iNews Briefs
Passport security loans in Cayman
Officers of the George Town CID are investigating a suspect who has been loaning monies to persons on a high interest rate and holding their passports as security for the loans. When they defaulted on the loans, the suspect refused to return their passports.
A number of persons have complained to the RCIPS who are assisting the detectives with their investigation.
However, the detectives believe that there may be more victims involved in the business who should contact DC 338 Stacyann Stewart at 324-0684 to assist her in her investigation and to assist them in having their passports returned.
18year old Cayman man missing at sea rescued
Roger Johan Wood (18) who was missing from Tuesday (29) evening has been found alive and well.
Wood went fishing alone in a 16ft aluminium boat 9am Tuesday morning from the Duck Pond area but failed to return or contact family members and friends.
A search and rescue involving the Royal Cayman Islands Police Service helicopter took place from 7pm that included the police marine vessel Niven D.
At around 11pm 911 received a call from Wood who said his boat had broken down and he was in the mangroves near Calypso Grill. The police boat rescued him and he was said to be in good health.
Mother and children brutally murdered in Jamaica
From Caribbean360
KINGSTON, Jamaica, Wednesday April 30, 214, CMC – Jamaica police say a man is assisting their investigations into the murder of a mother and her two sons on Tuesday.
Police said that the bodies of Nadine Carridice, 42, and her sons Jevaughn Thomas, 16, and Roshane Ellis, 11 were found with stab wounds. The throat of the mother had also been slashed.
The incident occurred in the Good Hope district, near Porus Manchester.
So far more than 200 people have been killed this year. Last year 1197 persons were murdered in Jamaica.
For more: http://www.caribbean360.com/news/mother-and-children-brutally-murdered-in-jamaica#ixzz30O9diJ1q
Cayman North Side MLA says white collar crime is on the increase and under reported
Independent Cayman Member of the Legislative Assembly for North Side, Ezzard Miller, said Cayman’s employers are not reporting suspicions of white collar crime.
He said the tendency to sweep things under the carpet and overlook the offences is as damaging as the crime itself for Cayman’s image. He also believes there is a certain prejudice in the business community and among the authorities.
He said the authorities are quick to prosecute his hungry constituents who take extra conch but people turn a blind eye when it comes to those in white-collars stealing, in some cases, hundreds of thousands of dollars from employers.
Just recently Cayman’s media have heard of a number of suspicions regarding crime by employees with persons being dismissed but except for only one or two have any reports been made to the police. These have involved small businesses and even large ones that have included a major high street retailer, a leading hotel, a security firm, an offshore financial institution and a tourist retailer.
Prominent St Lucia hotelier reported missing, feared dead
From Caribbean360
CASTRIES, St Lucia, Sunday April 27, 2014 – St Lucia police are currently investigating a missing persons report lodged on Saturday by the family of a prominent hotel owner according to the St Lucia News Online web site.
The St Lucia News Online reported that the businessman did not come home Friday night and the vehicle he owns matches the description of the burnt Range Rover which was discovered with a charred body inside in Cap Estate.
The identity of the hotel owner has not been released pending further investigations relating to the discovery of the burnt remains and ongoing attempts to locate an individual who drives a similar vehicle. (Source: www.stlucianewsonline.com)
Sexual abuse of children awareness campaign by Cayman Red Cross
The Cayman Islands Red Cross has created an educational DVD in an effort to raise awareness of the issue of sexual abuse of children that authorities believe is grossly under-reported in the Cayman Islands.
According to the Royal Cayman Islands Police Service’s annual crime statistics between 2010 and 2013 more than 55 reports of rape and more than 45 reports of defilement – an offense committed against a child under the age of 16 – were filed.
In their effort to tackle the issue, the Red Cross has been collecting data from local experts over the past 18 months and compiling it on a DVD that they hope will help standardise the way Cayman will raise awareness of and educate the public on child sexual abuse here.
The Cayman Islands Red Cross joined with the Royal Cayman Islands Police Service’s Family Support Unit, as well as the Cayman Islands Crisis Centre, the Department of Children and Family Services, and other organisations in making the DVD.
The DVD, set to be released on May 15th.
Highest rise in imports by Cayman residents since 2009 says minister
The value of goods imported by Cayman residents rose by 2.1% that amounted to $774.5 million last year.
Marco Archer, Minister for Finance and Economic Development said, “This is the highest level of imports recorded since 2009. In addition to higher fuel imports, there were significant increases in capital goods and industrial supplies which are vital to economic growth.”
Investment in tax havens rises
From Korea Herald
The amount of money wired by Korean firms to their special purpose companies in tax havens continues to rise, according to data from the Bank of Korea, Thursday.
