SEVEN MILE BEACH WATERFRONT WALKERS ROAD TOWN CENTRE PLAZA RED BAY cayman compass Your most trusted news source Established 1965 75 CENTS | Funding local journalism | Monday, 20 January 2020 Push for e-tickets for traffic offences Business Investing like a billionaire billionaire Page 7 News Woody Foster appointed Chamber president Page 2 News Sun sets on subsidised solar Page 3 Page 5 Photo: Taneos RamsayMatinees (matinee price before 6pm) • Seniors $8.00 (Mon-Fri before 6pm) Additional charges apply per 3D/VIP tickets 640-FILM (640-3456) Cayman Cinema@cbcinema6cbcinema6 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. 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Box 1365 Grand Cayman, KY1-1108 Cayman Islands Telephone: (345) 815-0095 Email:newsdesk@compassmedia.ky ADVERTISE WITH US: T: (345) 949-5111 E: sales@compassmedia.ky W: caymancompass.com PUBLISHER KATHLEEN CAPETTA EDITOR-IN-CHIEF KEVIN MORALES A MEMBER OF THE INTER-AMERICAN PRESS ASSOCIATION “Give light and the people will find their own way” Partly cloudy to cloudy skies with a 40% chance of showers and possible thunder. weather Forecast today Cayman Islands 83°F 73°F HIGH LOW WINDS North to northeast 5 to 10 knots. SEA STATE Moderate with wave heights of 2 to 4 feet. FIND US ONLINE Caymancompass.com Facebook.com/Caycompass cayman_compass@cayCompassCayman Compass Woody Foster is the new Cayman Islands Chamber of Commerce president. Foster accepted the role on Wednesday, 8 Jan., according to a statement from the Chamber. “As we enter a new decade, the Chamber’s leadership in advocacy matters is even more critical,” Foster said in the statement. “The panel discussion on population growth [at the 2019 Economic Forum] generated considerable member and public discussion as we considered Cayman at 100,000 population and its implications on all aspects of our economy. The pressures on all aspects of our society are certainly evident.” He added, “It is a fact that the Cayman Islands is no longer the little upstart economy that was hungry for business nearly 60 years ago. Years of rapid growth is forever changing the nature of our society. While we are thankful to those visionary leaders who created the economy we enjoy today, the time has come to evaluate the current situation to ensure that the society that we are developing will be suitable for our children and their children.” This is the first time a son of a past president has been elected as president of the Chamber. Foster’s father, the late David Foster, held the position in 2000-2001. Shomari Scott, director of business development at Health City Cayman Islands, was appointed the new vice president of the Chamber. Troy Burke, director of Heritage Holdings; Jenn Cowdroy, director and co-owner of Island Montessori; and Dave Johnston, managing director of Corporate Electric Ltd., were elected as councillors and will serve two- year terms. They join Professional Yacht Management owner Tim Bradley, Charterland partner Simon Watson and GreenTech Group director Amanda Wilson, all of whom are set to serve their second year on the council. The Chamber celebrated its 55th anniversary in 2020. Foster appointed Chamber president “As we enter a new decade, the Chamber’s leadership in advocacy matters is even more critical.” Woody Foster , president, Chamber of Commerce Executive Committee members President:Woody Foster, managing director, Foster’s President-elect:Mike Gibbs, president, Kensington Management Ltd. Vice president: Shomari Scott, director of business development, Health City Secretary: Steve McIntosh, chief executive officer, CML Treasurer: Colin Robinson, director, Strategic Risk Solutions Immediate past president: Chris Kirkconnell, vice president of operations, Kirk Freeport Ltd. Retiring councillors: Nelson Dilbert, owner at Cayman Spirits Company; Mario Ebanks, chief hu- man resources officer at Cayman Islands Airport Authority; and Shomari Scott were acknowledged for their contributions and voluntary service to the Chamber of Commerce. Woody Foster Premier Alden McLaughlin has left for two conferences in New York aimed at discussing issues impacting the local financial services industry. McLaughlin departed on Sunday. He is leading a delegation that includes Attorney General Samuel Bulgin, Financial Services Minister Tara Rivers and Director of the Department of Financial Services Michelle Bahadur, according to an Office of the Premier statement issued Friday. The premier is expected to attend the seventh annual Cayman Finance New York breakfast briefing on Tuesday at the Harvard Club of New York City. According to Cayman Finance’s website, the event provides the opportunity to learn more about the latest developments in the Cayman Islands financial services industry. “At the meeting, the Premier will deliver remarks promoting the Cayman Islands as a reliable and stable jurisdiction in which to do business,” the premier’s office statement said. The Cayman delegation will attend the second Cayman Finance New York Reinsurance Roundtable on Tuesday. “With more than 600 captive insurance and reinsurance companies and several large reinsurance companies domiciled in the Cayman Islands, this is an important sector for Cayman’s financial services industry,” the statement added. Members of the Cayman Islands Monetary Authority, Ministry of International Trade, Investment, Aviation and Maritime Affairs Chief Officer Eric Bush, the premier’s senior political advisor Roy Tatum, and McLaughlin’s personal assistant Jana Pouchie-Bush are also part of the delegation. Premier, ministers head to US for financial services conferences Premier Alden McLaughlin cayman compass 2 news N news MONDAY, 20 JANUARY 2020No new capacity for CORE programme JAMES WHITTAKER jwhittaker@compassmedia.ky The Caribbean Utilities Company has halted its residential renewable energy programme, which allowed customers to sell solar- generated energy back to the power company at a subsidised rate. There is currently no space left on the grid to allocate new capacity for renewable energy sources of any kind, according to utilities regulator OfReg. That will change once plans for a large battery system, capable of storing 20 megawatts of electricity, are implemented by CUC. However, CUC has no current plans for the Consumer Owned Renewable Energy programme, known as CORE, to be offered to new