Archive for November 13th, 2009
Fraud office to investigate Cayman hedge fund
(Bloomberg): The UK Serious Fraud Office has opened a criminal investigation into the hedge fund firm Dynamic Decisions Capital Management Ltd. after receiving complaints about its investment activities. Dynamic Decisions’ main hedge fund is being liquidated by court-appointed administrators in the Cayman Islands after investors raised questions about some of its holdings. The fund’s liquidators said it was separately investigating corporate bonds purchased late last year. The SFO, which prosecutes white-collar crime, opened the probe into the Dynamic Decisions fund after the matter was referred to it by the U.K. Financial Services Authority.
Both offices had received complaints, the SFO said today in a statement.
“The FSA would refer a case to the SFO where there were broader concerns than just insider trading or market abuse, where there are concerns about fraud,” said Ian Mason, a former enforcement official at the FSA who is now a partner at London- based Barlow Lyde & Gilbert. Mason isn’t involved in the case.
Grant Thornton LLP said it was named the fund’sofficial liquidator by the Grand Court of the Cayman Islands in May. The unaudited net asset value of the master fund was $550 million as of Dec. 31, Grant Thornton sai
George Town Port EIA
One of the aims of the Young Progressives is to educate the youth of the Cayman Islands, and the community as a whole on national issues currently faced by our country. One of the issues that we have been keeping ourselves educated on is the topic of the newly proposed berthing facility.
The recent CNS article, dated 11 November 2009, titled "Port EIA Radically Reduced" has motivated us to respond to this issue publicly. As young Caymanians, and the future of this country, we have serious concerns regarding the short and long term effects the construction of this berthing facility will have on the delicate ecosystem of the Cayman Islands. While we realize that the building of this berthing facility is something that has been in discussion for some time, we are shocked by the blatant disregard for the Cayman environment, as evidenced by the current administration’s decision to abandon the all encompassing Environmental Impact Assessment (EIA) that was proposed by the PPM administration.
Additionally, we have concerns regarding the method in which the contract for a development such as this was awarded and the uncertainty that now exists with this issue. Since the Auditor General has announced his review of the project to date, we now hear that no contract was awarded but that instead the government has signed an MOU with DECCO. There seems to be more questions than answers. We feel strongly that the contract for this project should have been awarded through the Central Tendering Committee, without any political interference. In a capitalist society, nothing is free; and with the Florida Caribbean Cruise Association and/or individual cruise lines funding a project of this magnitude, we have insufficient guarantees that the Caymanians working within the tourism sector will benefit from this alliance.
During the PPM administration, the previous Minister of Tourism, Mr. Charles Clifford made the decision to NOT proceed with any port developments until a comprehensive EIA could be completed. The purpose of the EIA was to ensure that decision makers had the scientific information needed to decide whether this project was a viable option for the Cayman Islands and if it was, whether adjustments needed to be made to the design and/or construction methodology to mitigate any potential impact on our natural and built environment. Once the results of the EIA were received, and assuming the project was determined to have only minimal effect on our ecosystem, all stakeholders would be able to receive information on how the construction of this facility could, for example, affect our marine life, create changes in the direction and/or strengths in currents, and changes in the clarity of our water and what actions were proposed to mitigate or eliminate those risks. We feel that it is important for the Caymanian public to know that under the proposals made by the PPM administration in regards to the building of this facility, the EIA would have been completed by now and the choice to abandon the PPM’s plans by the current administration has caused further delays, perhaps as much as a year, with this project.
Tourism flourishes on our island because of its natural beauty: Crystal clear waters that mimic polished glass; white sand beaches with grains so fine that it’s more smooth than rough to the touch; lush, green vegetation, home to countless species of natural wildlife. Previous failures to complete adequate EIAs have left a generation of people saying "we should have" instead of saying "we’re glad we did".
