Finance
Investment digest published for 2013
(CNS Business): the Cayman Islands Monetary Authority has published its latest digest but the compendium of financial information is now more than a year old. While the regulator publishes much more up to date data on its site, the annual digest, which pulls together investment information, is usually one year behind. The data comes from […]
Weavering directors win appeal against $111M fine
(CNS Business): Three years after hearing the appeal, the Cayman Islands Court of Appeal delivered its much-anticipated ruling in the infamous Weavering case last week and threw out the record-breaking $111 million fine imposed by the trial judge. The appeal judges said that the behaviour of the directors, Stefan Peterson and Hans Ekstrom, in the […]
Bank ‘crippled’ by $68 million run
(CNS Business): Caledonian Bank has now filed for bankruptcy in New York following a crippling run on the bank last week triggered by the news that the US Securities and Exchange Commission had sued the bank over a $75 million penny stock scam. In his ruling regarding the appointment of controllers by CIMA, the chief justice […]
Court rejects Caledonian bank liquidation
(CNS Business): Attempts by Caledonian Bank to place it and Caledonian Securities in voluntary liquidation under its own appointed liquidators have been rejected by the Cayman Islands Grand Court, which has upheld the appointment of the local regulator’s controllers. During a hearing on Thursday morning the chief justice described the appointment of the joint voluntary […]
Cayman takes Miliband to task
(CNS Business): Accusing Ed Miliband, Leader of the British Labour party, of trying to distort the issue of beneficial ownership “in light of readily available, third-party assessments and factsâ€, Cayman’s finance minister said that the warning letter that he is reportedly sending to all British overseas territories has so far not been received.
Caledonian in hands of controllers
(CNS Business): The Cayman Islands Monetary Authority has appointed two number crunchers from Ernst & Young to take charge of the affairs of Caledonian Bank and Caledonian Securities after placing the firms in controllership. The news follows revelations that the bank and its securities arm is being sued by the US Securities and Exchange Commission over allegations […]
Caledonian accused of $75M penny stock scam
(CNS Business): Caledonian Bank is facing legal action from the US Securities and Exchange Commission over allegations it and three other companies based in Panama and Belize were involved in a $75 million penny stock scam. It a statement released Monday the Cayman-based bank said it was cooperating with SEC and “working to prove that […]
IMAC says steady growth in Cayman Captives
(CNS Business): The Cayman Islands remains the leading jurisdiction for healthcare captives, being home to 34 per cent of the captives in this classification, the Insurance Managers Association Cayman (IMAC) has stated, also noting that 22 new captives were formed in this jurisdiction over the course of 2014.Â
Labour will demand public register for UK’s territories
(CNS): If the Labour party wins the UK general election in May, the Cayman Islands and other British overseas territories will be required to introduce publicly accessible beneficial ownership registries or face blacklisting. Ed Miliband has reportedly written to all of the UK’s overseas territories to warn them what he will expect should he be […]
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 […]
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) […]
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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