customers. Instead, those customers will be channelled into the Distributed Energy Resource programme, which allows them to use whatever electricity they generate and sell some back to CUC at a much lower, unsubsidised rate. “The approved quota for the CORE programme is now fully subscribed,” a CUC spokeswoman said in an emailed response to questions from the Cayman Compass. “That means that there will be no additional residential or commercial customers added to the programme.” Industry concerns The Cayman Renewable Energy Association has expressed concern about the change and is urging CUC and OfReg to continue with the CORE programme. James Whittaker, president of the association, said the Distributed Energy Resource programme is only viable for large commercial customers and would not be practical for regular homeowners. He believes regulators are considering short- and long-term options for an expansion of the CORE programme, though he acknowledged this would likely be at a lower rate. Ultimately, it will be up to OfReg to decide the way forward. The regulator weighs in Malike Cummings, CEO of OfReg, confirmed that the 8 MW allocated for the CORE programme was fully subscribed. He said the capacity could not be raised immediately because Cayman has now reached its working limit for renewable energy on the national grid. He said the renewable energy allocation – from a mix of the CORE programme (8 MW plus 1 MW reserved for government), the Distributed Energy Resource programme (3 MW) and the Bodden Town solar farm (5 MW) – had hit the 17 MW ceiling. “The addition of intermittent solar power above the 17 MW limit would compromise grid stability, which could lead to brownouts and, in the worst-case scenario, blackouts,” he said. “Furthermore, any additional intermittent power would reduce CUC’s diesel generators’ operational efficiency and lead to higher electricity costs for consumers.” Once the battery storage is introduced, that dynamic will change and the limit for renewables on the grid will be raised to 29 MW, freeing up more space for more residential solar. Whittaker, also the CEO of Greentech, said the solar industry could be expected to take a substantial hit in the meantime. He said the renewable energy association was in talks with OfReg in the hope that temporary capacity could be freed up to keep the industry viable until the battery project is completed. Cummings said the regulator was considering various options for an “interim solution” to ensure access for potential solar customers and prevent disruption to the industry. Long-term plans Residential rooftop solar remains an important part of Cayman’s long-term energy plan, which has set a goal that 70% of Cayman’s electricity generation should come from renewable sources within 20 years. While the bulk of that is expected to come from massive utility-scale solar farms, CUC’s Integrated Resource Management Plan includes 46 MW of power from rooftop solar – more than five times the current allocation. According to CUC’s statement, that capacity is not likely to come from the CORE programme, which was subsidised in line with a policy objective to incentivise the early development of the solar industry. Capacity was released in tranches, with the rate paid to customers reduced each time. CUC said it had already allocated more space in the programme than originally envisaged. It said new solar customers were now being directed to the Distributed Energy Resource programme, which still has space available. Once the battery-storage project is completed, additional capacity for residential solar customers will also be allocated through that programme, CUC said. Whittaker said it was not feasible to simply switch potential CORE customers to the Distributed Energy Resource programme, which he said was only economically viable for large commercial clients. He added that the consistent rate offered through the CORE programme made it a more reliable option for bank financing than DER, where the price paid to consumers is based on the cost of fuel, which can fluctuate. ‘CORE should be maintained’ Whittaker believes some form of the CORE programme should be maintained, even if it is at a lower rate. “The CORE programme is vital to continue on, as one of the key consumer options for solar energy. Like most feed- in tariff programmes, the subsidies paid under this programme are intended to be reduced and eventually eliminated so that the energy being sold back to the grid is at unsubsidised rates to consumers,” he said. He added that reducing bureaucracy and increasing the amount of solar energy that consumers were allowed to sell back to the grid were the best ways to lower costs quickly. Currently, the CORE programme is restricted to small units of 10 KW generation per consumer. Whittaker said increasing this cap to 250 KW per consumer would allow people to use more solar panels, making a lower, unsubsidised rate workable. He added that the current approval and regulatory process for residents who wanted to install solar was convoluted and expensive, and could be simplified or eliminated completely. *James Whittaker of Greentech is no relation to James Whittaker, the writer of this article. Sun sets on subsidised solar James Whittaker, founder of GreenTech Solar, stands on the roof of the Kimpton Seafire hotel, which holds Cayman’s largest solar array. Sets sights on port safety, efficiency RESHMA RAGOONATH rragoonath@compassmedia.ky Career civil servant Kearney Gomez has been appointed chairman of the board at the Port Authority of the Cayman Islands. He took over from Errol Bush who last year stepped down from the Port Authority board, citing personal reasons. The new chairman commenced his four- year tenure on 2 Jan., according to a District Administration, Tourism and Transport Ministry statement. Gomez welcomed his new role and said he has set his sights on port operations. “Having dedicated much of my life and career to the growth and development of the Cayman Islands, I look forward to working with the board, staff and Port partners to deliver safe, efficient and customer- focussed operations while contributing to the economic development of our Islands,” Gomez said in the statement. His appointment comes at a critical time for the port as government’s plans for a cruise berthing and cargo project faces much scrutiny, ahead