King’s Point Towers on Cayman Brac

King’s Point Towers, a development by Whitewater Point Ltd. which is owned by Robert Banks and former Chief Secretary James Ryan, will consist of 23 two-bedroom condos located 200 feet east of Cayman Breakers on a 2.57-acre parcel of land on the southeast end of Cayman Brac.

The initial phase of King’s Point Towers, consisting of the first 16 two-bedroom units, will be finished 28 months after construction begins. Mr Banks said 12 units have already been sold.

Phase 1 includes two swimming pools – a smaller pool with spa features and a waterfall, and a larger pool.

No bar or restaurant is planned, but there will be a deli for owners’ convenience and five poured concrete cabanas for outside dining, as well as a dedicated building for divers.

Phase 3 will be four three-storey penthouses and three one-bedroom efficiencies, plus management offices. All units in the development will have an ocean view on one side and a view of the Bluff face on the other.

At the ceremony, Mr Banks told the gathering that King’s Point Towers is designed and engineered to withstand a direct hit from an F5 tornado, which packs one-third higher wind gusts than any recorded hurricane to date.

They will be built of solid poured-in-place concrete walls, eight-inch thick for the first and second floor exterior walls, and four-inch thick for all interior walls. The entire floor will be poured monolithically and consist of steel-reinforced concrete only – there will be no wood used in these structures.

“A building is only as strong as its weakest point,” said Mr Banks. Therefore, the roofs will also be concrete, with a 1-in-12 compound pitch for water drainage. All the concrete will have a chemical compound additive for 100 percent waterproofing, and the roofs will have an additional coating of EPDM rubberised membrane as an additional sealer against water intrusion.

The units will be two-storey with a town house-style layout. They will have two and a half baths and two bedrooms, consisting of approximately 1,400 square feet of living space. The kitchens will have solid wood cabinets with granite countertops and stainless steel appliances, and the units will have top quality furniture throughout.

An anti-fracture membrane under all tile floors will prevent cracks, and windows will be full-impact solid laminate and just over half-an-inch thick, guaranteed not to breach wind or water during a hurricane.

“Two years ago, a foreign entity, the Divi Corporation, owned most of the rooms on Cayman Brac. When that closed, a lot of people were out of work and the question was, how do we go forward?” said Mr Kirkconnell.

Acknowledging Linton Tibbetts, whose family owns the Brac Reef Beach Resort, currently the only hotel on the island, he said, “These Brackers stepped up to the plate, and I’m proud to see the partnership between stakeholders on Cayman Brac supporting each other. The community will do whatever it can to support these developments, and we thank you all having the courage to take this step.”

At the ceremony, Mr Banks told the gathering that King’s Point Towers is designed and engineered to withstand a direct hit from an F5 tornado, which packs one-third higher wind gusts than any recorded hurricane to date.

They will be built of solid poured-in-place concrete walls, eight-inch thick for the first and second floor exterior walls, and four-inch thick for all interior walls. The entire floor will be poured monolithically and consist of steel-reinforced concrete only – there will be no wood used in these structures.

“A building is only as strong as its weakest point,” said Mr Banks. Therefore, the roofs will also be concrete, with a 1-in-12 compound pitch for water drainage. All the concrete will have a chemical compound additive for 100 percent waterproofing, and the roofs will have an additional coating of EPDM rubberised membrane as an additional sealer against water intrusion.

The units will be two-storey with a town house-style layout. They will have two and a half baths and two bedrooms, consisting of approximately 1,400 square feet of living space. The kitchens will have solid wood cabinets with granite countertops and stainless steel appliances, and the units will have top quality furniture throughout.

An anti-fracture membrane under all tile floors will prevent cracks, and windows will be full-impact solid laminate and just over half-an-inch thick, guaranteed not to breach wind or water during a hurricane.

“Two years ago, a foreign entity, the Divi Corporation, owned most of the rooms on Cayman Brac. When that closed, a lot of people were out of work and the question was, how do we go forward?” said Mr Kirkconnell.

Acknowledging Linton Tibbetts, whose family owns the Brac Reef Beach Resort, currently the only hotel on the island, he said, “These Brackers stepped up to the plate, and I’m proud to see the partnership between stakeholders on Cayman Brac supporting each other. The community will do whatever it can to support these developments, and we thank you all having the courage to take this step.”

Cayman investment funds failure

Naul Bodden over-extends his CPA status...

Prominent Caymanian businessman Naul Bodden is linked with at least one of the four Cayman–domiciled entities, which are called Grand Island Commodity Trading Fund I; Grand Island Commodity Trading Fund II; Grand Island Income Fund; and Grand Island Master Fund. The first three entities are all registered by CIMA, while the last one is unregulated.

CIMA issued a statement on the matter after meeting with Joint Voluntary Liquidators David Walker and Nick Freeland of PricewaterhouseCoopers this week.

The JVLs were appointed by the shareholders after an extraordinary general meeting on 17 June following the discovery of trading irregularities, CIMA said in its statement.

Contacted on 13 June, Mr. Bodden said CIMA had already been made aware of the situation. He also confirmed the extraordinary general meeting would take place when it did. However, Mr. Bodden said he did not want to make any further comment before speaking to his attorney at Appleby.

Efforts to get further comment from Mr. Bodden have been unsuccessful.

Mr. Bodden’s exact involvement in the funds is not clear at this time. However, in his biography posted on the website of the non–profit organisation Generation Now – of which he is patron – Mr. Bodden is stated to be the “Investment Advisor and founder of Grand Islands Commodities Trading Fund”. The website also says Mr. Bodden is the shareholder and director of a number of companies and manages in excess of $100 million of diversified assets.

Naul Bodden also an investment advisor on the Cayman Island Real Estate Fund so one might want to think twice about putting their money with someone who is really only a CPA, and not classical trained in business finance.

