Loan sharking: is it real?

Thursday, June 29, 2006

Dear Sir:

One of the most disappointing aspects of foreign nationals who migrate to this country is that they sometimes forget their past in order to generate the level of wealth or political affiliation they have.

I recall seeing an article in the local press recently celebrating the creativity where someone was termed as a genius to develop and establish a very successful business entity.

While I have no problem with anyone from any jurisdiction successfully establishing a successful business, as long as it is done in an integral manner. I do have a problem with anyone who seems to believe that they have the God-given right to infringe or exploit the rights of others or even to falsely create incriminating circumstances in respect of those who choose to establish a business that may compete with theirs.

For instance, when one with such wealth and influence is allowed to intimidate law enforcement officers and influence others with their wealth; issues such as abuses to humiliate other's principles, character, families and their way of life, by threatening violence and other intimidating tactics is disturbingly wrong and must be stopped.

I also find it disturbing when someone who has that kind of influence or power is able to hide behind their money, as if money makes everything alright.  This takes away the very fundamental aspect or principles on which our forefathers built this country in the first place.

Therefore, I call on all Caymanians to carefully re-examine their basic principles and stand firm on the principles that made us "Caymanians" unique in the first place.

Loan sharking is real and it is right here in Cayman. For those who are not clear on what loan sharking is, it is a system whereby those that have money and established businesses prevent all avenues for anyone who falls outside their special circles who threaten to enter into any aspect of business as a competitor.

Hence, in order for someone who falls outside these circles to establish a business, they must join the ranks of these circles and fall under the control of such persons or lose their business idea to such a group.

These are things that are really happen right here and go undetected because no one has challenged the status quo and spoken out against it.

This was not how our country was built when businesses established themselves here years ago and ought not to start now. The boldness of such exploitation is not only becoming evident more and more each day, but has now reached an appalling level of unacceptability.

Established businessmen like the individual recently hailed in the press continue to target bright minded "Caymanians" only to add their "Caymanian" ideas to expand their business establishments or face humiliation or be falsely incriminated.

The new Investment Bureau recently started advertising grants to assist entrepreneurs establish their business, but what they fail to tell you is that with all the non-disclosure rights you're given, is that once you accept funding from them, that you're actually engaging into a partnership that gives them (the Investment Bureau Board Members) who are a collection of businessmen, full control of your business.

In other words; they make the final decisions, they control the degree of growth and you technically become an employee working in any other company.

So the question should arise, who is really fooling whom, because this board is made up of some local businessmen, which really disappoints.

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