US companies leave the Cayman Islands

RED OAK, USA: Business Week, June 29, 2009 – Anticipating U.S. tax-law changes for Bermuda and other standbys, Tyco and Ingersoll-Rand are among the corporations looking at Switzerland or Ireland. For years the archipelago, along with its Caribbean siblings the Cayman Islands and British Virgin Islands, has played host to companies seeking favorable tax treatment. But rising concerns about a U.S. crackdown on tax havens have a growing number of companies rolling up their beach blankets and decamping to far less sunny shores.


Transfer agent registered to the Cayman Islands FA

LONDON, England: Daily Mirror, June 29, 2009 – Birmingham have been reported to FIFA and the FA over their £6.5million signing of Ecuador striker Christian Benitez. Angry agent Barry McIntosh, who is registered to the Cayman Islands FA, claims he set up the transfer from Mexican club Santos Laguna.
McIntosh also got a mandate from Premier League Blues to bring the player to England. But City used rival agent Barry Silkman to complete the switch instead. McIntosh said: “I believe Birmingham have been very underhand just to get a friend doing the deal.” City deny any wrongdoing.


Bank executives concealed existence of Cayman Islands companies

PARIS, France: Euronews, June 25, 2009 – Five former executives at a major Portuguese bank have been charged with fraud and manipulating the markets in an inquiry involving offshore companies and losses of 600 million euros. The accused include the former BCP president Jorge Jardim Goncalves and his successor in the post Filipe Pinhal.

They and three others were charged after accusations from major shareholder Joe Berado. “This means that the prosecutors have done a good independent job and I am happy with the progress made in the case,” said Berado.

The BCP was the first Portuguese bank to be privatised. The accused are said to have concealed the existence of 17 offshore companies based in the Cayman Islands and to have covered up huge losses over an eight-year period from 1999 to 2007.