Cayman's Second Murder Within Four Days

May 20, 2008

"Paradise" is the island's moniker. Not so anymore. A Canadian Man was found murdered Tuesday, and a Caymanian man found dead on Saturday. Bringing the total to 5 homicides in Cayman this year.

Starting with the most recent murder: An autopsy has confirmed that a former Saskatchewan man found dead in his seaside rental home in the Cayman Islands was the victim of murder. The Royal Cayman Islands Police Service said Thursday that Martin Joseph Gareau, 47, suffered multiple injuries to his head and body caused by sharp and blunt objects.

"The post-mortem shows that Mr. Gareau suffered very serious injuries, which could only be caused by another person or persons," said Det. Insp. Kim Evans. Gareau, a former resident of Prince Albert, Saskatchewan (Canada) who had been living in the Cayman Islands for the last four years, was last heard from in the city of Bodden Town on Sunday. His body was discovered by a co-worker Tuesday after he failed to show up for his construction job. Police said there was no sign of forced entry at Gareau's residence and no one has been charged in his death.

On Saturday, the body of 20yr old Brian Adrian Rankine (also known as Rankine-Carter) of West Bay. Rankine-Carter’s body was found in a car parked on McField Lane, George Town, shortly after midnight. He was believed to be homeless at the time of his murder according to family members, and the Royal Cayman Islands Police Service has contacted his mother who lives in the United Kingdom.

Arrangements are also being made for her return to the Cayman Islands and a pathologist is being flown in from Miami to complete a post mortem. Two men remain in custody (a Jamaican and Nicaraguan) on suspicion of murder in connection with Rankine-Carter’s death and a vehicle seized during the course of the investigation is undergoing a forensic examination, as is other evidence obtained from the two suspects.

UPDATE:

Suspect arrested in Cayman Islands in stabbing death of former Prince Albert man

A 28 year old man was arrested Thursday afternoon on the Cayman Islands in the beating and stabbing death of Martin Gareau, 47.

Gareau had been working construction on the islands for the past four years, but he was raised on a farm about six kilometres west of Prince Albert.

His body was found May 20 in his rented home in Bodden Town by co-workers after he didn't show up for work at Cayman Islands-based manufacturer CI Precast.

An autopsy has shown the 47-year-old had multiple injuries caused by both sharp and blunt objects.

Police corruption and cover-up against Cayman Net News

Deputy Commissioner Rudolph Dixon and former Inspector Burmon Scott were arrested on Thursday as London’s Metropolitan Police widened their investigation into corruption in the Royal Cayman Islands Police Service (RCIPS). At a 15 May press conference, H.E. the Governor Stuart Jack, flanked by Acting Commissioner David George and Senior Investigating Officer Martin Bridger, announced that Commissioner Stuart Kernohan and Detective Chief Superintendent John Jones are being formally investigated for “misconduct in public office”.

Mr Bridger said that Mr Dixon had been arrested for “other criminal acts completely unrelated” to the current investigation involving Mr Kernohan, Mr Jones and Mr Dixon. On Thursday afternoon Mr Dixon was granted bail. "We have now reached a stage where, again supported by legal advice, we have reasonable grounds to suspect Mr Dixon of being involved in other criminal acts,” Mr Bridger said..

“In this regard he was arrested this morning. A former RCIPS officer has also been arrested this morning in connection with the matters connected to Mr Dixon. Mr Bridger declined to identify the former officer referred to at the press briefing on Thursday but Cayman Net News has since identified the unnamed officer as Mr Burmon Scott, a now retired 28-year veteran of the RCIPS.

For the first time since the suspension of the top cops, Mr Bridger said Mr Dixon was being investigated for his role in the events surrounding the 3 September 2007 break-in at the office of Net News Publisher Desmond Seales by former staffers Lyndon Martin and John Evans. Pressed by reporters for details on the nature of the alleged crimes under investigation, Mr Bridger said it was too early to go public. Mr Jack said the decision to widen the Kernohan-Jones-Dixon investigation followed fresh allegations of police corruption.

On Thursday, 27 March, Mr Jack had announced the suspension of the three commanders to facilitate a probe into alleged wrongdoing. The move came in the wake of an earlier Metropolitan Police investigation into an alleged “corrupt relationship” between Deputy Police Commissioner Anthony Ennis and Mr Seales. Both Mr Ennis and Mr Seales were exonerated of any wrongdoing by the officers, who subsequently charged Mr Martin for his role in the Ennis/Seales investigation, which lasted six months. “While conducting the investigation involving Mr Seales, Mr Ennis and Mr Martin, it became clear to my team that both Commissioner Stuart Kernohan and Detective Chief Inspector John Jones were involved in developing matters from the time Mr Martin made the original allegations about Mr Seales and Mr Ennis,” Mr Bridger said.

“Seeking corroboration of what Mr Martin was saying, Mr Kernohan, subsequently supported by Mr Jones, conducted certain enquiries, which led to a Cayman Net News employee entering the newspaper’s offices on the night of 3 September 2007.” Mr Jack said that the three officers would continue to receive full pay. He said he had given Mr Kernohan permission to visit the United Kingdom on “compassionate grounds”.

The Governor urged the public to have confidence in the RCIPS, saying the majority of officers were honest and hardworking. “The fact that we are taking the received information seriously is not an indication that we have a wholesale lack of integrity in our police service,” Mr Jack said. “Rather, it means that we in the Cayman Islands want a police service above reproach, and if this means further investigations, we are willing to commit to it. This entire process gives us all an unprecedented opportunity to review and adjust our police system to deter those who may be tempted to behave inappropriately. We are looking at both creating stronger internal processes within the RCIPS and considering an independent complaints mechanism.”

Acting Commissioner George said he would ensure that systems are in place to deliver a robust and transparent complaint and discipline policy, and customer-centred processes at the RCIPS.

Gay Kissing in Cayman Not "Illegal", Just Unwise

The Department of Tourism has issued an official apology to the man who was detained by police after publicly kissing his boyfriend at the Royal Palms bar last Wednesday night (30 April).

