News about the Cayman Islands in the Foreign Press

 Monday,  April 18, 2005

New Zealand power deal with Cayman company raises doubts 

AUCKLAND, New Zealand – According to NZ City, questions are being asked of electricity grid operator Transpower over a $500 million deal involving a Cayman Islands company. It has been revealed Transpower has granted a lease over the South Island network to US investors who have then leased it back through an intermediary in the Cayman Islands.
Accountancy expert Dr Sue Newberry says it appears as if the deal is being done to help investors handle tax liabilities, providing a one-off payment to Transpower of $36.4 million. Transpower describes the arrangement as low risk but the accountancy academic is questioning the deal.

Dr Newberry says even if there is little chance of losing the assets, she wants to know why anyone would put something so essential as ownership of the power grid at risk. However, Transpower maintains there is nothing dubious about the deal.

Transpower spokesman Chris Roberts says it is a sensible business transaction and companies engage in these sorts of deals all the time.

Search suspended for boat en route from Pensacola to Cayman

PENSACOLA, USA – The Bradenton Herald reports that the Coast Guard on Thursday suspended its search for a 38-foot sport fishing boat with two men aboard reported missing en route from Pensacola to Grand Cayman.

Beatty F. Thompson, 85, of George Town, Cayman Islands, and Bensley O. Scott, age and hometown unknown, departed April 4 aboard the Re-Run after Thompson purchased the boat in Pensacola.

The boat was reported overdue Monday night, and the Coast Guard searched with aircraft and the cutters Tahoma and Swordfish. The vessel had neither a life raft nor an emergency position indicating radio beacon, officials said.

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