Archive for December 22nd, 2010

LA breached CI constitution say human rights groups

| 22/12/2010 | 22 Comments

(CNS): Some twenty five international human rights groups and individual activists say the Legislative Assembly and its speaker breached the Cayman Islands Constitution 2009 as well as the UN Declaration of Human Rights by revoking the privileges of and call to prosecute local reporter, Brent Fuller. In an open letter circulated by the Centre for Law and Democracy on behalf of another two dozen people and organisations, to the Speaker of the Cayman Legislative Assembly, the activists said that Fuller’s right to freedom of expression was protected under international law and section 11 of Cayman’s own constitution. The human rights groups said the article at the heart of the issue was legitimate comment on the Legislative Assembly, a key public body in Cayman.

“We believe that the right to engage in criticism of elected bodies, even of a trenchant or unreasonable nature, is central to a democracy,” the authors stated in the letter sent to Mary Lawrence the LA Speaker on Wednesday.

Following the Attorney General’s announcement that he would not be prosecuting Fuller in the wake of the LA’s vote 9-4 to do so and the activists said the attempt to prosecute was still “likely to exert a chilling effect on local coverage of this important public body,” in the letter.

They also criticized the move to undertake the FOI law review behind closed doors which was the point of the article written by Fuller and the supporting editorial both published in the Caymanian Compass.

“As advocates of openness, we also believe that it is inappropriate for the legislature to conduct discussions regarding reform of an access to information law in secret,” the authors stated. “International good practice dictates that such meetings should be conducted in the open and that any committee reviewing such a law should provide as much opportunity as possible for public input.”

The authors of the open letter (attached below) called on the speaker to ensure free reporting on the Assembly, by repealing the motion suspending Fuller and to use her influence to ensure that legislative discussions about reform of the Freedom of Information were held in public.
 

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OFAC says no order issued

| 22/12/2010 | 78 Comments

(CNS): Update 4pm -Following further investigations today, the Cayman Islands government has said that the US Office of Foreign Assets Control (OFAC) has issued no orders telling brokers not to do business with Cayman as was suggested by a US based firm. Government said that the law firm of Sidley Austin LLP, which represents the CIG in the US has confirmed with the Director’s office at OFAC that there are no orders, directives or other regulations that restrict US financial institutions or US citizens from doing business with the Cayman Islands, its financial institutions or residents. "It is now clear that any action TD Ameritrade may have taken was made without the knowledge or approval of OFAC," government said in a statement.

"The Cayman Islands Government is continuing to work with our wide network of financial and legal partners to ascertain the origins of this erroneous information, at which time a comprehensive statement will be issued to both local and international media,” officials told CNS.

Cayman Finance also said on Wednesday afternoon that OFAC Deputy Director Barbara Hammerle had revealed that she is ‘mystified’ by the report from TDAmeritrade and the OFAC does not block transactions with jurisdictions, but targets specific parties. The industry body also revealed that the General Counsel of TDAmeritrade has confirmed that the order did not come from OFAC, but the exact reasons for certain account closures by the brokers has still not yet been explained.

Cayman Finance understands that TD Ameritrade is accepting alternate US addresses for existing clients.  TD Waterhouse in Toronto is accepting Cayman clients, as is Charles Schwab.

Concerns were raised on Tuesday afternoon by Cayman Finance following the revelation from one of its members that its US broker TD Ameritrade would no longer do business with the Cayman firm at the behest of the Office of Foreign Assets Control (OFAC) in the US Treasury.

Cayman Finance circulated an email to members with a copy of a letter from the brokers (see attachment below), saying that they would no longer be working with certain international jurisdictions including the Cayman Islands.

Following receipt of the letter it is understood that the Cayman Finance member spoke with TDAmeritrade and was told the direction had come from the OFAC. This  has now been revealed to be incorrect.

Both Cayman Finance and government say they are continuing to ascertain why the broker is informing clients it will no longer do business with those based in Cayman and why it is being suggested, incorrectly, that OFAC is behind the decision.

