120-695: China Medical Technologies, Inc. ( CMED ) was a Cayman Islands corporation based in China , currently in liquidation following fraud allegations. It purported to develop, manufacture, and market high intensity focused ultrasound therapy systems ( "Model: FEP-BY02" ), advanced in vitro diagnostic ("IVD") products using enhanced chemiluminescence ("ECLIA") technology, fluorescent in-situ hybridization ("FISH") technology, and surface plasmon resonance (“SPR”) technology to detect and monitor various diseases and disorders. CMED ceased operating in early 2012, leaving investors unpaid on $ 426 million worth of bond debt as
240-959: A class action fraud lawsuit was filed by CMED investors against CMED and its CEO and CFO in the US District Court for the Southern District of New York. In July 2012, original purchasers of the CMED bonds sued the CEO in a civil case in California, alleging he stripped assets from CMED. In November 2012, the liquidator filed a complaint with the Hong Kong Police Force and the US Federal Bureau of Investigation (FBI), alleging that $ 400 million that CMED raised in stock and bond sales has gone missing, and that
360-558: A tropical wet and dry climate , with a wet season from May to October, and a dry season that runs from November to April. Seasonally, there is little temperature change. A major natural hazard is the tropical cyclones that form during the Atlantic hurricane season from June to November. On 11 and 12 September 2004, Hurricane Ivan struck the Cayman Islands. The storm resulted in two deaths and caused significant damage to
480-439: A tropical wet and dry climate , with a wet season from May to October, and a dry season that runs from November to April. Seasonally, there is little temperature change. A major natural hazard is the tropical cyclones that form during the Atlantic hurricane season from June to November. On 11 and 12 September 2004, Hurricane Ivan struck the Cayman Islands. The storm resulted in two deaths and caused significant damage to
600-1033: A February 2016 court order to produce Chinese working papers to the liquidators. The company is a Cayman Islands corporation, incorporated in 2004, based in China that purported to develop, manufacture and market high intensity focused ultrasound therapy systems ( "Model: FEP-BY02" ), advanced in vitro diagnostic ("IVD") products using enhanced chemiluminescence ("ECLIA") technology, fluorescent in-situ hybridization ("FISH") technology, and surface plasmon resonance (“SPR”) technology to detect and monitor various diseases and disorders. The ECLIA business purported to consist of ECLIA analyzer and reagent kits, as an IVD system based on ECLIA technology. The reagent kits were purported to detect various thyroid disorders, diabetes, hepatitis, Down syndrome, liver fibrosis, disorders related to reproduction and growth, and various types of tumors. The FISH business, which purported to consist of FISH imaging analyzer and FISH probes, purported to be
720-488: A dynamic environment for marine life. While visitors are not allowed to take anything, there are endless sights. Each of the five decks of the ship offers squirrelfish, rare sponges, Goliath groupers, urchins, and more. Experienced and beginner divers are invited to swim around the Kittiwake . Pirates Week is an annual 11-day November festival started in 1977 by the then-Minister of Tourism Jim Bodden to boost tourism during
840-432: A dynamic environment for marine life. While visitors are not allowed to take anything, there are endless sights. Each of the five decks of the ship offers squirrelfish, rare sponges, Goliath groupers, urchins, and more. Experienced and beginner divers are invited to swim around the Kittiwake . Pirates Week is an annual 11-day November festival started in 1977 by the then-Minister of Tourism Jim Bodden to boost tourism during
960-564: A form pursuant to which the China Medical ADSs were delisted effective 26 March 2012, and the ordinary shares were deregistered effective 12 June 2012. On 9 November 2012, the US Securities and Exchange Commission revoked the registration of the company's registered securities. China Medical Technologies ADSs are currently quoted on OTC Link (formerly the " pink sheets ”) operated by OTC Markets Group Inc., and quote under
1080-528: A large degree of internal autonomy was granted by a new constitution, with further revisions being made in 1994. The Cayman Islands government focused on boosting the territory's economy via tourism and the attraction of off-shore finance, both of which mushroomed from the 1970s onwards. Historically, the Cayman Islands has been a tax-exempt destination, and the government has always relied on indirect and not direct taxes. The territory has never levied income tax , capital gains tax , or any wealth tax , making it
1200-528: A large degree of internal autonomy was granted by a new constitution, with further revisions being made in 1994. The Cayman Islands government focused on boosting the territory's economy via tourism and the attraction of off-shore finance, both of which mushroomed from the 1970s onwards. Historically, the Cayman Islands has been a tax-exempt destination, and the government has always relied on indirect and not direct taxes. The territory has never levied income tax , capital gains tax , or any wealth tax , making it
1320-461: A major rebuilding program on Grand Cayman meant that its infrastructure was almost back to its pre-hurricane condition. Due to the tropical location of the islands, more hurricanes or tropical systems have affected the Cayman Islands than any other region in the Atlantic basin. On average, it has been brushed, or directly hit, every 2.23 years. The islands are in the western Caribbean Sea and are
