Dart to open support fund with $1M

| 11/04/2020 | 80 Comments
Cayman News Service
Governor Martyn Roper at Saturday’s press briefing

(CNS): Cayman’s largest developer and investor, Ken Dart, will be putting up the seed money to start a fund to support Cayman’s healthcare and short-term economic needs, Governor Martyn Roper revealed on Saturday. The multi-millionaire is reportedly prepared to add another $4 million if that is matched by other Cayman-based private sector companies, potentially creating a rescue fund of some $9 million, the governor said.

Roper said that on Saturday morning he and the premier had met with Ken Dart, the reclusive owner of the network of companies based here in Cayman, to discuss this private sector effort and he had agreed to put up the cash.

The governor described it as a recovery fund with four purposes: to help with the acquisition of personal protective equipment for health and front-line workers and testing; for individuals in immediate need who are in distress or who have no income; to support short-term economic needs; and lastly, for a long-term economic development focus.

The governor said it was a private sector initiative but would also have government representation on the board. He said the initiative was still in the early stage and he had no further details but the government was pleased with the establishment of the fund.

Premier Alden McLaughlin said that this was not a “Dart Fund” but a private sector fund for those in the business community to contribute towards and help the economy recover after the coronavirus epidemic.

Although the governor said that the fourth purpose of the fund was a long-term development focus, the premier would not say if there was any agreement with the developer over what that might mean for any of the Dart Group’s future plans and proposals.

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Category: Business, Economy, Politics

Comments (80)

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  1. JDIAEB says:

    If anyone thinks that Dart does anything without his own interests as a priority, and is not playing the long game on this, then I have a bridge over the North Sound to sell you.

    $1m million, plus $4m in matching donations, is lost in roundings for him. He’ll recoup many multiples of that down the line.

  2. Anonymous says:

    For those hate posting on Dart, where are your fellow rich Caymanians and their donations??

  3. Anonymous says:

    To all you commentators waiting for the Caymanian merchant families to even come close to matching Dart’s contribution. DON’T HOLD YOUR BREATH!

    • Anonymous says:

      EVERYONE will make just the right contribution that serves their bank and social account best. You included.

  4. Anonymous says:

    Simply: THANk YOU Mr. Dart and DART Corporation!

    • Anonymous says:

      Thank you Mr. dart corporation, for protecting and promoting your interest. And for giving people like the above poster something to feel good about.

  5. Anonymous says:

    Consider it a down payment for his iconic tower. You’ve been warned…

    • Anonymous says:

      EVERYTHING he does is a contribution to himself. Such is human nature.

      • Anonymous says:

        10:47 put the money where your MOUTH is!

        • Anonymous says:

          I see you have a copy of “Bold Retorts For Cocktail Party Banter” Did you read in the first chapter about using the correct bold retort for the situation?

  6. Anonymous says:

    How much will Lodge contribute?

  7. Anonymous says:

    Perhaps this is an idea worth exploring but much more thought and explanation will need to be provided by the government to the  private sector companies before businesses should hand over money to a fund which was only mentioned in a press briefing yesterday especially since most businesses are continuing to pay their employees in order to ease their burden during this period. 
    Should this be an idea worth supporting there are many, many local companies across all sectors of our economy that could contribute so let’s not forget the construction companies, restaurants, financial institutions, legal institutions, hotels, real estate companies, CUC, retail companies etc. In addition, Cayman is home to a number of billionaires other than the Dart’s.
    That said, as useful as this fund might be, at some point our government will need to start considering ways to slowly re-open some businesses so that people can feed themselves and their families. This will soon become very important as many businesses will not be able to pay their staff indefinitely unless they are able to generate money. 

  8. Anon says:

    Govenor please don’t let the person who headed up the post Ivan fund anywhere near this one. She will try to talk her way into it and she talks a good talk and likes to throw around the term “bo bo” to prove she’s Caymanian. She broke the rules of the fund all the time,d did no actual work and always overspends (ask Alden). To add insult to injury when the Gov had a thank you function for the volunteer staff she only invited the one Canadian (who worked hard side by side with around 10 Caymanians & was well liked) and none of the others.

