Murdered lawyer channelled money through Cayman accounts

PORTLAND, England: Dorset Echo, July 22, 2009 – A new book claims that Portland-based lawyer Stephen Curtis may have been murdered. Mr Curtis, who had extensive business dealings with Russian oligarchs, died when the Augusta 109 helicopter he was travelling in crashed and exploded in a fireball in a field on approach to Bournemouth International Airport on March 3, 2004.

But it was his introduction to the Russian tycoon Mikhail Khodorkovsky which catapulted him into the world of billionaire businessmen, private jets, super-yachts and the inevitable intrigue that accompanied the lifestyle and dealings of the super-rich. Khodorkovsky, who was among a handful of so-called oligarchs who made billions through the privatisation of state-controlled utilities, owned the Russian oil company Yukos.

He hired Curtis to manage the massive flow of money being generated by Yukos through Bank Menatap which had been set up by Khodorkovsky. It is alleged that the lawyer set up a complex financial network that stretched across the world and that Yukos money was channelled through offshore accounts in Gibraltar, the Cayman Islands and the Isle of Man.


Cayman Islands hedge fund assets peaked in 2008

LONDON, England: The Guardian, July 22, 2009 – The alternative investment industry been battered by the credit crunch, as plunging markets have cut the value of hedge funds’ assets and investors have withdrawn from risky portfolios.

But rising markets in the last quarter have reversed this trend, and hedge fund holdings rose by $100bn in the second quarter to $1.43tn worldwide, according to Hedge Fund Research, a Chicago-based consultancy. This marks the first increase in funds for a year. Globally, a total of about 8,900 hedge funds – mostly based in tax havens such as the Cayman Islands – managed assets whose value peaked at $1.9tn in the second quarter of 2008.


No one ever prosecuted under Cayman’s anti-gang legislation

HAMILTON, Bermuda: Royal Gazette, July 22, 2009 – The Police would like more power to tackle all troublemakers who disrupt local communities instead of Government bringing in specific legislation making gang membership a crime. Newly-appointed Assistant Commissioner Paul Wright said recommendations to tackle gang and anti-social behaviour were handed to Government in 2006 based on an analysis of the current situation and a forecast of the future.

Mr. Wright agrees with the aims but yesterday cast doubt on the wisdom of specifically targeting gang members. “The Cayman Islands have specific anti-gang legislation that was passed in 2005, but what the Cayman Islands won’t tell you is they’ve never prosecuted anyone under that,” he said.