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#17328010572471440-405: A major rebuilding program on Grand Cayman meant that its infrastructure was almost back to its pre-hurricane condition. Due to the tropical location of the islands, more hurricanes or tropical systems have affected the Cayman Islands than any other region in the Atlantic basin. On average, it has been brushed, or directly hit, every 2.23 years. The islands are in the western Caribbean Sea and are
1560-492: A molecular diagnostic system based on FISH technology. FISH probes were purported to be molecular diagnostic reagents used with FISH imaging analyzer for the prenatal and postnatal diagnosis of various genetic diseases, and for the early detection and prognosis of various cancers. The SPR business, which purported to consist of SPR system and HPV-DNA chips, purported to be a molecular diagnostic system based on SPR technology. The HPV-DNA chips purported to be label-free DNA chips for
1680-466: A more mixed-race population. The country's demographics are changing rapidly. Immigration plays a large role, and the changing demographics in age have sounded alarm bells in the most recent census. In comparison to the 2010 census, the 2021 census has shown that 36% of Cayman's population growth has been in persons over age 65, while 8% growth was recorded in groups under age 15. This is due to extremely low birth rates among Caymanians, which almost forces
1800-466: A more mixed-race population. The country's demographics are changing rapidly. Immigration plays a large role, and the changing demographics in age have sounded alarm bells in the most recent census. In comparison to the 2010 census, the 2021 census has shown that 36% of Cayman's population growth has been in persons over age 65, while 8% growth was recorded in groups under age 15. This is due to extremely low birth rates among Caymanians, which almost forces
1920-467: A popular tax haven . In April 1986, the first marine protected areas were designated in the Cayman Islands, making them the first islands in the Caribbean to protect their fragile marine life. The constitution was further modified in 2001 and 2009, codifying various aspects of human rights legislation. On 11 September 2004, the island of Grand Cayman, which lies largely unprotected at sea level,
2040-410: A popular tax haven . In April 1986, the first marine protected areas were designated in the Cayman Islands, making them the first islands in the Caribbean to protect their fragile marine life. The constitution was further modified in 2001 and 2009, codifying various aspects of human rights legislation. On 11 September 2004, the island of Grand Cayman, which lies largely unprotected at sea level,
2160-649: A registered national securities exchange, the ordinary shares became registered pursuant to the Exchange Act, and the ADSs became listed on the Nasdaq Global Select Market (“Nasdaq”). Credit Suisse and Morgan Stanley underwrote a CMED share offering in 2008, and Credit Suisse handled a CMED $ 150 million debt offering that year. CMED raised $ 677 million in stock and bond sales between August 2005 and December 2010. On 14 March 2012, Nasdaq filed
2280-405: A result of a suspected fraud by CMED's former Chairman & CEO. The company is in default due to failure to pay interest to its bondholders. CMED filed for bankruptcy in 2012, and its liquidator is probing an alleged $ 355 million insider fraud, and alleges that "CMED's creditors and equity holders may have been the victims of a massive multi-year fraud." In February 2012, the company's shares in
2400-572: A seven-year scheme. They were alleged to have lied about how they would spend the proceeds of note offerings from January 2005 to November 2012, saying they would be used for general corporate purposes, to buy businesses and technologies and to repurchase outstanding notes, while in fact the two men diverted more than $ 400 million to entities they controlled. Wu and Tsang also allegedly halted public disclosures of material events affecting CMED's securities and stopped making interest payments. The note offerings allegedly were based on intellectual property that
2520-507: A turtle fishing settlement on Little Cayman by the Spanish under Portuguese privateer Manuel Ribeiro Pardal . Following several unsuccessful attempts at settlement in what had by then become a haven for pirates, a permanent English-speaking population in the islands dates from the 1730s. With settlement, after the first royal land grant by the governor of Jamaica in 1734, came the introduction of slaves . Many were purchased and brought to
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#17328010572472640-632: Is Stingray City, Grand Cayman . Stingray City is a top attraction in Grand Cayman and originally started in the 1980s when divers started feeding squid to stingrays. The stingrays started to associate the sound of the boat motors with food, and thus visit this area year-round. There are two shipwrecks off the shores of Cayman Brac, including the MV Captain Keith Tibbetts ; Grand Cayman also has several shipwrecks off its shores, including one deliberate one. On 30 September 1994,
2760-493: Is Stingray City, Grand Cayman . Stingray City is a top attraction in Grand Cayman and originally started in the 1980s when divers started feeding squid to stingrays. The stingrays started to associate the sound of the boat motors with food, and thus visit this area year-round. There are two shipwrecks off the shores of Cayman Brac, including the MV Captain Keith Tibbetts ; Grand Cayman also has several shipwrecks off its shores, including one deliberate one. On 30 September 1994,
