Posts Tagged ‘#caymanislands’

Channel Capital Cayman granted ‘Companies Management License’ by the Cayman Islands Monetary Authority

GEORGE TOWN, Cayman Islands, June 7, 2022 /PRNewswire-HISPANIC PR WIRE/ — Channel Capital Cayman, an offshore governance services business based in the Cayman Islands is pleased to announce that it has been issued with a Companies Management License by the Cayman Islands Monetary Authority (CIMA) and it is now offering its investment fund fiduciary services to investment vehicles domiciled in the Cayman Islands.

Mark Cook, Executive Director, Channel Capital Cayman

Located in the Cayman Islands and UK, each member of Channel Capital Cayman acts as a fund director and is regulated by CIMA. The team of directors initially includes Mark Cook, Carl Brenton and Katherine Youhanna, and offers decades of professional governance experience to select fund boards.

The Cayman Islands is a world leader in the establishment of offshore investment funds due to its tax-neutrality, stable economy, sophisticated banking sector, and professional financial services industry. Approximately 70% of non-US domiciled alternative investment funds managed by US SEC-registered advisors are domiciled in the Cayman Islands.

Executive Director at Channel Capital Cayman, Mark Cook, said: “The Cayman Islands remains by far the most popular jurisdiction for global hedge, private equity and infrastructure funds. The Cayman Islands Government and CIMA have developed a strong regulatory framework for the investment funds industry, and we are confident that the Cayman Islands will continue to be a leading funds jurisdiction.”

“Having been involved in the industry since 2008, we know first-hand the vast range of compliance and governance issues boards have to navigate. The independent director services we provide allows for a flexible and tailored approach to fund governance through each stage of an investment fund’s life cycle. Our platform ensures necessary compliance with regulation is satisfied but with an emphasis on reducing the administrative burden faced by those in the fund governance space and we look forward to expanding our team of likeminded fund directors,” said Mr Cook.

About Channel Capital

Established in 2013, Channel has 47 employees across Sydney, Brisbane, Melbourne and Grand Cayman, and currently partners with eight investment management firms. Channel provides incubation, distribution, operational and responsible entity services to a select group of investment management firms and their clients across the institutional, family office, high net worth and advisor-led investor space. Channel’s subsidiary entity, CIML, provides responsible entity services to a limited set of funds. https://www.channel.capital

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Statement by Dr. Yaron Rado, Chief Radiologist and Chairman of the Board of Doctors Hospital on Cayman Court Judicial Review challenging concessions for Institutionally registered medical professionals including Health City and Aster DM.

GEORGE TOWN, Cayman Islands, April 26, 2022 /PRNewswire-HISPANIC PR WIRE/ — Dr. Yaron Rado, Chief Radiologist and Chairman of the Board of Doctors Hospital, issued the following statement regarding the three-day judicial review, Grand Court Cases Nos 55 and 150 of 2021 challenging Institutionally registered medical professionals practising in Cayman and the financial concessions awarded to them.

“To set the scene:

Unlike doctors on the Principal List, the Health Practice Regulations don’t require institutionally registered doctors to have any postgraduate qualifications or any special training. Institutional List practitioners need only have obtained their qualifications from almost any medical school in the world (vs Principal List providers who must be registered from one of seven countries: Australia, Canada, Jamaica, New Zealand, South Africa, United Kingdom, and the United States).

They are also not required to provide proof of specialist qualifications to call themselves a specialist or consultant, let alone a proper residency program (5 years), a fellowship program (an additional two years), and then three years of post-specialisation experience as required for the Principal List.

The only safeguard for patients to date is that institutionally registered doctors must practice at a “designated facility” and that Cabinet is responsible for designating these facilities.

Of course, the problem is that until April 6 2022, the Cabinet did not require facilities to meet any particular criteria before designating them, and Cabinet has no record of why Health City, Total Health, and Aster DM were designated as such. Cabinet has also not produced any criteria for reviewing the designation of facilities. In other words, there has been nothing to stop facilities from employing inexperienced Institutional List doctors with minimal supervision.

Until this court hearing, the concern had repeatedly been expressed by the local medical community that doctors on the institutional list were subject to a far lower level of regulation than doctors on the principal list, with consequent concerns for patient safety. This meant that doctors could be registered to practice here as institutional list practitioners with potentially very limited experience and qualifications.

