West Palm Beach (HedgeCo.net) – In a statement outlining the Cayman Islands financial position, the Hon. McKeeva Bush, Leader of Government Business/Premier Designate issued a statement regarding recent media coverage suggesting that the Cayman Islands is bankrupt, “We can confirm that these accusations are incorrect,” she said.

Although Cayman’s two main industries, tourism and financial services, are significantly affected, “We are confident that the strength and resilience which has contributed to Cayman’s significant growth over the past 40 years will continue to serve the country well.”

The Government’s efforts include the cutting of Government expenditure, customs duties, licence fees, and a number of other indirect taxes.

The government has also implemented an aggressive inward investment programme through private sector partnerships which will result in a number of new infrastructure projects and other developments. These will result in the region of $3 billion of inward investment in the short to medium term.

“In three weeks time we will be presenting our Budget which will continue to maintain Cayman’s sound financial stability. The Cayman Islands is well placed to take advantage of the global economic recovery and we are committed to continuing the success of our indirect tax system which has served the country so well over its history.” McKeeva Bush concluded.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!

Tags: economic recovery, financial position, financial-stability, indirect taxes, media coverage

Reuters – Maxam, an investment adviser based in Darien, Connecticut, relied on the auditors for their expertise in examining Madoff’s firm, according to the lawsuit filed in Connecticut Superior Court in Fairfield County.

The lawsuit, though, said the auditors issued "unqualified" opinions for 2006 and 2007 audits that stated Maxam’s financial statements presented its true financial position.

Maxam was one of many funds that invested with Madoff, who in December was arrested for allegedly running a $50 billion (35.2 billion pounds) Ponzi scheme. Maxam contends the auditors were negligent when performing Maxam’s 2006 and 2007 audits.

Read Complete Article

Tags: audits, connecticut superior court, darien connecticut, fairfield county, financial position, financial-statements, investment-adviser, maxam, reuters