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Cayman Islands News, Articles and InformationBrac's Wahler is best at school's essayCAYMAN Brac High School's Brendan Wahler emerged as the best essay writer in the Cayman Islands' school system after eclipsing three other students in the finals which took place on Thursday 22 June.The Rotary Club, which organised the essay contest for Cayman's schools, announced the winner at its luncheon at the Westin Casuarina on the Seven Mile Beach. Students were asked to write on the topic "My Cayman" and the quartet of Wahler, Erin Hislop, Chanelle Ramoon and Krystal Hydes topped their colleagues with superior skills. Mr Wahler, whose trip to Grand Cayman was sponsored by Cayman Airways, expressed excitement on capturing the laptop computer and other prizes as the winner. "I'm pretty excited, glad that I have won obviously," he told Cayman Net News after the ceremony. Investcorp completes $200m OHL financingInvestcorp Bank recently completed a $200 million third party financing for its majority shareholder Ownership Holdings Limited (OHL), it is learnt."The loan to OHL is secured by 165,000 issued ordinary shares of Investcorp owned by OHL, and is non-recourse to Investcorp," Anthony L Robinson, Group Financial Controller, Investcorp Bank, said in a letter sent yesterday to the Bahrain Stock Exchange. OHL is incorporated in the Cayman Islands. Proceeds of the financing will be used to reduce loans from the Investcorp Group to intermediate shareholders, the proceeds of which were invested in Investcorp shares and which up to now have been deducted from Investcorp's equity as funding, the letter said. The result of these series of transactions will be to significantly increase Investcorp's net economic base. Walkers Sees Changes in Middle East Private Equity MarketWalkers, the global offshore law firm of choice for investment banks, international law firms, collateral managers, and other financial institutions, said today that there has been rapid growth in the private equity market in the Middle East in both the number and size of funds. The firm reports that growth in the market is bolstered by the fact that typical private equity fund structures are consistent with Shari'ah principles of sharing in risks and rewards commensurate with capital contributions, making private equity investments particularly attractive to Islamic investors. "A confluence of factors in the region such as high oil prices, the real estate boom, a marked increase in infrastructure development and privatizations -- as well as the stellar returns for PE from the IPO market over a short history -- could lead to a tripling of the size of the region's private equity industry over the next five years," Rod Palmer, Managing Partner of the Walkers Dubai office, said.
Economic Crime Survey will shock says ChamberCayman Islands Chamber of Commerce President, Morgan DaCosta, has warned that the findings of a fraud, embezzlement, asset misappropriation, and corruption-levels report on Cayman will surprise many people because of the insight the report provides into the magnitude of financial fraud committed among Cayman residents. The 40-page report is called an Economic Crime Survey and, according to Mr Morgan, is the first of its kind for the Cayman Islands. The Chamber will go public with the report this month and reveal the estimated costs associated with financial crime here. What is compelling is the estimated cost that businesses spent to prevent and combat the problem, said Mr DaCostsa, previewing another aspect of the report at a special Chamber of Commerce lunch last week at the Wharf Restaurant focusing on crime.Viteos Fund Services Expands Presence to Cayman Islands and ...SOMERSET, N.J., June 14 /PRNewswire/ -- Viteos Fund Services ("Viteos"), a global hedge fund operations service provider, today announced that it has opened a Cayman Islands office and reached 80 employees worldwide with further expansion of its operations in Bangalore, India to support rapid business growth. The launch of a dedicated Cayman operation enables Viteos to offer high quality offshore fund administration service to its existing and potential offshore fund clients. "Our new Cayman facility is in direct response to client demand as approx. eighty percent of the world's hedge funds are registered with the Cayman Islands Monetary Authority (CIMA) and we identified the need to have our own local presence to complement our Bangalore, India-based processing center within our global delivery model," said Shankar Iyer, CEO of Viteos Fund Services.
Best Assigns VASCO Re Debt RatingA.M. Best Co. has assigned a debt rating of "bb" to the $50 million senior secured floating rate notes, due June 5, 2009, issued by VASCO Re 2006 Ltd. (the issuer), a newly created Cayman Islands exempted company licensed as a Class B insurer."The primary business purpose for the creation of the issuer is for the issuance of the notes and servicing and performance of the various agreements entered into, including the reinsurance agreement, bank deposit agreement and other related activities," Best explained. "Proceeds from the issuance of the notes will be deposited into a collateral trust account and will be available to pay any loss payments required to be made by the issuer under a multi-year reinsurance agreement entered between the issuer and Balboa Insurance Company and its affiliates (ceding insurer)," the bulletin continued.
Queen Honours four CaymaniansCarmen Conolly is recognised for services to the community; Bernice Hawkins is recognised for services to the nursing profession and Dr Sook Yin is recognised for services to the medical profession and charitable organisations. Born 13 September 1956, the eldest daughter of Jay and Mary Bodden, Ms Bodden has dedicated most of her adult life to others. Cayman affected by first named stormTropical Storm Alberto, the first named storm of the 2006 hurricane season, caused flooding, sporadic power outages and cancellation of the Queen's Birthday celebrations in the Cayman Islands last weekend.The local Meteorological Office told Cayman Net News that 8.7 inches of rain was dumped on Grand Cayman from Wednesday, 7 June to Monday 12, June 2006. According to the weather office, the highest rainfall occurred between Thursday night and Friday morning when 3.54 inches of rainfall was recorded. Last Friday, public schools were closed at midday while some businesses and government offices where shut down long before their 5:00 pm closing. Several areas around Grand Cayman and the Sister Islands experienced flooding with motorists having to exercise extra precaution due to inclement weather. |
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