Meanwhile, Cayman Net News has learned that a full investigation is being launched into the incident, where an off-duty officer took tourist Aaron Chandler to the George Town Police Station after he kissed his boyfriend on the dance floor at the Seven Mile Beach bar.

Director of Tourism Pilar Bush subsequently issued an apology for the incident. "I apologize for your upsetting experience and want to assure you that the Cayman Islands is a welcoming jurisdiction to all people," she wrote to Mr Chandler.

"What happened to you was an isolated incident, and is not representative of Cayman. We know that thousands of gay and lesbian visitors travel to the Cayman Islands every year and enjoy their vacation," she continued, adding: "I am truly sorry to learn of what you went through during your visit."

Mr Chandler has filed a complaint to the Royal Cayman Islands Police Service (RCIPS) over the incident, in which he recalled that after dinner at the Reef Grill he, his boyfriend, and his boyfriend's sister and husband moved to the adjacent Royal Palms bar. While at the bar, he and his boyfriend were dancing together and "occasionally kissing", he said.

"At approximately 11 pm, an unidentified woman came up to me and asked me to follow her to meet a 'friend' at the edge of the club. I went, but reluctantly," Mr Chandler said.

The man requested that Mr Chandler walk with him out of the bar where they could speak alone.

"Not knowing him, and having heard numerous accounts of anti-gay violence on Grand Cayman, I refused. He continued to get me to walk out with him, saying that 'I don't want to create a scene here,' but each time I refused."

The man then identified himself as a police officer and, upon Mr Chandler's request, displayed his badge. Then, according to Mr Chandler's statement, the officer told him: "It is against the law for two people of the same sex to show displays of affection in public."

Mr Chandler's boyfriend then came over, and as the couple was about to leave, the men kissed one more time, after which the officer physically restrained Mr Chandler by the wrist.

"This police officer, upon seeing my boyfriend and I kiss, walked up to me, grabbed my arm and told me that I was going to be arrested. My boyfriend, his sister and his brother-in-law pleaded with the officer to let me go since we were on our way home, but the officer refused."

Legal sources have confirmed that the Cayman Islands does not have any law on its books that prohibits same-sex couples from publicly displaying affection.

Mr Chandler also said in the complaint that a crowd of nearly 20 people from the bar pleaded with the officer to release him as he was "dragged" outside.

"I occasionally tried to gently squeeze my arm and hand out of his grip, but each time he told me, 'Do not resist me' and tightened his grip."

Mr Chandler was then placed in a police car called in by the off-duty officer. On the drive to the George Town Police Station, he said the responding officer told him that "the law is stupid and a waste of time, but that he has to enforce it."

Mr Chandler said he spent about an hour at the police station but was not questioned by an inspector and no charges were laid.

Before leaving the station, Mr Chandler said the off-duty police officer who detained him attempted to elicit a promise not to repeat his behaviour while on the island. Mr Chandler refused and was then driven by police back to where he was staying.

Mr Chandler, an active gay and lesbian rights advocate, is the Board President of the National Youth Advocacy Coalition in Washington DC and former Commissioner of the City of Seattle Commission for Sexual Minorities.

Three questions: Just who was this unidentified off duty cop, and why was Chandler's partner not detained as well, and why bother upsetting the "values" of a homophobic island when it is well known you will be mistreated?

UPDATE:
The Ministry of Tourism announced today (Wednesday, 21 May) that Pilar Bush has resigned from the position of Director of Tourism (DoT) effective 30 June 2008. In accepting the resignation, Gloria McField-Nixon, Chief Officer of the Ministry of Tourism, Environment, Investment and Commerce, thanked Ms Bush for her dedicated service. Mr Shomari Scott, will be appointed as Acting Director.

I wonder if she was forced to resign from all the flack she received from the Christians on the island, or maybe she was just a symbolic "firing" from the backlash against Cayman from the world of tourism.

Cayman Islands: Confusion Over Same Sex Marriages

Cayman Islands lawmakers and UK officials have both assured the public that neither same sex marriages nor any union similar to them will be legally allowed under the country’s constitutional reform plans.

Education Minister Alden McLaughlin said during a press conference last week that one of the reasons to change the current constitution was to allow elected leaders more control over legislation.

“So that we don’t have to live in fear or concern about the input of EU directives or specific UK legislation relating to things like civil unions,” Mr. McLaughlin said.

UK Parliamentary Under–Secretary of State Meg Munn previously said Britain has no intention of forcing Cayman to accept civil unions or civil partnerships, even though she is personally in favour of allowing such arrangements to exist.

However, despite claims from both sides on the issue, the phrases “civil partner” and “civil partnership” actually do appear in legislation that has recently been gazetted in the Cayman Islands.

The British Nationality (British Overseas Territories) Regulations, 2007 set out certain guidelines for how a person applies to be registered as a British Overseas Territories citizen. It essentially advises governments in overseas territories on how those matters should be handled in accordance with the British Nationality Act of 1981.

The government intends to prohibit same sex marriages by amending the Cayman Islands Marriage Law to reflect that marriage here will be considered solely the union of one man and one woman.

However, it’s not known whether such an amendment would legally prohibit the formation of civil unions, or any other legal arrangement similar to marriage.

There has also been some confusion over whether government would attempt to ban same sex marriage in a bill of rights. Mr. McLaughlin said that would be handled under the Marriage Law, not in any human rights section of the constitution.

“One wouldn’t put that (language outlawing same sex marriage) in a bill of rights,” he said. “A bill of rights is about affording people rights, not ––– making prohibitions about various things.”

Precisely what language might be placed in the constitution regarding marriage isn’t certain. The first summary of constitutional proposals released by government said “the right to marriage between members of the opposite sex” would be considered.