    • Anonymous says:

      Nothing makes a Caymanian more angry than having an expat or status Caymanain credited for anything around here.

  9. Anonymous says:

    Kirks for price gouging for all these years

  10. Anonymous says:

    How much the chuch going to give?

    • Anonymous says:

      Ask Kenneth Copeland that one. The false promise of life after this one has been rather lucrative for him.

  11. Anonymous says:

    The first ones to match is should be Fosters and Kirks. Won’t hold my breathe waiting for that though.

    • Anonymous says:

      Who should step up are the developers of major 7 mile beach , North side and South sound developments. Though maybe not billionaires , very rich , and donations would not hurt their futures.

    • Anonymous says:

      And Hurleys? And ALT for approving all that building?

      • Anonymous says:

        Pay up ALT. just dim the lights in half of your house and maybe turn up the temperature on one of your many refrigerators for a week or so.

  12. Anonymous says:

    Like many others, I have this notion that the wealthiest of people in the CI give but with expectation. However, I am beginning to lessen such notion, especially knowing the fact that we do need all the help we can get during these unprecedented times; regardless of the donor(s).

    We may keep pointing our fingers at ‘the man Dart’ but for once, I would like to see the Fosters, Kirkconnells and the other private sector companies calling CAYMAN their ‘home’, put their money where their mouths are.

    These groups of companies, local as they may be, make heaps of money from their business ventures. It is now time to step up to the plate and give their pay foward. (We can not expect the government to bear the sole burden in these times).

    I will not speculate when that will happen though but I guess time will tell. Literally, I might add.

  13. Anonymous says:

    How fast you forgot how much CIG spent fighting its own people, traveling the world and simply wasting (ofReg, Port, Airport, etc) .

    Now someone else has to save the territory? And they shamelessly accept the money? The Grasshopper and the Ant fable comes to mind.

    As for regular folks living on this rock, vitriol spewing plebeians seem to prevail here. If someone throws them a bone, they lick his shoes; they viscously attack anyone who is different.

    It is really shocking for a civilized person to read the comments here.

    • Anonymous says:

      Up to $9M……that number seems familiar…isnt it the amount Govt spent on pushing the cruise port so far? And are they still pursuing an appeal against the quashed referendum law?

      Gosh, I bet Alden wishes he hadnt spent all the money now…..could have been in a recovery fund….funny how we had so much money in our coffers but no recovery fund….on an island threatened to be hit by major hurricanes every year!!! Now we need to be bailed out by the same developers that through concessions havent contributed to any funds. You cant make this $#!€ up.

  14. Anonymous says:

    Grateful, because he didn’t have to give a cent.
    His arguement could have easily been, “I generate enough revenue for the cayman economy”. “I already do my part”.

    Just saying….

  15. Anonymous says:

    Thank you mr dart ! I see CNS calls him reclusive at least his name is not, we have many wealthy people on this island but only a rare few are generous, people can say what they like about the man but he is a plus to the island, one poster even called him a vulture, that’s what business people do look and wait for the right opportunity,, he might have billions but given up a few million is a generous gesture, another said it’s like giving the poor a 10 cent it’s true if it’s only a few poor you are helping, give every poor person in the world and the equation changes, so that’s why we need more hands on deck

  16. Anonymous says:

    Sorry DART can keep his money. Ideal situation for him to be a hero while taking more opportunity to push through private agendas and keep the people of these island indebted to him like other vulture opportunities he’s taken advantage in other countries. We take his money now and pay later with Barkers Beach having a new high rise hotel. If it ain’t no string attached, NO.

    • Anonymous says:

      $5mln, if fully-matched, amounts to naval lint to Dart, perhaps 24hrs interest on some of his holdings. He’ll soon be laying off staff at various businesses to more than offset this expression of “generosity”.

    • Anonymous says:

      As predicted, It didn’t even last 1 day….

    • Anonymous says:

      Take the money with eyes wide open. He obviously has an enormous amount of his wealth invested in the island so it would be prudent to ensure its survival without too much scarring. Just be grateful, you need not grovel to his feet, just say thanks!