of a people-initiated referendum on the future of the project. The project is in a state of abeyance as a court prepares this week to hear a judicial review brought by Cruise Port Referendum Cayman member Shirley Roulstone. Roulstone challenged the government’s handling of the referendum, initially planned for 19 Dec. 2019. The vote was put on hold until the case is completed. The judicial review is set to begin 22 Jan. However, Gomez, whom the ministry said during his tenure as a civil servant has played a significant role in the introduction of a considerable number of infrastructural projects, including the new Government Administration Building and port container terminal, appeared open to his new challenge. “I am honoured to have the opportunity to continue progressing the important work of the Port Authority. Optimising the efficiency of our country’s trade, freight and supply chain is particularly important, especially as we are seeing rapid growth in freight and population,” he said in his statement. Gomez is a retired civil servant whose career began in the early 1970s during the advent of the Regional Cadastral Survey and Registration Project and the establishment of the Lands and Survey Department. He is also a former Supervisor of Elections. In 1980, Gomez moved into the Portfolio of Agriculture, Lands and Natural Resources where he served as an assistant principal secretary and shortly thereafter was appointed to the post of principal secretary. He retired from the civil service in 2013. Tourism and Transport Minister Moses Kirkconnell welcomed Gomez’s appointment. “Having served for over four decades in government service, his experience and knowledge will bring invaluable insight and leadership to our Port operations and its future strategic direction. Mr. Gomez has chaired many Board meetings of both the Port Authority and the Water Authority in the past and is ideally suited to serve as Chairman on an ongoing basis,” Kirkconnell said in the statement. Kearney Gomez Gomez named Port Authority board chairman Kearney Gomez is a retired civil servant whose career began in the early 1970s during the advent of the Regional Cadastral Survey and Registration Project and the establishment of the Lands and Survey Department. In 1980, he moved into the Portfolio of Agriculture, Lands and Natural Resources where he served as an assistant principal secretary and shortly thereafter was appointed to the post of principal secretary. He was also appointed as Supervisor of Elections at that time. He retired from the civil service in 2013. About Kearney Gomez CORE: The CORE programme opened in 2012 offering customers the chance to connect small-scale solar systems and sell power back to the CUC grid at a subsidised rate, initially 37 cents per kWh. Over time, that has been reduced to 24 cents per kWh. Capacity was offered to customers in tranches, with the rate slowly reducing each time. The subsidy is funded by a charge passed through to other CUC customers. CUC says it will not be offering the programme to any new subscribers now that the 8 MW allocation is fully subscribed. This could change if OfReg requests an extension of CORE capacity, though the rate will likely be lower. DER: The Distributed Energy Resources programme opened in January 2018 with an allocation of 3 MW. It allows customers to self-consume electricity generated by their own renewable energy system and sell energy back to the grid, via a net-metering system, which allows the two-way flow of power. Under this system, CUC will only pay customers the avoided fuel cost for their power – roughly 14 cents per kWh. There are also time restrictions, limiting the times of day customers can sell back power to the grid. Renewable energy advocates say this programme is not commercially viable for regular homeowners. DER vs. CORE: What’s the difference 3cartoon No Vacation - By Caymanman FridAY'S SOLUTiONS 1234567 8 9 10 11 12131415 1617 1819 20212223 24 25 26 27 1234567 8 9 10 11 12131415 1617 1819 20212223 24 25 26 27 Puzzle 16277 ACROSS: 1 Heretic, 5 Costs, 8 Sub judice, 9 Air, 10 Elba, 12 In return, 14 Bunkum, 15 Plaque, 17 Off and on, 18 Long, 21 Sad, 22 Ad nauseam, 24 Misty, 25 Deflect. DOWN: 1 Haste, 2 Rub, 3 Taut, 4 Client, 5 Cleverly, 6 Status quo, 7 Strange, 11 Bona fides, 13 Quandary, 14 Blossom, 16 Gounod, 19 Gamut, 20 Huff, 23 Eye. ACrOSS 1 Careful consideration (5) 8 Plummet (8) 9 Light one-horse carriage (5) 10 Promontory (8) 11 German submarine (1-4) 12 An age (3) 16 Magnificent (6) 17 Quantity (6) 18 Flexible container (3) 23 Furry aquatic mammal (5) 24 Coarse humour (8) 25 Place of safety (5) 26 Naive (4-4) 27 Throttle (5) dOWN 2 Gesture of approval (6-2) 3 Time-worn and shabby (3-5) 4 Spanish dance (6) 5 Composer of Rigoletto (5) 6 Full of life (5) 7 Lanky and weak (5) 12 Drain away (3) 13 Constantly find fault (3) 14 Pedestrian way (8) 15 Patellar reflex (4,4) 19 Settled (6) 20 Small shellfish (5) 21 Tolerate (5) 22 Low spirits (5) The Compass Crossword Puzzle The Compass universal kakuro Puzzle 16279 The numbers in the black cells are clues. Numbers above the slash are across clues. Number below the slash are down clues. The goal is to enter digits 1 - 9 in the white cells to add up to the number clues. You cannot enter any digit more than once when adding up to clue. ANDREL HARRIS aharris@compassmedia.ky Cayman Airways Limited has no immediate plans for its Boeing 737 Max-8 aircrafts, which have remained out of service at a hanger in the Owen Roberts International Airport for more than 10 months. Olivia Scott-Ramirez, the airline’s public relations manager, said on Thursday, “CAL has no plans regarding the use of its Boeing 737- 8 Max aircrafts until after the FAA (Federal Aviation Authority), EASA (European Union Aviation Safety Agency) and the Civil Aviation Authority of the Cayman Islands ungrounds the aircrafts.” Scott-Ramirez said that, in the meantime, Cayman Airways will continue to a make the necessary arrangements to operate its published schedule. In March 2019, CAL took its Max-8 planes out of service, which increased pressure on its fleet, that at the time consisted of three Boeing 737-300 aircraft, the two 737-Max-8s, and two Saab 340B+ propeller planes. The Max-8 planes were grounded worldwide following two crashes that claimed the lives of 346 people. An investigation into the crashes revealed