The Caribbean Court of Appeal has granted an appeal in the matter ofCaye International Bank Limited (CIB) and Joel M Nagel v Tommy Lynn Haugen. The matter started in the Supreme Court of Belize when Tommy Haugen filed a claim against CIB and Mr Nagel for breach of contract and fraud. The Honourable Mr Justice Courtney Abel found CIB and Mr Nagel liable for breach of contract and fraudulent misrepresentation and ordered CIB and MrNagel to pay damages in the sum of USD$200,655. After the Supreme Court judgment was given, CIB and Mr Nagel filed an appeal at the Court of Appeal in Belize. That court originally dismissed the appeal, but substituted the Supreme Court order for an order that the contract be rescinded on the grounds of fraudulent misrepresentation and that CIB and Mr Nagel pay the sum of USD$200,655to Mr Haugen as a consequence of the rescission. CIB and Mr Nagel then filed an appeal with the CCJ against theCourt of Appeal's decision.During oral argument before the CCJ, the parties came to an agreement. With the consent of the parties and having considered there were no sustainable bases for a finding of fraudulent misrepresentation, the CCJ ordered that the appeal be allowed. The court also ordered that the decision of the Court of Appeal be set aside. Additionally, on the issue of breach of contract, the court ordered the matter be set aside to the Supreme Court for assessment of damages to be heard by a judge of that court. The matter of costs is to be decided at a later stage. The Court was comprised of the Hon Justice Wit, Hon Justice Anderson, Hon Justice Rajnauth-Lee, Hon Justice Burgess and the HonJustice Jamadar.

Antigua and Barbuda Prime Minister Gaston Browne (left) and Urs Schnider, Switzerland’s Ambassador to Antigua and Barbuda (right).

Antigua and Barbuda may soon have an embassy in Geneva, Switzerland. Prime Minister Gaston Browne welcomed Urs Schnider, Switzerland’s Ambassador to Antigua and Barbuda, yesterday and thanked him for his country’s offer of assistanceto set up the diplomatic mission. Browne said: “We need to strengthen our presence in Europe, we have had the practice of appointing honorary consuls, however that comes with some level of risk. There is no doubt that we need to have a presence in Switzerland but we do not have the finances to maintain an office there, so this gesture by your government is most appreciated. It will now help us to put a competent Antiguan there to represent us, our interest, in the World Trade Organization (WTO) and in Europe generally.” He also expressed the twin-island nation’s support for Switzerland's Candidacy in the International Fora.


Alessandro Sax joins NCB with 12 years’ experience in wealth management, gained in Canada and the Cayman Islands.

NCB Financial Group subsidiary, NCB Capital Markets (Cayman) Limited, has announced the appointment of Alessandro Sax as a portfolio manager in the company’s Cayman Islands office boosting the firm’s offshore wealth management offering. Sax joins NCB with 12 years’ experience in wealth management, gained in Canada and the Cayman Islands, working for top-tier Canadian and international asset managers. He is a CFA charter holder – the gold standard in international investment designations. He has spent the last three years based in the Cayman Islands working for a Canadian banking institution, where he specialised in discretionary portfolio management and wealth creation for private clients, cash management for large companies, and advising institutional clients on tactical asset allocation. Phillip Harrison, Managing Director of NCB in Cayman, commented: “Alessandro is a highly experienced CFA who has an excellent track-record working with private clients and their families to help create and preserve wealth. “For NCB Group’s high net worth clients in Jamaica and elsewhere in the region, we can offer a first-rate offshore investment platform, based in the Caribbean’s leading international finance centre. Alessandro and the team are focused on preserving clients’ wealth over the long-term by only investing in the highest quality investments. We are delighted to bring someone of Alessandro’s calibre to the NCB team and look forward to introducing him to current and future clients in the coming months.” Sax added: “The opportunity to join a dynamic, regional institution like NCB was too good to pass up. I am looking forward to bringing our chairman, Michael Lee Chin’s, approach to wealth creation to our offshore investment clients. He and I both believe that wealth should be invested in a manner that is aligned with the principles followed by successful wealth creators themselves. When clients come to NCB, they’ll have the unique opportunity to be investing right alongside Michael. We focus on capital preservation over the long term, owning high-quality businesses bought at attractive valuations, while providing complete transparency to our clients.” He is an active member of the Cayman Islands CFA Society and a regular speaker at finance and investment-related events internationally as well as in the Cayman Islands.