To engage in a development such as a port expansion in the George Town Harbour without an EIA for the sake of tourism is ludicrous, counterproductive and ironically puts at significant risk the very thing that we should be trying to protect, our tourism industry! Our ecosystem is unstable due to rapid development in a short period of time, and should it receive any more abuse from the hands of developers, what will the state of our beautiful Cayman Islands be once this development is completed? Will the tourists still come to disembark on the new berthing facilities when our water is no longer clear? When the currents are too strong to swim in? When the reefs have withered and died?
We therefore urge the current administration to review their present Terms of Reference and ask that they include a comprehensive EIA as was originally proposed by the PPM government. Our environment is not, and should never be, a bargaining chip for the sake of money. It is irreplaceable, and it is our God given duty to take care of this island and ensure that its environment continues to flourish for generations to come. The Caymanian people have the right to be informed about the effects this development will have on our ecosystem and the environment on a whole. We therefore challenge the current administration to reconsider their position on this project, thus making a step that is truly for the betterment of the Caymanian people and these three beautiful Cayman Islands.
The Young Progressives are the youth branch of the People’s Progressive Movement.
Residents fight off burglars
(CNS): What seemed to be a brief reprieve in Cayman’s crime wave came to end early this morning when a couple had to fight off two men who attempted to invade their home. The incident, which occurred at Palm Springs, South Church Street, was reported to the 911 Emergency Communications Centre at approximately 1:45am. The couple told police that as they were going into their residence they were approached by two men, and as they attempted to close the door of their home, one of the men forced his way inside. There was a short struggle but both suspects ran from the scene on to the main South Sound Road.
Police reported on Friday 13 November that nothing was taken from the home and no one required medical attention during the attempted aggravated burglary.
The suspects are described as both being approximately six feet tall, with dark complexions and of medium build. One had low cut hair, is said to be aged between 24 to 30 years and was wearing a dark gray t-shirt. The other is described as having shoulder length braided hair, late 20’s to early 30’s and wearing a white short sleeved shirt and blue jeans. This incident is currently being investigated by officers of George Town Police Station Criminal Investigation Department.
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.
Merry Kwanzaa! – An African Christmas
(CNS): Cosima “Tiggi” Kohl, a student in 3C at Cayman Prep, has donated a tree to a local marine preservation charity through “Smile Africa!”, a project set up by the 7 year old together with her mother, Jane Wareham. The tree has been donated to raise funds for the protection of maritime life in the Cayman Islands using decorations hand made in Southern Africa. One of the most rewarding results of the decoration of the tree donated by Smile Africa! is that the purchase of the ornaments are donated to sponsor children in Africa. A total of ninety children will receive food and clothing through the US registered charity, Charity USA and the Child Health Site.
The theme of the tree, one of twelve donated by local companies and individuals, is “Merry Kwanzaa! – An African Christmas”, in keeping with sponsorship by the “Smile Africa!” project started in April 2009 for the benefit of Facing Africa, a UK registered charity for the benefit of NOMA sufferers in North Africa. Kwanzaa is an African American and Pan-African holiday celebrated by millions throughout the world African community that brings a cultural message of what it means to be African and human in the fullest sense.
Cosima organised and collected the decorations and designed the tree herself (shown inset). The donation follows on from the Civvie Day organised in conjunction with Cayman Prep earlier in the year, that resulted in $1,200 for the benefit of Facing Africa and the George Town Hospital Paediatric Ward. The event raised over $14,0000 with the help of corporate sponsors such as Stuarts Attorneys, RBC Wealth Management, dms Management, Krys & Associates and other sponsors, showing once again that the finance industry in the Cayman Islands is not just about personal gain.
Further major fund raising events are planned for 2010 to raise money for the children who suffer from the devastating disease known as NOMA including an Ultra-Marathon to be held on 21 February 2010, details of which are to be published shortly.
By giving up so much time and energy to the donation of the tree, Cosimahopes that her behaviour will encourage and inspire others to do more.