On day 2 of the JR hearing, however, the Government’s QC stated that, on the Governments interpretation of the legislation, all doctors must possess the same or equivalent level of qualification and experience for registration. He stated that this is because Regulation 5 of the Health Practice Regulations is applicable to institutional list doctors as well as principal list doctors.  On day 3 of the JR hearing, the Government’s QC once more confirmed that this is the correct interpretation of the law, and the interpretation the government applies in regulating the institutional list.

We must await Justice William’s judgment to find out whether he will record that this new construction of the health practice law and regulations is correct, and must be applied going forwards, or whether he will instead recommend that the position is clarified by amending the legislation. Either way, the Government’s formal position, as articulated in court last week, means that all doctors registered to practice in Cayman must now possess an appropriate, minimum level of qualification and experience. As such, Regulation 5A, and the “second-tier” institutional list (initially introduced by the Health Practice law (2013 revision), will effectively be abolished.”

Of these two Grand Court Cases Nos 55 and 150 of 2021 in the Cayman court, this is a huge win for healthcare in Cayman – and for all duly regulated Principal List practitioners after years of dedication and investment into their education in compliance with the Health Practice Act and under the supervision of the Medical and Dental Council (MDC). I want to express my sincere appreciation for our lawyers Sally Bowler, Chris Buttler, and Ben Tonner from McGrath Tonner, who have worked tirelessly on our behalf to help affect these changes.

Unfortunately, all Institutional List physicians with boots on the ground in Cayman are exempted from meeting Principal List standards. Thankfully, the Cayman Islands Medical and Dental Society (CIMDS) has recently launched the “Green Tick” campaign to raise awareness about healthcare providers’ two separate registration lists. We invite the people of the Cayman Islands to educate themselves so they can make informed healthcare choices for their families. We also ask our Government to strongly reconsider their position on this matter as each existing Institutional List provider renews their registration (every two years). They should be held to the same medical standards, values, and code of ethics we Principal List providers stand behind for our patients.

At this juncture, only half the battle is won.

The Government has a discretion under the various laws to waive the duties payable by healthcare facilities, indeed by anyone. However, there is currently no transparent, published guideline or criteria assisting those liable to pay these duties to understand when they will or won’t be eligible for a waiver or an exemption: meaning that there is currently no transparent benchmark for obtaining a duty waiver or exemption. Health City (both in the east end and at its current and forthcoming Camana Bay facilities) receives huge financial privileges in the form of stamp duty waivers, import duty exemptions and discounts on work permit fees. This is all predicated on a contract that it entered into with the Government in 2010.

By comparison, Doctors Hospital paid CI$ 1.2 million in stamp duty to acquire its current site and has spent more than CI$ 1 million in customs duty alone over the last three years. Yet 12 years later Health City’s medical tourism facility, at least as the 2010 contract envisioned it to be, namely, an integrated hospital comprising of a hospital, medical university and an assisted living facility, has not materialized. So why are these concessions continuing to be granted?

Doctors Hospital is concerned about this lack of transparency and the lack of any regulatory framework which ensures fairness. As a result, Doctors Hospitals seeks a declaration that transparent criteria for the granting and refusal of concessions ought to be published for all to see.

Doctors Hospital has the same interest as any other taxpayer in the lawfulness of the Government collecting taxes and believes it is unlawful for the Government to grant waivers to Health City and others on the premise that it is now contractually bound to do so. In particular, when the public is losing out on large sums of money that would be available for public services.

Doctors Hospital’s motivation in bringing this judicial review is to, first and foremost, promote and preserve the integrity of healthcare in Cayman and to ensure that the Cayman Islands Government provides a fair and transparent tax system for all.

The ultimate findings from this three-day judicial review will be revealing. I sincerely hope that patient safety and the highest principles of healthcare are fully realised and that we bring an end to a long list of discriminatory concessions that Health City’s arrival in the Cayman Islands has brought about.”

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Regus opens its first location in the Cayman Islands

ZUG, Switzerland, July 1, 2021 /PRNewswire/ — Global leader in flexible workspace solutions, International Workplace Group has opened its first property in the Cayman Islands.

Located in the capital George Town just five minutes from George Town Cruise port, the Regus centre opened to an event attended by the territory’s premier Wayne Panton, tourism minister Kenneth Bryan as well as members of senior government, the Chamber of Commerce, and business leaders from around the region.

