News about the Cayman Islands in the Foreign Press

Wednesday, October 13, 2004

Americans told to stay away from Grand Cayman

BRADENTON, USA – According to the Bradenton Herald, the US State Department is still telling visitors to stay away from the Cayman Islands. Tourism officials in Grand Cayman report more about what is being done to restore power and services than about the damage.

France's deals with Saddam involved Cayman accounts

LONDON, England – The Observer reports that dramatic new details of France's secret dealings with Saddam Hussein's regime have emerged as part of a fresh corruption investigation into alleged illicit oil deals. Three executives of France's largest oil corporation have been charged in Paris over claims that they funnelled millions of dollars through a Swiss company in order to bribe officials to gain oil deals in Iraq and Russia. The Swiss firm is alleged to have served as an intermediary for some $20 million in payments by the oil group into offshore accounts in the Bahamas and Cayman Islands between 1996 and 2001.

Firm defrauded US of millions using Cayman companies

WASHINGTON, USA – According to the Contra Costa Times, a politically connected start-up firm, awarded a no-bid contract to provide security for Baghdad's airport, defrauded US taxpayers of tens of millions of dollars, using shell companies in Cayman to help inflate bills that were passed on to taxpayers.

Nicaraguan president deposited cheques in Cayman account

MANAGUA, Nicaragua – AFP reports that investigators in Nicaragua are trying to establish the origin of checks totalling $326,000 endorsed to President Enrique Bolanos and deposited in an account in Grand Cayman.

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