According to the letter sent 8 December to the locally based firm, the US brokers were placing restrictions on the account because of international requirements.“After assessing global requirements for doing international business, TDAmeritrade has decided that we will no longer open or maintain accounts in certain international jurisdictions,” the letter stated.

On Tuesday evening the chair of Cayman Finance, Anthony Travers was the first to reveal that he did not believe the order was from the OFAC, a part of the US Treasury that enforces America’s economic sanctions.

Anyone experiencing similar difficulties with their US brokers should contact Denise Gower denise.gower@caymanfinance.ky The Miami customer service number for Charles Swab is (602) 355-7300).

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US and Cayman counterfeit cash in circulation

| 22/12/2010 | 2 Comments

(CNS): The Financial Crime Unit of the RCIPS and CIMA is warning businesses to be on their guard after both local and US forged cash has surfaced again in Grand Cayman over the last few weeks. Detective Sergeant Michael Montaque of the Financial Crime Unit cautioned people not to let their guar down against counterfeit notes. “We are continually finding them in circulation. I’m particularly asking the business community to pay close attention to the notes they are receiving.” Montague advises business people to observe the person passing the notes or their companions and not to give the notes back despite the fact that CIMA cannot compensate for false noted given in payment for goods.

“In the event that you receive a counterfeit note, or suspect one to be counterfeit, we ask that you observe the description of the person passing the note, as well as that ofany companions. Do not return the note to the passer. Instead, first initial and date the note on the white border then tag the note with a copy of the transaction receipt and call the police. If you have counterfeit report forms issued by the Financial Crime Unit, obtain as much information as possible from the person passing the note and write it on the form. You should also save CCTV footage of the transaction and the passer,” he said.

Police say the public should pay attention to the feel of the paper on which notes are printed. Genuine notes are printed on special paper that has a rough texture. Counterfeit notes have a smooth texture and will smudge when exposed to water and can come in any denomination .

If you have a note which you believe is counterfeit you must take it to the police at once as it is a criminal offence for you to hold or pass on a note that you know to be counterfeit, the FSU added.

CIMA also stated that it is not able to compensate persons who come in possession of counterfeit notes. This makes it even more important for the public to be vigilant when handling currency notes.
The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cimoney.com.ky, under “Currency.”

 

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DER boss gets CINICO job

| 22/12/2010 | 20 Comments

(CNS): After being placed on enforced leave from the Department of Employment Relations for ten months Lonny Tibbetts has taken the top job at CINICO government officials have said. Tibbetts was temporarily suspended from his post as director at the DER back in February of this year as a result of an internal staff dispute. However, the education ministry said that matter had been finalized recently and Tibbetts was about to be put back in post before he accepted his new job as Chief Executive Officer with the government’s health insurance company. The post had been vacant for two years before Tibbetts started work on Monday.

The appointment was made by CINICO’s board after an extensive recruitment process. “It was important to find a candidate with the right professional background, academic credentials and management experience. It also had to be someone who has demonstrated commitment to the Cayman Islands and its people. Mr. Tibbetts met all of these important criteria,” said the board chair Scott Cummings. “Of course, we are particularly pleased that we were able to fill the position with a Caymanian candidate.”

Before Tibbetts appointment the Ministry of Education, Training and Employment had confirmed that the matter involving him and that ministry had been finalised with an agreed way forward, government officials said in the statement.
It is understood that Tibbetts was about to be given his job back after the internal investigation which is believed to have revolved around internal staff problems that have plagued the department long before Tibbetts took up the top job. However, the officials from that ministry have not revealed the details of the investigation but said a plan had been worked out for Tibbetts to return.
 

“Now that Mr. Tibbetts has chosen to move on, I would wish to thank Mr. Tibbetts for his contributions to the challenging and important work of the Department of Employment Relations and wish him all the very best in his future endeavours," said the Chief Officer Mary Rodrigues who had placed Tibbetts on gardening leave.
 

