'Father' Of Cayman's Financial Sector Pens Autobiography

by Robert Lee, Tax-news.com, London

01 June 2001

Widely considered to be the "father" of the Cayman Island's financial services industry, Sir Vassel Johnson has just published an autobiography which lets us into the secrets of what it takes to become a successful international offshore financial centre. The book's press release says Sir Vassel is a man "who is credited with doing for his country what Mahatma Ghandi (sic) did for India", having taken on British and American governments in order turn the Cayman Islands offshore sector into an industry built on good business practice and integrity.

Entitled As I See It: How the Cayman Islands Became A Leading Financial Centre, the 425 page book is essentially a historical reference book, and covers a whole raft of subjects from the origins of the Cayman Island's currency to the founding of the National Trust. The first two parts of the book deal with Sir Vassel's recollections of his years in Cuba and the Caymans. From 1965 until 1972, Sir Vassel was the Cayman Island's Treasurer and Collector of Taxes and Economic and Financial Advisor to the government. In 1968 he became Cayman's first Financial Secretary (in essentially the same role as before, but with a more succinct title). Sir Vassel was also involved with Cayman Airways between 1971 and 1977 and again from 1984-85. He was knighted in 1993.

In its review of As I See It, Cayman Island's online news service, Cayman Net News, said: 'This work is both a captivating autobiography of the remarkable man who masterminded Cayman's offshore financial industry and an invaluable historic reference work that belongs in every Cayman business and home library. It is also a timely antidote for the kind of cultural amnesia that can cripple small countries: A wake up call and reminder that only in understanding our past can we chart a course for the future.' It added: 'This book will undoubtedly rank as one of this country's most important literary accomplishments. It also presents an undeniable case for why Sir Vassel Johnson deserves still another honour: to be named Cayman's third National Hero.'

The Financial Times was less gracious towards Sir Vassel, saying: 'It is hard to equate this savvy international statesman with the naive chap who once explained how the Cayman Islands became host to money-launderers in the late 1970s and early 1980s.' Apparently, one of Sir Vassel's best-remembered comments was from 1990, when he said: 'People used to come here with their suitcases full of money. We thought it was because we were a tax haven. It really didn't dawn on us that some of it was drugs money.'

As I See It: How the Cayman Islands Became A Leading Financial Centre is available from The Book Guild Ltd, Temple House, 25 High Street, Lewes East Sussex BN7 2LUT; T: 00 44 1273 472534; F: 00 44 1273 476472; info@bookguild.co.uk, or see their website at www.bookguild.co.uk

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