News about the Cayman Islands in the Foreign Press

Friday,  November 5, 2004

Kerry criticises Cayman

LOS ANGELES, USA – According to Front Page Magazine, unsuccessful US presidential candidate John Kerry’s choice of countries to target also seems somewhat strange. 

He saw global crime as stemming from global capitalism, and he criticized free societies such as the Cayman Islands for being so-called tax or bank secrecy havens while giving no mention to Arab States that were known to be supporting terrorists.

Lawsuit in Cayman against private equity fund

RIO DE JANEIRO, Brazil – The New York Lawyer reports that global investment fund manager, Globalvest Management Co., has sued Brazilian investment manager, Daniel Dantas, and his company, Opportunity Equity Partners. Opportunity Equity is a private-equity fund in which Citigroup is the sole investor. That suit is being pursued in the Cayman Islands. Globalvest’s lawsuit was in response to a suit filed by Opportunity Equity in Brazil. That suit alleges that Globalvest used its stakes in two Brazilian cellular phone companies to illegally gain control over them. 

Barbados Light & Power restores power to Cayman

BRIDGETOWN, Barbados – According to the Nation News, a Barbados Light & Power team has managed to “light up” the lives of an estimated 55,000 people in the Cayman Islands. The passage of Hurricane Ivan had severely damaged the electric distribution system and the Cayman Islands’ power company, Caribbean Utilities Company in their initial assessment indicated the full restoration of power would take over three months. Distribution Supervisor, Reginald Parris said, “It was a very good learning process for us. 

"It further equipped us and if anything of that magnitude should occur here, we would be in a better position to make an assessment and carry out the necessary repairs. People had never expected to get back their power so soon,” said Parris. 

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