Tibbetts who holds a master’s degree in business administration from the International College of the Cayman Islands (ICCI) and is about to complete a MSc in human resource management, is also a designated Certified Anti-Money Laundering Specialist (CAMS).
 

Before taking up the post of DER and the ensuing controversy Tibbetts gained first-hand knowledge of the insurance industry through managing a portfolio of captive insurance companies for Marsh Management Cayman Ltd. He later transferred to the public sector where he worked as a senior insurance analyst for the Cayman Islands Monetary Authority in the Insurance Division regulating both Class A and Class B insurance companies.
 

“These two posts furnished me with a unique perspective of both sides of the table – that of the insurance manager as well as the insurance regulator,” Tibbetts said, making no comment about the issues relating to his former role.
 

While at the DER however Tibbetts mandated the use of a case management database for the Labour Inspectorate Unit, linked the Immigration Department with the unemployed persons’ database and implemented a number of internal policies and procedures to improve the efficiency and effectiveness of the department, officials said.
Health minister Mark Scotland endorsed Tibbetts’ appointment when he said it will be of great benefit to CINICO. “Mr Tibbetts brings a wealth of experience and knowledge,” Scotland added.

 

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UK Granma is world’s oldest face book user

| 22/12/2010 | 0 Comments

(Orange News): A 103-year-old grandmother is believed to be the world’s oldest Facebook user. Lillian Lowe, from Tenby in Pembrokeshire, regularly keeps her online friends updated about her life using her iPad. And being signed up to the social network also enables her to keep track of what her seven grandchildren and 13 great-grandchildren are up to. Lowe, who is just two months away from her 104th birthday, took the oldest Facebook user title following the deathof 104-year-old Ivy Bean in July.Despite some of the Facebook goings on that would shock many her age, Lillian says she isn’t fazed by any of her grandchildren’s "antics".


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Tagged tiger sharks to reveal travels

| 22/12/2010 | 6 Comments

(CNS): Scientists will be following the travels of two tiger sharks tagged in local waters recently, with the hope of learning a bit more about these marine predators and assist in their conservation. Marine biologists working with the Department of Environment caught and tagged the sharks last week fitting each with two types of high-tech electronic tracking devices. The sharks, a ten feet female called Tina and a seven feet younger, immature female Luiza,will help the researchers understand their species’ migration patterns, movements and behaviour. Sharks are becoming increasingly endangered and scientists are in a race against time to protect them.

The technology used to track the sharks is expected to give more details on the life of the species. One type of tracking de vice being used is a satellite tag that includes a GPS receiver and transmitter, and signals via satellite the location of the shark. The other type is a small acoustic tag or pinger that transmits a signal that can be detected by a permanent or hand held receiver, so showing that the animal is near. The acoustic tags (pingers) can be used to detect movements on a finer scale, providing a more detailed picture of the behaviour and movement of the tiger sharks while they are in Cayman.

“Both of them seem to being doing fine. Tina has reported in several times a day while moving around the island; she seems to be deep during the day, coming into shallower water at night to look for the stingrays and turtles on which these species normally feed,” said lead researcher Dr. Mauvis Gore. “Tiger sharks like many other species are increasingly endangered, as a result of intense overfishing globally. In fact large shark species are becoming so scarce globally that in many countries they are either fully protected, or else their fishing quotas have been reduced to zero.”

Only in the last few years have scientists discovered that tiger sharks can make extensive annual migrations between countries or even across oceans. The tracks revealed by the satellite tags results will show whether the tiger sharks that are sometimes observed in the Cayman Islands move around or between the islands, and whether, as suspected, they are here for only part of the year, and then migrate elsewhere.

International efforts to protect dwindling shark populations have come to the fore in the last few years because of the dramatic crash in shark populations that has taken place globally. Unlike bony fish, sharks mature very slowly and reproduce only once every one to two years, producing only a small number of pups. Yet over the last decade or two 70 million sharks per year have been fished and killed, almost entirely for their fins that are in demand as a component of sharks’ fin soup.

