Archive for July, 2008

ACE moves Holding Company from Cayman to Switzerland

Sunday, July 27th, 2008

On July 21, 2008, ACE Limited announced the completion of the previously-announced re-domestication of the holding company from the Cayman Islands to Switzerland.

ACE Limited will continue to be registered with the Securities and Exchange Commission (SEC) and prepare its financial statements in USD and according to US GAAP reporting requirements. The company’s shareholders will go on receiving dividends in USD, and, as previously, the common shares will trade on the New York Stock Exchange under the same ticker symbol (“ACE”).

On July 10 and July 14, 2008, the ACE Annual General Meeting was held. At the meeting, the shareholders approved all proposals voted upon.

The re-domestication of the company became official after governmental filings were made in Cayman and in Switzerland and after the holding company was set up in Zurich.

Cayman Hearing announced by Senate Panel

Tuesday, July 22nd, 2008

The US Government Accountability Office (GAO) has been carrying out an investigation of a Cayman Islands building listed as the address of thousands of companies, and their evaluation of US tax compliance implications. The investigators will report the findings of their investigation to the Senate Finance Committee.

Investigators are expected to report at a Finance Panel hearing on July 24. The report should contain information on how many American businesses have addresses in the Cayman Islands as well as on how many American corporations have subsidiaries in Cayman. They will also provide a review on the substantial presence of hedge funds in Cayman along with other financial industries, the amount of assets involved, how easy it is for US citizens to establish an offshore company in this jurisdiction. Investigators will also deal with the question what challenges are faced by the US Internal Revenue Service (IRS) when attempting to uncover offshore tax evasion.

CIMA appoints new chairman

Wednesday, July 16th, 2008

On July 10, 2008, it was announced that Mr Carlyle McLaughlin Jr. has been appointed as the Chairman of the Board of Directors of the Cayman Islands Monetary Authority (CIMA) by the Governor in Cabinet. The appointment will be effective from July 27, 2008.

McLaughlin was a CIMA director since 2005, and now he will replace Timothy Ridley and become its Chairman. Ridley’s term of office expires on July 26, 2008.

Cabinet has also appointed new directors to the CIMA Board. They are two long-standing financial industry professionals Harry Chisholm and Richard Harris.

When announcing the changes, Financial Secretary Kenneth Jefferson said that the outstanding contributions made by Ridley to the Authority since his appointment to the Board in 2002 and during serving as the Chairman from 2004 have been noted by Cabinet. The Financial Secretary said :”The Cayman Islands Government and the Portfolio of Finance and Economics appreciated the high standard of professionalism, acuity and vigour with which Mr. Ridley discharged his duties in this very demanding role”.

Voluntary Liquidation for Cayman Funds

Friday, July 11th, 2008

In the end of June, the Cayman Islands Monetary Authority (CIMA) confirmed that the funds’ shareholders have placed 3 CIMA-registered investment funds and one fund, not regulated by CIMA, into voluntary liquidation.

The Cayman-domiciled entities are Grand Island Commodity Trading Fund I, Grand Island Commodity Trading Fund II, and Grand Island Income Fund. These funds were registered by CIMA in 2006. The Cayman-domiciled Grand Island Master Fund is unregulated.

At an extraordinary general meeting on June 17, 2008, the shareholders appointed the Joint Voluntary Liquidators (JVLs) – David Walker and Nick Freeland of PricewaterhouseCoopers. It should be noted that the action was taken following discovering the irregularities in the trading activities of the funds.

The Authority is going on with its own investigation into the matter and it will work with the courts and/or the liquidators in order to bring about the right winding up of the funds.

C&W launches pre-paid service

Monday, July 7th, 2008

Cable & Wireless that last year upgraded its mobile network and infrastructure has recently launched pre-paid service for its line of BlackBerry smartphones. An introductory price was set at $5 per week.

According to C&W Cayman Chief Executive Tim Adam, customers had waited for this new service which is be the 1st of its kind in the Caribbean. He said that the jurisdiction has one of the highest BlackBerry penetrations in the world, which will be made even higher with pre-paid BlackBerry service.

It is worth noting that BlackBerry was originally thought as a tool for larger businesses, however, it has become extremely popular for numerous users because of its wireless data capabilities that include instant messaging, e-mail, and Internet browsing.

Census 2010 Committee holds 1st Meeting

Wednesday, July 2nd, 2008

On June 12, 2008, initial planning for the Cayman’s next Population and Housing Census officially began. This planning of Population and Housing Census to be carried out in October 2010 has already been described previously.

Preparation and implementation of the census was approved in February 2008.

The planning began with the 1st meeting of the 2010 Census Advisory Committee (CAC).

The committee consists of 10 members. It includes government ministries and related agencies representatives. They will advise the Economic and Statistics Office (ESO) on census content, promotion, publicity, material, and legal aspects. CAC will be chaired by Ronnie Andersson, ESO’s Chief Statistician.

It should be noted that population censuses have been conducted in the Cayman Islands since 1802, while the last one was held in October 1999.