Bill Clinton Evades Taxes With Sketchy Account in Grand Cayman

In recent weeks, reports from the USA suggest that the fight between the two hopefuls, Hillary Clinton and Barack Obama, has included a number of robust, vocal attacks on the use of the Cayman Islands by US citizens and US companies to avoid paying US federal taxes.

The Cayman Net News Online published a story about former President Bill Clinton's "substantial financial stake in three Cayman Islands-registered investment entities."

They were referring to President Clinton's investments with Yucaipa Companies, a Los Angeles-based holding company founded in 1986 by self-made billionaire and former grocery store bag boy, Ron Burkle. The investments, according to the report, "are believed to offer the former president a fairly risk-free potential yield in the order of tens of millions of dollars."

The Cayman Islands have no domestic taxation system, but President Clinton is still liable for U.S. taxes on income earned through Yucaipa's investment funds.

"The crucial, and as yet unanswered question," said Cayman Net News, "is whether the money in the funds represents a salary, taxed at a potential high of 35 percent, or equity compensation, which could only attract 15 percent taxation."

Yesterday afternoon the Clintons released their tax returns, perhaps answering the crucial question.

We say "perhaps," because we have no expertise in tax law.

But a cursory look at the Clintons' 2005 return finds a $5,000,000 payment from "Yucaipa Global Opportunities Fund I" reported on Schedule E, "Income or Loss from Partnerships and S Corporations."

Bloomberg News dug through the tax returns and found $15.4 million in income from Yucaipa since 2003. Reporter Ryan J. Donmoyer calculates that it was twenty percent of Mr. Clinton's income during that period.

Mr. Donmoyer got some tax lawyers on the phone and reports that they think "the Yucaipa partnership income for Bill Clinton looks to be a form of salary because it was in round numbers for most years."

Documents show that Yucaipa paid the ex-president $1 million in 2003, $4 million in 2004, and $5 million in 2005, and Bill reported $12,674,668 in income from Yucaipa between 2001 and 2006.

Tom Ochsenschlager, vice president of taxation at the American Institute of Certified Public Accountants, told Bloomberg News that "the flat amounts received from Yucaipa are odd" and agreed with other experts that it indicated Bill Clinton was paid for performing a service.

Apparently, if that money was a salary, President Clinton owed 35 percent of it in income taxes. And that's not what he has paid, apparently.

It looks like the whole time that Hillary Clinton and her husband have been telling anyone who'll listen that they didn't want George W. Bush's tax cut, they've been evading taxes with a sketchy partnership in the Cayman Islands.

If the usual pattern holds, Bill Clinton will spend the next week thunderously denying that he did any favors for Dubai or any of Ron Burkle's other interesting partners. He'll also be trying to deflect continued negative attention away from himself, and Hillary's Democratic run against Obama.

Cayman Royal Cayman Islands Police Embroiled in Corruption

The officers above were not necessarily the ones put on suspension.

The Governor of the Cayman Islands, His Excellency Stuart Jack, CVO, today (Thursday, 27 March) announced that he has put three senior police officers on required leave to facilitate enquiries into allegations against officers of the Royal Cayman Islands Polput on ice Service (RCIPS). Police Commissioner Stuart Kernohan, Deputy Commissioner Rudolph Dixon and Detective Chief Superintendent John Jones were put on required leave with immediate effect to enable an investigating team from the Metropolitan Police Service led by DCS Martin Bridger to proceed with their enquiries. This action follows a separate investigation by Mr Bridger’s team into serious allegations made against the Deputy Commissioner Anthony Ennis and the editor in chief of Cayman Net News Desmond Seales. “The investigating team has shown that these allegations were false. However, in the course of their original investigation certain other matters have come to light which now, in the interest of protecting the high standards of the RCIPS, we must look into,” the Governor explained.

Although the Governor said that it could cause “some anxiety”, he urged the community to look at the positive outcomes of these matters: “It sends a clear signal that regardless of position, serious allegations will be investigated, and that we are committed to pursue the highest ethical standards in public office without fear or favour. It also serves as an assurance to our community that illegal or unethical actions that tarnish the reputation or interfere with the media will not be allowed.” Further in his statement to the media Governor Jack emphasised that the decision to take action against these top level officers was not taken lightly: “It was after very careful examination by me of the information that have been gathered to date. I am grateful for the valuable advice received from the Attorney General’s Office. And of course I was also mindful of the high public office that these individuals hold.” He added: “The enquiries are ongoing and I want to make it clear at this point that no judgment has been made as to the guilt, innocence or culpability of any person.

The decision to put these officers on required leave was made to protect the integrity of the enquiries to be made and it shows fairness to the officers involved.” The conditions of the required leave will be under constant review by HE the Governor as the investigation progresses. To lead the RCIPS in the interim the Governor has appointed David George, an UK police officer, as Acting Commissioner. While Mr Jack pledged to make every effort to keep the community informed, he did say that the sensitivity of the issues involved as well as the sub judice rule will restrict the amount of information the investigative team can provide. The Governor urged the community to steer clear of “sensationalism and divisive politics” and instead work together to combat rumour, innuendo and mischief making.

Offshore Financial Centers: Myth And Reality

Bryan Hunter

For too long, offshore financial centers like the Cayman Islands have been stereotyped as refuges for the wealthy to stash their fortunes. Like most stereotypes that grow more out of myth than reality, the role of today's offshore financial centers is quite different from what many perceive.

Successful offshore financial centers uphold global transparency and cooperation standards and enable market efficiency and competition. It's time to dispel the stereotypes that have long driven global efforts to stem the vital role of financial services centers. The realities of what offshore financial centers are and their contributions to global financial markets are explained below, alongside four of the most commonly held myths.

Myth: Offshore financial centers only benefit the rich and powerful.

Reality: The Cayman Islands and other offshore financial centers compete aggressively with each other every day to offer the most cost-efficient environment for international capital flow. This competitive market allows companies to raise financing and package financial risk more economically. These efficiencies benefit businesses, consumers of goods and services sold by these companies around the world and shareholders, which include such venerable clientèle as non-profit endowments and public-sector pension funds.

