Private Sector Oversight
Intertrust to pay $5M CIMA fine for AML failings
(CNS): Intertrust has agreed to pay $5 million to the Cayman Islands Monetary Authority after the courts dismissed its appeal against an administrative fine of over $4.23 million for its failure to meet anti-money laundering regulations. According to a document posted on the Grand Court website last week, the offshore legal and financial services firm […]
OfReg finds consultants for solar market review
(CNS): The Utility Regulation and Competition Office (OfReg) has awarded a CI$78,000 contract to consultants to conduct a ‘Value Of Solar Study’ to help the country move towards its renewable energy goals. OfReg is responsible for regulating the emerging solar sector and this is a small step in the long process towards that aim. In […]
OfReg finds no support for poor fuel quality allegation
(CNS): Allegations posted on social media accusing a local gas station of diluting fuel were immediately investigated by the Utility Regulation and Competition Office (OfReg), which found them to be unfounded. Although no formal complaints were made to the gas station in question, BarCam Esso, or to OfReg, in response to the anonymous complaint, which […]
OfReg ‘surprised’ by PACT policy on green energy
(CNS): Heavily redacted minutes from an OfReg extraordinary board meeting on 2 May show that the utilities regulator was caught off guard by the PACT Government’s recent policy announcement to ensure public ownership of future green energy facilities. CNS has learned that OfReg had also failed to tell the Cabinet about its own plans, after […]
Payments to CPA members increased by Cabinet
(CNS): The Central Planning Authority members will now be getting more money for attending their fortnightly meetings, according to a summary of the Cabinet meeting held on Tuesday, 12 April. There was no indication as to what the members were receiving before this increase but the ministers agreed to up the stipend so that the […]
OfReg opens bid for 23MW solar plant
(CNS): The utilities regulator is looking for expressions of interest from qualified bidders to build a dispatchable solar photovoltaic (DPV) plant and an energy storage facility. The quest for this new plant is part of the country’s efforts to reduce its diesel dependence and a step towards the extremely ambitious target of generating 70% of […]
Two women appointed to OfReg board
(CNS): Two women have been appointed as non-executive members of the OfReg board, filling up the empty seats on the previously entirely male environment. Accountant Bonnie Anglin and lawyer Natasha Bodden will serve for a period of three years on the beleaguered governing body at a time when public attention is likely to remain focused […]
Roulstone appointed as new Ombudsman
(CNS): Sharon Roulstone is to be the new Ombudsman overseeing public complaints against the government and the police, whistle-blower protection, freedom of information requests and data protection. Governor Martyn Roper announced Roulstone’s appointment on social media Thursday, saying her “professional achievements, integrity and passion impressed the recruitment panel who unanimously agreed that she was well […]
Rubis faces prosecution over oil tank spill
(CNS): Following an investigation into an oil spill from a tank at the Rubis Jackson Point Terminal more than two years ago, the utilities regulator has revealed that the case is now in court. OfReg said it has filed a charge with the director of public prosecutions (DPP) accusing the fuel wholesale and retail company […]
OfReg still has no policy to address gas prices
(CNS): More than five years after the Utility Regulation and Competition Office (OfReg) was established, it is still determining the best approach to regulate the price of fuel at the pump in Cayman, as this issue is one of its primary goals. Duke Munroe, OfReg’s executive director of fuels, has said that the regulator continues […]
OfReg boss resigns for better offer
(CNS): Malike Cummings, the chief executive officer of the Utility Regulation and Competition Office (OfReg), is leaving the beleaguered agency after two and a half years on the job and a catalogue of controversies, having apparently taken up a better job offer in a different jurisdiction. According to a release from OfReg, the process of […]