Look for details of up coming events to be held for the benefit of Facing Africa to be announced shortly. Donations can be made by logging on to the main website at www.facingafrica.org.
Local catch is world record breaker
(CNS): Jonathan Doak has set a new world record, pending approval from the International Game Fishing Association, for catching an Escolar weighing in at 125 lbs. Doak caught the fish, which is known in restaurants as white tuna, on a 50-lb test line while aboard Run Things with Captain Charles Ebanks and Emil Terry on 3 Nov. Out fishing for swordfish off South Sound in approximately 1800 feet of water, Doak set his bait at 800 feet, and the fight reportedly lasted approximately 20 minutes. The official detailing and paperwork was conducted at Harbour House Marina on 4 November with members of the Cayman Islands Fishing Association, who officially weighed the fish and were provided with the leader used to catch the whopper.
All records will be sent to the International Game Fishing Association for final approval.
A Caymanian, Jonathan is a Corporate Administrator at dms. Commented dms Senior Manager Ronan Guilfoyle, “On behalf of the dms team, it is with great pleasure that we publicly acknowledge Jonathan’s record-breaking accomplishment and wish him continued success in the sport.”
Escolar (Lepidocybium flavobrunneum) is asnake mackerel, not a tuna.
Pirates Week kicks off on Friday the thirteenth
(CNS): Unlucky or not, what maybe the last ever national festival under the pirate moniker gets underway tonight (Friday 13 November) with the George Town Street party, the Pirate Costume Competition, Miss Festival Queen Costume Competition, fireworks and the National Song competition sponsored by Digicel. Whether this is the last Pirates Week is still in question but for this year at least the pirates are here and ready to party. UPDATE: the 5km swim set for Saturday morning has been cancelled.
Police said from 5:30 on Friday evening they will be closing various roads in George Town.
Harbour Drive / Fort Street junction will be closed as will Boilers Road, South Church Street junction, Shedden Road at Royal Bank Goring Avenue / Harbour Drive junction and the Hard Rock, Harbour Drive junction and Cardinal Ave / Albert Panton Street to facilitate the festivities.
Tomorrow, from 12:30 pm Memorial & South Church Street Boilers Road & Walkers Road the exit of Kirk Parking Lot & South Church Street, the exit of Kirk Parking Lot & Goring Avenue , Goring Avenue & South Church Street, Fort Street & North Church Street, Mary Street & Fort Street, Shedden Road & Mary Street, Dr. Roy’s Drive & Edward Street , Edward Street & Fort Street at Town Hall and Elgin Ave. & Hospital Road will all be closed to accommodate the pirates landing, float parade and street dance.
Heritage Days this year start in East End on Monday, West Bay on Tuesday, North Side Wednesday, Bodden Town Thursday and George town on Friday which will include the steel band competition.
For full details of all the pirate antics and capers visit www.piratesweekfestival.com
Young entrepreneurs gain insight into business world
(CNS):The business leaders of tomorrow picked up a few free tips recently when over 60 Junior Achievers attended Cayman Islands-based business conglomerate, dms’ annual training session. Staff from dms shared practical business knowledge with the young entrepreneurs and Don Seymour, president of dms who was the keynote speakers spoke to students about business ethics, company start-up and leadership. He told them that Junior Achievement was a great way from them to learn the truth about running a business.
“The JA programme is integral in providing hands-on experience to young minds about the business world, exposing them to real-life situations that they will, in time, encounter. It educates and inspires young people to value free enterprise, business and economics – it teaches them invaluable life lessons about the business world,” Seymour said.
During the session he also spoke with the JA company presidents, leading them through the responsibilities and commitments of their role will entail and offered a few tips. Krista Pell, vice president of dms, got the students moving and thinking with energizers as well as sharing her expertise regarding how to present to a group of people. The session took place on Saturday, 31 October at Cayman International School, student officers from several JA groups attended.
