de- mand for haven assets. Part of the plan is to acquire ju- niors in Canada that it would de-list and turn around. Optimism for bullion in 2017 is a far cry from the bearish sentiment of recent years. After hitting a record high of $1,921.17 an ounce in September 2011, gold plunged. With hedge funds and com- modity investors cutting hold- ings in 2013, bullion posted a drop of 28 percent in the big- gest annual loss since 1981. That’s when Montreux de- cided to pounce. It launched the fund the following year. “You had a lack of fi- nancing and a lack of invest- ment in the sector,” Harris said. “Fundamentally, there were some good gold proj- ects available but they were just out of favor with main- stream investors.” The fund made its ini- tial investments in the fourth quarter of 2014, betting that any market turnaround would produce a windfall. It bought a 50 percent eq- uity stake in Metal Conakry, a Guinea-based refinery, in February 2015, and provided the company with a $5 mil- lion loan, according to Harris. In August of that year, it took a 50 percent equity posi- tion in Tanzania-based GRB Mining, run by Newbery, and provided a $9 million loan. As a star of the Lost Trea- sure Hunters television show that debuted in India and Southeast Asia in 2012, New- bery was the geologist on a team that sought to find di- amonds in India. His 30- year career in mining has also taken him to Australia, Russia and Sweden. When Harris and New- bery met, the geologist al- ready had an option to buy assets in Tanzania. He took ownership of the projects in 2015 and sold the stake in the newly formed GRB to Montreux. The venture bene- fited as the value of its hold- ings increased based on tech- nical studies. And as the price of gold rallied, the com- pany kept production costs between $300 to $400 an ounce. Gold traded at $1,260 an ounce on Friday, up 0.9 percent from a day earlier. “It was twofold: an im- provement in both the quality of grade and the quantity, and also the large rally in the gold price,” Harris said. Montreux’s capital in- fusion allowed GRB to ex- pand in Tanzania. Now the team expects to complete its first major gold pour in Sep- tember, Newbery said in a telephone interview. Gold is benefiting this year as concerns ranging from the threat of the breakup of the European Union to President Donald Trump’s policies keep investors on edge. An index of global economic policy uncertainty is at the highest level since records began in 1997, which bodes well for haven assets like bullion. To be sure, faster eco- nomic growth, higher yields and record highs for the stock market could lure in- vestors from precious metals. Montreux is not con- cerned, and Newbery believes gold still has room to rally as the metal outperforms both stocks and bonds this year with a 9 percent gain. For gold, “there will be a lot of upside in the next one to two years,” he said. © 2017, Bloomberg Warren Buffett says bad advice has cost investors more than $100B Billionaire Warren Buffett has some wise words for in- vestors: Stop throwing money away on bad advice. In his annual letter to shareholders released over the weekend, the Berkshire Hathaway chief executive bashed active fund man- agers who charge higher fees on the promise that they can do better than the broader market. Buffett said most savers would be better off putting their money in low- cost index funds over the long term, and he estimated that investors wasted roughly $100 billion over the past de- cade on unnecessary fees. The “massive fees” charged by active fund managers – who often promise to outperform the broader market – can leave savers worse off than if they had simply used a low-cost index fund that tracks a stock- market index, Buffett warned. To illustrate his argument, the “Oracle of Omaha” laid out the results of a challenge he presented to fund managers more than a decade ago. In 2005, he bet $500,000 that no investment professional could find five hedge funds that would match the performance of an index fund tracking the Standard & Poor’s 500-stock index over the long run. Only one fund manager stepped up to the plate: Ted Seides, a co- manager of the investment firm Protégé Partners. Over the first nine years of the challenge, the five hedge funds chosen by Seides deliv- ered an average 2.2. percent a year. The S&P 500 funds picked by Buffett returned an average 7.1 percent a year. “That means $1 million in- vested in those [hedge] funds would have gained $220,000. The index fund would mean- while have gained $854,000,” Buffett wrote. While some of the funds chosen by Seides showed fewer losses than the S&P 500 index fund in some years or gained more than the index in other years, the index fund outshone them all over the long run. Buffett cites “human be- havior” as a reason inves- tors continue to choose costly funds. Some people associate bigger price tags with higher quality, he said, adding that the same isn’t always true when it comes to investing. Many investors, college en- dowments and pension funds would be better off using the simpler investment prod- ucts, he wrote, noting that even a 1 percent fee can add up over time. Last year, the U.S. Labor Department finalized the so- called fiduciary rule. The reg- ulation would make it more difficult for some brokers to recommend pricey or com- plicated investment products and would require brokers working with retirement savers to put their client’s in- terests ahead of their own. In some cases, that could require brokers who are choosing between two sim- ilar funds to recommend the less-expensive option. Earlier this month Presi- dent Donald Trump signed a memo asking officials to re- evaluate the fiduciary rule and determine if it is harmful to investors, a move that sup- porters of the regulation fear is an effort to weaken or eliminate the rule altogether. In the letter, Buffett also praised famed investor John “Jack” Bogle, the founder of Vanguard Group and a pio- neer in the index fund uni- verse. “In his early years, Jack was frequently mocked by the investment-management in- dustry,” Buffett wrote. “Today, however, he has the satis- faction of knowing that he helped millions of investors realize far better returns on their savings than they other- wise would have earned.” © 2017, Bloomberg Gold is benefiting this year as concerns ranging from the threat of the breakup of the European Union to President Donald Trump’s policies keep investors on edge. Warren Buffett Oliver Harris SAMSUNG’S DE FACTO CHIEF INDICTED SEOUL, South Korea (AP) – South Korean special pros- ecutors indicted Samsung’s de facto chief Tuesday on bribery, embezzlement and other charges linked to a political scandal that has toppled President Park Geun-hye. The indictment of Sam- sung Electronics vice chairman Lee Jae-yong is a huge hit for the largest and most successful of the big businesses that dominate the South Ko- rean economy. It also sig- nals the still roiling state of South Korea’s political and economic circles after weeks of massive dem- onstrations that led to Park’s impeachment. The announcement of the indictment came after a three-month investigation by a special prosecution team that ended Tuesday after the country’s acting leader refused a request for an extension. Shortly after the an- nouncement, Samsung said several top executives also facing criminal charges will resign from their po- sitions and leave Samsung. It did not say anything about Lee’s status, im- plying that the Samsung heir will likely keep his position and board mem- bership at Samsung Elec- tronics while he is under arrest and stands trial. Prosecutors say Lee gave bribes worth $36 mil- lion to Park and her confi- dante to help win govern- ment support for a smooth leadership transfer from Lee’s ailing father to Lee. The 48-year-old bil- lionaire was arrested Feb. 17. Samsung has de- nied wrongdoing. Prosecutors also said they planned to indict four other Samsung execu- tives on charges of offering bribes, embezzlement, hiding assets overseas and concealing proceeds from criminal activities. The indictments mean that key figures at a pow- erful yet secretive Samsung office that wielded influ- ence over dozens of Sam- sung affiliates face trial.Next >