“Even if we agree to exploit sharks,” said Dr. Gore. “We want to do it sustainably, not in this crazy way that will see the resource completely destroyed in another 10 years. As it is, sharks are now far more valuable in the sea, than in the fishing boat. Divers will pay good money to dive in places where they have a chance of seeing such iconic wildlife, and the same sharks can be seen over and over again – whereas once it’s dead that’s it, and it fetches very little in the market.”

Local artist, Guy Harvey, whose Ocean Foundation provided the satellite tags, and who helped the team catch Luiza said tiger sharks are one of his favourite animals.

“They are the most handsome of all the sharks, and I just love painting them. It’s just unfortunate they have these stripes that give rise to their name, making people think they are much more dangerous than they really are.”
Harvey has also assisted with tagging of tiger sharks in Bermuda and the Bahamas.
The tiger shark study is part of a project that is being undertaken by a team from Marine Conservation International led by Dr. Gore.

The project is funded by UK Overseas Territories Environment Programme (OTEP) together with the Cayman Islands Department of Environment, the Save Our Seas Foundation, and the Guy Harvey Ocean Foundation. The team have been working in the Cayman Islands over the past year and a half to assess the species and abundance of species of both sharks and rays as well as whales and dolphins.

“We are very pleased with the preliminary results of this work,” stated Gina Ebanks-Petrie, Director of the DoE, “It is our duty to manage our marine environment in the best interests of the people of the islands; it makes sense to find ways of managing our resources so they benefit us in the long-term, not destroy them; and we also have international obligations to protect these threatened species.”

Sharks, because of media “hype” and their “Jaws” image, often cause public concern. But shark attacks on man are in fact very rare, typically causing only 4 – 6 fatalities throughout the whole world per year.

The resident project officer Oliver Dubock explained that people’s fear of sharks was greatly exaggerated. “Of course they can be dangerous,” he said, “but no more than fierce dogs. You need to know how to behave and how to handle them. Just as an example, in Florida on average over 70 people per year die from boating accidents, but less than one every two years as a result of shark attack.”

Tim Austin, Deputy-Director at the DoE, added, “We plan to keep people informed about the behaviour of Tina and Luiza. We hope to be able to keep the press updated with maps of their migrations. Of course it is essential that they are not harmed. All past experience has shown that killing local tiger sharks does not get rid of them; others simply come in from elsewhere. We urge fishermen and divers to join this important conservation effort and help look after these two beautiful animals.”

According to surveys, less than 10 percent of the world’s shark populations remain and the decline is continuing. “This is extremely worrying as sharks are key components of marine biodiversity,” Gore said.

While they are here the scientist will also be collecting data on other shark species, dolphins and whales to help protect this often undervalued resource in local waters.

“Our only hope to save the ocean’s iconic species is to gather information to develop conservation plans that will safeguard their future. This in turn could translate into sustainable economic benefits for local tour operators, dive companies and sports fisherman,” Dr. Gore added.

The research project will run until April 2012 and scientists are encouraging residents to help in the understanding of Cayman’s seas by reporting any shark, whale or dolphin sightings to the DOE at DOE@GOV.KY or 949-8469.

 

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Scott heads for the golf course

| 22/12/2010 | 1 Comment

(CNS): Cayman First has announced that President & CEO Danny Scott, a long time leader in the Cayman Islands’ insurance industry is retiring after more than twenty five years with the firm. His association with the company dates back to its inception in 1984 as Cayman General up to the most recent rebranding to Cayman First following the acquisition by Bahamas First Holdings Limited. Scott will officially retire on 31 December after more than four decades in the Insurance Industry. Michael Gayle who has served as Cayman First’s Senior Vice President for the past three and a half years, has been appointed the new General Manager.

Scott is the former President of the Cayman Islands Insurance Association (CIIA); Past Director of the Insurance Association of the Caribbean (IAC) and serves on several boards including the Cayman Islands Business Staffing Plan Board of which he is currently Chairman.

