Concern for Cayman?

The extraordinary public dispute between CIMA and Maples, along with the $4.23 million fine meted out to Intertrust Cayman, suggests that all is not well in this Caribbean jurisdiction. Should investors and managers of Cayman funds be concerned?

CIMA is involved in a very public dispute with Maples. Its press release calls Maples’ actions ‘inappropriate’, ‘irresponsible’ and ‘crafty’. It adds that it views the law firm’s behaviour with ‘extreme concern’.

CIMA’s press release came in response to one issued by Maples in which it said that two of its entities, Maples FS and Maples Corporate Services, had been granted a judicial review of the way the CIMA was applying its AML regulations. Maples claims that the regulator had changed what is required under the AML regulations, without informing or consulting with Cayman’s service providers.

To read more on this story see the May issue of The NED.