Archive for August 4th, 2009
West Bay drivers in heavy road offence toll
(CNS): Police have reported that 62 drivers were found to be breaking the traffic law in one way or another, in just one day, during three operations carried out in West Bay. On Monday 3 August traffic cops conducted two daytime operations on Town Hall Road and West Bay Road and then a further evening road block. During the day two people were found to be using a vehicle with expired registration and without a certificate of road worthiness, eight people were booked for speeding, sixteen people were found not wearing their seatbelts and thirty one people were prosecuted for failing to comply with a traffic sign.
Later at the evening road block, one man was arrested on suspicion of driving under the influence of alcohol, two people were booked for speeding and two others were warned for minor traffic offences.
“Our intentions with these road blocks are two fold,” said Area Commander Chief Inspector Angelique Howell. “Firstly, we need to ensure people are abiding by the traffic laws – speeding, drinking and driving and not wearing seatbelts puts lives at risk and we have a duty to ensure road users stay safe. And secondly, criminals use the roads; they move around and carry drugs and guns in their vehicles. These blocks put pressure on the criminals and assist in our intelligence gathering.”
Anyone with information about crime taking place in West Bay should contact the police station on 949-3999 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.
Cars and repair shop go up in flames
(CNS): Government Information Services has reported that five vehicles and an auto-repair garage were damaged during a fire this morning (Tuesday, 4 August) at Craftman Auto on Sussex Drive, off Owen Roberts Drive. The Cayman Islands Fire Service said it received the report from 911 at 8:54am and dispatched three fire trucks to the scene. On arrival officers reportedly found the cars and garage engulfed in flames but said they quickly extinguished the fire.
The origin and cause of the fire is currently under investigation and Deputy Chief Fire Officer Doorly McLaughlin indicated that the fire did do seem suspicious: “While the fire does not appear to be of suspicious origin, preliminary findings point to accidental ignition,” he explained. Reports say the fire completely destroyed three of the vehicles and severely damaged three others as well as the garage itself.
For information on fire detection and prevention, contact Mr. McLaughlin at 244-3914.
Cayman’s Mayfair launches UAE distressed prop fund
(Yahoo News): A Cayman Islands-based wealth management firm has launched a $50 million shariah-compliant distressed property fund in the United Arab Emirates to tap into the country’s suffering real estate sector. Mayfair Wealth Management expects the fund to deliver an annual return of 12-15 percent by way of leasing and rental income, the firm said in a statement on Tuesday. "We have identified a significant opportunity that stems from the slowdown in the UAE property market, one that will breath new life to undervalued but potential-laden projects in the country," said Amani Choudhry, the firm’s chief executive.
“Sexting” on the rise in UK
(BBC): More than a third of under-18s have been sent offensive or distressing sexual images electronically, a survey by the charity Beatbullying suggests. A large majority of the 2,094 respondents said a fellow teenager had sent it, compared with 2% who said an adult had sent the message. The charity said "sexting" constituted bullying and was a growing problem. Beatbullying asked 2,094 teenagers aged 11-18, and 38% had received such content via new technologies. Just more than half (55%) of those said it had been sent by mobile phone.
Killer robots in our future?
(BBC): An international debate is needed on the use of autonomous military robots, a leading academic has said. Noel Sharkey of the University of Sheffield said that a push toward more robotic technology used in warfare would put civilian life at grave risk. Technology capable of distinguishing friend from foe reliably was at least 50 years away, he added. However, he said that for the first time, US forces mentioned resolving such ethical concerns in their plans. "Robots that can decide where to kill, who to kill and when to kill is high on all the military agendas," Professor Sharkey said at a meeting in London.
Bank shuts down cheap loans
(CNS): The Cayman Islands Development Bank has announced the end of its Stimulus/Relief Programme that provided both counseling and financial assistance to Caymanians who were experiencing serious financial difficulty, either personally or with their business. The initiative was announced by Leader of Government Business McKeeva Bush in June and it received 273 requests for assistance, with CI$4,289,783 allocated to qualified individuals and businesses to stop foreclosures, consolidate personal debt, and help build small businesses that employ Caymanians. (Left: CIDB Board Chair Paul Byles)
The bank said the figure included CI$1.4 million for mortgage takeover to avoid foreclosure, CI$1.9 million for debt consolidation, CI$133,000 for arrears regularization and CI$824,000 for small business financing.
The initiative, which included offering loans as low as 1%, ran for six weeks and Paul Byles, Chairman of the Development Bank Board, said the bank would now be moving to business as usual but would also be looking to secure further funding to help with the current economic downturn.
“With the successful completion of our mandate for the Stimulus/Relief Programme our full attention can now return to our normal development banking business. We also hope to secure additional funding to assist in areas that the government has pinpointed as vital to the economic development of the Cayman Islands,” he added.
