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Premier touts for business in New York
(CNS Business): The Cayman Islands premier turned salesman last week as he touted for insurance business at the NASDAQ trading floor when he joined the team from OxbridgeRe to ring the bell. Reinsurance has been identified as a key industry that the Cayman Islands wants to grow and while Alden McLaughlin was there to support the latest Cayman-domiciled firm to go public, he took the opportunity to invite other reinsurance companies to relocate here. With recent changes to the insurance law, Cayman is expected to be a more attractive domicile for reinsurance companies. “This is another excellent opportunity for the Cayman Islands to tell its positive story of providing sound financial services based on modern laws and regulations in a politically stable and business friendly environment,” he said during his appearance on the podium Tuesday. Read more on CNS Business
Premier to ring NASDAQ bell
(CNS): The premier will be taking a short overseas trip this week in order to appear on the podium at the NSDAQ Stock Exchange on Wall Street, where he will be ringing the opening bell alongside the Chief Executive of an offshore re-insurance firm. Alden McLaughlin will be ringing the bell on Tuesday – United States Tax Day – at 9:30am along with Jay Madhu, the head of Oxbridge Re, an exempted Cayman Islands company. McLaughlin said the insurance sector was one his government expects to grow in Cayman this year, but revelations on CNS Business show that Cayman’s regulator could be neglecting the industry as the head of the division has been on sick leave for over six months.
The Cayman Islands Government has been proactively seeking reinsurance companies to domicile in the country. Significant revisions to the Insurance Law restructured Class B companies into four categories, including a new class of Insurer for Reinsurance companies and Insurance Linked Securities.
“Global reinsurance markets have reacted positively to Cayman’s new Insurance Law and several reinsurance entities are considering establishing a reinsurance presence in the Cayman Islands. We expect this trend to gain momentum during this year,” said McLaughlin, in a release announcing his trip to Wall Street.
However, CNS Business has learned that Gordon Rowellm who heads up the offshore insurance regulatory sector at CIMA, has been absebt for some six months, leaving the important division in what was described as “disarray” by concerned industry stakeholders. (See full story on CNS Business)
Despite the issues surrounding the regulator, the premier said that ringing the bell next week would provide another welcome platform to promote Cayman’s offshore story.
“This is another excellent opportunity for the Cayman Islands to tell its positive story of providing sound financial services based on modern and stringent laws and regulations in a politically stable environment,” McLaughlin added.
One of the perks of being a public company is ringing the bell on the NASDAQ and the premier said he was happy to be joining Madhu and his Oxbridge Re team on what would be an historic occasion.
The firm is an exempted company organised one year ago in April 2013 to provide reinsurance business to property and casualty insurers in the Gulf Coast region of the United States. Through Oxbridge’s licensed reinsurance subsidiary, Oxbridge Reinsurance Limited, it writes fully collateralised policies to cover property losses from specified catastrophes.
The firm recently raised $26.4m from its initial successful public offering (IPO) of shares to help finance its next stage of growth. The number of share warrants sold was above expectations as Oxbridge Re had previously said it expected to sell between 1.7m and 4.25m share warrants to investors.
Ex top cop settlement saved cash, says premier
(CNS): The secret settlement with the former police commissioner has saved the government cash, the premier said Thursday as he justified the undisclosed pay out. Although sources have revealed an unconfirmed figure of around $600,000 government is currently obligated to keep quiet about how much tax payers’ money it has given to Stuart Kernohan as a result of the infamous Operation Tempura. Alden McLaughlin said mounting legal expenses following failed efforts at mediation had reached in excess of $1M and were set to escalate as the trial approached. With no guarantee government would win, if it didin’t not only would it face its own massive legal bill but Kernohan's as well.
Speaking in the Legislative Assembly, the premier said he could not say much about the case or the terms of the settlement. Aware of the understandable calls for the terms of the settlement to be made public but, he said, it was not an uncommon for settlements of this type to be subject to confidentiality.
