Archive for September, 2015
MLA presses lawyers to hire and train locals
(CNS Business): George Town C4C backbencher, Winston Connolly, is asking members of the legal profession to sign a document committing them to increasing the participation of locals in their profession and to double the number of Caymanians that reach equity partner by 2020. As the government works towards finalising its draft legal practitioners law, Connolly […]
Novel court case sets fair value in statutory merger dissention
(CNS Business): A recent case before the Cayman Islands Grand Court has provided highly anticipated guidance on calculating the fair value of a dissenting investor’s shares, following the successful completion of a statutory merger. Statutory mergers have been part of the Companies Law since 2009, allowing a faster, more efficient route for many corporate transactions, such […]
Airport boss said project will be ‘challenging’
(CNS Business): Renovating and expanding the Owen Roberts International Airport while keeping it open to the public will be challenging, the Cayman Islands Airports Authority CEO Albert Anderson said Thursday, but the management will do all it can to minimise the impact on travellers. He said much of the work will be done at night and when […]
CIMA takes aim at corporate governance standards
(CNS Business): The Cayman Islands Monetary Authority (CIMA) is seeking to raise standards of corporate governance across the financial sector, building on its previous directives for the investment fund sector and bringing Cayman into line with international best practice. The regulator kicked off a private sector consultation exercise last month to gather industry feedback on its […]
Cayman-US couple fight tax exchange decision
(CNS Business): US taxpayers and Caymanian status holders Lee and Sheila Aronfeld are seeking a judicial review of a decision by the Cayman Islands Tax Information Authority (CITIA) to give their information to the IRS in the United States in connection with a criminal tax probe. Shareholders in three Cayman registered exempted companies, the Aronfelds claim […]
Chamber offers inside look at planned procurement bill
(CNS Business): The government’s newly appointed director of the Central Procurement Office, Craig Milley, will be presenting a draft of the proposed legislation to deal with public contracts, major purchases and government acquisition to the Chamber of Commerce next week. The new bill, which is designed to tighten up on government’s major spending after years […]
Arch & Godfrey secures first airport contract
(CNS Business): The contract to develop the first phase of the renovation of the George Town airport has been won by local construction firm Arch & Godfrey. The $3.6 million contract for this first part of the more than $40 million long-awaited project to redevelop Owen Roberts International, which is to build a new baggage […]
Small Business Association ready to lobby government
(CNS Business): Having finally, after seven years, obtained ‘non-profit organisation’ status, the Cayman Islands Small Business Association (CISBA) is now ready to re-energise its membership and to lobby government on behalf of small and micro businesses and the 17,000 or so people they employ. Among the items on its agenda is to advocate for tiered work […]
Industry award highlights Cayman’s captive record
(CNS Business): A major industry accolade for the Cayman Islands captive insurance sector has highlighted the strengths of this jurisdiction as a domicile for insurance and alternative risk transfer products. Cayman was recently named the ‘Top Offshore Domicile’ in the 2015 US Captive Service Awards, organised by Captive Review magazine. Traditionally known for being the second largest […]
Micro business fee waiver extended for another year
(CNS Business): Owners of micro business or would-be entrepreneurs planning to start one can look forward to another year of reduced fees now that Cabinet has extended the waiver for very small businesses across all three islands, as well as the 50-75% reduction for small businesses. Commerce Minister Wayne Panton recently lauded the success of the […]
Swiss bank with CI link strikes US deal to reveal secret accounts
(CNS Business): The US Department of Justice has struck a non-prosecution deal with Schroder Bank AG that will see the Swiss-based bank and its Cayman subsidiary cooperate in any criminal or civil proceedings and pay a $10m penalty to avoid criminal charges relating to secret accounts. The DoJ also said that the Cayman arm and a Swiss […]
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