Tech deal still not public a year after signing

| 16/09/2019 | 13 Comments
Cayman News Service
Samir Mitra speaking for TechCayman at the press conference in August 2018

(CNS): More than a year after the Ministry of Commerce entered into a deal with TechCayman, a business platform with the goal of attracting information technology entrepreneurs to the Cayman Islands, government has released another, but still redacted, version of the agreement under the Freedom of Information Law. TechCayman is a partnership between Health City’s Gene Thompson, Harry Chandi and Samir Mitra, a Silicon Valley entrepreneur, but the true objectives of the project are unclear as the full deal has never been made public.

CNS submitted an FOI request over one year ago. Because the first release of documents was heavily redacted, we began the process of an appeal, seeking to get the full deal into the public domain. While the process is ongoing, the Department of Commerce and Investment has made two further releases with less reactions. Nevertheless, the most recent release this week still contains blacked out elements.

The deal appears to involve no limits on work permits and other concessions from government, and contains provisions for creating new jobs on Cayman Brac.

The agreement requires government to install a third internet cable to provide the necessary reliable high speed connection that IT companies would need to set up shop in the Cayman Islands. Additionally, government must update Cayman’s intellectual property legislative regime, which is now largely completed.

But although it was expected that several companies would be established by the end of last year, it appears that so far no company has opened under the TechCayman banner.

At the press conference last August announcing the project, Mitra said there were plans to build a campus in the East End area and TechCayman’s own IT training institute, as well as create a curriculum at UCCI and offer internships to young Caymanians. Commerce Minister Joey Hew said Tech Cayman had the potential to become the Silicon Valley of the Caribbean and create a digital economy here.

The deal sets out a goal to have employed 38 Caymanians by this year and 600 by 2023.

See the latest redacted deal between CIG and TechCayman in the CNS Library

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Category: Business, ICT

Comments (13)

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  1. Anonymous says:

    I don’t see why all the hate here. The government put together a plan that would help build the technology sector in the islands, even in Brac. Why nothing has happened is unknown, but I’m sure there’s no real evil going on here. Just a case where people got busy and a well meaning plan got put on the side most likely.

  2. Anonymous says:

    Who is this Mitzi guy anyway? CIG portrays him as some tech guru. Google him and you get only a page of references, most to his LinkedIn profile. Either someone like Ken Dart who pays people to keep him off the Internet or a complete nonentity.

  3. Anonymous says:

    Bet its the same concessions Health City got.

  4. Anonymous says:

    Sodom and Gomorrah GREED without regard for Laws nor Caymanians.
    God sees all. Knowing the Bible does not forgive not living the Bible – with God within one’s Soul.

  5. Anonymous says:

    My mother told me that if I couldn’t say something good about someone, then don’t say anything. I can’t think of anything good to say about the Ministry of Commerce, so I won’t say anything.

  6. Anonymous says:

    So more money is being paid out and not a damn thing is being done. Man it must be nice to do business with the CIG.

  7. Anon says:

    Maybe Gene Thompson can answer some questions on his deal with Gov’t.

  8. Anonymous says:

    Another pie in the sky with no benefit to Caymanians and Cayman. Just another “Free Zone” they better start collecting all the fees we are entitled to to fix education, traffic mess and the dump. Why are they giving up all the duties when there is so much that needs to be done to make our lives a little less stressful?. What is it exactly that they are personally getting out of these deals?

  9. Anonymous says:

    Another deal that supposedly profits us but no details are forthcoming. Why do we continue to allow our government to do this?

  10. Anonymous says:

    TechCayman, DeckCayman, BeckCayman, HeckCayman, or whatever name you can dream up, the reason behind it is all the same; government concessions and work permits without questioning, then they conduct whatever business the feel like conducting.

  11. HQ Mueller says:

    Is this a case of we give and give and give and at the end of the day they are bull shit artists who have preyed upn us again through their speculative schemes. It’s been said before I’m sure and it should again be said; any scheme of investment brought to these Islands should Be required to deposit Funds with the CIG Treasury equal to at a minimum 15% of the total project cost,of which 30% will be refundable to the developer on completion of the project . The remaining deposit is to be placed in an infrastructure fund specifically geared to covering the expenditure required to maintain the country’s roads and and other ancillary infrastructure aspects. In other words, we want real investments not speculative deals where it could be conceived that there are under the table payouts . This along with a sound development plan and more oversight of the planningBoatd will stop alladis helter skelter development .

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