Myth: Companies and investors doing business in offshore financial centers are driven by a need for secrecy.

Reality: Today's successful offshore financial centers have a long history of promoting commercial certainty for global clientèle. For the Cayman Islands, this has meant adherence to recognized and relevant international standards--not absence of regulation--which has helped fuel sustainable growth of the sector. Since the early- to mid-1980s, the Cayman Islands has progressively reinforced its international cooperation channels in law enforcement, regulation and exchange of information on tax matters. These channels include a tax information exchange agreement that was signed with the U.S. in 2001 and is in force, as well as a mutual legal assistance treaty with the U.S. on criminal matters in effect since 1990 and under which the Cayman Islands and the U.S. have cooperated in some 230 requests for assistance.

Myth: Offshore financial centers prey upon other countries' tax codes, fostering illegal tax shelters.

Reality: Investors and/or their advisers choose the Cayman Islands for tax neutrality. This simply means that investors and their specific corporate activities--which can often involve two or more countries--are not subject to additional layers of taxation over and above those of their home country, which is where capital flows ultimately end up and are then taxed. In a similar context, numerous U.S. companies have left states where they were founded or have substantial business operations and established registered offices in Delaware, Nevada, Colorado and Texas so they can take advantage of the tax savings and efficiencies of having a registered office there. This is not seen as being shady or unduly evasive in the least.

Myth: Offshore financial centers foster illicit activity and are unregulated.

Reality: The Cayman Islands has a strong track record of effectively regulating a full spectrum of financial services that measures up with standards found anywhere in the world. Effective oversight of complex financial activity--where literally billions of dollars trade hands every day--can only be accomplished by regulating services typically unregulated in other global regimes, such as company formation services, trust-services providers and fund administration. In addition, the Cayman Islands government invests significantly back into regulation and into combating cross-border financial crime.

Over the past 15 years, the Cayman Islands financial regulation and prevention of financial crime regimes have been evaluated, "road-tested" and recognized by many third-party organizations such as the IMF, FATF and OECD. The Cayman Islands continues to participate in these valuable "health checks" to help ensure the integrity of its regimes.

Due to necessity and market expectations, offshore financial centers must be mature, sophisticated and specialized providers of financial services with sound legal frameworks and modern infrastructure in order to succeed. The "Big Four" accounting and auditing firms, most of the world's fund-service providers and substantially all of the world's top global banks have a presence in the Cayman Islands.

It's time to focus on the reality. Offshore financial centers are increasingly critical economic catalysts in today's fast-paced, cross-border, open-market system. Their continued and singular focus on transparency and appropriate levels of regulation is vital to a dynamic and resilient global economy.

Quick Facts about The Cayman Islands

1. The Cayman Islands were discovered in 1503 by Christopher Columbus. They were originally named “Tortugas” [Spanish for turtles] due to their large population of green sea turtles.
2. Grand Cayman is 22 miles long and less than 8 miles wide. Maximum elevation is about 60 ft.
3. Corals, which resemble colorful rocks and plants, are actually vast colonies of tiny animals. Coral reefs are home to over 25% of all marine life and are among the most fragile and endangered ecosystems.
4. It can take 5 to 10 thousand years for a fully developed reef system to evolve.
5. Over 400 species of fish and over 100 species of coral inhabit Cayman’s reef.
6. A Nor’ wester is a storm which generates strong winds and high seas along the north and west area of the island. Nor’ westers occasionally occur between November and April, usually lasting 2-3 days.
7. Pollution, over -fishing, reckless dredging and nefarious diving practices are leading causes of reef destruction.
8. Turtles are air breathing reptiles who must surface every hour or so to breathe. Look for them resting on the surface in between dives.
9. Fire coral appears in many intricate forms. However, it delivers a painful sting upon contact with skin. Vinegar or isopropyl alcohol will help alleviate the pain.
10. The wreck of the ten sails, off the shores of East End is a monument to the bravery of many Camanian men who, in 1794 risked their lives to rescue the crew of this ill- fated expedition from England when they floundered on the reef. Legend has it that in appreciation of their heroic efforts, King George III granted permanent tax -free status to the Cayman Islands.
11. Cayman is a Christian country and as such observes the Sunday Sabbath. Supermarkets, bars, nightclubs and liquor stores are closed. It is forbidden to dance on Sundays, and establishments are only permitted to play soft, background music. Bars are required to close early on Saturday night and must be empty by midnight to observe the Sabbath.
12. With a resident population of less than 200, shy iguanas and rare birds out-number humans on Little Cayman. Little Cayman has the largest known breeding colony of the Red Footed Booby (5000 pairs) and only breeding colony of Magnificent Frigate Birds in this hemisphere.
13. Black corals are not harvested in the Cayman Islands. It is imported for crafting from places such as; Honduras by professional divers, at depths and locations well outside the recreational dive limits.
14. The hurricane season is from 1st June to 30th November.
15. There are approximately 4,000 hotel and condo rooms available to visitors most of which are adjacent to the Seven Mile Beach.
16. Hurricane Ivan left most of the reefs intact and made many of the existing sites different and more exciting. Shipwrecks render a bridge from past to future as their slow decay affords birth to new living reef.

Polo Ralph Lauren, Hugo Boss, Lacoste available at Camana Bay

NKY at Camana Bay opens its doors to the public on Friday, 7 March. Presenting the latest collections from today’s top fashion designers, the stylish new store offers a wide choice of men’s and women’s clothing and accessories.

Visitors to Camana Bay will find NKY at the crossroads of The Paseo and Market Street, at the very heart of the Town Centre. The 2,200 square foot store, decorated with dark hardwood floors, Grecian pillars and a beautiful leather sales desk, is a stunning showcase for some of the best-selling names in fashion. Lines available at NKY include popular brands such as Polo Ralph Lauren, Hugo Boss, Lacoste, Calvin Klein Underwear, Tommy Bahama and Façonnable. New additions to the portfolio are Paul & Shark, a collection of yachting and sportswear, Robert Graham’s beautiful woven shirts and Nilika by Xsara, an Israeli designer who has fast become one of the hottest labels in Miami.