Financial investments in the form of stocks and bonds to locations such as the Cayman Islands, Bermuda, the British Virgin Islands and Labuan (Malaysia) reached $2.66 billion in 2013 — 64.2 percent more than the previous year.
Investments in the Cayman Islands, especially, expanded from $70 million in 2009 to $2.51 billion in 2013.
For more: http://www.koreaherald.com/view.php?ud=20140424000734
Writ of Summons issued in Cayman Court between two boat companies
Writ of Summons in Cayman Diveshuttle Ltd. v. Boating Made Easy Ltd. at the Grand Court of the Cayman Islands.
For more: http://www.offshorealert.com/GetDocument.aspx?id=50040
One injured as bus comes under fire in Jamaica
KINGSTON, Jamaica, Monday April 28, 2014, CMC – One person was injured late Saturday in yet another attack on a bus operated by the state run Jamaica Urban Transit Company (JUTC).
The police report that shortly after 9:00 pm the bus came under heavy gunfire as it transported passengers from Portmore in the central parish of St Catherine.
“There was an attack on the bus that runs from Greater Portmore to the Half Way Tree Transport Centre. One shot was fired, it entered from the left of the bus and exited on the right,” said Clinton Clarke, JUTC’s Communications manager.
He said the JUTC has been working with the police to ramp up security on its buses. He also made an appeal to persons who continue to target the company’s buses.
“We are in fact discussing with the police to ramp up security even more, we have asked them and they have been giving us support since the attacks have started,” he said.
Since the implementation of a new sub-franchise system on April 8 there have been incidents in which JUTC buses have been damaged.
Earlier this month the windscreens of two buses were shattered by persons who threw stones as they plied routes in Kingston and St. Andrew.
For more: http://www.caribbean360.com/news/one-injured-as-bus-comes-under-fire-in-jamaica#ixzz30NWtof6t
Cayman, Belgium sign tax information exchange agreement
Minister of Financial Services Wayne Panton and the Ambassador of Belgium, Her Excellency Godelieve Van den Bergh signed a tax information exchange agreement (TIEA) on Thursday, 24 April, in the Government Administration Building.
The TIEA, Cayman’s 35th, provides for the exchange of information for tax purposes, upon request.
Attending the signing ceremony were Director, Department of Financial Services Policy and Legislation, Michelle Bahadur; Director, Department of International Tax Cooperation (DITC), Duncan Nicol; Councillor, Ministry of Financial Services, Roy McTaggart, MLA; the Ministry’s Chief Officer Dr Dax Basdeo, and Deputy Chief Officer Tamara Ebanks; and DITC’s Assistant Director Iain Blackwell.
4 Cayman murderers to be released
In a statement from the governor’s office it said, “within the next 18 to 20 months, four murderers serving life sentences in Her Majesty’s Prison, Northward, will be released.”
The statement emphasized the men will be “gradually released” and closely monitored thereafter and could easily be returned to jail if they violate the terms of their release.
“They will be supervised by the Department for Community Rehabilitation and will be subject to licence conditions, such as a curfew and regular meetings to aid their rehabilitation. If these conditions are broken, the individuals can be recalled to prison with immediate effect.”
The governor’s office did not give the names of the men convicted of murder to be released.
Wuxi Pharmatech (cayman) (WX) – Hot Bio-Tech News
SHANGHAI, April 30, 2014 /PRNewswire/ — WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading pharmaceutical, biotechnology, and medical device R&D services company with operations in China and the United States, today announced that its analytical and stability testing facilities, located in Shanghai Waigaoqiao Free Trade Zone, have successfully passed an FDA general GMP inspection. This achievement brings regulatory advantages and potential expedited approval to clients who use these WuXi services for their NDA/ANDA filings and commercial analytical and stability testing. The clinical trial materials manufacturing for drug products (CTM), packaging and labeling facilities were also inspected and found to be in compliance.
“This favorable FDA inspection outcome, in addition to last year’s MPA (EMA) approval, reflects the quality of our analytical and stability testing and CTM facilities, the robustness of our quality assurance system, and the high caliber of our employees,” said Dr. Ge Li, Chairman and CEO of WuXi PharmaTech. “We are committed to building operations with the highest standards of quality across our entire platform of R&D services.”
CARICOM Seeks Consensus on Strategy to Reduce Adolescent Pregnancy in the Caribbean
(CARICOM Secretariat, Turkey, Greater Georgetown, Guyana) Representatives from the 15 CARICOM Member States met in Gros Islet, St Lucia April 29 -30 to agree on a strategy and action plan to reduce adolescent pregnancy in the region. The meeting was a follow-up to the High Level Multi-stakeholder Consultation on the Reduction of Adolescent Pregnancy in the Caribbean that was convened in Port of Spain, Trinidad & Tobago on December 9, 2013.