He was also the Chairman of the Board of Governors for the Community College of the Cayman Islands which became the University College of the Cayman Islands under his chairmanship. Scott will also continue to serve as Deputy Chairman of the Board of Cayman First.

Since Sagicor General Insurance was acquired by Bahamas First in June this year Scott and his senior management team have focused on ensuring a smooth transition for the company’s valued customers and staff and introducing the new Cayman First Insurance Company Limited brand to the market.

“I feel a great sense of accomplishment that the Bahamas First acquisition and the implementation of the new Cayman First brand were both executed seamlessly,” remarked Scott. “I believe it’s now time to take the company to a new level and it is with great confidence that I hand over the reins of Cayman First as a financially strong, stable and customer centric company to my colleague Michael Gayle who has contributed considerably to the leadership team. After so many years in the insurance industry here in Cayman, I am looking forward to retiring and improving my golf handicap.”

Gayle who will step into Scott’s boots is a seasoned insurance veteran with more than 30 years of regional industry experience, including the negotiation of key reinsurance arrangements. An invited guest speaker at a number of International conferences Gayle has been a guest lecturer on various insurance topics at the University of the West Indies (UWI) and the University of Technology (UTech) in Jamaica, and has lectured students both in Jamaica and in Cayman, who are preparing for their professional insurance examinations He is a past Director of the Insurance Institute of Jamaica, a former President of the Cayman Islands Insurance Association and currently serves as its Vice President.

“Danny has been a guiding light for the company for many years” said Gayle. “His experience, business acumen and, not to mention, his legendary humour shall be greatly missed by management, staff and customers alike.”

“I look forward to the challenge of leading the management team at Cayman First and I am very excited and positive about our future,” he said. “We are committed to remaining at the forefront of the Cayman insurance market by providing our customers with high quality products and exceptional service. The year ahead will see us step up this commitment as we continue to enhance our internal systems to deliver market responsive products to our clients and to support our broker partners.”

 

 

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UK court clears up legal queries in hedge fund sector

| 22/12/2010 | 0 Comments

(CNS): A decision by the Privy Council has according to local lawyers clarified some sticky issues for the hedge fund industry created by a court of appeal decision. Following the ruling by the UK’s top court earlier this month on the case of Culross Global SPC Limited v Strategic Turnaround Master Partnership Limited the Fund Administrators Association said it had cleared up a difficulty for the sector. Campbells who represented Curloss added that the long road was worth it as the judgment cleared up both the uncertainty and sent a warning message to the industry to ensure that the rights and obligations of investors and the fund are properly set out.

On 13 December In a decision which will be welcomed by most if not all of the hedge fund industry, the Privy Council overturned and clarified certain controversial issues arising from the widely publicised earlier decision of the Cayman Islands Court of Appeal.

John Lawless, a member of the Executive Committee of the Cayman Islands Fund Administrators Association explained the difficult from the Court of Appeal’s decision. "The finding of the Court of Appeal and the Grand Court that a redeeming investor such as Culross could simultaneously be a creditor of the fund for the redemption proceeds and still be the holder of the shares which he had applied to redeem had caused considerable difficulty for fund administrators as this was totally inconsistent with global operational best practice so this is a most welcome clarification of the position of investors who have applied to redeem their shares," he said.

The facts of the case were that Culross had subscribed for shares in STMP, a feeder fund registered in the Cayman Islands in a typical master/feeder fund structure. In October 2007, Culross gave notice to redeem all of its shares. STMP confirmed that Culross’s redemption request had been accepted and approved and that Culross would be paid 90% of the redemption proceeds within 30 days after the agreed redemption date of 31 March 2008. Then, on 17 and 22 April 2008, STMP’s board resolved tosuspend the calculation of NAV and the redemption and issue of shares. STMP proceeded to calculate its NAV for the redemption date of 31 March 2008 and on 14 May 2008 Culross was notified of the redemption price applicable to the redemption of its shares as at 31 March 2008. Despite this, STMP subsequently refused to pay any part of the redemption price to Culross. It initially asserted that this was because the effect of the suspensions declared on 17 and 22 April 2008 was to defer STMP’s obligation to pay the redemption price to Culross, such that the agreed price was not presently due and payable. Subsequently that position shifted somewhat, in that STMP asserted that under the terms of its Articles of Association the effect of the suspension was that Culross would only be entitled to be paid a redemption price calculated at the NAV applicable on the redemption date next following the lifting of the suspension.