Local creditors to hunt down Saudi billionaire’s cash
(CNS): Following the Cayman Islands Grand Court order to freeze the assets of Saudi Billionaire Maan al-Sanea, Rawlinson & Hunter Cayman Islands partners Richard Douglas and Peter Anderson (left) have been appointed by the court as Joint Receivers of 38 of the companies registered in Cayman as part of the Saad Group all of which are currently subject to a freezing order amounting to US$ 9.2 Billion.
The order to freeze the Saudi billionaire’s assets was made last week 24 July in front of Justice Alexander Henderson after an application brought by the Cayman office of Mourant on behalf of the Ahmad Hamad Algosaibi & Brothers Co an industrial conglomerate. At least 40 of the 42 entities that have been frozen are registered with local law firm Maples and Calder
“The Joint Receivers have been granted extensive powers to take any steps as may seem expedient in order to recover and preserve assets,” said Peter Anderson, Partner of Rawlinson & Hunter Cayman Islands adding that the Joint Receivers, as independent officers of the Cayman Islands Grand Court, would be working closely with all parties involved to ensure that the best outcome is achieved for all interested parties.
The Saad group of companies came under financial pressure earlier this year following the firm’s downgrading by ratings agency Moody’s to Ba1 — considered a junk rating. The Saudi Arabian Monetary Agency then issued instructions telling local banks to freeze Sanea’s personal assets.
The Cayman suit comes on the heels of one filed in New York claiming Sanea misappropriated about $10 billion from the Algosaibi’s family’s accounts into his own and fraudulently arranged loans to the company, which he diverted for his own use.
London-based spokesman for al- Sanea’s Saad Group issued a statement on Friday stating that the company would respond fully to all of these claims through the proper judicial process and demonstrate their lack of foundation. “The claims have been made before a full investigation has taken place and rely on partial and incomplete information.” Thursday saying the claims made by Ahmad Hamad Algosaibi and Brothers were without foundation and that Sanea would challenge the Cayman court’s order to freeze his company’s worldwide assets.
The dispute may also have significant ramifications for the regional banking system with reports today suggesting that the total exposure of Saudi banks to Saad Group and Ahmad Hamad Al Gosaibi and Bros. Co could be as high as $7 billion. "Banks have postponed the decision to take provisions to a later date and are waiting for the central bank to take actions," Deepak Tolani, a banking analyst at the Dubai-based brokerage Al Mal Capital told the Wall Street Journal. "But I don’t think the problem will go away."
Hairdresser’s saga continues as hole turns to dump
(CNS): The longstanding dispute between local hairdresser Monalisa Morganberry-Kudritzki and her landlord took another twist last week when a pile of rubble and rubbish was dumped outside her Hair Den salon in Mary Street. Despite recent court rulings that her landlord must fill in the hole that had been dug in front of her business, the landlord has deposited an array of debris in front of the salon, and as of Monday 3 August had not complied with the judge’s orders. Morganberry-Kudritzki told CNS that she was dismayed by the turn of events disrupting her legitimate business.
On 8 June Morganberry-Kudritzki arrived at her salon to find that her landlord, with whom she has had a long running dispute, had literally dug up the parking lot in front of her shop preventing herself and her clients from gaining entry. Despite the fact that both the Planning Department and the courts had told the landlord to fill the hole and return it to its previous state by the evening Saturday 25 July, the order has not been complied with.
Morganberry-Kudritzki told CNS that the parties had returned to court last Wednesday, 29 July, because the hole had not been filled and levelled as ordered. During the proceedings the landlord had said the hole could not be filled as the equipment was out of service. However, after the court hearing Morganberry-Kudritzki returned to her salon to find a huge pile of rubble and rubbish in front of her salon.
“I could not believe it there were trees, rubble, an old toilet and all sorts of rubbish just dumped in a pile in the hole in front of my shop,” she said, adding that once again she has had to turn to the court for assistance.
Expressing her exasperation with the situation, and despite what has been reported in other media, Morganberry-Kudritzki insisted that she does not owe her landlord money and has persistently followed the instructions of the court during the course of this longstanding dispute. Sheadded that she is still having to face ordeal after ordeal as her landlord attempts to evade dealing with the dispute through the proper channels.
Mama Mia invades paradise
(Daily Mail): From a distance, everything looks just as it should. The teeny, white-washed Agios Ioannis chapel is perched 202 steps up a winding path on top of a rocky outcrop that juts into the sea. It appears windswept, isolated and beautifully peaceful. But close up, things aren’t quite so tranquil. For starters, the concrete car park below is overflowing. Cars are backed up down the dusty lane and the nearby cafe is doing a roaring trade. The steps are alive with a constant stream of visitors, huffing and puffing, and singing Abba songs rather badly. And the church? Well, on closer inspection, it isn’t quite up to scratch either. Indeed, something’s so wrong that the moment most visitors pass through the heavy wooden doors, the singing stops and the recriminations begin.