Minister of Financial Services and Home Affairs, Tara Rivers has commended the government for its prudent management of the local economy. This statement was made on the second day of the Cayman Captive Forum, which took place at the The Ritz-Carlton from December 3-5. In her address, Rivers said that the Cayman government, in partnership with the Insurance Managers Association of Cayman (IMAC), is committed to ensuring that the regulatory environment will continue to be conducive to the island remaining a leading financial services jurisdiction. In reference to Financial services’ contribution to GDP, Rivers noted that the sector accounts for around half of Cayman's $4.3 billion GDP, with the inclusion of accounting and legal firms, which are counted as non financial services. Financial services companies alone contribute approximately $1.3 billion, or 30% of Cayman's GDP. Rivers commended the government’s management of the local economy, pointing out that Cayman has enjoyed a six-year budget surplus that amounted to $183.3 million in 2018. Rivers also revealed that last year the government paid down $30 million in debt. Rivers welcomed the OECD labelling Cayman as “not harmful” earlier in 2019, and stressed that everyone who conducts business in Cayman has a role to play in promoting and upholding the country’s global reputation and image.


Local Dog Charity, One Dog at a Time's11th annualScubaluminations is almost here! This year's Christmas eventis on December 17 at Rackhams from 6pm. Come and take your photos with Santa after he disembarks from his magical boat pulled by underwater reindeer! All two and four legged family members are welcome and the ODAAT family will also have some pups and dogs looking for their forever homes and needing cuddles! Donations for the dogs and Puppy wag bags will be gratefully received crammed full of treats, toys, and other dog care items that can be used by the ODAAT pups and dogs throughout the year! ODAAT raffle tickets will be on sale along with magical reindeer food, freshly baked dog treats, and an assortment of great gifts. All monies raised will help support one dog at a time's effortsrescuing dogs that are in the pound on death row, as well as abandoned, surrendered and unwanted dogs and pups. All animals in ODAAT's care receive health checks, any medical attention needed, vaccinations, and are spayed or neutered. They are then placed in foster families before finding new homes either on island or abroad. For more information, please go to onedogatatime13 on Facebook.

There will be several road closures along the route ofthe 2019 Intertrust Cayman Islands Marathon. The event will be take place on Sunday, December 8, from 5 amto 11.30 am. The police asks that motorists travelling in these areas on Sunday be mindful of the safety of participants and spectators. Police will be on hand to direct local traffic along the route. The following closures will take place from 8 pm Saturday night, December 7, to 12 pmon Sunday: Cardinal Avenue will be closed from 8 pm The junction of Harbour Drive and Fort Street will be closed from 10 pm The following closures will occur from 2 am -12 pmSunday, December 8: The Westbound left lane will be closed from South Sound Road along Shamrock Road to the first roundabout on the East-West Arterial (at Prospect Point Road). Westbound traffic will be reduced to a single right lane. The junction at the end of South Sound Road and Shamrock Road will be closed. The road will be open into Grand Harbour and to Crewe Road. The following junctions will be closed from 4.30 am - 12 pmSunday, December 8: The junction of Edward and Fort Street (George Town Clock) The junction of Fort Street and Harbour Drive The junction of Edward Street and Cardinal Avenue The junction of Main Street and Shedden Road The junction of South Church Street and Goring Avenue The junction of Shedden Road and Elgin Avenue The junction of Elgin Avenue and Hospital Road (Government Administration Building Roundabout) The junction of South Sound Road and Walkers Road The junction of South Church Street and Goring Avenue Walkers Road at Hinds Way and at Academy Way The junction of Aspiration Drive and Hinds Way The Junction of Old Crewe Road and South Sound Prospect Point Road will also be closed The following junctions will be closed from 5 am - 6 amSunday, 8: The junction of South Church Street and Memorial Avenue The junction of South Church Street and Melmac Avenue The junction of South Church Street and Denham Thompson Way The junction of South Church Street and Antoinette Avenue The junction of South Church Street with Walkers Road (westbound traffic will be diverted onto Walkers Road) The following junction will be closed from 10.30 am -12 pmSunday, December 8: The junction of Elgin Avenue at Humber Lane The following junction will be closed from 11 am -12 pm Sunday, December 8: The junction of Harbour Drive and Fort Street