Designed to serve local enterprises and entrepreneurs, Regus provides flexible workspace solutions for modern-day businesses, which, in tandem with government initiatives such as the Global Citizen Concierge Programme – a campaign to attract digital nomads to the territory – provide a springboard for growth and business development.

“The appetite for flexible, co-working spaces was growing in Cayman pre-COVID and the pandemic has only increased demand now that work habits have changed significantly. There is also a clear international demand from those who wish to take advantage of the Regus network and the Government’s Global Citizen Concierge Program, and we’ve been delighted to welcome several new members who seek a professional and flexible workspace under this initiative,” says Sophia List, Client Relationship Officer of the Regus Cayman location.

IWG has been at the fore of global workspace solutions for more than 30 years, with 2021 serving as a record year for the company, which added half a million users to its network in just the first quarter. The pandemic has had a dramatic impact on the way people work, with companies of all sizes indicating that hybrid work is here for the long term.

The addition of the Regus centre in George Town demonstrates the workplace provider’s investment in Grand Cayman’s capital, a move that will promote the brand’s expansion throughout the Caribbean, adding to locations in Jamaica, Barbados, Trinidad and Tobago.

About Regus

Regus is the world’s largest provider of flexible workspaces with an unrivaled network of offices, co-working, and meeting spaces that companies can use around the world. It is an infrastructure that supports all business opportunities – a global infrastructure built for businesses. The Regus network of workspaces allows companies to operate anywhere, with no set-up costs or capital investment. It offers customers immediate cost benefits and the ability to fully outsource their real estate portfolio.

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Channel Capital Cayman adds new Director to its Governance Team

SYDNEY and GEORGE TOWN, Grand Cayman, June 23, 2021 /PRNewswire-HISPANIC PR WIRE/ — Channel Capital Cayman, a subsidiary company of Channel Capital Group (Channel), today announced the expansion of its Cayman team with the appointment of Carl Brenton as Director.

Carl Brenton, Director, Channel Capital Cayman

Channel Capital Cayman provides a high quality governance framework service to investment funds domiciled in the United States, Cayman Islands and other offshore financial centres. The business was established to leverage the deep and specialised experience of its team, and to provide ongoing compliance with regulatory obligations through a trusted and highly personalised independent director service.

As an experienced independent director, Carl has been providing fund governance and related services to a variety of offshore investment funds since 2016. Prior to joining Channel Capital Cayman, Carl served as the Head of Fund Services at both Catalyst Fund Administration and Intertrust Corporate Services where he oversaw the groups’ fund administration business in the Cayman Islands. Carl was a senior manager at Citco Fund Services (Cayman Islands) from 2005 to 2016 after working as a financial controller and public accountant since 1996.

The Cayman Islands is a world leader in the establishment of offshore funds due to its tax-neutrality, stable economy, sophisticated banking sector and professional financial service industry. Approximately 70% of non-US domiciled alternative investment funds managed by US SEC-registered advisors are domiciled in the Cayman Islands.

“We are pleased to have Carl join the business” said Mark Cook, Executive Director, Channel Capital Cayman. “Carl is very experienced in the alternative funds environment. He will add depth to our governance platform and will work closely with our clients to help them navigate the ever-changing and complex regulatory environment.”

Director at Channel Capital Cayman, Carl Brenton, said: “I am very pleased to be joining Mark and the rest of the Channel team. Mark and I previously worked together from 2005-2008 and it’s great to have the opportunity to join forces again. We are looking forward to leveraging off the strengths of the broader Channel Capital team to grow the business here in Cayman.”

-End-

About Channel Capital

Established in 2013, the Channel Capital Group has 32 employees across Sydney, Brisbane, Melbourne, New York and Grand Cayman, and currently partners with ten investment management firms. Channel provides incubation, distribution, operational and responsible entity services to a select group of global investment management firms. The Group comprises subsidiary companies; Channel Investment Management Limited, Channel Capital Cayman, and Eolas Capital LLC. Channel Capital is supported by financial partner, Kudu Investment Management LLC. https://www.channel.capital

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Doctors Hospital Takes Action to Preserve Fair Competition After the Cayman Government Grants a Series of Financial Concessions

GEORGE TOWN, Cayman Islands, March 19, 2021 /PRNewswire-HISPANIC PR WIRE/ — Doctors Hospital (”DH”) in Grand Cayman, Cayman Islands, announced they are seeking a judicial review of the vast unilateral concessions made by the government to Health City and Aster Cayman MedCity. According to DH, these concessions unfairly distort competition between healthcare providers on the Cayman Islands, and could ultimately compromise the quality of healthcare available.

