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Cayman Premier Dismisses Allegations

by Phillip Morton, Investors Offshore.com

18 December 2012


The Royal Cayman Islands Police Service has confirmed that it has granted the islands' Premier, McKeeva Bush bail until February "to allow further investigations to take place both [in the Caymans] and abroad in connection with the allegations made against him."

Bush was arrested on December 11, 2012, on the suspicion of theft, in connection with financial irregularities relating to the alleged misuse of a government credit card (dating back to 2004, and previously investigated in 2010), and breach of trust, abuse of office, and conflict of interest, in connection with the alleged importation of explosive substances without valid permits on or before February 2012.

Bush, who has been in public office for almost three decades, was questioned over two days by local police. He has said he plans to challenge the allegations, and rebuffed calls for him to resign from his post as Premier and Minister of Finance, Tourism and Development.

A second individual was later arrested, the police confirmed, in connection with the alleged importation of explosive substances without a valid permit, and allegations of breach of trust, abuse of office and conflict of interest, and inciting a breach of the corruption law.

In response to the arrest of Bush, the Insurance Managers Association of Cayman (IMAC) stated: "IMAC has full faith in the Cayman Islands' judicial system and trusts that justice will prevail as the investigation proceeds."

Defending the territory's integrity, IMAC added: "Cayman is a vibrant financial services centre, with robust legislation, quality service providers and an independent regulator who work to ensure that Cayman remains a preferred jurisdiction in which to do business."

TAGS: Finance | Insurance | tax | business | law | trusts | international financial centres (IFC) | Cayman Islands | offshore | legislation | services

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