NKY’s owner Nicola de Lima says, “NKY’s mission in fashion retail is directed towards our local residents and visitors. Our objective is to offer the latest collections from all of our lines at competitive pricing from all of our designers. NKY now eliminates the need for anyone who lives on the Island to have to travel off island to do their shopping. Our new location at Camana Bay is the ideal venue for the top designers’ labels we carry. They are as excited to be a part of such a great new shopping destination as I am.”

Accessories are also a key focus for NKY, where a dedicated handbag and shoe gallery will provide irresistible temptation for window shoppers and browsers. Even canine fashion followers will be well catered to with a fun and glitzy range of dog accessories.

“We are delighted to have NKY leading the way as our first clothing and fashion store in the Town Centre,” said Jackie Doak, Executive Vice President of Dart Realty (Cayman) Ltd, the developers of Camana Bay.

Editors note: The brands selling in this store are notoriously discounted, and marked down designer labels that are available in Miami, New York, California, Detroit, Chicago, and Toronto for almost next to nothing.

Cayman carbon footprint raises concern

The United States Energy Department’s Carbon Dioxide Information Analysis Center has ranked the Cayman Islands at number 55 on a list of 207 countries, for global carbon emissions per person.

Published on the BBC website in December 2007, in a study where all countries want to come in last, Cayman’s carbon footprint leaves a worldwide impression.

According to the report, the Cayman Islands national emissions (thousands of tonnes of carbon) are 85, and emissions per person (tonnes of carbon) equals 1.96. The statistics are for 2004, the year of Hurricane Ivan.

After several telephone calls and emails to the Department of Environment Health (DEH) this week, Cayman Net News received no comments at press time. An initial enquiry to the Department of Environment resulted in the newspaper being directed to the DEH Assistant Director Sean McGinn, who has responsibilities for the Solid Waste Unit.

Trinidad and Tobago, Netherlands Antilles, and Bermuda are the only Caribbean islands ranked above the Cayman Islands in the US Carbon Dioxide Information Analysis.

The definition of carbon emissions is: a polluting carbon substance released into the atmosphere; carbon dioxide and carbon monoxide produced by motor vehicles and industrial processes and forming pollutants in the atmosphere.

A carbon footprint is a measure of the impact human activities have on the environment in terms of the amount of greenhouse gases produced, measured in units of carbon dioxide.

Shootings and Stabbings in Grand Cayman...

Three separate, and apparently unrelated attacks left one man dead and three others critically injured overnight Friday.


The attacks, a shooting and two stabbings, all occurred just outside Grand Cayman nightclubs between the hours of midnight and 3am.

In the first incident, a 21–year–old man was stabbed in the throat during a fight outside the Pit Stop bar (also known as the Everglow Bar) in Bodden Town. The victim was picked up by an ambulance after friends drove him part of the way into George Town. He was later pronounced dead.

A 20–year–old man was arrested on suspicion of murder in connection with the stabbing attack.

Just a short while later, a fight broke out in the parking lot of the ShirReynolds bar on Eastern Avenue, George Town. Witnesses reported several men were fighting. Two of them, a 28–year–old and a 40–year–old, ended up with stab wounds and were hospitalised in critical condition Saturday.

About 90 minutes after the ShirReynolds incident a man was shot in the head outside of Pepper’s Lounge on West Bay Road, George Town. Witnesses there said the man was leaving the bar around 2.30am and had gotten into a car when he was shot by someone pointing a gun through the window.

Police expected the victim in the shooting would be airlifted off island for further medical treatment. Police did not report arrests in either the stabbing outside ShirReynolds, or the shooting outside Pepper’s Lounge.

The homicide in Bodden Town was the third so far this year in Grand Cayman. Last year, there were three killings on the main island for the entire year.

The Royal Cayman Islands Police Service said the three incidents which occurred in the early morning hours were a rarity for the country. Acting Police Commissioner Rudolph Dixon said officers would be out in force the remainder of the weekend.

John McEnroe at The Ritz-Carlton Grand Cayman April 16-20, 2008

Three-time Wimbledon champion John McEnroe has been announced as a participant in both fields at the Oliver Group Champions Cup in Naples, Fla., on March 12-16, and at The Residences at The Ritz-Carlton Grand Cayman Legends Championship on April 16-20, both stops on the 2008 Outback Champions Series senior tennis tour.

1994 Australian Open finalist and 1999 US Open runner-up Todd Martin. Courier, Ferreira and Jimmy Arias join McEnroe in the field in the Cayman Islands.

Tickets for The Residences at The Ritz-Carlton Grand Cayman and The Oliver Group Champions Cup begin at just $15 and can be purchased by calling 877-332-TIXX (8499) or 954-241-7936.

New Health Care Services Planned at Private Hospital

"Dr" Steve Tomlinson. Owner of the Chrissie Tomlinson Memorial Hospital

Chrissie Tomlinson Memorial Hospital (CTMH), in association with Sagicor General Insurance, will host a very important and historic news conference at the CTMH Physio-Therapy Department in George Town at 5:00 pm on Thursday, 24 January.
At this event, the CTMH will be announcing the launch of a new range of healthcare services, which are expected to bring tremendous benefits to the residents of the Cayman Islands.
Chrissie Tomlinson Memorial Hospital, the only private hospital in the Cayman Islands, said it offers the highest standard of care with the most sophisticated medical equipment and specialist services.
“Our staff of highly qualified professionals provides you with excellent private healthcare services and quality customer service,” the CTMH said.
The other major health facility in Grand Cayman is the George Town Hospital run by the Health Services Authority (HSA).

