Archive for October 28th, 2010
Public forum to tackle question of direct taxation
(CNS): Members of Generation Now are hoping for an impressive turnout this evening for the next in their series of topical discussions. Following their recent public forum on the controversial issue of legalising gambling, the local advocates for critical thinking, will be taking on the even thornier topic of direct taxation at the Harquail Theatre on Thursday evening. “Taxation: Is Cayman’s revenue base sustainable or is direct taxation inevitable?” will be the subject of discussion. Organisers say that debate on the topic so far has focused of its impact on the financial services sector but Generation Now hopes to air the issues in context of the domestic economy.
Donald Spence, one of the Generation Now directors, said that the group wanted to broaden the scope of the discussion. “We want to determine the pros and cons of the current system of indirect taxation versus a system of direct taxation and any perceived impact on the Cayman Islands from a socio-economic perspective that such measures would have on our local economy.”
The debate is open to the public and starts at 7pm and it will also be broadcast on Radio Cayman this evening. The panel includes Anthony Travers, former partner of Maples and Calder and Chairman of Cayman Finance; Paul Byles, MD of Focus Consulting, economist and author; Wil Pineau, CEO of the chamber of Commerce, Tom McCallum of McCallum Solutions; and Steve McIntosh, CEO of CML Offshore Recruitment.
The forum will be moderated by Austin Harris who will put questions that have been emailed in from the public. The live audience will also be putting questionsdirectly to the panel members.
The event will take place on Thursday 28 October 7:00 pm – 9:30 pm at the Harquail Theatre the event is free to the public however organisers will be asking for voluntary donations to help with costs.
Justice was served in Girvan case, say finance cops
(CNS): The financial crime’s unit of the RCIPS said on Tuesday that they were very pleased with the sentence handed down to Robert Christopher Girvan the fund manager who stole almost $19million in a complex financial fraud relating to four local hedge funds. The FCU had spent some 18 months on the case and the officer in charge of the investigation described it as a complicated and protracted enquiry. “The hard work and dedication of everyone involved in the investigation was rewarded with the sentence given by the courts,” said Detective Constable Richard Clarke (left). “We are absolutely delighted that such a substantial sentence and confiscation order was imposed.
The courts seized more than $4.4million in a confiscation order under the Proceeds of Crime Act and Justice Alex Henderson sentenced Girvan to eight years in jail for his crimes.
“It sends out a clear message to those who see financial crime as quick route to easy cash that the penalties are severe. You risk facing several years behind bars and losing all of the cash and assets you accumulated as a result of your criminal activity,” Clarke added. “Tuesday was a good day for the Cayman Islands justice system. We hope that the many victims who lost money because of the crimes committed by this man will also feel that justice has been served.”
Girvan had pleaded guilty to 22 counts of the original 27 made against him of theft, fraud and money laundering. It is understood that civil proceedings regarding the payment to creditors in the four Grand Island Funds which Girvan was managing are continuing and it is unclear exactly how much investors will eventually be repaid.