“All I can say is that, after careful deliberation, the government determined that the wisest course was to avert the mounting legal expenses associated with the case by negotiating a settlement, and that is what we have done,” McLaughlin added. “We are however confident in saying that, given the amount that was being claimed against the government, by settling the matter in the manner we did, and the time we did, we have managed to avoid incurring significantly more legal costs than if the matter had gone to trial.”
McLaughlin said he appreciated that a lot more needs to be said about what he described as the “sad chapter in Cayman's history” known as ‘Operation Tempura’. “I look forward to the day when a more fulsome statement can be and will be made,” he said.
The premier was part of the 2005-09 PPM Cabinet at the time of the ill-fated investigation which had agreed not to pay the operation Tempura bills because of the obvious flaws and issues relating to the costly investigation. This forced the then governor, arguably the least popular UK representative in recent history, Stuart Jack to use his reserve powers to take the money from the public purse.
The story is a long way from over however, with critical documents still kept under wraps and side shows such as the battle between the SIO on the case Martin Bridger and Kernohan as well as the complaints that Bridger has now filed with the Metropolitan Police in London and the Foreign Office which Baines has been taxed with examining.
Kernohan had always said that the governor, the overseas security advisor and the attorney general knew about and had endorsed the covert entry into a local newspaper office. However, Bridger now alleges no one told him. He has claimed that because he didn’t know and assumed Kernohan and his colleague John Jones were going off on a “frolic of their own” this triggered the long and costly pointless probe that seemed to consist of a catalogue of bungles and incompetence by all the officials involved.
The total bill for Operation Tempura which began as an undercover Operation with two UK officers in September 2007 grew to bea massive scandalous affair involving senior police officers, high court judges and several costly court room productions is hard to estimate.
None of it solved anything and exposed no police corruption but when the UK undercover cops left the bill was already well over $10million and has been increasing ever since. In addition to that the government has spent almost $1.8million in litigation alone fighting the various suits or trying to keep embarrassing documents out of the public domain.
Premier says sacred cows will be auctioned
(CNS): Premier Alden McLaughlin hopes to count on support from the opposition benches when his government starts to put what he described as public sector "sacred cows" on the auction block. Speaking in the Legislative Assembly Wednesday, he told his parliamentary colleagues that if he kept the support of the government benches he was committed to passing the public authority law, despite the push-back expected from the semi-autonomous government companies and statutory authorities. The law will pave the way for more accountability and see some authorities amalgamated, some taken back into government and others sold off. McLaughlin said, however, that Cayman Airways wouldn’t be one of them.
During an unexpected debate in connection with a report from the local maritime authority that the member from North Side said should be rejected as a result of that authority’s failure to explain five years of losses, the premier revealed that the draft public authority law was well down the road to reaching a bill and coming before Cabinet, and soon after would be published for consideration and public consultation before debate in the parliament.
“No government has had the courage before to see this through because of the push-back from the public authorities,” he said, adding that the PPM administration of 2005-09 had tried but never got passed the discussion stage because of that push-back.
This time, however, he said that they would be pressing ahead with the law and the review of public authorities. With that came the issue of privatization and divestment but ,McLaughlin said, "No one wants to put the bell on the cat,” as he referred to the public authority “sacred cows” that could be sold.
The premier did not identify which authorities, government companies or public services that his government had in mind but he was quick to state that the national flag carrier would not be on the auction block at this stage.
With Miller calling for accountability regarding the losses at MACI and the debate that his motion had caused regarding the mismanagement of some public authorities and the significant loses at some, such as the turtle farm, requiring massive government subsidies, McLaughlin called on him and the other opposition bench members to back government and not “change course when the sacred cows are put up for auction.”
