NCB faces labour probe and $8.4M suit over Kailani financing
Cayman's Department of Labour and Pensions is investigating developer NCB as a director faces an $8.4 million claim tied to the unfinished hotel.
Developer NCB dominated the day's business news. The Cayman Compass reports that NCB is under investigation by the Department of Labour and Pensions following worker complaints over unpaid salaries and pension contributions. Separately, Cayman News Service reports that Clarien Bank Limited (Bermuda) and NCB (Cayman) Limited have sued NCB director Matthew Wight for more than US$8.4 million to collect on a personal guarantee connected to financing of the Kailani resort development in George Town, with the unfinished hotel on sale.
On the financial front, the Cayman Independent reports the jurisdiction has moved back into the top five holders of US Treasuries after a July increase, amid shifts in foreign demand. The same publication reports the FATF has warned that hawala networks are evolving into professional laundering systems, with some schemes laundering more than €500 million within months. BIAS Investors' weekly markets column in the Compass, "Enduring the hike", reviews the Federal Reserve's updated US outlook.
In government, the Compass reports Premier André Ebanks has updated on a delegation visit to Ireland and the UK covering international relations, business development and medical training. Health policy is also moving: CNS reports the public has one more week to comment on four health bills, while HSA chief executive Lizzette Yearwood told the Public Accounts Committee that a new hospital is needed "in the near future". Hazard Management's cell phone emergency alert concept is nearing the RFI stage on the Bonfire procurement portal, the Independent reports.
On environment and community, the Compass reports Little Cayman has narrowed its UNESCO World Heritage bid to its marine parks, and that flood risk remains high despite below-average rainfall, with CNS reporting a flood alert in effect. Sustainable Cayman has urged Cabinet to protect the Central Mangrove Wetland. The Bridge Foundation Cayman broke ground on Phoenix House, a women's residential rehabilitation campus in West Bay.