Caymanian Attorney General Tenders Resignation

by Amanda Banks, for LawAndTax-News.com, London

07 March 2003

The Attorney General of the Cayman Islands, David Ballantyne has tendered his resignation, effective March 15, it emerged this week.

Following a no-confidence motion against the AG over his role in the collapse of the Eurobank money laundering trial, Mr Ballantyne had - albeit briefly - returned to Cayman after a period of leave to resume his duties, although without the approval of the Caymanian authorities.

In an open letter released on Tuesday, Mr Ballantyne announced that: 'Under other circumstances I would have been prepared to continue. Recent events, however, and the way in which they have been handled have led to a situation where I have decided, on terms acceptable to me, to leave office.'

A government statement published this week revealed that the 'terms acceptable' to Mr Ballantyne are a lump sum payment of CI$295,900 as compensation for the two years left to run on his contract, and end of contract entitlements regarding passage and freight.

This compromise between the two parties is believed to be the result of a visit from Parliamentary Secretary with responsibility for the Overseas Territories, Baroness Valerie Amos in February.

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