Published On: Tue, Dec 18th, 2012

Cayman Islands financial sector taking arrest of premier seriously

GEORGE TOWN, Cayman Islands – Cayman Finance chairman, Richard Coles, has reassured the community that the private sector association is taking seriously the impact of the allegations against Cayman Islands’ premier, McKeeva Bush, and his recent arrest, and has taken steps to ensure the interest of Cayman’s financial services industry is well represented.

“As our members are already well aware, Cayman Finance has been in regular contact with them ensuring they have been kept up to date with the facts of the situation,” he said. “We have been monitoring and responding to local and international media, liaising with government at various levels and providing direction to our members on how best to communicate this news with their key stakeholders.”

“Our earlier statement was measured in its response as it was, and still is, necessary to ensure that all of the key facts and information is available and that due process is followed without jumping to uninformed conclusions,” Coles said. “This is still an ongoing investigation and no charges have been filed.”

Bush has been released on police bail following two days of interviews with Financial Crime Officers and has been placed on police bail until early February 2013, to allow further investigations to take place.

“It cannot be emphasised enough, that the strength of Cayman’s law enforcement and anti-corruption systems and its intolerance for any unethical or corrupt behaviour, regardless of the individual concerned, is what sets our jurisdiction apart from others and makes us a preferred country with which to do business,” Coles said.

The Cayman Islands financial services industry operates under the regulatory regime of the Cayman Islands Monetary Authority (CIMA) and is unaffected by any change in government leadership.

“The financial services industry operates independently of the political arm of the Legislature,” Coles said. “Any potential criminal charges against an individual do not impact the ongoing effective functioning of the government or CIMA.”

“These investigations have been ongoing for some time now, we are anxious that they can be concluded swiftly,” Coles said.

Cayman Finance is a private sector organisation established to promote the interests of the Cayman Islands’ financial services industry.

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