News about the Cayman Islands in the Foreign Press
Wednesday, September 14, 2005
Forget wire transfers to the Cayman Islands
CARSON CITY, USA: Los Angeles Times, September 12, 2005 –
Forget complicated wire transfers to the Cayman Islands. Californians who want
to hide their money from tax authorities are increasingly opting for a simpler
alternative: socking it away just over the state line.
No need for savvy accountants or high-priced lawyers.
Seminars, webcasts and radio advertisements bray that it’s easy to slash a
California tax bill – or eliminate it altogether – by creating a corporation
in Nevada, where there is no income tax on businesses or individuals.
Enron paid no tax using Cayman subsidiaries
GLASGOW, Scotland: The Herald, September 12, 2005 – A
respected global charity has accused multinational accounting firms of
“ripping off the poor” and undermining democracy by fostering tax avoidance on
an international scale.
Christian Aid also alleges that professional institutes
representing accountants and lawyers are guilty of “indifference” towards
abuses of taxation law by their members.
It cites the case of Enron, where the now defunct
Andersen ensured that the company paid no tax at all between 1996 and 1999 by
setting up a global network of 3,500 companies, 400 of which were registered
in the Cayman Islands.
Cayman Islands ‘white knight’
LONDON, England: The Independent, September 12, 2005 –
Not for the first time in his long and varied career, one of Kevin Maxwell’s
courtroom victories is starting to look curiouser and curiouser.
Last month, the son of the disgraced tycoon Robert
Maxwell secured a last-minute stay of execution on eviction from his Ł3m
Oxfordshire home, after telling a judge that he’d sold the property to an
unnamed “white knight”.
According to Maxwell’s written evidence, a Cayman Islands
firm called Roundabout Holdings had agreed to buy Moulsford Manor, near
Henley.
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