issues with Boeing’s MCAS system, which is designed to prevent a plane from stalling when a takeoff angle is too steep. Although the MCAS system issue has been addressed, ongoing investigations into the safety of Max-8s had found other software-related problems with the planes. However, on 1 Jan., the US Federal Aviation Authority, which is overseeing the investigations into the Boeing safety issues, stated that the latest documents submitted by aircraft manufacturer have not pointed to any new “safety risks that were not already identified as part of the ongoing review of proposed modifications to the aircraft”. The global grounding of hundreds Max-8 planes to remain grounded for foreseeable future of Max-8 planes has resulted in Boeing being hit with multiple lawsuits from various airlines around the world; the most recent of which ended in a settlement between Boeing and Southwest Airlines, a US-based company. Although Cayman Airways’ fleet includes two Max-8s, the airline does not own them. Instead, it is leasing the planes through Air Lease Corporation, with which CAL has come to an agreement to offset the losses caused by the grounding. “CAL was able to reach an arrangement with its lessor and Boeing which negates all costs associated with the Boeing 737-8 Max aircraft while the aircraft are grounded,” said Scott-Ramirez. Cayman Airways was due to receive an additional two Max-8 planes, one in late 2019 and the other sometime in early or mid- 2020. However, in light of the safety concerns, the potential arrival of the planes has been pushed back. “The 2019 aircraft ... is currently in storage at Boeing’s facilities, and we expect that the aircraft scheduled for 2020 will be delayed into 2021,” Scott-Ramirez said. Until then, Cayman Airways will continue to use its fleet of planes to service its destinations. Scott-Ramirez noted that although the fleet is aging, the planes are maintained rigorously. “CAL’s aircrafts are all maintained under an extensive and robust maintenance programme which assures their airworthiness, and while the aircrafts may perhaps be aging out of CAL’s planned usage, these aircraft still have a significant amount of safe and useful life left in them,” she said. “It should be noted that in many cases CAL’s 737-300 fleet actually has less accumulated flying, or are younger in age, than many of the aircraft that are currently in service with major carriers that service Cayman.” “CAL has no plans regarding the use of its Boeing 737-8 Max aircrafts until after the FAA (Federal Aviation Authority), EASA (European Union Aviation Safety Agency) and the Civil Aviation Authority of the Cayman Islands ungrounds the aircrafts.” Olivia Scott-Ramirez , Cayman Airways Both of Cayman Airways' leased Boeing Max-8 jets remain grounded. 4ANDREL HARRIS aharrsi@compassmedia.ky The trial of two men charged in relation to the drowning of 14-year-old Risco Batten began in the Grand Court on Friday. Michael Anthony Stewart and Larry Levers are jointly charged with manslaughter and cruelty to a child. At the time of the 2015 drowning, Stewart and Levers were both employed as senior youth supervisors and youth workers at the Bonaventure Boys Home, a government-owned facility that houses boys between the ages of 13 and 16. The Grand Court jury heard that on 29 Dec. 2015, Stewart and Levers took a group of the boys to fish from the shore near the Cayman Turtle Centre in West Bay, which was approximately a mile from the boys home. “It seems the weather deteriorated and it was for that reason, or another, that they moved to South Church Street,” said Richard Matthews, QC, who being instructed by prosecutor Candia James-Malcolm. “It appears the weather further deteriorated and so they moved further, to below South Sound Cemetery, opposite the San Sebastian development.” The jury heard that the boys were taken to a place commonly referred to as ‘Pull and be Damned Point’, so named because of its strong ocean currents which make for dangerous swimming conditions. Once on the beach, the boys dispersed and eventually swam as far as 100 yards from shore. The jury heard that Batten, who had joined the boys home nine days prior to the outing as a result of a court order, was excited about the fishing excursion. While the boys were swimming in the sea, the weather conditions continued to worsen. “A short time later, they were instructed to return to shore,” Matthews told the jury. “It was at that time that Risco encountered difficulties and cried out for help.” The jury heard that because Batten was new to the home, the other boys were not sure if he was playing a practical joke or if he was in genuine distress. One of the boys returned to help him; however, after being dragged under the water by a “frantic and panicking” Batten, the young boy had to leave and save himself. As this was occurring, Levers and Stewart watched from the shore, the court heard. Levers called the police, and Stewart went to wait by the road for officers to arrive. Neither men entered the water. Five minutes later, police officer Brandon Phillips arrived at the beach. He swam out to search for Batten, joining a group of the boys, who by then had re-entered the sea using kayaks they found on the beach. They showed Phillips the location where the boy was last seen. By now, Batten was completely submerged. Phillips eventually found the boy and carried his unresponsive body back to shore on one of the kayaks. “Valiant efforts were made to perform CPR,” said Matthews. “It was all to no avail. Risco was pronounced dead.” When outlining the prosecution’s case against Levers and Stewart, Matthews told the jury that both men had a duty of care to each of the children. “It was part of the job of each of the men to supervise the children,” he said. “Their primary duty was to preserve the life of the boys in their charge. They [Levers and Stewart] were there in place of the parents. Each of them failed to discharge their personal duty. Their omission, that is, their failure to act, resulted in criminal culpability.” Levers is represented by Courtenay Griffiths, QC, who is being instructed by Amelia Fosuhene. Stewart is represented by Paul Keleher, QC, who is being instructed by Lee Halliday-Davis. Both men have denied the charges and the trial continues. Chief justice: It will avoid unnecessary hearings RESHMA RAGOONATH