  17. Anonymous says:

    Time for the Fosters etc to give something back to the country? Just saying…

    • Anonymous says:

      Wait until you go shop there once the new shippments arrive

    • Anonymous says:

      All grocers, ALT, Kirkconnells, Liners, other developers, partnerships, watersports mafia…let’s hear from all of them.

      • Anonymous says:

        watersports are done for the most part, they need to keep what money they have to re-invent themselves.

    • Anonymous says:

      shut up moron.

    • Anonymous says:

      Actually fosters family have been doing quite a bit but I was thinking if the kirkconnells who could have donated something.

      • Anonymous says:

        They ‘need’ the cruise port remember. They will claim the supermarket profits offsetting the GT shopping losses.

    • Anonymous says:

      No, no those types of families, if they are hurting, will be wanting to know what the government will do for them. And they will be wanting serious cash or its equivalent. The Fosters however are profiting from the situation, so if I was them, I would be giving back.

    • Anonymous says:

      Don’t just name the Fosters. What about the Kirkconnells, Tibbetts, Edens, Ebanks, Scotts, Watlers, Boddens, etc etc etc.

      This is the time for CAYMANIANS to step up for their own country.
      Yes, we can be thankful for the expats like Mr. Dart and Ms. Olde who freely gave to the community.

      And in act of sacrifice – I would challenge all of the politicians to personally donate one-half of their salary to the Fund. At half pay the politicians are still surely better off than a majority of the constituents that they serve. In a time when compassion is needed from those more fortunate, I truly wonder if any of our MLA’s will have the courage to forego a few dollars in exchange for doing the right thing.

      And if our beloved Governor and his staff would like to show their appreciation and concern for the situation here in Cayman, well I challenge you to donate half of your salary to the Fund.

      I would also encourage the Deputy Governor in his capacity as Head of the Civil Service to organize a comprehensive Government led Fund Raising program that would dwarf his annual 5K run. If such a program were organized to give $10, $25, $100, etc from civil servants (who are not experiencing sudden unemployment like the hundreds and thousands of private sector employees, who have been forcibly sidelined by government policy) well that would help out.

      The proverbial “if the shoe was on the other foot” is something that no MLA, the Governor and Civil Service is experiencing . . just saying.

    • Anonymous says:

      Fosters is always giving back. How about some of those hotels and condo owners?

  18. Anonymous says:

    Thank you Mr Dart

  19. Anonymous says:

    Anywhere else in the world, everyone would rejoice to have someone as generous as Ken Dart to helo is through this. But I imagine this story will be met by a lot of haters.

    • Anonymous says:

      This is penny change for Dart, but a good example. The partnerships at any of our bigger law or accounting firms might have scrapped together similar dollar commitment, and maybe they will for Dart to match. It will be interesting to see if any of Cayman’s homegrown oligarchs contribute, or the liners, and other “vested” parasites. There are many that prosper from the backs of consumers and we never hear from them.

    • Anonymous says:

      As much free stuff he get from govt this the least Dart can do. Now lets see them churches do some donating. Lord knows that wont happen.

  20. Anonymous says:

    Awesome! Thank you DART!

  21. Anonymous says:

    This is great news! And thank you! Please try to disregard that in about 3 months, you will be accused of not doing enough and taking advantage of this situation by the generous and selfless philanthropist commentators here.

  22. Anonymous says:

    For the record: Kenneth Dart is not a millionaire, but a billionaire. Estimate net worth between 3 and 6 billion.
    So now you can put this 5 million dollars in perspective. Its like giving 10 cents to the poor.
    A vulture that has put the people of Greece, Brazil and Argentina in misery, buying up the debt from banks that can not sue governments, but a private person like Dart can.
    The money does not come from the cups an plates anymore, it comes from buying the debt of countries and forcing them to pay back. Which results in mass poverty.
    Yes, the Dart company does good things for this island, but do not credit Kenneth Dart for it.
    He is a vulture, preying on the sick.