DH challenges the fairness of the ongoing grant of financial concessions to Narayana Hrudayalaya Private Limited (”NHP”) by the Government of the Cayman Islands (”CIG”) for the current Health City development. Also, granting vast financial concessions to DM Healthcare (”DM”) for the Aster Cayman MedCity development, and the proposed financial concessions to NHP for the proposed development at Camana Bay is concerning.

CIG recently announced NHP will develop a new hospital at Camana Bay. The Premier reportedly stated, “concessions and duty waivers already in place for Health City would apply to the new facility” (Cayman Compass, 19 February 2021).

Concerning Aster Cayman Medcity, the Premier reportedly said DM would “not have to pay duty on medical equipment or supplies for 25 years after the commencement of construction of phase 1,” and an agreement to that effect would be executed that day (Cayman Compass, 21 December 2020).

DH acknowledges CIG’s intention to attract foreign investment to the Cayman Islands and welcomes it. However, DH firmly believes fair competition and a level playing field for all healthcare providers serves the best interests of all, especially the general public. Therefore, DH issued a pre-action letter to CIG on Monday, 8 March 2021, to which CIG has not substantively responded.

“We believe in fair and competitive marketplaces. Eliminating the gap between healthcare providers in Cayman is more important than ever. No market should be subjected to anticompetitive, monopolistic, or dominating behavior. The power held by these companies affects the Cayman economy, our democracy, and ultimately the health and well-being of our citizens. It is especially unfortunate for the many local-owned businesses who have been contributing to the country for years, shaping our community to what it is today,” says Dr Yaron Rado, Board Chairman and Chief Radiologist, Doctors Hospital.

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Channel Capital Launches Offshore Governance Services Business to Be Headed by Mark Cook

SYDNEY and GEORGE TOWN, Grand Cayman, Feb. 21, 2021 /PRNewswire-HISPANIC PR WIRE/ — Channel Capital Pty Ltd. (Channel), a leading Australian multi-affiliate investment management company servicing more than A$16 billion in assets, has established Channel Capital Cayman, an offshore governance services business based in the Cayman Islands.

Mark Cook, Executive Director, Channel Capital Cayman

Mark Cook, an experienced director for Cayman Islands and other offshore investment funds will lead the business, which will focus on establishing and operating investment funds domiciled in the United States, Cayman Islands and other offshore financial centres, as well as ensuring ongoing compliance with regulatory obligations including anti-money laundering and tax transparency.

Mark has worked with many globally recognized fund managers and financial institutions since arriving in the Cayman Islands in 2005. After qualifying as a chartered accountant in Australia and spending more than 10 years in public practice there, he obtained fund administration experience with Citco Fund Services in the Cayman Islands and since 2008 has been engaged as an investment fund director.

The Cayman Islands is a world leader in the establishment of offshore funds due to its tax-neutrality, stable economy, sophisticated banking sector, and professional financial service industry. Approximately 70% of non-US domiciled alternative investment funds managed by US SEC-registered advisors are domiciled in the Cayman Islands.

“We are thrilled to be partnering with Mark in the Cayman Islands” said Glen Holding, Channel’s co-founder and managing director. “We see this as a natural extension of the support and oversight we have traditionally offered to fund managers in Australia, and is consistent with our strategy to build out a global platform capable of supporting investment managers and their clients in all major jurisdictions”.

Executive Director at Channel Capital Cayman, Mark Cook, said: “The Cayman Islands remains by far the most popular jurisdiction for hedge, private equity and infrastructure funds. I’m really looking forward to working with the Channel team and leveraging the platform they have developed. I anticipate opportunities across the spectrum for straight governance services, or to more widely assist with an investment manager’s business needs”.

About Channel Capital

Established in 2013, Channel has 30 employees across Sydney, Brisbane, Melbourne and Grand Cayman, and currently partners with eight investment management firms. Channel provides incubation, distribution, operational and responsible entity services to a select group of investment management firms and their clients across the institutional, family office, high net worth and advisor-led investor space. Channel’s subsidiary entity, CIML, provides responsible entity services to a limited set of funds. https://www.channel.capital

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