Posts Tagged ‘#caymanislands’

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.

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