Cayman Finance courts Chinese investors
Cayman Finance CEO Jude Scott
(CNS): Cayman Finance CEO Jude Scott was a featured speaker at events in September in three major Asian cities, organised by the local offshore firm Maples. Scott spoke to business leaders and investors in Shanghai, Beijing and Hong Kong about how the Cayman Islands operates as a “neutral and efficient hub, connecting capital and financing around the world”, according to a release. Scott was also interviewed by Bloomberg reporter Rosalind Chin in an effort to raise the profile of this jurisdiction in the region and show how Cayman can support Chinese investment flows.
“China, and in fact the wider Asia region, is a major player in global investment in infrastructure projects around the world,” said Scott. “Cayman is an excellent extender of value for businesses in these markets, pooling capital from around the world for investment in assets and projects in developed and developing countries.
“Being able to participate in these events allowed me to convey the success of the Cayman Islands as a premier global financial hub and promote greater cooperation and understanding between Chinese and Cayman businesses by ensuring that our world class regulatory standards, especially KYC/AML and international cooperation, are understood by the businesses and regulatory bodies there,” he added.
Anthony Webster, a partner at Maples and Calder (Hong Kong), said it was important to have Scott at the events given the vast benefits for businesses in both jurisdictions that can occur from working together.
“The Cayman Islands plays an important role in both inbound and outbound investment for the region,” Webster said. “Chinese state-owned enterprises and private entities use these structures for outbound investments to provide investment capital… In addition to the Cayman Islands being home to world-class service providers, it has a very high quality network of lawyers and other service providers, who operate in Asian time-zones. Success in the Asia funds market can be attributed to the fact that Cayman Islands corporates and partnerships are both widely accepted and familiar to investment managers and financial institutions,” he added.
Scott also met with several private equity and venture capital industry associations during his visit to the region and hosted a breakfast roundtable to gain a better understanding of the issues in the Asian markets and how Cayman Finance could be better poised to respond to the needs of businesses there.
“It is always important to stay connected with those with whom we conduct business and ensure that the Cayman Islands remains the jurisdiction of choice,” Scott said, adding that Cayman Finance will continue to engage with Chinese businesses and private equity and venture capital associations.
Category: Business, Financial Services
More government hatred towards its own people. What next?
we do not need to have hoards of Chinese descending on our islands and infrastructure. Heaven only knows what our fearless leaders are going to come up with next!
Keep in mind, the global legal fraternity (because they are assumed to be of better moral fiber than you or I) are mostly exempt from having to perform any of the exhaustive routine KYC, source of funds due dil that our other industry professionals must laboriously assemble to “prepare a file” for internal compliance approval…so long as the retainer cheque/wire clears, and there are no major internal representation conflicts, they are free to deal with almost any unconscionable client billing partner hours…must be nice to have that liberty!
Why not? Chinese businessmen are already channeling $billions through Grand Cayman in tax frauds so why not keep a bit of that money here? The only thing is if you get into bed with the Chinese you can expect to get screwed – ask the Bahamians.
Interesting that in so many posts , the words “Chinese ” and “Screwed ” are considered synonymous.
Surely those assisting them must also have the shadow of deception cast over them.
7:39 You are absolutely correct.
The way the Chinese do business revolves around ‘greasing the wheels’ so if they do come on board here there are going to be some very happy locals making so much money out of it they won’t really give a damn if the rest of us get screwed.
The other problem with them is that if bribes and kickbacks don’t do the job they’re not afraid to get their hands dirty.
Which businessmen are these exactly?
1:14 Who knows? After all their identities are protected by Cayman islands’ Law. However, the process they use for shifting funds has been very well documented for at least the past decade.
The kind that sue you even if your allegations of deception are very well founded.
1:14 Read this –
https://www.barrons.com/articles/beware-the-pitfalls-of-the-offshore-chinese-shells-1514600415
or
https://nypost.com/2014/07/26/why-10b-of-chinas-money-is-laundered-every-month/
Before getting too far into bed with the Chinese Mr Scott might like to compare notes with the Cubans. There may be a lot of Chinese money flowing into Cuba but there’s also a lot of unwanted baggage coming in with it. Whatever the official version may be, according to what I was told when I was last in Cuba they are getting screwed over on every deal. In fact one of their great hopes when Obama started to normalize US/Cuban relations was that it would edge the Chinese out.
Not possible to edge the Chinese out; their agreements factor in every possible scenario the other party could consider for ever “edging out” – when they are in, they are in; that’s it. Cayman cannot even get out of the CHEC deal and our FCO came down on it years ago! Here they are, back at the port table.
I can see the job ads now
“must be fluent in Mandarin”
Which is why some Caymanian children are studying it.
Presumably their teacher is fluent in Mandarin.
Yes, it is a requirement of the job.
As business risk goes, it is very difficult to get credible KYC and source of funds due dil from many Asian investors. Western-based risk mitigation tools like Lexis Nexis are not very useful, unless you are courting a big fish at the top of the food chain with recognizable business holdings and assets. There are almost no searchable or verifiable records for the billions of other small fry scampering about. Caveat emptor.
Just let it be, CHEC & Decco have it all under control!
If it wasn’t for companies like Decco and many others, you would be begging Jamaica for saltfish and toilet paper.
Oh please, get over yourself! I eat salt fish and I can assure you I pay for it. If you have to beg Jamaica or anyone else it is because you are too lazy to work. Anyone knows exactly how many Caymanians are hired by the Dart Group? Personally I do not think the number is huge at all.
And if your aunty had nuts she’d be your uncle.
The only thing we beg from Jamaica is keep your criminals don’t export them to Cayman.
keep up the good work Jude and “make us proud again” no pun intended Trump followers lol ….Mr Scott is a very well versed and financially educated individual to hold this position, so great to have this kind of representation when we go abroad to speak and educate other countries on how Cayman can be the place of choice.
Hmm. If you can understand what he’s saying (except in certain emails, when he can be very clear indeed).
Explicit, even
This is looking like the Russian collusion. Lol. We up to the times.
Do they eat iguanas?
Maybe, I understand they eat snakes.
When I arrived here in 1969 there was a very firm (but unwitten) policy that Chinese would not be allowed into Cayman as they would provide too much competition for our local businessmen. It seems now we want their money, but otherwise things have not changed.
Good policy which should be maintained, look at how they screwed the Bahamian investors recently, with help from one of our local residents.
Neither Starbucks should be allowed and other American “chains”.
Hmmm… no American “chains”? Have you noticed KFC, Wendy’s, Burger King, Subway …. a bit late for that, dont you think? Bermuda is one of the only places I can think of that has stuck to their guns regarding that issue!
Yet they still wear those ridiculous outfits.
I think they look cute in their shorts , jacket and ties. Kinda cool when riding a bike,
Well at least with the Chinese, they will tell you up front they are going to screw you big time, as they are in it to make money, they are no fools . So it left up to you whether to deal, or not to deal with the Chinese. Just saying.
Can we get a baby panda for the turtle farm?
locals would love a bit of panda to go with their turtle soup!
Probably be pretty good smoked
And the China assault continues.