    • Anonymous says:

      As opposed to the governments that borrow money, splurge or spend it on corrupt activities, then refuse to pay it back. Meaning that everyone that lent the money, be it banks (which use their depositors money) or pension funds, Has to take the hit. Sure Dart makes money by buying that debt from the creditors who got screwed over at a discount, and then holding the governments feet to the fire to make them pay, but they hardly angels.

      • Anonymous says:

        It is not the government that pays. The debt collection has a direct effect on the people.

        • Anonymous says:

          You are an uneducated fool. A word of advice: You should never borrow any money because you clearly don’t understand the concept of paying it back.

    • Anonymous says:

      You mean getting countries to honour their debts at cents on the dollar after long periods (i.e. years) of non-compliance and deliquence and thereby enabling them to retire debt and re-enter the world capital markets in a hopefully more responsible fashion. Yes that would be the case. Don’t blame the ‘vulture funds’ blame the highly irresponsible governments who have played with their citizens lives.

    • Anonymous says:

      Mind your tone dear. Mind your resentment. Who are you to tell anyone how much of their money to put forth. Let me tell you now, Mr. DART is not obligated to help just because he’s wealthy.
      And I want to add, that this is not the first time he has helped these islands and its people.
      What you should be saying is, where are all the wealthy native caymanians who can surely assist at such a difficult time.

      It’s quite easy to judge the wealthy and say what they should or should not be doing, but until you are in their shoes then you seriously don’t have a clue what you’re on about.

      I have learnt one thing being born and raised in cayman, sometimes nothing is ever good enough for some people. Never good enough.
      Gratitude is what is needed now, not hatred and vitriol!

    • Anonymous says:

      Well, you surely got Argentina wrong here. You give Mr. DART all the credit for that one?
      No no dear, remember the Germans. You will need to go back farther than dart to comprehend this bit of history.
      Poor you, misinformed and spouting like a fire hydrant.

    • Anonymous says:

      Careful now, you might make Mr. Dart cry.

    • Anonymous says:

      Countries would clamour to have a man like Dart living within their borders, invested in its success and prosperity.

    • Anonymous says:

      He’ll also be laying off easily $5mln plus in local payroll in weeks ahead.

      • Anonymous says:

        How long is he supposed to keep everyone on payroll? Indefinitely?

      • Anonymous says:

        The hotel employees are not on his payroll. They are employed by the hotel brand ‘Ritz’, ‘Kimpton’ surely?

    • Anonymous says:

      8:33 are you saying Dart Company minus K. DART!

  23. Anonymous says:

    Only a cool Mill, huh??? Times must be tough.

    • Anonymous says:

      Well, $5 million if the Cayman private sector steps up and contributes $4 million. BTW, how much are yo planning to give? But I guess if we don’t want it we can always give it back.

      • Anonymous says:

        Sorry, i did not inherit daddy’s fortune and the lose half of it.
        I actually work for my money, waived my tenants rent, paid their cuc bill, and gave 400 $ to a few families i know.
        And you ?

    • Anonymous says:

      so how much are the big caymanian families giving back???

    • Anonymous says:

      What an a$$hole you are. I bet if you had trillions you wouldn’t spare a fart for cayman!

      I for one WILL NOT belittle the contributions Mr. DART is making and will surely continue to make.

      Let’s also remember he hasn’t laid off a single employee and has continued paying all employees full pay during this time, which amounts to thousands of people here. I say you are nothing more than a trouble maker and a rebel without a cause.

    • Anonymous says:

      As predicted

  24. Anonymous says:

    Thanks Dart, now come on other wealthy people. You can spare a million right? If I was a Billionaire or even a hundred millionaire I would. I promise I would.

  25. Anonymous says:

    Thank you Mr Dart and Ms Olde. Always troopers. What would we do without their generosity. Thank you!

    • Anonymous says:

      I agree. It would be nice to see some ‘real Caymanians’ (who we hear so much about on this forum) instead of the ‘driftwood’ Caymanians (you know the haters who do not consider the Dart families or Ms Olde to be real Caymanians) always being the only ones to step up in the time of need.
      You know, the ‘reveal’ ones making all the money from the building boom, the tourist boom etc from the last decade.

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