Archive for July 17th, 2008
Police make arrest in fund fraud
George Town (CNS): An unnamed 47-year-old man has
been arrested on suspicion of theft, false accounting and uttering
false documents in connection with the collapse of the ‘Grand Island
Fund’. The Royal Cayman Islands Police Service (RCIPS) said the arrest
was made yesterday (Wednesday, 16 July) as part of investigations into
the collapse of the local funds by the Financial Crimes Unit (FCU ).
The man has been released on bail pending further enquiries.
In a statement concerning the arrest, the FCU said the collapse of the
funds is thought to represent millions of dollars and that the FCU was
unsure how many people are affected by its collapse. Investigations
are ongoing into the matter and detectives would like those with
information or knowledge to come forward. Anyone who can assist should
contact Detective Sergeant Claire Jackson on 949-8797.
The RCIPS did not state exactly which of the funds – Grand Island
Commodity Trading Fund I, Grand Island Commodity Trading Fund II, and
Grand Island Income Fund, which were registered by CIMA in 2006, and
Grand Island Master Fund, which is unregulated – the arrest related
to. However, the funds are interlinked.
David Walker and Nicholas Freeland were appointed by the Joint
Voluntary Liquidators (JVL) in the wake of the voluntary liquidation
last month of all four funds, which were domiciled in the Cayman
Islands. At least one was founded and directed by local businessman
Naul Bodden, and CNS understands that Close Brothers (Cayman) Ltd were
the Fund Administrators. Not only were the funds locally managed, a
considerable number of local investors are also said to be involved
and to have lost significant amounts of money.
Last week, PwC Corporate Finance & Recovery (Cayman) Ltd, wholly
owned by PricewaterhouseCoopers Cayman Islands, was appointed as
Receiver over various accounts held at ScotiaMcLeod in Canada, which
are believed to be related to the funds. PwC said that this would
facilitate the repatriation of monies currently held in accounts in
Canada back to the Cayman Islands until the proper allocation is
determined. The liquidators were expecting to have made an application
to the Grand Court to have the funds placed under its supervision and
heard this week.
Anyone with information about crime taking place in the Cayman Islands
should contact their local police station or Crime Stoppers on
800-8477 (TIPS). All persons calling crime stoppers remain anonymous,
and are eligible for a reward of up to $1000, should their information
lead to an arrest or recovery of property/drugs.
Arrest made for West Bay shooting
In a Royal Cayman Islands police Service (RCIPS) release Tuesday,
detectives investigating the murder of Jefferson said the gunman had
two firearms. Confirming that the post mortem on the 23-year-old from
West Bay had shown he was shot three times, they said they were now
following a number of leads.
“At this point, based on the evidence we have so far, it would appear
we are looking for a single gunman who was armed with two firearms,â€Â
said Superintendent Marlon Bodden, who is overseeing the
investigation. “Whether he was assisted by others is yet to be
determined. This is still early days. We are in the process of
collecting statements and gathering and examining the evidence.â€Â
Police arrived within minutes after they were called to Birch
Tree Hill Road around midnight on Friday, July 11, about
the shooting outside Kelly’s bar, where Jefferson’s body was
discovered lying on the ground and where a second man received two
bullet wounds, one to each arm. This victim has undergone surgery for
his injuries and remains in hospital at this time.
“Witnesses have told us the gunman walked into the road from the
direction of the laundromat and made off over a fence behind Kelly’s
bar,†said Supt Bodden. “I appeal for anyone who saw the gunman
before, during or after the attack to contact the Major Incident Room
in West Bay on 949-3999. If you would prefer, you could call Crime
Stoppers on 800-8477.â€Â
Police are mindful that the attacker was seen leaving on foot but
could have got into a car or onto a bike so are appealing for any
sightings of someone leaving the scene after the incident. “We need to
speak to anyone with information, no matter how small,†added Supt
Bodden. “Even if it seems insignificant, it could help with our
enquiries.â€Â
CID also thanked the public for their cooperation and hoped it would
continue. Anyone with information about crime taking place in the
Cayman Islands should contact their local police station or Crime
Stoppers on 800-8477 (TIPS). All persons calling crime stoppers remain
anonymous, and are eligible for a reward of up to $1000, should their
information lead to an arrest or recovery of property/drugs.
MPs to visit Cayman next week
Posted Thursday, 17 July 2008
George Town (CNS): A member of the House of Commons
Treasury Select Committee (TSC), which is conducting an enquiry into
offshore financial centres (OFCs), will be visiting all three islands
next week as part of the delegation from the All Party Parliamentary
Group for the Cayman Islands (APPG).
Altogether, five members of the APPG, a group that maintains links
with and develops an understanding of the Cayman Islands within the UK
Parliament, will be coming to Cayman for a six-day visit, led by
Jennifer Dilbert, the Cayman Islands Government Representative in the
UK.
The Group, which comprises members from the House of Commons and the
House of Lords and includes representatives from all three main
political parities, is currently considering tabling questions in the
House on the issue of the European Union Equivalency List (White
List), according to a release from Cayman’s London Office.
The Cayman Islands was among the offshore ‘tax havens’ omitted from a
recent EU ‘white list’ of countries deemed to have satisfactory
controls against money laundering. According to the UK Treasury
department, the list, compiled by the EU committee on the prevention
of money laundering and terrorist financing, is open but Cayman is
dependent on the UK’s decision to lobby or not on the islands’ behalf.
Among the delegation here next week will be Michael Fallon, the senior
Conservative on the Commons TSC, which is currently
conducting an enquiry into OFCs
and their impact on global business and investment, including the
international fight against money laundering, that has gathered
written evidence,
some highly critical, from OFCs, NGOs and academics.
Accompanying Fallon will be fellow Conservative MP and APPG Vice-
Chairman Nigel Evans, Baroness Llin Golding (Labour) and 2 Labour
Members of Parliament, Ian Davidson and Lindsay Hoyle. Another member
of the Treasury Select Committee, APPG Secretary Graham Brady MP,
visited the Cayman Islands in 2004.
Members have discussed the itinerary of the visit to ensure that all
areas of interest relating to the Islands are covered, the London
Office said. The delegation showed particular interest in learning
more about the Hazard Management facilities, the Tourism
Apprenticeship Program and the Civil Service College in
Cayman.
Over the six days, the UK group will attend meetings and briefings
with MLAs, senior government officers and private sector
representatives to discuss current issues, policies, problems and
development in the Cayman Islands. The delegation will also be invited
to an environment briefing, a financial services seminar, and a
discussion with the Chamber of Commerce.
The CI London Office says the purpose of the visit is to familiarize
the delegation, and through them the APPG as a whole, with as many
aspects of the Cayman Islands as possible. The programme will also
include visits to historical and cultural sites in Grand Cayman, as
well as a trip to the Sister Islands, to promote a first hand
appreciation of Caymanian history and culture.
Dilbert commented, “This is a very important exercise as it gives the
delegations the opportunity to experience the islands first hand. It
is essential that the group has a good understanding of Cayman and all
its facets as they are the ongoing permanent link between Parliament
and the Cayman Islands.â€Â