rragoonath@compassmedia.ky Cayman could see the introduction of an electronic ticketing system through which traffic offenders can instantly pay their fines rather than having to head to the courts. It is one of the initiatives Chief Justice Anthony Smellie is pushing for this year as he moves to try to reduce the strain on judicial resources. Smellie, in outlining the challenges faced by the judiciary last week, said this year the courts will re-engage with police leaders on the use of e-ticketing machines. E-tickets could help with backlog The aim is to avoid unnecessary hearings and enhance the process for dealing with ticket offences such as speeding. “The intention is to allow for the electronic filing of traffic tickets into the courts’ JEMS [Judicial Enforcement Management] register immediately as the tickets are issued by the officers on the streets. Persons who wish to simply pay the tariff instead of going to court may do so. The cases will then be completed, the files will be closed, and the RCIPS notified automatically, as soon as that is done,” Smellie said in his 2020 report at the Grand Court opening. The chief justice lamented the ongoing pressure within local courts from space constraints to workload challenges for the Summary Court. He said the benefits of an automated process have been recognised for many years. “It will obviously save a great deal of administrative time, effort and costs for both the courts and the RCIPS. I am pleased that the commissioner [of police] is reported to be as resolved as we are to achieve this and am more confident than ever that implementation will soon be a reality,” he said. Technology-based solutions in motion The e-ticketing system is just one of several technology- based initiatives the judiciary is undertaking in efforts to enhance court operations. Smellie said the courts’ e-Filing and Jury Management Platform is now fully functional and ready for the start of the pilot programme. Law firms Grant Thornton, Carey Olsen, Ogier, Maples and Calder, and Deloitte have agreed to participate in the e-filing pilot programme, with instructions for commencement to be issued soon. The chief justice also announced the launch of the online public register platform on the judiciary website. Prior to the online platform, access to court documents was confined to the physical inspection of the hard-copy registers at court. The online registers, Smellie said, go back to 1995 when the modern Grand Court Rules were promulgated. “For the moment, the website access will be ‘read only’ until an appropriate new fee structure to allow downloading and printing access can be agreed with Cabinet. A proposal for the new fees, which we propose to be less than the existing fees because of the saving of administrative costs, will soon be sent to Cabinet,” Smellie said in his report. Also included in the online service platform, he said, is access to more than 1,000 of the unreported judgments. The remaining 3,000-4,000 judgments will soon be accessible to the public on the platform, he said. Smellie also said that the courts implemented a facility for the electronic transfer of funds for child-maintenance payments. “More than 500 clients now receive their weekly, bi-weekly or monthly maintenance payments through this electronic transfer system. The facility is also available to those who wish to pay traffic ticketing fines to settle the tickets without appearing before the court,” Smellie added. Youth workers on trial for manslaughter No conviction recorded ANDREL HARRIS aharris@compassmedia.ky An American man found himself before the Summary Court on 16 Jan., after airport security found a bullet in his bag. The 44-year-old tourist pleaded guilty to a single charge of possession of an unlicensed firearm, namely ammunition. Magistrate Valdis Foldats gave him an absolute discharge and no conviction was recorded against him. The .17 calibre bullet in his luggage was found when his bag was X-rayed during a security screening at the Owen Roberts International Airport. The tourist, represented by John Furniss, was ordered to pay $1,000 to cover court costs. He has since left Cayman. Tourist with bullet in bag gets discharge Risco Batten Push for e-tickets for traffic offences “The intention is to allow for the electronic filing of traffic tickets into the courts’ JEMS register immediately as the tickets are issued by the officers on the streets. Persons who wish to simply pay the tariff instead of going to court may do so.” Chief Justice Anthony Smellie A police officer writes out a ticket for a speeding offence. 7,437 Total traffic offences in 2018 (2019 stats are yet to be released) 5Daily Horoscope THE LOCKHORNS By Bunny Hoest & John Reiner ARIES (MARCH 21 TO APRIL 19) You might have strong opinions about politics, religion or racial issues today. Nevertheless, avoid a head-on collision with someone. Arguments do not promote happi- ness — yours or anyone else’s. TAURUS (APRIL 20 TO MAY 20) Disputes about shared property, inheritances and insurance issues might be strong today. One thing is certain, you will defend your rights! GEMINI (MAY 21 TO JUNE 20) Relations with bosses are warm and friendly. Meanwhile, you want to travel and learn something new. However, today you will be wise to avoid conflict with part- ners and close friends. CANCER (JUNE 21 TO JULY 22) Travel for pleasure still appeals to you, however, you are gung-ho to be productive at work today. Accomplish as much as possible, because if you work hard, you deserve a holiday! LEO (JULY 23 TO AUG. 22) Romance is quite intense today. Furthermore, with the Sun and Mercury opposite your sign, you are focused on partnerships. Speak carefully and be tactful. VIRGO (AUG. 23 TO SEPT. 22) Family discussions will be lively and intense today, especially with a female family member. Be wise and listen with sincere interest. (That’s half the battle.) LIBRA (SEPT. 23 TO OCT. 22) You will be convincing today, which is why you will find it easy to persuade others to agree with you. SCORPIO (OCT. 23 TO NOV. 21) You’re working hard to earn money now, but you are also spending it! Easy come, easy go. The trick is to save at the begin- ning, not at the end. SAGITTARIUS (NOV. 22 TO DEC. 21) Today the Moon is in your sign lined up with fiery Mars, which makes you a force to contend with! Everyone will step aside when they