Culross presented a Petition to wind up STMP in June 2008 which STMP immediately applied to strike out. Its application was refused by the Grand Court of the Cayman Islands and STMP appealed to the Court of Appeal. In its judgement delivered in December 2008, the Court of Appeal held that STMP had a power to suspend the payment of redemption proceeds after the redemption date, but before payment of those proceeds, that STMP had exercised that power by its resolutions passed on 17 and 22 April 2008, and that this had the effect of making Culross only a prospective creditor. Although it did not strike out the Petition (it allowed it to proceed on an alternative just and equitable ground), the Court of Appeal’s finding meant that Culross did not have the status of an actual creditor owed a debt which was presently due and payable. As such, Culross could not seek a winding up order on the ground that STMP’s failure to pay the agreed redemption price demonstrated its inability to pay its debts. Culross was granted leave to appeal by the Privy Council, having earlier been refused such leave by the Court of Appeal. The appeal was heard in November 2010.

The most controversial aspect of the Court of Appeal’s decision related to its findings that redemption was a process which was not completed until the fund had paid the redemption proceeds and removed the name of the redeeming investor from the register of members, and that until that process was complete, the redeeming investor would be both a creditor and a member of the company. The Court of Appeal had drawn support for that conclusion from a series of 19th-century cases before the English courts concerning the rights of members seeking to withdraw from building societies. The Privy Council found no support in any of the 19th-century cases for the proposition contended for by STMP and accepted the submission by Culross that the redemption of the shares had occurred on the agreed redemption date, and that from that time Culross was simply a creditor of STMP until paid its redemption proceeds.

The case also raised an interesting issue in relation to the position where there is a divergence between the wording of a company’s Articles of Association and its offering documents. In this case, the Confidential Explanatory Memorandum (“the CEM”) issued by STMP made reference to a power to suspend payment of redemption proceeds. Although STMP’s Articles of Association contained detailed provisions dealing with STMP’s power to suspend the calculation of NAV and the redemption and issue of shares, there was no express reference in the Articles to a power to suspend payment of redemption proceeds.

The Court of Appeal had held that the power referred to in the CEM had been incorporated into the Articles by virtue of Article 17. Article 17 expressly provided that, subject to the Articles, shares would be “issued” on the terms referred to in the CEM. The Court of Appeal took the view that this wording was sufficient to incorporate into the statutory contract embodied bythe Articles any term of the CEM relating to redemptions of shares because, on the Court of Appeal’s reasoning, the terms on which shares are issued would include the terms on which they might be redeemed. It therefore held that the power to suspend payment of redemption proceeds referred to in the CEM had been incorporated into the Articles and was a power which could be and had been utilised by STMP to withhold payment of the redemption proceeds to Culross.

The Privy Council however held that the true meaning of Article 17 was that only those terms of the CEM which identified the terms of subscription of shares, in particular as regards timing, numbers, par value and price could be said to be incorporated into the statutory contract. The provisions of the CEM which referred to redemptions and the suspension of redemptions were merely (and purportedly) descriptive of the effect of STMP’s Articles, and as there was in fact no power to suspend the payment of redemption proceeds (as distinct from a power to suspend redemptions) referred to in the Articles, the reference to such a power in the CEM mis-described STMP’s powers of suspension and was of no legal effect as against investors such as Culross.

The Privy Council was not willing to allow STMP to rely on its own mis-description of its own Articles against its investors and accordingly held that STMP had no power to suspend the payment of redemption proceeds to an investor after the redemption of that investor’s shares had occurred. It therefore found that Culross was an actual creditor for the redemption price and should be at liberty to petition for STMP’s winding up on the basis that its failure to pay that price demonstrated STMP’s inability to pay its debts.

