Michael Ryan moved millions from Ritz-Carlton

(CNS Business): The man behind the development of the Ritz-Carlton, as well as a complex web of companies involved in the creation of Cayman’s five-star resort, appears to have taken millions of dollars over a five year period from the companies that owned the hotel. According to auditors conducting the on-going investigation, these financial transactions cannot be explained. In a ruling delivered in Cayman’s Grand Court last week relating to one of many suits surrounding the hotel, it was revealed that the Ritz-Carlton appeared to be insolvent to the tune of some US$340 million and those owed money are not likely to get more than 2.5 cents on the dollar, according to a review by Deloitte. Read more on CNS Business