CIMA under fire in Caledonian saga

Caledonian House, George Town

(CNS Business): The Cayman Islands Monetary Authority (CIMA) is in the firing line for failing to support Caledonian, as the fallout from the bank’s collapse continues. Published court documents showed there was no need for the freezing order on its US assets, which ultimately led to Caledonian’s insolvency. Questions are also being asked about Caledonian’s contribution to its own demise and how CIMA, the US regulator and a highly respected judge, between them, managed to make such a costly mistake.

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