Jan 2008 - Restaurant Review

Lobster Pot

Located in Georgetown, this is a restaurant that disappoints in many ways. Not listening to previous reviews that were unpleasant was our first mistake. As well, my dinner partner had dined there a few ago and had warned me that her meal was disappointing.

We arrived for an evening experience and had trouble locating the door for the establishment. That was our second mistake. We were seated and our server although cordial, he was not attentive enough. He brought sparkling water instead of distilled for my friend, and was very lax with with the service.

The ultimate mistake that we made was ordering our meal from the Lobster Pot. I ordered the Caribbean lobster tail. It was in season, and the restaurant touts itself as buying seafood "fresh off the boat". The lobster tail was bland and boring, as was the uninspiring crab legs, overcooked potato, and wilted vegetables it came with. My friend's steak fared no better. It was cooked to order, but a rather tasteless hunk of meat. Again, with the same boring accompaniments...wilted vegetables, and an overcooked potato.

Not even the boring color choice of decor, dark and dingy carpeting, and cramped environment could outdo the outrageous price that we had to pay for sub-par food, and service.

On our way out it was noted by us both of us (being in high heeled shoes), that there was not enough lighting to see the sharp drop one had to make from the restaurant to stairway. There was also no warning sign to watch our step.

Do not go to the Lobster Pot in Grand Cayman Islands, unless you enjoy bland, overpriced meals, in cramped, depressing settings, and want to dislocate a hip or two.

Calypso Grill

Located next to Morgan's Harbor, this restaurant really has it together. I have been here many times and every experience has been very pleasant. I will say that one of those experiences was marred by a young server who had dropped the cap on our bottled water on the floor. She simply picked it up and plopped it right back on the bottle smiling at our dismayed faces. "What, if fell right side up", she said. Needless to say we insisted and received a new bottle of water at no additional charge.

Once you have arrived, you are seated promptly, and brought a small chalkboard with the days specials. Delicious bread arrives fairly quickly, as does a selection of libations or bottled water.

Menu keepers are the fabulous tuna carpaccio appetizer, and spinach and arugula salad. Fabulous mains that you must try include, the Chilean sea bass, lobster and shrimp in white wine cream sauce, and rack of lamb, Finally, you absolutely MUST have their island favorite - "Sticky Toffee" pudding with vanilla ice cream.

Great food, consistent service, beautiful ambience, and a lovely out of the way location, makes Calypso Grill my absolutely favorite restaurant in Grand Cayman.

Cayman Islands to residents: Don't sidestep Sunday dancing ban


GEORGE TOWN, Cayman Islands (AP) - Authorities in this conservative offshore banking hub are warning bars and nightclubs not to sidestep a Sunday ban on dancing and loud music.
Violators of the law, designed to encourage church attendance, run the risk of losing their liquor license, be fined US$500 (¤335) or spending a month in
jail.
The head of the Cayman Islands' liquor licensing board on Tuesday warned that dancing on the day of rest will not be tolerated.
«It is imperative that license holders adhere to the requirements,» board chairman Mitchell Welds said in a statement. «Recently we have received numerous reports of music and dancing on Sundays.
Not everyone in this buttoned-down offshore banking hub agrees with clamping down on Sunday revelry.

Harry Lalli, owner of the Next Level nightclub on Grand Cayman, described the restriction as outdated in the British Caribbean dependency, where the footloose have to call it a night shortly before midnight on Saturdays.
«Saturday night brings in the least amount of revenue,» Lalli said. «We just close on Sundays. What's the point in staying open.

Grand Cayman on the cheap...

Budgeting for fun in the Cayman sun

By KATE P.

Suggest the Cayman Islands to heat-starved individuals and they immediately think high finance -- not affordable holiday.

After all, didn't Tom Cruise's cohorts stash millions on Grand Cayman in The Firm? Aren't some 449 banks doing business here? And what about the massive building boom sending hotels skyward and upping prices on restaurant menus overseen by the likes of superstar Michelin-starred chef Eric Ripert at the Ritz, the same Ritz that made Conde Nast Traveler's Hot List last year?

Happily, you don't need the bank account of Bill Gates to enjoy the lures of Grand Cayman (although you might run into a royal or two as we did when we shook hands with Prince Edward at a National Historic Site). Sure, you won't find the plethora of all-inclusives where you can eat for "free" round the clock. But in my mind, that's a good thing.

Rent a car and tour the island. It costs nothing to savour treats provided by Mother Nature -- like superb snorkelling just offshore in turquoise waters teeming with fish, swinging in a hammock under the Casuarina trees at Rum Point or skimming your toes through some of the best white sand in the Caribbean. All beaches are public including those on ritzy hotel properties.

Plus, many budget hotels like Comfort Suites & Resort, where we stayed last winter, offer suites with kitchen facilities where you can offset those gourmet meals. You really must sample the current foodie extravaganza that's taking over the island. Pick up a coupon book or two at the airport or tourist office and try Portofino for a scrumptious East Indian and roast beef Sunday brunch overlooking the ocean ($18.95) or Coconut Joe's for free happy hour munchies.

Instead of a pricey dinner, opt for waterside lunch at Calypso Grill (their sticky toffee pudding is famous) or an appetizer plate for two and a Stingray Beer on the seaside patio of the Cracked Conch ($21 brings spicy red and creamy white chowder, conch and lobster salad and conch fritters with three sauces).

Between food bursts, visit attractions that are free or cost peanuts, like the new Butterfly Farm, where one admission lets you visit as often as you like. Catherine Edward from Cambridge, Ont., strolled us past some of the 1,100 butterflies flitting through the charming fenced garden and taught us interesting butterfly lore (after mating, males head for the fruit "bar"; females can smell flowers up to five miles away).

At the fascinating Pedro St. James "Castle," Stacy Eden "Mickey" Hurlston, a direct descendent of the fellow whose slaves built the mahogany home in 1780, taught us history. This is where the abolition of slavery was proclaimed in 1835 from the top of the outside steps. Hurlston's mom was born in the house in 1910 and cut the ribbon at the official 1998 opening.

