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Cayman Islands News, Articles and InformationBiovail Chairman Accused Of Hiding Trust HoldingsTORONTO -- Biovail Corp. Chairman Eugene Melnyk violated Ontario securities laws by failing to disclose an offshore family trust's holdings and transactions in securities of the pharmaceutical company, according to allegations by Canada's top securities regulator.Mr. Melnyk, a Canadian who has lived in Barbados since 1991, failed to disclose his "control or direction" over some 12 million Biovail shares owned by Cayman Island trusts, according to the Ontario Securities Commission. The OSC also alleges that Mr. Melnyk failed to disclose trades in Biovail stock by the trust, as required by insider-trading rules. The trusts were administered by four trustees, ... .Tennis club half–way through summer camp"We are currently in the third week of our Juniors summer camp. The camp started in early July and we have had a good turnout.""It has been a little quieter than last year. I think island life has become more settled after hurricane Ivan," says Cayman Islands Tennis Club (CITC) Manager Rob Seward. The camp is designed for youngsters ages 3–15. The camp is being held at the CITC and is supervised by Mr. Seward and professional tennis players. The summer camp is spilt into several stages to comply with the summer lifestyles of young people. The last two camps for the summer will be from 7–11 and 14–18 of August. "The camps are broken up for convenience as it’s the summer time. Kids will be on vacation and also going to camps for other sports," Mr.
Business hold-up on Sister IslandsBusiness owners on Cayman Brac complained that it takes much too long to obtain a Trade and Business license on the Sister Islands, whether this is a first time application or a renewal.Speaking at a forum to discuss the results of the Cayman Islands Investment Bureau's Sister Islands Investment Climate Survey, it was said that it can take six months to a year to get the T&B license. The question was put to Leader of Government Business, the Hon Kurt Tibbetts, and Commerce Minister, the Hon Charles Clifford, as to why T&B licenses for business on Cayman Brac and Little Cayman could not be passed by a separate Board on the Brac. Deputy District Commissioner Ernie Scott said there were roughly twelve to fifteen new and renewal licenses per month. The whole administrative process for the application is handled by District Administration, he noted. Melnyk Faces Allegations from OSC Josh PringleEugene Melnyk is facing Ontario Securities Commission allegations over share transactions during the past decade through trusts in the Cayman Islands.The chairman of Biovail Corp. and owner of the Ottawa Senators was named in a commission statement of allegations on Monday. Brokerage Watt Carmichel Inc. and three of its executives were also named Melnyk is accused of failing to file insider trading reports, failing to make other required disclosures and violating regulations covering control blocks of corporate shares. The commission has set a hearing date of Sept. 21. Stolen Ottawa Cars Found in Cambodia Investigation Continues into Fatal Crash Fallen Soldier to Return Home Tonight OPP Nabs Speeders, Unsafe Drivers on Holiday Weekend Teague Murder Suspect in Court Today More... Wasps released to control mealybugThe Department of Agriculture released its first batch of parasitic wasps last week in its ongoing fight against Grand Cayman’s newest pest, the Pink Hibiscus Mealybug.Dr. Amy Roda, the lead entomologist with the USDA’s biological control program for PHM in Florida and Latin America, was on island to help monitor the release of the wasps and to share her technical expertise about this innovative biocontrol strategy. The Department of Agriculture said the wasps are anticipated to have an immediate and noticeable effect. The release of the 5,000 tiny insects comes at a timely juncture, with the recent announcement of a third area of infestation, this time in Bodden Town. The Department of Agriculture reassured the public that mosquito control operations will proceed normally, while taking steps to ensure they have minimal impact on the PHM eradication program.
Fuel signs comingLeader of Government Business Kurt Tibbetts has announced that in a nod to consumers, the Government plans to require gasoline retailers to post the price of their fuel in visible locations.The move comes on the heels of a number of discussions Mr. Tibbetts had while attending the 3–6 July CARICOM conference in St. Kitts and Nevis. Mr. Tibbetts remarked the conference provided the opportunity to learn about how other Caribbean nations have been handling the challenges associated with rising fuel and energy costs. "Global fuel prices are out of our hands, but there are some ways we can try to mitigate them here," he said. "One easy and important thing that can be done to promote competitive pricing is to require gas stations to post their prices in a way that gives passing motorists a chance to see the price before they drive up to the pump," he said.
Gospel concert to raise fundsRenowned Gospel singer Dawn Smith Jordan (right) pictured with Pastor Tom French and his wife Carla, will appear at the Aston Rutty Civic Centre this weekend to entertain and to spread her Ministry, following two performances on Grand Cayman last week. All proceeds from the Brac performance will go towards the project to build a new community activity centre on the Island. .
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