Aimed at giving students an opportunity to interact with the local business community and learn about their respective roles as presidents and vice presidents of finance, human resources, production, marketing and public relations, the session attracted volunteers from all aspects of the business community.
JA is a global partnership between students, educators and the business community to develop entrepreneurial skills, fiscal responsibility and preparation for the workplace. The Cayman Islands chapter of JA has been enriching the lives of students since its founding in 1991.
RCIPS refuses to pay Tempura witness’s costs
(CNS): Although the Operation Tempura investigation team ran up a bill of literally millions and millions of dollars, one of the prosecution’s main witnesses in the case against Lyndon Martin is struggling to get a few thousand dollars back after he was left out of pocket as a result of the investigation. John Evans’ expenses claim for $4,898 was incurred, he says, because he stayed in the Cayman Islands at the request of the special police investigation team for court appearances relating to the trial. According to recent correspondence, however, the commissioner of police has refused to pay Evans as he says that SPIT have denied making any such request of him.
Evans says that he believes the refusal to make the payment is because of the outcome of the trial, in which Lyndon Martin was found not guilty of the charges against him which related to the Netnewsgate investigation and allegations that Deputy Commissioner Anthony Ennis was in a corrupt relationship with beleaguered newspaper proprietor Desmond Seales.
Once he quit his job with Cayman Net News where he was a reporter, Evans says that the special police investigation team had asked him to remain in Cayman because they needed him to testify at a court hearing relating to Martin. Evans says, although he had planned to leave, he remained on the island between May and July 2008 purely at their request, and he says they agreed to cover his rent for that period. The claim also includes the cost of one round trip to the UK and one single ticket when he eventually left the island. Evans also says he has a further outstanding claim for some of his travel expense incurred when he returned to Cayman in September for Martin’s trial.
For the last 18 months Evans has been trying to claim the sum from the Metropolitan Police in London, which was supposed to have been in overall charge of the investigation. However, he was referred to the RCIPS, which has now denied his claim. Baines told Evans he had requested details from SPIT regarding who had made the commitment to pay expenses and when such arrangements were made, but he said they were denied. “The SIO and Tempura team have replied that no such commitment or undertaking was entered into and consequently I am unable to agree to your request for payment of expenses,” Baines told Evans in recent email correspondence.
Given the outcome of the Martin trial, Evans says he believes that he is being denied his claim because SPIT did not get what it believed was the right result. Evans says that he had repeatedly been told that his expenses would be dealt with in due course and believes that SPIT used the claim as ‘carrot and stick’ to get him back to Cayman Islands for the trial. “The decision not to pay at this late stage merely confirms that there is linkage between the non-payment and the outcome of Lyndon Martin’s trial – if Lyndon had been found guilty I would have had the cheque by now,” Evans said.
According to an FOI request made by CNS, Lyndon Martin’s legal bill for the trial charged at legal aid rates was a total of $136,733.40. The court also incurred a bill of $725 for the video conferencing services for overseas witnesses. Although CNS has also requested the legal bill incurred by the prosecution, the legal department has said it is unable to supply the information at this time. The prosecution did engage the services of Andrew Radcliffe QC, a white collar crime and fraud specialist barrister from London whose hourly rate is understood to be considerably more than the $135 paid to Martin’s two lawyers under legal aid.
Rattray claims prison transformation to UK tabloid
(Scottish Sun): A Jail boss who swapped Scotland for the Cayman Islands has revealed how he has transformed the country’s prisons. Tough-talking Bill Rattray has overseen a remarkable turnaround on the paradise isle, which has far lower levels of violence and drug abuse than his homeland. Now the 57-year-old wants to use his experience to help reduce violence in the Scottish prison system when he returns intwo years’ time.
"There are certain practices here that I would love to take home,” he said.
“You are constantly reading about violence in Scottish prisons and prisoners assaulting each other or prison officers being assaulted. But there has not been a serious assault out here in the prisons for five years."