Mac blew last chance to recover $6M duty debt

(CNS Business): After RC Cayman Holdings LLC acquired the debt that financed much of the Ritz Carlton- Grand Cayman development, the company reached out to the Premier’s Office with a range of proposals concerning the resort, including the $6M owed by the previous owers, but they never received a reply, according to a press release issued today. This means the government has missed the final opportunity to recover any of the debt owed to the people of the Cayman Islands for the deferred duty concessions given to the developer at the time the property was built. RC Cayman secured ownership of the resort on 31 October as the successful bidder in their own public auction for the property and say they will pay all stamp duty owed on that sale without concessions. Read more on CNS Business