see you coming, because you mean business! CAPRICORN (DEC. 22 TO JAN. 19) Someone might be working against your best interests at this time. Therefore, if you think something fishy is going on, it is! Trust your hunches. AQUARIUS (JAN. 20 TO FEB. 18) A conversation with a female acquaintance will be intense and powerful today. Remember to listen as much as you speak and this will keep you out of hot water. PISCES (FEB. 19 TO MARCH 20) Your ambition is aroused today, no question. When talking to bosses, parents or VIPs, you will state your case and be convincing. For- tunately, with Venus in your sign, you will also be tactful and diplo- matic. BY FRANCES DRAKE MONday, JaNuaRy 20, 2020 CuRTIS By Ray Billingsley BLONdIE By Y. Marshall PEaNuTS By Charles M. Shulz HägaR THE HORRIBLE By Chris Browne THE aMaZINg SPIdERMaN By Stan Lee and Alex Saviuk 6How the wealthy invest differentlyHow the wealthy invest d With entrepreneur and investor Michael Lee-Chin MICHAEL KLEIN mklein@compassmedia.ky Have you ever wondered, when looking at your pension statement, why the longest bull market rally in history during the past decade has somehow passed you by? Perhaps it is because the wealthy invest differently. Jamaican-Canadian businessman and investor Michael Lee-Chin believes they do, and he built an investment philosophy around his observations early on in his career. The investment framework served Lee-Chin well. The chairman and CEO of Portland Holdings Inc., a privately held investment holding company headquartered in Ontario, Canada, today features on the Forbes list of billionaires with an estimated net worth of US$2.3 billion. When he started his investment career selling mutual funds, Lee-Chin says, he wanted to find a formula for creating wealth. An engineer by training, Lee-Chin set out to find commonalities in the way rich people were investing successfully. What he discovered became a personal philosophy and to this day is still the investment mantra of his firm. “What I found is they own a few, not too many, high quality businesses,” he says. “Number two, they really understand them. Number three, they make sure that they are in strong, long-term growth industries. Number four, they use other people’s money. And lastly, they simply hold those businesses for as long as they remain great businesses. That’s how wealth is created in the real world.” To create his personal wealth, Lee-Chin followed his investment framework to the letter, even if it meant going against the grain of the typical investment advice that most people tend to receive: to save and to invest the savings into a diversified portfolio. In 1983, when he was 32 years old, Lee-Chin borrowed $500,000 and invested it into one single stock, Mackenzie Financial, the company he worked for and knew well. Four years later, after the stock value had increased sevenfold, Lee-Chin used the proceeds to buy AIC Limited, a small Ontario-based investment firm. Applying the same philosophy there, AIC’s assets under management grew from $800,000 to $15 billion within 20 years, before AIC’s retail investment fund business was sold in 2009. Asked why his initial investment with borrowed money into a single stock should not be considered reckless, the self-made billionaire responds with his own questions: “If you own one business, is that reckless? As a business owner, how many businesses do you own, typically? One,” he says. “A stock is only a piece of a business. You as a business owner understand that business. So, your minimising of risk and minimising of recklessness would be rooted in how much you understand what it is that you do. Investing is no different.” As far as investing with borrowed money is concerned, Lee-Chin says, one cannot create wealth without capital. Because of the power of compound interest, wealth creation not only depends on the rate of return each year but also the initial amount that can be invested, Lee-Chin explains, citing the ‘future value of money’ formula. “You cannot create wealth unless you have capital working for you. You can marry into it, you can steal it, you can win it, or you can borrow it,” he says. For most people, the first options do not exist. “But we can borrow.” Financial advisors advocate diversification to minimise risk but Lee-Chin says wealthy people would not tell ordinary people to diversify. Quoting legendary investor Warren Buffett, he adds, “If you don’t feel too ignorant, you don’t need to diversify. The converse of that is you diversify if you are ignorant.” The average investor can simply look for a business that is well run by an owner-operator who has ‘skin in the game’ and then invest alongside the owner. “Mr. Buffett is still at the helm of Berkshire Hathaway. So, if you are buying a share of Berkshire Hathaway, you are co-investing with Mr. Buffett. Everything he does, everything he has done, his network, you are tapping into it and you don’t pay a fee for it.” Buffett also famously said that he is a better investor because he is a businessman and he is a better businessman because he is an investor. One therefore cannot be a good investor without a business-like approach or run a business well without thinking about rates of return, Lee-Chin says. “The two go hand in hand.” The 69-year old, who found success in Canada, has nevertheless become one of the most prominent investors in the Caribbean. Portland has acquired hotels, manages one of the largest private equity portfolios in the region, and has significant interests in telecommunications, as well as banking and insurance. In 2005, Portland partnered with Risley Group to form telecom provider Columbus International, which developed its own deep-sea fibre optic cable network and was later sold to Cable and Wireless, that itself was bought by Liberty Global. But Lee-Chin is perhaps best known for Portland’s acquisition of National Commercial Bank Jamaica in 2002. He serves as the financial group’s chairman and in May 2015 guided NCB through the acquisition of a majority stake in Trinidad-based Guardian Holding Limited, one of the region’s largest insurers. While the Caribbean is often described as economically challenging, it makes the region attractive from an investment point of view, he notes. To spark his interest, investment opportunities must meet three criteria. There must be a difference between perception and reality so that an investor can take advantage of knowledge arbitrage. There must be inefficiencies, which when addressed create more value. And there must be a lack of equity capital. The Caribbean scores highly on all three. If everybody has the same information and there are no inefficiencies, one cannot create wealth. And if there is an abundance of capital, prices will be high and margins low, Lee-Chin says. “To me, the Caribbean is a treasure trove. In fact, it is the best place to invest, because of these three preconditions.” Investing like a billionaire Jamaican-Canadian businessman and investor Michael Lee-Chin The wealthy invest differently by: 1) Owning only a few high-quality businesses. 