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Excerpt: |
David Marchant, the publisher of
the Miami-based Offshore Alert
newsletter, said yesterday: "The questions that scream to be
answered are, 'Why did Euro Bank Corporation pay the Cayman Islands
government $ 2.5m when the total fees for a class A banking licence
are only $ 150,000 and where did the money go?'"
He added: "Also, the litigation suggests that Euro Bank Corporation
was supposed to receive an unspecified benefit from the Cayman
government as consideration for this payment. What was this
benefit?" The complaint says that, in return for the payment, the
Cayman government was supposed to do unspecified things for the bank
that then never happened.
The nature of the payment and the "consideration" is expected to be
made public in the next month. Mr Marchant
said: "If the Cayman Islands truly wants to become a more
transparent jurisdiction, as it has indicated, this secretive
payment to the government would be as good a place as any to start." |