At that meeting, a draft strategic framework on adolescent pregnancy commissioned by CARICOM’s Council for Human and Social Development (COHSOD) in May, 2013 was presented for inputs and consensus from the wide cross section of stakeholders. These included representatives from government, including ministers and technical personnel, civil society, the private sector, youth organizations, the United Nations System and other international development partners.
The meeting is another stage of the consultative process aimed at securing broad-based multi-stakeholder engagement and support before the strategic framework is presented to (COHSOD) later this year. Director, UNFPA Sub-regional Office for the Caribbean Sheila Roseau said the meeting provides an opportunity for the region to effectively respond to the call of the 47th Commission on Population and Development for governments to develop, strengthen and implement effective strategies to address the needs of vulnerable groups including adolescents and youth who are a major resource for development and key agents of social change.
“We cannot talk about sustainable development without addressing in a serious way, the needs of young people who make up over 60% of the population of CARICOM. Teenage pregnancy is one of the major challenges standing in the way of girls’ education and their ability to achieve their full potential, especially when the necessary support systems are not in place.” Despite the fall in total fertility rate, adolescent birth rates remain relatively high in the Caribbean. The birth rate ranges from 26 to 97 per 1,000 among girls aged 15 – 19 years old.
“This meeting provides an opportunity for the region to prepare and present to COHSOD a comprehensive approach to addressing adolescent pregnancy that reflects the inputs of the people of the region,” Ms. Roseau said.
The meeting is being organized by CARICOM with support from UNFPA.
For More Information Contact:
Althea Buchanan
Advocacy & Communications
UNFPA Sub-regional Office for the Caribbean
Vantage Drilling Company schedules first quarter 2014 earnings release date
HOUSTON, TX — (Marketwired) Vantage Drilling Company (“Vantage”) (NYSE MKT: VTG) announced that it will conduct a call at 12:00 PM Eastern Time on May 6, 2014 to discuss operating results for the first quarter 2014 and recent developments. Vantage will release earnings before the market opens on May 6, 2014. To access the conference call, U.S. callers may dial toll free 888-609-5666 and international callers may dial 913-312-0650. The pass code will be 3907618. Please call ten minutes ahead of time to ensure proper connection. A replay of the conference call will be available for two weeks following the call and can be accessed by dialing 888-203-1112 for U.S. callers and 719-457-0820 for international callers. The access code for the replay is 3907618.
About the Company
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as an additional ultra-deepwater drillship, the Cobalt Explorer, now under construction, and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.
For further information, contact: Paul A. Bragg Chairman and Chief Executive Officer (281) 404-4700
Research shows sleep can boost immune system and fight infection
From Caribbean360
PENNSYLVANIA, United States, Wednesday April 30, 2014 – Since early childhood, most of us have been urged to rest in order to speed up recovery and ward off complications from a variety of ailments. Now researchers have finally come up with proof that one of the best ways to combat infections is to sleep them off.
The scientists say that sleep gives our immune systems a major boost, especially if we are battling an infection
In the case of major infection, sleep can even save lives, according to the results of experiments with fruit flies.
Scientists from the University of Pennsylvania’s Perelman School of Medicine found that in fruit flies sleep enhances immune system response and recovery from infection.
“Many studies have used sleep deprivation as a means to understand how sleep contributes to recovery, if it does at all, but there is surprisingly little experimental evidence that supports the notion that more sleep helps us to recover,” said Julie Williams, who led the study.
“We used a fruit fly model to answer these questions.”
Along with post-doctoral fellow, Dr Tzu-Hsing Kuo, Williams conducted two related studies to directly examine the effects of sleep on recovery from and survival after an infection.
The team’s findings appear online in two related papers in the journal Sleep, ahead of print editions in May and June.
“It’s an intuitive response to want to sleep when you get sick,” Williams said. “These studies provide new evidence of the direct and functional effects of sleep on immune response and of the underlying mechanisms at work.
“The take-home message from these papers is that when you get sick, you should sleep as much as you can – we now have the data that supports this idea.”
Cayman Islands Football Association (CIFA) to enter team in FIFA Beach World Cup qualifying
The Cayman Islands Football Association (CIFA) have confirmed that for the first time Cayman plans to enter a team in FIFA Beach World Cup qualifying.
The qualifying begins this year and the World Cup is held in 2015.
A host location has not yet been picked.
‘Herbalife punished 600 distributors’
From Business Times
WASHINGTON: Herbalife, a weight loss and nutrition company being investigated for allegations of running a pyramid scheme, disciplined 600 distributors last year for making unsubstantiated medical claims about its products, ABC News reported on Wednesday.