2) Fully understanding those businesses. 3) Ensuring that the businesses are domiciled in strong long-term growth industries. 4) Using other people’s money. 5) Holding the investments for the long term. Investment opportunities must meet three pre-conditions to spark Michael Lee Chin’s interest: 1) A difference between perception and reality. 2) Inefficiencies. 3) Lack of equity capital. Quoting legendary investor Warren Buffett, he adds, “If you don’t feel too ignorant, you don’t need to diversify. The converse of that is you diversify if you are ignorant.” WATCH THE VIDEO ONLINE CAYMANCOMPASS.COM cayman compass 7 B business MONDAY, 20 JANUARY 2020Stories of quicksand, banana boats and averting disaster Wenzil Burlington, 85, from West Bay lived adventurously at sea as one of Cayman’s seafarers. From turtling the Miskito Cays to earning his engineering diploma while working with National Bulk Carriers, Burlington was shaped by his youth at sea. Like many Caymanians of his generation, he started working schooners at a young age, first venturing to sea as a teenager. After being at sea for 13 years, Burlington returned to Grand Cayman and married Martha Borden in Cayman Compass #SaveOurStories series, Burlington shared some tales from his seafaring days. Below are the stories, as told in Burlington’s own words. When I went to sea, there wasn’t anything to do. Nothing was happening in Cayman. There was no work. I was 16. I went to Miskito Cay off the Nicaraguan coast to catch turtles and nurse sharks. They used to catch the nurse sharks and take their hide off of them, salt them and ship them to Japan and the turtle we used to butcher locally. I made two trips there. We were fishing off of the coast. There was a big cay and we had to make a hut and we lived in the hut. The cay was big but [because of the] sand flies, you couldn’t live on the land. So, we had to put our hut on a shallow bar and live there. I believe I was there close to four months and then came back home before going back out. Three guys lived in the hut, except for a short time when a hurricane came by and some of our friends were in different places and [it] wasn’t so safe. So, they came and stayed with us. Then when the weather cleared up, they went back. But, after that, I came home and about two months later, I went back again. This time it was just for turtle, but a freak storm came down. We thought it was a nor’wester coming because the sky was black. We had to bring in our nets because we couldn’t afford to lose them. It was about six boats in different places, they went to tie their net but they went too late and [the storm] caught them and two of the boats were drove away by the storm. One boat with three guys got turned over three times in one night. As soon as they got turned over the sea went calm and they were able to get back in, but the big seas came back and turned them over again. They drifted to land. The tide had brought them in and the captain, because the other two men were young boys like me, was jumping overboard to bring the boat in. It was a pretty-looking beach, and a woman came out and started waving, telling them, “No, no, no”, told them to go further up. So, he went and when he got ashore, the woman told him there was quicksand. Next couple of days, the other boat that was lost, she drifted in. It was only one boy left and he had tied himself down in the boat. But he had died and the other two never turned up. Boy, I felt so bad and I was so scared, I decided to come home. I asked the captain if I came aboard, if he would take me back home and he said, "Yeah". Banana boats and dodging a bullet There’s two islands. There’s Big Swan and there’s Little Swan. Big Swan Island, the Americans would use it to ready for the war, during World War II, and two brothers were taking care of the island, Captain Harry Glidden and Captain Donald Glidden. The captain told me if I came down there, he could get a captain of a banana boat to come and pick me up when he needed a man, and so the captain came and picked me up. They were hauling bananas from Puerto Limon to Tampa. We used to make a trip in two weeks, and every two weeks we went. I stayed there for 15 months. While I was on these banana boats, I took some courses. Gasoline and diesel were the two first courses from the International Correspondence School and I got my diploma. I had to mail the lessons to Ohio. When I was on the second banana boat, a guy came look for me and said there was a vacancy for a second engineer and I went and got that [job]. But what happened was they had to put [the boat, ‘Romana’] on dry dock. The company didn’t have enough money to pay for it and they plastered her. She couldn’t sail till a bill was paid and we Stories of quicksand, banana boats and averting disaster CAROLINA LOPEZ clopez@compassmedia.ky Wenzil Burlington, 85, from West Bay lived adventurously at sea as one of Cayman’s seafarers. From turtling the Miskito Cays to earning his engineering diploma while working with National Bulk Carriers, Burlington was shaped by his youth at sea. Like many Caymanians of his generation, he started working schooners at a young age, first venturing to sea as a teenager. After being at sea for 13 years, Burlington returned to Grand Cayman and married Martha Borden in 1967. As part of the Cayman Compass #SaveOurStories series, Burlington shared some tales from his seafaring days. Below are the stories, as told in Burlington’s own words. In the beginning When I went to sea, there wasn’t anything to do. Nothing was happening in Cayman. There was no work. I was 16. I went to Miskito Cay off the Nicaraguan coast to catch turtles and