Archive for January, 2015
Major Cayman hotel up for sale
(CNS Business): Following a $15 million facelift, one of Cayman’s leading Seven Mile Beach hotels is on the market. According to a release from CBRE, the US-based agents managing the marketing process, the Grand Cayman Marriott Beach Resort is up for sale. No price tag has been revealed for the 4.74-acre oceanfront site on the West Bay […]
CINICO settles $1.5M hospital bills
(CNS Business): Officials from the government’s health insurance company have confirmed that lawsuits filed against it in the US for not paying hospital bills of around US$1.5 million have all been settled. Lonny Tibbetts, the director of CINICO, said that both lawsuits filed in the Miami courts in November last year, relating to the treatment […]
Air arrivals soaring to new heights
(CNS Business): With 382,816 visitors to the Cayman Islands in 2014, the tourism industry is celebrating yet another record-breaking year. Statistics from the Department of Tourism reveal an almost 11% increase over 2013, which was also a record breaker. The arrival figures for 2014 are the best since records began in 2000 and demonstrate a massive […]
Former Weavering boss gets 13 years jail time
(CNS Business): The founder of Cayman Islands-based Weavering Macro Fund, the collapse of which cost investors $536 million, has been jailed for 13 years, one of the longest sentences for fraud ever handed down in the UK. Magnus Peterson, 51, was found guilty on eight counts of fraud, forgery, false accounting and fraudulent trading after […]
Scott: UK demands on beneficial ownership unreasonable
(CNS): The new CEO of Cayman Finance has stated that he welcomes the position that the Cayman Islands Government is taking on the publication of beneficial ownership details on companies and funds registered here. Jude Scott said that the demands from the UK, which is seeking an open public access register, go too far.
Six jobs lost but new directors at local captive firm
(CNS Business): Aon Captive and Insurance Management announced a number of structural changes to the Cayman office on Friday, where six jobs will be lost as a result of the moves, which was described by management as a “difficult decisionâ€. Currently an office of 50 employees, Aon said in a short release that it has appointed […]
Finance society donates key study material to library
(CNS): The Chartered Financial Analyst (CFA) Institute has donated a complimentary set of the CFA curriculum for 2015 to the local library service. The CFA Society Cayman Islands gave the books to the George Town Library to enable all residents in Cayman to have access to the latest edition, which spans all three levels of […]
Sunshine Grill stacks up against swanky hotel bars
(CNS Business): USA Today’s travel’s list of ‘best ofs’ has listed the Sunshine Grill not only as Grand Cayman’s most hip and happening hotel bar but as one of the eleven best bars in the entire Caribbean. Rated alongside swanky places such as the Four Seasons in Nevis, Aruba’s Ritz Carlton and the Condado Vanderbilt […]
East End resort sues ex-owner over Facebook posts
(CNS Business): The owners of the Morritt’s timeshare resort in East End have taken legal action against one of its former owners for posts she made on Facebook about the resort following a dispute. Patricia Crockett, a resident of East End, is said to have posted comments on the resort’s Facebook page making allegations against […]
Bumper year for cruise passengers
(CNS): After years of falling cruise passenger arrivals, the Cayman Islands witnessed a significant boost in the number of ships and passengers calling on the jurisdiction in 2014. Despite not having the cruise piers, 1,609, 555 people on 562 ships arrived in the jurisdiction over the 12 months, according to Port Authority statistics — a […]
Developers need to utilize Caymanians
(CNS Business): Government must hold large developers to account and ensure that the local community benefits directly from the proposed major projects and developments in the pipeline, Barry Bodden said as he took over the presidency of the Chamber of Commerce. While questions remain about how some of the proposed larger projects will impact infrastructure […]
Lack of will holding Cayman economy back
(CNS Business): Cayman is ideally placed to continue to build on its past economic success but the lack of will to make tough decisions is what is holding the country back, the outgoing president of the local Chamber of Commerce said last week as as he handed over the reins to Barry Bodden, the new president. “What […]
Offshore lawyers shape laws to boost earnings
(CNS Business): The Cayman Islands Law Society has continued its “constructive engagement†with government and has had a particularly busy year in 2014, the president said last week. Although lawyers are involved pro bono in reviewing and contributing to laws across the board, Alasdair Robertson said the work of the Financial Services Legislative Committee (FSLC) […]
New Chamber boss calls for action not more talk
(CNS Business): Despite giving the impression of being an easy-going and quiet person, Barry Bodden has promised to fight for the membership of the Chamber of Commerce and the Cayman Islands during his year leading the local organisation. As he accepted the presidency from Johann Moxam, he said he wanted to see less talk and more […]
Welcome development to insurance industry
(CNS Business): Amendments to the insurance law and associated regulations have been described by an industry insider as one of the most significant legal developments for Cayman’s insurance industry for many years, allowing insurers formed as segregated portfolio companies (SPCs) to enjoy the same benefits as incorporated cell companies in other jurisdictions.Â
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