Cayman Finance tight lipped over premier’s arrest
(CNS): Despite mounting concerns about the impact the premier's arrest may have on the Cayman Islands financial services sector, the body representing the industry said very little Tuesday. Richard Coles, the chair of Cayman Finance, said it was concerned at hearing of the arrest of McKeeva Bush and, as a jurisdiction that upholds good governance and transparency, the organisation fully expected that due process would be followed. ''As the investigation is ongoing, it would be inappropriate to comment further,'' Coles said, as Cayman waited to hear whether Bush would be charged or released by the police Tuesday after spending the day being questioned by officers from the Financial Crimes Unit.
Bush was arrested at his West Bay home on 11 December at 7am on suspicion of a number of offences relating to theft and corruption in connection with misuse of a government credit card and with the importation of dynamite without a permit.
Category: Local News
Can we get somebody competent to speak for Cayman Finance at this time. Ideally someone who has working experience of offshore finance?
As the body representing the financial services sector, it’s diappointing that there is no substance to this release from Cayman Finance. Thanks to Chris Duggan and the Chamber of Commerce for coming out so swiftly and definitively with a statement of substance. Also disappointing to see that the Banker’s Association has remained silent, as usual. Thank you Chamber of Commerce.
Why are you surprised? Since Coles took over there has been no substance in anything Cayman Finance says. He seems to take sentences and phrases from old pieces from Travers and Ridley put together without any comprehension about what is really going on. That is when he is not trying to be "witty" by making digs at onshore individuals or issues, which always fall flat and cast Cayman in a bad light. He has been a disastrous appointment.
Thank you Chris Duggan for bringing some fresh air about the place and thank you for having the courage to stand up for the Chamber. Meanwhile one might wonder who Cayman Finance are and what they do. The board seems to be full of fuddy-duddies long past their sale date. It needs revitalization and as soon as possible.
The arrest o the Premier for alleged corruption and the misuse of government credit card is just a red herring which come on the heel of the $2 billion fines levied by the USA. The financial industry should be reporting the real news today about the scale of the money laundering operation involving Mexican drug cartels which has engulfed HSBC and the accounts were operated right here in the Cayman Islands. It is just convenient that the Premier's arrest comes on the heel of this major world news. If there is ever a coincident this is one and it stinks to high heavens. Read all about what is happening with and in the financial industry concerning the Cayman Islands which has nothing to do with the Premier tarnishing the reputation of the financial industry in the Cayman Islands. Greedy bankers and investors are doing it all. Here are some articles FYI – This article was published 17 July 2012 http://www.bbc.co.uk/news/business-18867054 and the most recent today 11 December 2012http://www.abc.net.au/news/2012-12-12/us-fines-hsbc-2-billion-for-money-laundering/4422836
CNS Please show your objectivity and print this as the people of the Cayman Islands really needs to know the truth on what is happening in the financial industry in the wider world and how the Cayman Islands are viewed.
CNS: The HSBC scandal was covered in a number of articles on CNS Business, see here.
don't agree with the commenter, but cns you did not cover the record hsbc fine. maybe today?
What planet are you from? Enron, Lehman Brothers, Standard Chartered, Madoff etc did NOT happen here in Cayman..those were the worst in the world. The regulator here does a brilliant job in difficult times, but if certain people choose to pull the wool over their eyes, they will. Even then the first point of call is the auditors. However even the auditors can have things hidden from them, the system relies on trust. The above cases show how even the toughest regulators can be duped banks etc hiding things.
With regard to HSBC, I loved the "our internal systems were a little weak" comment. Cayman should be slapping them with a fine too. FIll the budget gap. And send a message to the world, "Not in Cayman"
The issue is seperated from Bush as CIMA is an independent authority, not sure why you are seeking to destroy Caymans image or even link the two events. There is no link.
No one is seeking to destroy Caymans' image but you need to get your head out of the sand or cloud and go read and understand. Enlighten yourself and others who need to know the real truth in regards to what will be facing Cayman's financial industry soon and it has nothing to do with the Premier, UDP, PPM, C4C or anyone in the FCO. Go find the letter from the US Senate Committee on Homeland Secuirty and Government Affairs and see what's in store for Cayman as soon as January 2013 and maybe you and all the rest that is so naive will see things as they are and not as you hope they will be.
Cayman "regulation" is intentionally weak. That's the business model. All you have to do is fill out forms and they file them somewhere. Simple!
What a ridiculous conspiracy theory. Anything to distract attention from the McKeeva Bush debacle.