Clients of Cayman Islands-based Euro Bank Corp. (in liquidation) are to be re-paid their entire principal and some will even receive interest, they have been informed. The payment of a final dividend of 20 cents - bringing the total dividend to 100 cents in the dollar of principal - was approved by the Grand Court of the Cayman Islands on May 1, 2003.
In all of the hullabaloo surrounding the collapse of the Euro Bank trial in Cayman after the judge determined that the island's senior anti-money laundering officer, Brian Gibbs, had lied and destroyed evidence, it was easy to overlook a snippet in Gibbs' November 26, 2002 witness statement about Johnny Johnson; An order for the extradition of offshore banker William Cooper from Antigua to face a money laundering indictment in the United States was thrown out by a judge in Antigua on January 13, 2003 because the application was made before an extradition treaty between the two countries was ratified and before money laundering was criminalized on the Caribbean island; Edouardos Stamatiou, whose Argentina-based firm Tucuman Land Holdings Ltd. received £151 million ($237 million) of the $345 million defrauded from clients of the Imperial Consolidated Group and won't give it back, is a former principal of The Cayman Financial Brokerage House, which … surprise, surprise … was forcibly closed down in October, 1999; Another post-Imperial Consolidated scam, known as Property International, is in financial trouble after not very long in business; And, to conclude our segment on Imperial Consolidated, we have been passed the name of yet another company which allegedly brokered client funds into the fraudulently-operated group - Lighthouse Strategies; Canadian national David Voth has been fined CDN$12,000 in Canada for failing to file tax returns; Bahamas-based Suisse Security Bank & Trust, which is in provisional liquidation, has asked a U. S. judge to order two parties who unsuccessfully sued the bank in New York to place $1.3 million into court to cover its legal fees and damages; Trading on the over-the-counter market of shares in a company that Bermuda-based Lines Overseas Management was helping to do a reverse take-over of has been temporarily suspended pending an investigation by the Securities and Exchange Commission in the United States; and Famed U. S. attorney Johnnie Cochrane may be helping to broker a settlement in the long-running battle for control of the assets of Eurofed Bank in Antigua.
Cayman's much-vaunted reputation for bank secrecy is in tatters after revelations that the island's senior anti-money laundering officer has been selling secrets to British intelligence since 1990. While Cayman was being promoted as a financial center where it was a criminal offense to reveal confidential information, Brian Gibbs was passing on virtually everything that came across his desk.
Findings of Fact on Abuse of Process Application in The Queen v. Brian Cunha, Donald Stewart, Ivan Burges, and Judith Donegan at the Grand Court of the Cayman Islands, Criminal Side.
The Privy Council in London has rejected an appeal by Detective Inspector Brian Gibbs, the Commissioner of the Royal Cayman Islands Police and the Attorney General against a damages award of US$770,000 made in favour of former bank manager John Rea for an illegal search of his home and his office in 1991.The ruling on January 29, 1998 brings to an end a long, embarrassing and costly saga for the Cayman authorities in which they were found to have maliciously obtained and executed two search warrants against Rea in October, 1991.