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Cayman Islands News, Articles and InformationUK 'must help Enron-case bankers'British Prime Minister Tony Blair is being urged to cancel the extradition to the United States of three former NatWest bankers accused on Enron-related fraud charges.A decision by the European Court of Human Rights on Tuesday to reject a final appeal by the men has been greeted with dismay by the business community. David Bermingham, Gary Mulgrew and Giles Darby maintain their innocence but could face up to 23 years in prison if convicted of fraud, in connection with a deal they worked on with energy trader Enron in 2000. The case has prompted criticism over the use of extradition laws as the U.S. is not required to provide solid evidence of wrongdoing to extradite a UK citizen. Digby Jones, director-general of the Confederation of British Industry, urged Blair to intervene on Wednesday and "defend the human rights of British citizens that are being abused by a country which is supposedly our greatest ally," the Press Association reported.
CAYMAN ISLANDS TO STRENGTHEN COMMERCIAL SHIPPING SERVICES INThe Cayman Islands Shipping Registry (CISR) announced Monday the re-launch of its operations in Greece with a strengthened, dedicated team based in Athens and the introduction of full-line services for commercial shipping.The announcement was made by Mr Joel Walton, CEO (Designate) Maritime Authority of the Cayman Islands (MACI) and Director, CISR, as part of its participation at Posidonia 2006, the world's foremost commercial shipping exhibition."We are confident that, with this increased investment in the CISR's Greek operations, we will be better positioned to meet the growing needs of Greece's commercial shipping sector," said Mr Walton. "The Cayman Islands has enjoyed a high profile in the Greek shipping sector for some time and increased services are a natural progression as the CISR continues to grow in size and stature around the world."The CISR's operations in Greece now include survey and audit services, increased capacity in vessel registration to meet the growing needs of the commercial market and mortgage services for new and existing clients.World's biggest cruise ship launchesThe world's largest luxury liner -- taller than the Statue of Liberty and longer than an aircraft carrier -- will sail out of Miami today on her maiden voyage to the western Caribbean.She sets a new standard for big. The latest fleet addition for Royal Caribbean International, Freedom comes in at 160,000 gross registered tons and is capable of carrying 4,375 passengers. But it won't hold the record for very long. As cruise lines seek to maximize their profits amid a weakening Caribbean cruise market, they want to attract people whose idea of a vacation is more than betting on bingo and bellying up to the buffet. The bigger the ship, the more restaurants, entertainment and other amenities it's likely to have. And Freedom has its share on its 15 decks, including a wave pool that simulates surfing and a boxing ring in the largest-ever cruise ship gym.
International Museum Day a successThe heavens opened and the rain poured down, as thunder cracked the skies. But the opening ceremony for International Museum Day on Cayman Brac carried on regardless.Musicians from the Cayman Brac High School (CBHS) Band and the CBHS Steel Pan Band played on under canopies that provided minimal protection from the slicing rain. Following all the normal prayers and welcomes given to those hardy residents who remained, the two Sister Islands MLAs, Julianna OConnor-Connolly and Moses Kirkconnell offered their remarks and the Leader of Government Business, the Hon Kurt Tibbetts gave the main address. As the opening ceremony came to a close, and the celebrations officially began, the rain finally stopped. International Museum Day has been celebrated all over the world since 1977 on or close to 18 May. How a UK banker helps US clients trim their taxesLONDON -- At Barclays PLC, a British bank steeped in 300 years of tradition, the work of a team led by banker Roger Jenkins is far from traditional.For instance, in 2003 his team set up a company with no employees, no products and no customers -- just a mailing address in Delaware and a slate of British directors, mostly employees of his office. It was co-owned by Barclays and U.S. bank Wachovia Corp. The following year, according to documents filed in the United Kingdom, the jointly owned company had $317 million in profits. It paid U.K. taxes on them. Barclays and Wachovia were both able to claim credit for paying all of the tax. This was one of at least nine such structures Mr. Jenkins and his team have set up involving U.S. banks, which also included Wells Fargo & Co.
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