Ross McDonough and Guy Manning of the Cayman Islands law firm of Campbells, acted for Culross. McDonough observed:

“It was a long hard road that we had to travel to get there, but it is gratifying to see that the view that we and our client always took of its case has prevailed. The Privy Council’s decision is helpful in a number of respects and clarifies major areas of uncertainty which had been created in the fund industry by the Court of Appeal’s judgment. It also sends a warning message to those drafting funds’ constitutional documents to ensure that the rights and obligations of investors and the fund are properly set out in the appropriate documents. In particular, practitioners will have to ensure that any power in relation to redemption of shares, including powers to suspend redemption, are fully and properly set out in the fund’s Articles of Association. It also seems from the Privy Council’s judgment that in the event of any conflict between the provisions of the Articles and the fund’s offering documents, the provisions of the Articles are highly likely to prevail.”

For more information on this release contact Ross McDonough at rmcdonough@campbells.com.ky or Guy Manning at gmanning@campbells.com.ky.

For more information on Campbells please visit www.campbells.com.

 

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New auditor licensed for local fund sector

| 22/12/2010 | 1 Comment

(CNS): Citrin Cooperman, an accounting and business consulting firm, has been granted a license to transact business as an approved auditor in the Cayman Islands and will be offering offshore-based funds auditing services under the Citrin Cooperman (Cayman) name. The firm says it is now able to offer auditing services to Cayman investment advisors. “Our presence in the hedge fund area has grown substantially over the last several years, and this was a natural expansion of our services,” said Dave Grumer, co-partner in charge of the firm’s Financial Industry Group.

“With Citrin Cooperman (Cayman) we can now accommodate our current set of hedge fund clients who themselves have become more active offshore,” he added.

With approval by the Cayman Island Monetary Authority (CIMA), the financial regulatory agency of the Cayman Islands, Citrin Cooperman will also be able to audit registered investment advisors and other similar entities that are established in the Cayman Island jurisdiction, according to Bob Kaufmann, co-partner in charge of the firm’s Financial Industry Group.

The establishment of Citrin Cooperman (Cayman) allows the Financial Industry Group to expand its reach to a growing number of Cayman Islands-based funds and advisors seeking audit and attest services.

Citrin Cooperman’s set of longstanding clients served by its Financial Industry Group includes broker/dealers, investment partnerships, and registered investment advisors. The financial services professionals at Citrin Cooperman combine decades of technical expertise to help these firms set up business structures for broker/dealers, incubate hedge funds, and consult with RIAs on regulations, reporting, and tax treatments.

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Carrington says UK should restore Turks democracy

| 22/12/2010 | 39 Comments

(CNS): The outgoing Secretary-General of CARICOM has called on the United Kingdom to restore constitutional government in the Turks and Caicos Islands. Edwin Carrington, who stepped down from the role this week said the UK’s imposition of indefinite direct rule was “totally at odds with the development of good governance, including improved fiscal and administrative management, in the Turks and Caicos Islands.” Carrington added that the UK’s objectives for the associate member of Caricom could not be met with the “disenfranchisement” of the TCI people or by the “denial of their inalienable right to shape their own future.”

For this reason, he said that CARICOM looked forward to the restoration by the UK’s new administrationof the “islanders’ full franchise.”
The former Secretary-General of the regional body said the Caricom community and the UK had benefited over the years, from frank and open dialogue and had co-operated constructively in defence of common values such as good governance, democracy; respect for the rule of law and for the basic, inalienable rights of all peoples.
“We must strive to remain guardians of these all too fragile and important tenets of modern civilization. It is in all of our interests,” Edwin said in a release from the Caricom HQ.
H said that the 7th meeting of the CARICOM-UK Forum which will be held in 2011 in Grenada, the first with the UK’s Foreign Secretary William Hague would be a fruitful opportunity for the strengthening of UK-Caribbean relations.
 

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