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Cayman Islands News, Articles and InformationShelter from fairnessIf middle-class taxpayers needed any more reasons to resent the cut Uncle Sam takes out of their paychecks, they could, oh, cite the various offshore "tax havens" used by the wealthy to avoid taxes. A McClatchy Newspapers report notes that these "semi-legal scams" basically allow Americans to hide assets by setting up corporations in countries that have minimal tax laws, and where government officials are none too ambitious about regulation and oversight.Some of the accounts set up, say, in places like the Cayman Islands or the Isle of Man or Belize or the British Virgin Islands show losses in investments to offset capital gains these investors might have made in this country.The bottom line on these very complicated setups isn't so complicated itself: These people avoid paying perhaps $100 billion in taxes to the U.S.E-mail money scams still a concernDue to internet scams becoming more common the Financial Crimes Unit of the Royal Cayman Islands Police Service, (RCIPS) said it would like to remind the public to be extremely cautious when receiving unsolicited emails.These scams often ask the reader to divulge bank details or invite the recipient to enter into a business agreement. The FCU said that the most recent scam appears to be more convincing and plausible than most and asks initially only for proof of identity, telephone & fax number and a forwarding address. The Unit said that although no one here had reported falling victim to this particular scam it had raised concerns that people could do so because the email in question is purportedly sent by a Barrister and states that the recipient is a beneficiary to a large sum of money in Pounds Sterling;. Cruise ship berth beginsA cruise ship berthing facility for Grand Cayman moved closer to becoming a reality this week when Tourism Minister Hon Charles Clifford announced the commencement of the project.Speaking to members of the Chamber of Commerce on Wednesday 26 July at one of their speaker series lunches, Mr Clifford said the project had entered an initial stage. "The project to establish berthing facilities in Grand Cayman has begun. The initial phase, an environmental impact assessment, has just started," he said. "The Port Authority and the Ministry are working with the Department of Environment and an international environment firm to ensure that best practices are observed in the plan, design and build of the facilities." Mr Clifford explained at the luncheon at the Wharf Restaurant that the environmental impact assessment would address environment and hazard vulnerability. ONGC propose to acquire US firm jointly with Chinese firmNew Delhi: Oil and Natural Gas Corp's (ONGC) proposal to acquire US firm Omimex de Columbia jointly with Chinese firm CNPC is likely to come up for consideration at the Cabinet Committee on Economic Affairs (CCEA) meeting tommorrow.ONGC Videsh Ltd, the overseas investment arm of state- owned ONGC, had submitted a winning joint bid with China National Petroleum Corp (CNPC) for Omimex de Columbia, which has onshore producing as well as exploration blocks in Columbia, with net proven reserves of around 157 million barrels, official sources said.Called Project Amazon, OVL seeks to acquire Omimex's 20,000 barrels per day onshore oil block in Columbia.Omimex de Colombia Ltd, is 100 per cent owned by Omimex Resources, Inc., a US exploration and production company with oil and gas assets in seven states.Sources said the CCEA nod for the proposal would depend on how the Government views geopolitical risks, which are normally deterrents to investments in the region.Last fiscal, the government had disallowed OVL from going ahead with purchase of equity in a highly prospective oil block in Nigeria.Also on CCEA agenda is 515 million dollar investment by Cayman Island-based Software Development Systems (SDS), directly or through a subsidiary, in acquiring stake in IT firm Kappa Investments Ltd, source said.Police 'arrest' staff shortage problemsAS the Royal Cayman Islands Police Service (RCIPS) make headway in their fight against crime comes the news that 27 experienced officers from overseas are joining their ranks.The RCIPS announced at a media press briefing on Wednesday 19 July that 14 more officers would be enlisted from the UK in September as well, to take their complement of officers to 357. Previously, the force was allocated 342 officers on the Government establishment, but some new departments and initiatives have been added, a senior officer said. Deputy Commissioner, Rudy Dixon, said the 2006-2007 budget has made provision for an increase in the manpower of the police service. "We're up to full strength in terms of our previous establishments but there have been a number of initiatives including the Marine Base capability, and some increases to East End and North Side," he said. "While we're up to strength on the current establishment this gives us additional resources and we're recruiting to fill those vacancies." He added that there is a constant recruitment strategy, which includes having a pool of officers on a waiting list to fill vacancies that arise. |
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