Public purse gets US$1M from stock exchange

| 01/06/2018 | 34 Comments
Cayman News Service

CSX Chairman Anthony Travers, CEO Marco Archer and Financial Secretary Kenneth Jefferson

(CNS): The Cayman Islands Stock Exchange has handed over a special dividend of US$1,000,000 to the public purse as a result of a profitable period over the last 18 months. CSX Chairman  Anthony Travers said the government company had enjoyed a period of strong sustained growth, which was “encouraging and entirely attributable to the hard work of the CEO, the Exchange staff, and Council Members”. One of the few public authorities that has been contributing regularly to the treasury, it generally pays a 75% dividend of net income annually.

Having received an unqualified audit report on 30 April 2018, following the declared dividend of US$449,949 on 20 September 2016, in respect of the prior financial year, Travers said that the Council Members reviewed the exchange reserves and decided to make the additional special payment of US$1,000,000 to cover the 18-month fiscal period ending 31 December 2017.

The cheque was presented to Financial Secretary Kenneth Jefferson at his office on Wednesday, 30 May, by Travers and CSX Chief Executive Officer Marco Archer.

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Category: Business, Financial Services

Comments (34)

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  1. Anonymous says:

    Nothing is wrong with CSX giving CIG a “dividend”. The word “dividend” lets you know that the entity being paid is a shareholder. What is wrong, is everyone pretending like this was because of Marco.

  2. Anonymous says:

    Better they forked over this money now, they just might want it back after the public register hammer comes down.

    • Anonymous says:

      A profitable 18 months!! No coincidence that is the same amount of time that
      President Donald Trump has been in office. What your politicans do with that mil
      depends on you Trump bashing obamites. You are welcome. The unemployment rate
      is now the lowest in nearly five decades 3.2% in the U.S.

      • Anonymous says:

        “you Trump bashing obamites” ? Oh, I see, you thought you were on the Washington Post. No one cares that much about either of them here.

  3. Anonymous says:

    Marco hasn’t been in the job a year yet this has zero to do with his efforts and is a reflection of a strong investment market and the hard work of the previous ceo and the stafff. I swear people will say anything so long as it’s not the truth

  4. Anonymous says:

    Comical at best They just couldn’t spend anymore Disgusting at worst

  5. Anonymous says:

    Can the intelligent being @10:46am explain to the rest of the world just what makes this “so wrong on so many levels”. And just in case your struggling with your explanation here is this weekends HW, research how governments work (pay special attention to the treasury chapter). Explain what is a stock exchange and describe the global financial system.

    If your going to being a baseless critic and chronic pessimist at least try to be a educated one !

  6. annonymous says:

    well done. so proud of all the hard work and good reports. the stock exchange is in good hands.

  7. cess pita says:

    And I bet they didn’t pay anyone in excess of their authorized pay scale or second anyone to act as a taxi driver for Government ministers.

  8. Anonymous says:

    what in the blue hell?????
    this is wrong on many, many levels…

    • Anonymous says:

      You might want to elaborate more on your opinion so others can comprehend what you are so upset about.

    • Anonymous says:

      Why is this wrong? Who do you think actually owns CSX? It’s a government entity after all!

    • West Bay Premier says:

      That’s called passing the buck in the stock market, or from one hand to the other hand . I have seen alot of that in my life .

    • Anonymous says:

      Please explain …

      • West Bay Premier says:

        What is CSX relationship to the government ? How much money does the government inject into CSX yearly ? What
        was the last time the government received this amount of money from it’s entity CSX ?
        Where is all the accountability in government ?

        • Anonymous says:

          They do not receive money from government even though it is owned by government. That is why you should not ridicule them for making a dividend payment into government. Did you not read the in article where it is one of the few that actually make a profit and pay dividends to government?

          • West Bay Premier says:

            1:58 pm , how much money did the government ” invest ” into CSX to get such large dividends for return ?

  9. Anonymous says:

    Excellent. Well done Marco.

    You make us all proud!

    • UnCivil Servant says:

      Thank the previous CEO it is under Valia’s leadership it was possible. Marco just got the job so this miracle has nothing to do with his leadership.

      • Anonymous says:

        @ “UnCivil Servant”

        So, let me get this straight, you applaud the expat and belittle the Caymanian…

        Correct? And how are you not xenophobic? Racist?

        I actually know the lady (Valia) to which you speak of and she’s a wonderful, intelligent person. However, the same is said about Marco, and will continue to be said about him.

        There is absolutely no need to compare the two.

        • Anonymous says:

          No. Everything was fine under Valia with no photo ops and backslaps of congratulations. Now get Archer in there and suddenly he gets credit for the success with photo ops and congratulations? Please. This is a clear example of trying to elevate anything Caymanian.

        • UnCivil Servant says:

          Giving Marco credit or him taking for a situation he inherited is laughable yet typical given the spin and photo op. The same would apply to a local or expat. It is not about nationality. No debate whether either are intelligent. Calm down and try to understand the point before playing the race card.

    • Anonymous says:

      I knew someone was going to say its the result of Marcos efforts, please remember he is an administrator, he cannot influence the performance of the market. Thank the investors

      • Anonymous says:

        WOW. Just remarkable.

        You do realize that if the Stock Exchange was not being properly managed that “investors” would pull out right?

        When Valia was there, she was great; Marco is there now and he’s great too!

      • Anonymous says:

        Exactly! Marco just sitting there looking pretty with his over inflated salary.

      • Anonymous says:

        The performance of the market has nothing to do with the profitability of the exchange you chump.

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