The network said the company disclosed the figures after an ABC News investigation found what it called examples of distributors boasting to potential customers that the company’s products helped treat maladies ranging from diabetes to heart disease. Reuters
Read more: ‘Herbalife punished 600 distributors’ – Bizbrief – New Straits Times
For more: http://www.nst.com.my/business/bizbrief/herbalife-punished-600-distributors-1.578101#ixzz30OSDomdU
Investigative journalism contest accepting submissions [Latin America, Caribbean]
Journalists who have published their work in Latin American or Caribbean news outlets can compete.
Transparency International and the Instituto Prensa y Sociedad organize the Latin American Investigative Journalism Award. The award’s purpose is to encourage greater transparency in government, business and media.
Investigative stories on any topic of public interest can be submitted. Entries will be accepted in English, Spanish or Portuguese. Print, online, television and radio reports are all eligible, and reporters can submit work done independently or in teams.
Reports must have been published in 2013.
The first, second and third place winners will receive US$15,000, US$10,000 and US$5,000 respectively. Authors of the best investigative reports will also be invited to the 2014 Latin American Investigative Journalism Conference on Oct. 10-13 in Mexico City.
The deadline to apply for the contest is May 31.
Artemis is Planning the Launch of Pan-Europe Hedge Fund
British leading investment manager Artemis is targeting the launch of a Pan-European hedge fund later this year, to be run by Tim Steer and Paul Casson.
The launch is subject to regulatory approval and will be a Ucits-compliant fund based on a Cayman Islands-domiciled hedge fund run by Mr Steer since 2009. The hedge fund was initially invested purely in UK equities, but the hire of Mr Casson in 2013 saw it expand its remit.
The group said it planned to launch the new product in the third quarter of 2014 with sterling share classes. The clean fee share class is to be priced at 0.75 per cent and a performance fee will apply.
Source: FT Adviser
Union faults hospitals on off-shore accounts
From SF Gate
BOSTON (AP) — The state’s largest nurses’ union and a handful of state lawmakers are faulting hospitals in Massachusetts for keeping money in offshore accounts and urging what they say is greater transparency in hospital finances.
The Massachusetts Nurses Association is pushing legislation which would require hospitals to report all investments.
At a Statehouse press conference the union released a list of 40 hospitals with offshore accounts in locations like the Cayman Islands and Bermuda.
The Massachusetts Hospital Association called the Statehouse event a union-backed “publicity stunt” and said some hospitals create off-shore accounts for self-insurance purposes.
The association said self-insurance is a “long-standing, fiscally sound and cost effective practice for hospitals compared with the purchase of commercial coverage” and those self-insurance entities are traditionally held in the Cayman Islands or Bermuda.
For more: http://www.sfgate.com/news/article/Union-faults-hospitals-on-off-shore-accounts-5439076.php
Shares in RAK Ceramics sold to the Cayman Islands
30% of RAK Ceramics is being sold to a Cayman Islands company.
Sheikh Saud bin Saqr al-Qasimi has agreed to sell 250 million shares in the company to the Samena Limestone Company.
Carey Olsen wins Best Private Client Legal Team
From James Qualtrough
Carey Olsen has been named Best Private Client Legal Team at the Wealth Adviser Awards 2014.
Wealth Adviser’s 13,000 subscribers around the world vote for service providers in private banks, independent financial advice, family offices, wealth management, fund management, taxation, trust, legal, accounting and technology firms.
Carey Olsen’s sizeable international private client team of 32 lawyers includes seven partners and provides trust and estate planning advice across its Guernsey, Jersey, British Virgin Islands and Cayman Islands offices. The firm’s legal services include advice on wealth management, taxation, asset protection, family law, property acquisitions, residency advice and trusts and fiduciary work. In the past year the team received instructions from a wide variety of global jurisdictions including China, the Middle East, Russia, Africa and Turkey.
The firm also won Wealth Adviser’s Best Offshore Law Firm in 2013.
Carey Olsen partner, Konrad Friedlaender, said: “Winning Best Private Client Legal Team is a great achievement for our team and reinforces Carey Olsen’s reputation for delivering the highest quality private client legal services across our jurisdictions. This award is a significant endorsement of our expertise across the BVI, Cayman Islands, Guernsey and Jersey and reflects our expanding global offering in this sector.”
The Wealth Adviser Awards were established in 2013 to bring together the leaders in global wealth management and this year showcases wealth managers, advisers and service providers who are successfully realigning their business models to deal with the challenges of regulation, deregulation and to profit from consolidation, strong investment models and significant investment in technology.
For more: http://guernsey.isle-news.com/archives/carey-olsen-wins-best-private-client-legal-team/15191/
