Maples and Calder responds to Trikona Advisers’ Press Release
Cayman is a leading jurisdiction for the formation of international investment funds (including hedge funds and private equity funds) managed by major financial institutions and investment fund managers, global business joint ventures, and companies formed by multinational businesses. Those vehicles often provide an opportunity for pooling global capital from institutional investors – including lenders, pension funds, charitable foundations and university endowments – around the world to support economic development worldwide. Government agencies and development banks regularly invest in Cayman investment funds. Many support businesses and finance infrastructure projects in developing countries in South America, the Middle East and Africa.
The Cayman Islands government has taken many proactive steps to enhance its cooperation with both US and international regulators to adopt “best practice” international standards and to strengthen its regulatory structure against money laundering, terrorism, crime and tax fraud. As the GAO Report confirmed, the IRS, the DoJ, the Treasury and the SEC have all recognised that the Cayman Islands authorities provide requested information under the appropriate statutory regime in a timely and co-operative manner, with the GAO noting in particular that “US officials said that cooperation with the Cayman Islands government has been good.”
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To read Trikona Press Release referred to in above go to article published in iNews Cayman on March 14, 2013 “Cayman Islands seeks to protect its tax shelter racket by seeking to extend its sovereignty to the US” go to:
See also article in today’s iNews Cayman “Trikona Advisers Ltd. v. Rakshitt Chugh et al: Defendants’ Memo on Cayman Proceedings” at:
http://www.ieyenews.com/2013/03/trikona-advisers-ltd-v-rakshitt-chugh-et-al/