Alden & Ozzie US dumps visit
(CNS): The premier will get just a few days at home this weekend when he returns from London before he heads on out again for another overseas trip. This time it is to visit a number of waste-management and recycling centres in Florida with the minister responsible for the George Town landfill. Officials said the men will be assessing modern, efficient waste management systems in the United States as part of what the wider public considers very slow progress towards addressing the island’s most pressing problem. Despite public opinion that the dump is a major priority, the premier still emphasised the need to follow process.
Premier Alden McLaughlin said government will use the processes under the Public Management and Finance Law to find a waste management solution. The processes will ensuretransparency and accountability in the tendering and procurement phases.
“While there have been previous tenders, and there are quite a few studies about this subject, the fact is that the previous iterations were not subjected to the level of research, assessment and scrutiny that the process currently requires,” he said.
As a result McLaughlin and Minister Osbourne Bodden will travel to Tampa next week to visit various relevant facilities in Florida.
One of the first stages in the procurement process is the drafting of a Strategic Outline Case document that will form the basis of an RFP for consultancy services for the delivery of an Outline Business Case. A local steering committee has been working on the SOC and hopes to have it finalised for Cabinet’s approval in the next few weeks. Once approved by Cabinet, it will be released to the public, officials said.
Bodden said he was pleased with the progress the steering committee is making on the procurement process. He also pointed to improvements that the environmental health team has made at the George Town landfill.
“I want to assure the concerned members of the public that we are not waiting on the procurement process to make improvements; we are also working hard to identify and implement interim measures to help improve the situation,” the minister said.
Steps taken to date include the removal of scrap metal through a CTC-tendered contract, the lease of essential equipment to improve operations at the landfill, enhanced fire safety measures, the procurement of much-needed equipment to replace existing non-functioning equipment that is beyond its depreciated life-span, and covering additional surface area of the landfill with soil cover.
According to the premier’s office, the men will start their waste management tour on Monday at the Lee County Solid Waste Resource Recovery Facility, which operates as Covanta Lee Inc. in Fort Meyers, Florida. The facility processes 1,836 tonnes-per-day of solid waste, while generating up to 57.3 megawatts of clean, renewable energy, of which 50 megawatts is sold to Seminole Electric Cooperative.
As a comparison, the Cayman Islands generates approximately 85,345 tonnes of waste in a year or 233 tonnes-per-day.
“This facility in Lee County serves two counties and is considered Florida’s number one facility and model. I am looking forward with great anticipation to learn a lot and see what we can look forward to here in just a couple of years. Cayman deserves no less,” said Bodden.
The facility uses secondary sewage treatment run-off from a nearby county owned treatment plant for the majority of its process water. It is also equipped with steel, tin and copper recovery systems to remove all metals from the residue.
Covanta Lee also has a recycling facility and a public drop-off centre adjacent to the facility, where residents take non-hazardous household items and yard waste for disposal.
The premier and minister are also scheduled to visit waste management facilities in Lake and Hillsborough counties. The Lake County Facility processes 528 tonnes-per-day using two 264-tonnes-per-day water wall furnaces.
Travelling with the premier and minister will be the chief officer for the ministry with responsibility for waste, Jennifer Ahearn, who is also the chair of the Integrated Solid Waste Management System Steering Committee, and the Environmental Health Director Roydell Carter.
The delegation returns to Grand Cayman on Thursday, 3 April.
Premier called to UK for Islamic finance meeting
(CNS Business): Cayman Premier Alden McLaughlin and the leader of Bermuda, Craig Cannonie, have been appointed by the FCO to a new international group dealing with Global Islamic Finance and Investment, along with a number of international bankers and finance experts. Cayman is a popular jurisdiction for Islamic Finance, which is growing 50 percent faster than traditional banking. McLaughlin will be heading to London at the weekend with a delegation to attend the group’s first meeting, as well as meetings with the OT minister and, officials said, with Lord Blencathra, who, despite changes in the UK House of Lords rules, still appears to work for CIG. Read more on CNS Business
Alden points to election fraud
(CNS): "Time and again we have heard stories of election fraud, of vote buying – whether its cash in an envelope, a bottle of rum, a new washer or refrigerator," Cayman Islands Premier Alden McLaughlin said at the anti-corruption conference at the UCCI. However, he was not referring to the local polls but elections "the world over". Having emphasised the clean bill of health given to the last general elections in the Cayman Islands by the independent observers, he stated, "We can’t keep ignoring election fraud if we are to truly going to stamp out corruption. Those who are guilty – both the candidate or party and the voter – must own up to it, admit it is wrong and help move their country, its people and the region forward."
