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Articles Bahamas British Virgin Islands Cayman Islands Costa Rica Featured Investment Ireland Panama Tax USAFebruary 3, 2014

US charity loses one-third of assets in Cayman Islands property investment

mm
By
9 years ago

Topics

Bahamas British Virgin Islands Cayman Islands Costa Rica Investment
Ireland Panama Tax USA
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Keywords

Alfred Lall Birchler Mengwasser Martin Lall Credit Suisse EBR Holding Ltd. Emerald Bay
Erik Burgdorf Five Mile Capital Partners Herbert Humphreys, Jr. Keith Boheim Lawrence Burgdorf Marie N. Carlie Marvin Schwan Charitable Foundation Michael Ryan Ritz-Carlton Royal Bank of Scotland Stone Carlie
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Highlights

  • $250 m loss in Cayman follows $100 m-plus loss on Emerald Bay Resort in the Bahamas
  • Charity has also invested heavily in Costa Rica
  • Charity loaned money to Cayman project AFTER OffshoreAlert published red flags
  • Caribbean investment losses contributed to charity's assets falling by 52% in 12 years
Missouri-based charity The Marvin M. Schwan Charitable Foundation has written off loans totaling $250 m that helped build The Ritz-Carlton, Grand Cayman hotel and residences development in the Cayman Islands. The amount was one-third of the charity's total assets.