Receivers put unfinished Kailani hotel on market at US$31.5m
Kailani's receivership sale coincides with an US$8.4 million guarantee claim, while local banks lift lending rates to 7%.
The stalled Kailani development on the edge of George Town dominated the day's business news. The Cayman Compass reports that receivers have put the unfinished hotel up for sale at US$31.5 million. Separately, Cayman Marl Road reports that Clarien Bank Limited (Bermuda) and NCB (Cayman) Limited have filed a Grand Court claim against businessman Matthew Wight seeking more than US$8.4 million in principal and interest under a personal guarantee tied to financing for the hotel and condominium project.
Borrowing costs are moving too. Cayman News Service reports that high street banks have begun circulating notices raising loan rates from 6.75% to 7% on Friday, following Wednesday's 0.25% increase in the United States.
Pensions remained the leading policy argument. Caymanian Times reports Immigration Minister Michael Myles has sounded an alarm over the state of workers' pensions, while Cayman News Service reports Opposition Leader Joey Hew has rejected as false the minister's claim that 2017 changes to the Trade and Business Licensing Act removed checks on pension and healthcare compliance. The Cayman Compass examines a looming retirement crisis, and the Cayman Independent reports the pensions department has issued guidance on contributions and early access, with pensions and labour reforms, including parental leave, under consultation. The Independent also reports the Public Accounts Committee heard that government has no policy governing imported goods concessions, which the finance ministry confirmed are granted without checks.
In telecoms, Caymanian Times reports C3 Pure Fibre will seek leave to appeal an ICT licence fee ruling to the Privy Council after a Court of Appeal decision. The Cayman Independent warns that ageing subsea cables and single-operator reliance pose economic risk, and reports a global telecoms forum is informing resilience planning and an additional fibre link.
Elsewhere, a new committee, BACI, aims to unite the virtual-asset sector, per the Independent, and Caymanian Times reports Cayman Airways has launched a vacation booking platform bundling flights and hotels.