Alden to escape political pressure on Sister Islands
(CNS): As things heat up for the premier on Grand Cayman, Alden McLaughlin will be taking a short trip to the Sister Islands at the end of this week, where he can take a break from the pressure over his u-turn on the election commitment of introducing 'one man, one vote' and single member constituencies. Facing considerable controversy here after Friday’s near loss for government on the OMOV motion and taking flak over minimum wage, the support for a road through the Mastic Trail and a potential serious split in his government, officials said McLaughlin will lead a government delegation to Cayman Brac and Little Cayman on Thursday for a two-day tour with a full agenda.
A reception and public meeting will also be held at 6:15pm on Thursday at the Aston Rutty Centre.
“I am looking forward to spending some time with our residents on Cayman Brac and Little Cayman,” said McLaughlin. “We have a full agenda with several meetings and I welcome this opportunity to talk with people about the issues they face on our other two islands,” he added.
He will be met on Cayman Brac by Deputy Premier Moses Kirkconnell and District Commissioner Ernie Scott. From there they travel to Little Cayman for a tour and meetings with the Royal Cayman Islands Police Service, Fire Service and a discussion. On Thursday afternoon the premier returns to Cayman Brac, where he will meet with the Fire Service and workers at the Public Works Compound. A reception and public meeting will be held at 6:15pm at the Aston Rutty Centre.
Friday morning the premier will tour Cayman Brac Police Station followed by a meeting with the RCIPS. In the afternoon McLaughlin meets with staff at the District Administration Building, Heads of Sections and Social Services. He will also tour the Kirkconnell Community Care Centre and meet with Scott.
Travelling with the premier, who returns to Grand Cayman Saturday, will be his senior political advisor Roy Tatum, the press secretary Tammie Chisholm, the community affairs chief officer Dorine Whittaker, and the home affairs chief officer Eric Bush, as well as the district administration chief officer Stran Bodden.
Premier: Hospital is ‘transforming moment’ for CI
(CNS): The Cayman Islands premier described the opening of the Shetty hospital as a ‘transforming moment’ when he spoke at the opening of the facility, which promises to launch Cayman as a medical tourism destination. Alden McLaughlin said everyone knew that the country, having survived the global recession, could no longer rely on just the familiar two pillars of the economy, but medical tourism had the capacity to create a ”resilience to economic shocks”. The 52-year-old premier said Cayman had changed so much over his lifetime, as there was no tourism or financial sector when he was born, but he pointed to key historic moments that had transformed the islands and led to its success.
“This occasion today … I believe is one of those transformative moments for Cayman as was the case when the first seaplane landed in the North Sound in the 40s, as was the case when we passed the first banks and trust companies law in 1966, as was the case when Benson Greenall built the first hotel on Seven Mile Beach in the 50s,” the premier said. “This is one of those kinds of moments.” He said people would look back on the day and say it was a moment that changed Cayman.
Commending Dr Devi Shetty, the visionary, word renowned surgeon behind the project and his partners Harri Chandi and Gene Thompson, he acknowledged that the project commenced during the previous administration.
He said, however, that from the onset the team took time to invite the opposition on many occasions to talk about it. From the very beginning, the premier said, the opposition were apprised on what the project was about and, as a result, they were able to offer support in the Legislative Assembly and understand enough about it so that when the government changed, there was a seamless transition to help deliver the project in a short time frame.
