The Board of Directors of the Electricity Regulatory Authority (ERA) announced today the suspension of Managing Director, Mr. Joseph Ebanks as a result of findings from an audit of the Office of the Auditor General.

The Office of the Auditor General had been performing the audit of the financial statements of the ERA for 30 June 2013 when it came to the attention of the auditors that there were some irregular financial transactions. The Board of Directors was notified of the findings on 28 February 2013 and action was taken to protect the assets of the ERA.

It is the Authority’s responsibility to refer these matters to enforcement agencies such as the Financial Crimes Unit of the Royal Cayman Islands Police Service.

The Office of the Auditor General will assess the impact of these matters on the current audit of the ERA as they develop.

ERA – Press Release

His Excellency the Governor in Cabinet has suspended the Managing Director of the Electricity Regulatory Authority, Mr. Joseph Ebanks and relieved him of all duties related to his position in the organisation. The decision was based on the preliminary findings by the Auditor General from his investigation into some inappropriate financial transactions which was reported to the Board of Directors of the ERA on Thursday February 28th 2013. The Board unanimously supported the recommendations of the Auditor General following his preliminary report. The

Auditor General’s findings are being provided to the Financial Crimes Unit of the Royal Cayman Islands Police Service to investigate further.

Mr. Louis Boucher has been appointed as the acting Managing Director of the ERA. Having worked as the Deputy Managing Director since 2009, Mr. Boucher has experience in project and operations management as well as the evaluation of capital investment decisions in the utilities and power generation sectors, including the analysis of renewable energy projects from a technological, environmental and financial viability standpoint. As Deputy Managing Director, Mr. Boucher was responsible for reviewing and analysing licensee submissions and regulatinglicensees in accordance with the Licenses and ERA Law.

The Board of Directors will provide updates on this matter as necessary.