Sir Vassel Johnson Kt., CBE, JP

By Tina Trumbach
tina@caymannetnews.com

Widely regarded as the architect of the Cayman Islands financial industry and the first Caymanian to be knighted, Sir Vassel Godfrey Johnson has been praised for his “remarkable vision” and “economic legacy”.

Sir Vassel, as he was widely known, passed away the evening of Wednesday, 12 November at the age of 86.

He was born in Jamaica on 18 January 1922 and arrived in the Cayman Islands via Cuba in 1934 with his parents and siblings. He joined the Civil Service in 1942 and rose to become the country’s first Financial Secretary before entering politics as a Member of the Legislative Assembly for George Town and the ExCo member for Development and Natural Resources.

H.E the Governor Stuart Jack said Sir Vassel’s passing marked “a day of great mourning for the Cayman Islands.”

“He served his adopted country well,” Mr Jack said. “As one of the architects of modern Cayman, especially its financial industry, Sir Vassel guided the steady growth of these Islands as the first Financial Secretary.

“His remarkable vision set the foundation for the prosperity and economic stability of these Islands. Without his input, Cayman might well have remained the Islands that time forgot. Indeed, he helped place the Islands firmly on the world map.”

Chief Secretary Hon George McCarthy, the former Financial Secretary who worked closely with Sir Vassel during his career, said the current generation must protect Sir Vassel’s legacy.

“Sir Vassel was a trailblazer in terms of what he accomplished within the Cayman Islands financial industry. He has certainly left an economic legacy for the present and future generations of persons within our community.

“He guarded it well during his time in office, and it is incumbent on us to follow through with the same commitment and resolve to ensure the continued development of our financial industry so it can be passed on as a continuing major economic pillar for future generations,” Mr McCarthy said.

Sir Vassel received many accolades during his long career of service to the Cayman Islands. In 1971 he was made an Officer of the British Empire, became a Justice of the Peace in 1977 and in 1979 he was named a Commander of the British Empire before being knighted by Queen Elizabeth II in front of the Legislative Assembly on 26 February 1994.

Following his knighthood, Sir Vassel was quoted as saying, “I was grateful because my adopted home has been good to me. At the same time, I trust that I have been good for it.”

Former chairman of the Cayman Islands Monetary Authority, Tim Ridley, who was well acquainted with Sir Vassel during his time as Financial Secretary, said, “It is a sad day for Cayman. Sir Vassel was the grandfather of the Cayman Islands financial industry.

“He can be justly proud of the industry that he played such a major role in creating and nurturing over the years he was Financial Secretary. And it is a credit to the Cayman Islands, and to Sir Vassel, that he was recognised by Her Majesty the Queen in becoming the only knight here in Cayman.”

Sir Vassel began his career in the Civil Service as a clerk in the Courts Office. He joined the Cayman company of the Jamaican Home Guard later that year and on his discharge at the rank of Sergeant in 1945, he returned as a Clerical Officer in the Department of Treasury.

From 1965 until 1972 he was the country’s Treasurer and Collector of Taxes and Economic and Financial Advisor to the government. In 1968 that position was re-named and Sir Vassel was appointed the Cayman Islands’ first Financial Secretary.

It is for this role and his contribution to the development of Cayman’s complex offshore financial industry that Sir Vassel is most widely remembered.

During his tenure, the Cayman Islands Legislative Assembly passed the Banks and Trust Companies Law of 1966, which laid the basis for offshore financial services.

Sir Vassel was also involved in many other areas of the Cayman Islands’ development. He served as Chairman of Cayman Airways from1971-1977 and again from 1984-85, and as Chairman of the Cayman Islands Currency Board from 1971-1982.

Sir Vassel served as the ExCo Member for Development and Natural Resources from 1984-1988.

Among his accomplishments during his time in ExCo were the institution of the Marine Parks Regulations; the creation of the National Trust; the completion of the George Town water and Seven Mile Beach sewerage systems; the protection of endangered species; the establishment of a cooperative farmers’ market; the development of a building code; and the introduction of licensed local land surveyors.

After Sir Vassel’s passing, Mr Jack said “What we take for granted today may not have come to pass if this man of great integrity had not helped to establish the Cayman Islands as an offshore centre.

“Even more so, he helped Cayman maintain its edge as a financial centre at a time when many other jurisdictions were going the same route. It is no exaggeration to say every man, woman and child in Cayman owes him a debt of gratitude.”

Sir Vassel also authored an autobiography, As I See It: How Cayman Became a Leading Financial Centre, which outlines the development of the Cayman Islands’ financial industry and provides a historic narrative of late 20th century Cayman.

In his tribute to Sir Vassel, Mr Jack said he was also “a quiet, gentle family man and a church elder.”

Sir Vassel was married to Lady Rita Johnson (nee Hinds) of South Sound, Grand Cayman and was the father of six children: four daughters and two sons.

Mr Jack extended his and his wife’s sympathies:

“Mariko and I join the people of the Cayman Islands in extending our deepest condolences to Sir Vassel’s widow, Lady Rita; and all his family. We will always cherish his memory - for who he was as a man, and for what he did for the country.”