"She was impressed," he said.

The seaward view from the second-floor verandah is alone worth the visit.

Of course, this island isn't all heaven. At some point, you'll likely end up in Hell, in West Bay "at the end of a road paved with good intentions!"

This jagged outcropping of blackened limestone attracts busloads, so go early to take photos or post a postcard stamped "Hell" at the tiny government post office.

"My, it's hot today," remarked a local woman as she sat fanning herself outside. I couldn't resist, "I thought it was always hot in Hell."

I bet she's heard this before but she laughed anyway.

Then it was time to head back to Seven Mile Beach for a perfectly heavenly free swim.

Cayman still has NO official island wide recycling, ban on engine idling, or plans to move the offensive smelling dump.

OPINION PIECE by one of our readers: Recycling is still just a word "DEH calls for recycling" is the headline today in the Caycompass.com, but the onus is not put on individuals to make recycling part of their daily routine. No one feels guilty tossing that beer bottle in with newspapers and sytrofoam containers, because no collection containers are conveniently provided for that purpose. So while the rest of the modern and civilized world recycles, Cayman unabashedly languishes behind in cleaning up their garbage efficiently.
Here is the article: "Make a New Year’s resolution to make recycling a part of your routine, is the word from the Department of Environmental Health (DEH). Protecting our environment by recycling is becoming a top priority for many people in the Cayman Islands,” said the Department of Environmental Health (DEH) Director Roydell Carter. It’s an issue that concerns many people – not only in the Cayman Islands, but throughout the Caribbean, and throughout the world. In order to do their part, the DEH collects aluminium cans, used motor oil and lead acid batteries in Grand Cayman for recycling. These items are stored at the landfill until sufficient quantities are collected, after which they are shipped to a recycling facility in the US. And after the holidays, the public is encouraged to drop their natural Christmas trees at specific locations in Grand Cayman, so that the tress can be recycled into mulch. DEH also has the following tips to help residents recycle year round, at home and in the office. Everyone can take part in recycling; everyone can do their part to help the environment,” said DEH Public Education and Promotions Officer Tania Johnson. The article ends at this point. Where are those recycling tips Tania? --------------- Automobile idling is rampant in Grand Cayman You see it everyday. It's hot enough to fry an egg on the sidewalk, yes. But witness the SUV with the motor running, air conditioning going, and the missing occupant. Oh, they have been in the bank line up for the past 30 minutes. They finally stroll back to their vehicle, heave their sweaty, oversized butts into the coolness of the drivers seat and take off. This monumental contribution to the depletion of the ozone layer is played out thousands of times a month by ignorant Caymanians everywhere. Here are some facts for your foolish and selfish acts: The average car produces its own weight in CO2 emissions each year. By not idling you’ll reduce harmful greenhouse gas emissions that contribute to problems such as smog and global warming and depletion of the ozone layer. Ten seconds of idling uses more fuel than restarting your engine. Depend ing on gas prices, you can expect to save well over $70 per year just by turning off your engine. Idling a vehicle for 10 minutes a day uses up more than 100 litres of gas a year. By turning your engine off, you and others around you won’t have to breathe unhealthy exhaust fumes from a vehicle going nowhere. SO TURN OFF YOUR BLOODY ENGINES WHEN YOU GET OUT OF THE CAR LARD ASSES! ---------------------- The Grand Cayman Dump An embarassment to the country and a gut wrenching, offensive smelling, barely hidden, monstrosity that keeps growing. What to do with this island's garbage dump is apparently still a mystery to the Cayman government. Located along the well traveled bypass, which is then only about a hundred meters from some prime "Seven Mile" beach, the smell that emanates from the waste in this place has made me wretch several times since living on this island. It is amazing to me that several residential complexes and developments have gone up around the dump that were selling for more that $100, 000. One could not pay me to live in such putrid conditions on a daily basis. Perhaps with the decades old ongoing promise of moving the dump further inland, the value of those dwellings would show itself in the future, but for now no such action is forthcoming.

Two Newspapers in Cayman - Two Different Perspectives

The Caymanian Compass is the Cayman Islands’ only Daily Newspaper. Established in 1965, the paper is published Monday through Friday. It is widely rumoured that articles in the Compass are often subject to various forms of censorship. As such it proudly bills itself as "Cayman's National Newspaper" and "the Cayman Islands leading newspaper".

The Cayman Net News describes itself as "The first quality-broadsheet to be published daily in the Cayman Islands, the new-look Net News delivers timely, in-depth and thought-provoking coverage of the issues of the day..." and "considered the leader in presentation of news of the Cayman Islands to a very wide readership at home and overseas."

The Caymanian Compass often purports the Net News to be the 'tabloid' newspaper. However, the Net News presents an unbiased look at the news in Cayman without having to save face. Both of theses newspapers are necessary, and for all intents and purposes, each one serves to keep the other in check.

The Annual Magnum Jewelry Party

Jewelry designer Harry Chandi with models: Ambuyah Ebanks, Belinda Hart,
Stephanie Espeut and Josephine Shibli.

Magnum is a well known name in Grand Cayman. An accomplished jeweler, Chandi designs many of the original pieces on display in the store, some of which are entirely unique. Situated in the down town harbor front area Magnum may be a magnet for cruise visitors, but Chandi also has a loyal following of local customers who come back time and again to see his latest creations.

Chandi's glitzy party offered Cayman's "A Listers" the opportunity to see some of his most creative designs just in time for Xmas. Customers gathered around glittering glass cases, while the experts at Magnum explained that diamonds remain as popular as ever among customers. The rare colored stones from Australia such as canary diamonds which radiate an incredible yellow sunny hue, as well as the delicate pink and blue diamonds, are especially attractive as they make for unusual and beautiful pieces. The combination of a timeless d