Archive for January 4th, 2009

Fund industry in spotlight

| 04/01/2009 | 0 Comments

(CNS): Investing strategies for volatile markets the issue of failed hedge funds, credit default swaps the risks, responsibilities and liabilities of the independent director and a review of the global economic impact are just a few of the hot topics that will be touched on this coming Friday when those in the funds business get together for Cayman’s Second Annual International Funds Conference.


The possible impact of new US policies, Chapter 15 as well as the results of Bear Stearns situation are also to be addressed. Moreover with a number of important court cases recently being decided that directly affect the funds industry in Cayman, the conference is seen as an opportunity for those in the industry to find out what could be in store for them as it addresses in detail cases involving auditors’ liability, directors’ issues and redemption issues. 

“There have been a number of significant recent decisions and those involved in the industry should seize the opportunity to learn more about the current position,” said Andrew Hersant Managing Director of Stuart Walker Hersant one of the conference sponsors said. “We are pleased to have brought together a group of experts to consider matters in detail.” 

The one day event takes place at the Ritz Carlton on Friday 9 January. s one day event will be co-hosted by Stuart Walker Hersant, PricewaterhouseCoopers and Cayman National Fund Services. A full list of topics and speakers can be found at the conference website at

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Teenager shot dead

| 04/01/2009 | 11 Comments

(CNS): Before the year had barely begun Cayman witnessed its first murder victim of 2009 after a seventeen year old man was shot dead on Saturday night. Another man was also wounded and is now in a critical condition in hospital. The shooting took place outside the Shir Reynolds Nightclub in George Town at around 10:30 pm.

Police said that the 911 Emergency Communications Centre received a call from a member of the public reporting that they had heard shots fired on Eastern Avenue. Officers from the Royal Cayman Islands Police Service responded to the call and when arriving at the scene they found that 17-year-old Jerome Christopher Alexander Russell of George Town had been shot and had collapsed not far from the Shir Reynolds nightclub.

The man was pronounced dead and while officers were at the crime scene a second victim arrived at the hospital suffering from a gun shot wound. That 22-year-old male gun shot victim had  been taken to the hospital by a private vehicle, police said. His condition is currently said to be critical but stable.

Senior Investigating Officer, Detective Inspector Kim Evans, said that this is an extremely serious incident which has left one man dead and one in a critical condition. “We have a number of detectives working on the case who would like to hear from anyone with information about the incident. A young man has lost his life, and it’s important that if people have information theycome forward. All information will be treated in the strictest of confidence,” Evans added.

Police also reported that during the immediate processing of the scene in the aftermath of the shooting two other men aged 28 and 21 had to be arrested for obstructing police after refusing to comply with instructions to leave the cordoned area. Police said that one man ran into the crime scene and had to be restrained by officers.

Scenes of crime officers are still processing the crime scene, a number of statements have been taken and the major incident room has been opened at George Town Police Station. A post mortem is being arranged for the deceased. Until formal identification has taken place and all next of kin have been informed police will not be in a position to name the victim.

The immediate area around the crime scene and a wider area which may hold important evidence remains restricted to pedestrians and vehicles at this time. The RCIPS apologizes for any inconvenience this may cause and thanks everyone for their cooperation and patience.

The first murder of 2009, on only the third day of the year, follows a year in which the highest number of murders in Cayman’s history was recorded. According to records there were seven murders in 2008, with victims ranging in age from 18-47 and from all walks of life. The victims list included one Swiss, a Canadian and five Caymanians.

The first killing in 2008 occurred on 21 January when 18-year-old Josh Hooker was shot in his house in George Town while his two-year-old son was home with him. The child was not harmed. On 8 February the body of 40-year-old Swiss national Frederic Bise was found in the boot of his own car which had been set alight. No one has been charged with either murder.

Aaron William Berry, who was 23, died after being stabbed in the throat outside the Everglo Bar in Bodden Town during a fight. Police charged Tonie Miguel Rodriguez (20) whose case then generated much controversy when he was sentenced to five years in prison for manslaughter.

In May two shocking and brutal murders occurred. The first was around midnight on 17 May when Brian Rankine (20) was the victim of a vicious machete attack. His mutilated and naked body was found in a car park at McField Lane in George Town. Caymanian William McLaughlin has been charged with his murder and is due to appear in court this month.

Then on 20 May the body of Canadian national Martin Gareau, 47, who also suffered a brutal attack was found in his home in Beach Bay. Police arrested and charged Josue Perez-Carrillo, a Honduran national with the murder.

Kelly’s Bar in West Bay was the scene of Mark Jefferson’s murder when he was killed on 11 July. The 23 year old was shot three times, and although one local man was arrested in connection with the case no charges were laid.

Then on 10 October the entire Caymanian community was shocked to the core when the body of Estella Scott-Roberts, communications manager for Cable & Wireless and an advocate for women’s rights, was found inside her own burnt-out car in the area of Barkers Point. Two Jamaican nationals, Larry Prinston Ricketts and Kirkland Henry, have since been charged with her murder and are due to appear in court next on 7 January.


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Insurers’ losses US$45 billion

| 04/01/2009 | 0 Comments

(Canadian Press): Insurers’ losses from natural disasters rose by about 50 per cent in 2008 over 2007, with Caribbean hurricanes Ike and Gustav powering the increase and climate change increasingly a factor, a leading reinsurer said Monday. Munich Re AG said in an annual review that the industry’s insured losses totalled US$45 billion this year, up from nearly $30 billion in 2007. Go to article

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