nurse sharks. They used to catch the nurse sharks and take their hide off of them, salt them and ship them to Japan and the turtle we used to butcher locally. I made two trips there. We were fishing off of the coast. There was a big cay and we had to make a hut and we lived in the hut. The cay was big but [because of the] sand flies, you couldn’t live on the land. So, we had to put our hut on a shallow bar and live there. I believe I was there close to four months and then came back home before going back out. Three guys lived in the hut, except for a short time when a hurricane came by and some of our friends were in different places and [it] wasn’t so safe. So, they came and stayed with us. Then when t tr lr l, i. is ti it was just for turtle, t a frea str cae . e tt it s Survival and death at sea Wenzil Burlington next to his third assistant licence. cayman compass 8 I issues MONDAY, 20 JANUARY 2020nana boats and dodging a bullet here’s two islands. There’s Big Swan there’s Little Swan. Big Swan Island, the ericans would use it to ready for the war, ng World War II, and two brothers were ng care of the island, Captain Harry Glidden Captain Donald Glidden. The captain told f I came down there, he could get a captain banana boat to come and pick me up when eeded a man, and so the captain came and ed me up. They were hauling bananas from rto Limon to Tampa. We used to make a trip wo weeks, and every two weeks we went. I ed there for 15 months. While I was on these banana boats, I took e courses. Gasoline and diesel were the first courses from the International espondence School and I got my diploma. I to mail the lessons to Ohio. When I was on the second banana boat, y came look for me and said there was a ncy for a second engineer and I went and hat [job]. But what happened was they had ut [the boat, ‘Romana’] on dry dock. The pany didn’t have enough money to pay for d they plastered her. he couldn’t sail till a bill was paid and we stayed there about three months. Back then, the immigration was getting kind of stiff then, so they gave me 29 days to start off with, and that ran out. I got another 29 days, and that ran out. Then immigration gave me 15 days and [the official] said, “Listen, sonny, I gave you 15 days. That’ll be up on Saturday and this office is closed on Saturday and Sunday.” And he said, “Don’t you come back in this office Monday morning with that ‘Romana’ in your mouth.” So, I waited two days before my time ran out and said, “I’m going to have to go home.” I wasn’t prepared to go home yet. [Before returning,] I had to go to town to get a hair trim. I was in the barber chair and he was trimming me. I had a big old towel around, a sheet, and the door was near me. Through the corner of my eye, I see this man walk in, but I wasn’t paying him no mind. He went behind us and then I heard ‘BANG!’ I heard this blow and this barber dropped down in front of me, blood spouting out of him. [The man] had shot him in the head and killed him. I was afraid of dead people and I say, “How am I going get out of here?” I jumped over him and took off. I took a cab to get to the barber shop, but I wasn’t messing with no cab then. I ran but I see the people on the sidewalk looking at me. When I got on board [the boat], I sat down [and] them boys said, “What happened?” I [hadn’t] realised I still had that sheet over me. They must’ve thought I was Batman [with a cape]. I came home after that; I stayed home about three weeks. Climbing the ladder at National Bulk Carriers I went to National Bulk Carriers. I was working in the engine room as a wiper. Then after that, I was promoted to oiler, fireman and junior engineer and then I went to pump man. The first assistant didn’t like me. That brute looked at me the first day I seen him in my life and hated me. It was winter and it was cold, and I bought a little cloth hat and I went down the engine room. There was three wipers and I was standing up by the boilers talking to the fireman and [the first assistant] just came up to me and took my hat off and threw it in the bucket with oil. But because he didn’t like me, the chief didn’t like him. The more harm he done me, the better the chief liked me. Passing the test [When I was in New York] I went to the Union Hall, because all my friends that had worked on the ship had worked at the Union. There was a pump man job on the open board and I could apply for that, but I really didn’t care too much about it. One of my friends said, “Man, go down to the Coast Guard and get your endorsement. Your brother in Mobile, [Alabama], they only asked him three questions to give him the pump man endorsement.” He wouldn’t leave me alone, so I said, “All right, I’m going to go through with it.” I went and there was a short, red-face, red- hair man and I told him what I had come for. He said, "All right, have a seat and I’ll soon be with you.” That was at 8 o’clock in the morning soon, as soon as it opened, and I sat down till 12 o’clock. A girl came out and said, “You getting taken care of?” I said, “I thought I was but I don’t know.” [The man] then said, “Yes, I’m here. I’m going to soon be out.” He came out and withdrew 180 questions. I hadn’t looked at a book in two years then. Anyway, I worked on them and worked on them. I wrote till I got a big old blister on my finger. There was some questions I didn’t know the answer, so I skipped them, and I missed five. He said, “All right, that’s okay,” and he asked me [more questions] verbally. I got three out of the five right, so I thought now he was going to get me the pump man endorsement. He gave me a ‘Qualified Member of the Engine Department’, which is next to engineer. When I got to the Union Hall, the [pump man] job was gone. How glad I was. I didn’t want that job. Wenzil Burlington was actually born Wenzil Burlington Ebanks. He changed his name after he noticed more than 40 other Caymanian seamen also had the last name Ebanks. The surname made it difficult to get his mail, so he decided to go by Burlington. worked on the ship had worked at the Union. nd death at sea enzil Burlington was actually born enzil Burlington Ebanks. He changed his name after he noticed more than 40 other Caymanian seamen also had the last name Ebanks. The surname made it difficult to get his mail, so he decided to go by Burlington. cayman compass 9 I issues MONDAY, 20 JANUARY 2020Next >