McLaughlin pointed to the resilience of the health industry because people get sick in good times and in bad times, andthat, regardless of the economic conditions, people need care when they’re sick. He said he believed they would come to Cayman and bring their families, guaranteeing economic benefit for Cayman.
The premier pointed to the positive benefits and impacts he believed the hospital had brought so far, especially the jobs that had been created during construction, which had been largely taken by Caymanians.
“The impact, I believe, we can only just begin to imagine,” he said, as he described the technology associated with the hospital, which he said could be the kernel for a whole range of new business possibilities.
“Cayman stands today on the threshold of a whole new set of opportunities,” McLaughlin added.
The premier also noted the need to start influencing Caymanians about the world of possibilities offered by the hospital and the potential for careers outside the staple areas locals have traditional found work: finance, law and construction. McLaughlin said the success of the project was linked to the success of Cayman’s future.
Osbourne Bodden, the health minister, said the PPM government would continue what was started under the previous administration and live up to their legacy on this project and keep it going. He said the hospital, which was a centre of excellence, had been built with the sweat of many Caymanians and was offering services that were only previously available abroad. It was also a centre of learning and source of employment, as well as medical tourism. He described Dr Shetty as "remarkable", as he also paid tribute to him and his team.
The health minister said the government believes Shetty and his team will fit right in here in Cayman as they are roles models for innovation and government had the highest level of confidence in the project. Bodden said the hospital’s potential to save hundreds of lives in Cayman and around world had put the country on the global healthcare map, while lowering costs for government health care.
Alden wavers on SMCs
(CNS): The premier has told the Legislative Assembly that while government still supports the idea of ‘equality of franchise’ for voters, it appears it will not be following the Electoral Boundary Commission's recommendations for 18 single member constituencies (SMCs) but is considering 'at large' candidates, changing the number of seats, and by implication the constituencies. Alden McLaughlin said there were concerns among the Progressive and independent members of government over alleged anomalies thrown up by constituencies with very small numbers of voters. But he said whatever the final outcome, government was sticking to the election promise as it would still be SMCs but “with modifications”.
However, what the premier was advocating in his brief contribution to the debate in the Legislative Assembly on Wednesday was considerably more than modification. It will require that entirely new electoral boundaries to be drawn up. In addition, the justifications for the decision seemed entirely at odds with what has happened historically in the smaller districts to which he was referring.
The announcement that government is now thinking of a number of alternative options rather than the one recommended by two different boundary commissions came in response to a private member’s motion brought by East End MLA Arden McLean asking government to implement 'one man, one vote' in single member constituencies in a first past the post system, as per the referendum result in July 2012.
Recalling the long and controversial history regarding the voting system, the member for East End made the point that by the time of the last election, it was only the UDP that was still against OMOV in SMCs. All other candidates and the PPM campaigned on a platform of SMCs, the Progressives as well as the independents who were elected.
He pointed out that several members on the government benches had launched their political careers during the OMOV campaign and that in the past they had all favoured the simple, straight forward, fair system. However, he said, he was aware that since then the government was toying with the idea of different possibilities after a retreat with the independent candidates. And despite the premier’s on the record support for that simple system, he was going to be promoting idea of 'at large' candidates.
McLaughlin admitted that there had been a retreat, and because his government included others (non PPM members), he had to listen to their opinions, and OMOV and SMCs had been the subject of discussions at the retreat. Returning to old arguments about the domination of parties or individuals in smaller constituencies, when in reality in Cayman it has been the reverse, the premier appeared to imply that the discussions were still ongoing and he was hoping to reach a compromise among the entire legislature.
What the premier avoided noting, however, was that his ideas of increasing the seats to 19 or creating 14 or 15 constituencies and then having four or five 'at large' candidates would require an entirely new boundary commission, which would take the process back to square one and ensure a long delayin the implementation of any new system, no matter how that comes about.
Adjourning the LA until 10am Thursday morning, McLaughlin said the government would soon be formally revealing the proposals in writing and in more detail to trigger the debate.