The Minister has issued this statement, in connection with the statement that was just released by CIMA.
Statement by the Minister of
Financial Services, Wayne Panton
about the Caledonian Entities
Monday, 9 February 2015
I have been made aware of a filing action by the United States Securities and Exchange Commission (SEC) in relation to Caledonian Bank Ltd. and Caledonian Securities Ltd. – two entities headquartered in the Cayman Islands (the Caledonian Entities) and regulated by the Cayman Islands Monetary Authority (CIMA).
This is a regulatory matter, which is being dealt with by CIMA.
I am advised that the Caledonian Entities have been in discussion with the SEC and CIMA over the weekend.
I have every confidence that CIMA will seek the best possible resolution and take the necessary action available to it, in the best interests of depositors and investors.
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