Cayman Islands News
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U.S. Commerce Secretary nominee Penny Pritzker received $54 million last year from an offshore trust in the Bahamas, according to a disclosure report that describes an empire of casinos, hotels, energy companies and family trusts that may be worth more than $2 billion.
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The head of the Cayman Islands financial services industry trade group rejected charges from economist Jeffrey Sachs that the Caribbean nation’s oversight of hedge funds and banks is a “mortal threat” to the global economy.
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Consolidated Water Co., a seawater desalination plant operator and developer in the Caribbean, reported a 60 percent increase in first-quarter profit, helped by a settlement over water delivered to the British Virgin Island government.
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The U.S. Internal Revenue Service has opened cases and begun investigations based on what it calls a “substantial amount” of information it has received on offshore companies and trusts.
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Chancellor of the Exchequer George Osborne said Britain’s tax authorities are closing in on more than 100 wealthy individuals and companies using complex structures for possible tax evasion.
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Hedge funds using debt-trading strategies honed on Wall Street are expanding at a record pace as they profit from risks big banks are no longer taking.
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The U.K. signed agreements with territories including Anguilla, Bermuda and the British Virgin Islands in the latest effort to fight tax evasion as the government struggles to contain its borrowing.
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Billionaire Dmitry Rybolovlev, Russia’s 14th-richest person, and his wife, Elena Rybolovleva, have been brawling for almost five years in at least seven countries over his $9.5 billion fortune.
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Herbalife Ltd. said it isn’t likely to hire an outside auditor before it holds its annual shareholder meeting next week, to replace KPMG LLP which resigned after saying a partner leaked inside information.
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The U.K. is helping to protect “money-laundering paradises” such as the Cayman Islands by failing to properly exercise its legal authority, Austrian Finance Minister Maria Fekter said.
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