2880-414: Is indirect taxation : there is no income tax , capital gains tax , or corporation tax . An import duty of 5% to 22% (automobiles 29.5% to 100%) is levied against goods imported into the islands. Few goods are exempt; notable exemptions include books, cameras, and perfume. One of Grand Cayman 's main attractions is Seven Mile Beach , site of a number of the island's hotels and resorts. Named one of
3000-414: Is indirect taxation : there is no income tax , capital gains tax , or corporation tax . An import duty of 5% to 22% (automobiles 29.5% to 100%) is levied against goods imported into the islands. Few goods are exempt; notable exemptions include books, cameras, and perfume. One of Grand Cayman 's main attractions is Seven Mile Beach , site of a number of the island's hotels and resorts. Named one of
3120-478: Is $ 6 KYD for standard positions, and $ 4.50 for workers in the service industry, where tips supplement income. This contributes to wealth disparity. A small segment of the population lives in condemned properties lacking power and running water. The government has established a Needs Assessment Unit to relieve poverty in the islands. Local charities, including Cayman's Acts of Random Kindness (ARK) also provide assistance. The government's primary source of income
3240-478: Is $ 6 KYD for standard positions, and $ 4.50 for workers in the service industry, where tips supplement income. This contributes to wealth disparity. A small segment of the population lives in condemned properties lacking power and running water. The government has established a Needs Assessment Unit to relieve poverty in the islands. Local charities, including Cayman's Acts of Random Kindness (ARK) also provide assistance. The government's primary source of income
3360-569: Is Caymanian. According to the Economics and Statistics Office of the Government of the Cayman Islands, the Cayman Islands had a population of 71,432 at the Census of 10 October 2021, but was estimated by them to have risen to 81,546 as of December 2022, making it the most populous British Overseas Territory. It was revealed in the 2021 census that 56% of the workforce is Non-Caymanian; this is
3480-400: Is Caymanian. According to the Economics and Statistics Office of the Government of the Cayman Islands, the Cayman Islands had a population of 71,432 at the Census of 10 October 2021, but was estimated by them to have risen to 81,546 as of December 2022, making it the most populous British Overseas Territory. It was revealed in the 2021 census that 56% of the workforce is Non-Caymanian; this is
3600-428: Is a major offshore financial centre for international businesses and the rich mainly due to the state charging no tax on income earned or stored. With a GDP per capita of US$ 109,684 the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world. Immigrants from over 140 countries and territories reside in the Cayman Islands. As of 2017 , no evidence has been found that
3720-489: Is by far the largest, with an area of 197 km (76 sq mi). Grand Cayman's two "sister islands", Cayman Brac and Little Cayman , are about 120 km (75 mi) east north-east of Grand Cayman and have areas of 38 and 28.5 km (14.7 and 11.0 sq mi) respectively. The nearest land mass from Grand Cayman is the Canarreos Archipelago (about 240 km or 150 miles away), whereas
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3840-417: Is by far the largest, with an area of 197 km (76 sq mi). Grand Cayman's two "sister islands", Cayman Brac and Little Cayman , are about 120 km (75 mi) east north-east of Grand Cayman and have areas of 38 and 28.5 km (14.7 and 11.0 sq mi) respectively. The nearest land mass from Grand Cayman is the Canarreos Archipelago (about 240 km or 150 miles away), whereas
3960-696: The Cayman Islands dollar (KYD), which is pegged to the US dollar US$ 1.227 to 1 KYD. However, in many retail stores throughout the islands, the KYD is typically traded at US$ 1.25. Cayman Islands have a high cost of living, even when compared to UK and US. For example, a loaf of multigrain bread is $ 5.49 (KYD), while a similar loaf sells for $ 2.47 (KYD) in the US and $ 1.36 (KYD) in the UK. The minimum wage (as of February 2021)
4080-441: The Cayman Islands dollar (KYD), which is pegged to the US dollar US$ 1.227 to 1 KYD. However, in many retail stores throughout the islands, the KYD is typically traded at US$ 1.25. Cayman Islands have a high cost of living, even when compared to UK and US. For example, a loaf of multigrain bread is $ 5.49 (KYD), while a similar loaf sells for $ 2.47 (KYD) in the US and $ 1.36 (KYD) in the UK. The minimum wage (as of February 2021)
4200-652: The Queen Elizabeth II Botanic Park on the Grand Cayman. Among other notable fauna at the Queen Elizabeth II Botanic Park is the critically threatened blue iguana , which is also known as the Grand Cayman iguana ( Cyclura lewisi ). The blue iguana is endemic to the Grand Cayman particularly because of rocky, sunlit, open areas near the island's shores that are advantageous for the laying of eggs. Nevertheless, habitat destruction and invasive mammalian predators remain
4320-479: The Queen Elizabeth II Botanic Park on the Grand Cayman. Among other notable fauna at the Queen Elizabeth II Botanic Park is the critically threatened blue iguana , which is also known as the Grand Cayman iguana ( Cyclura lewisi ). The blue iguana is endemic to the Grand Cayman particularly because of rocky, sunlit, open areas near the island's shores that are advantageous for the laying of eggs. Nevertheless, habitat destruction and invasive mammalian predators remain
4440-729: The Slavery Abolition Act by the British Parliament . At the time of abolition, there were over 950 slaves of African ancestry, owned by 116 families. On 22 June 1863, the Cayman Islands was officially declared and administered as a dependency of the Crown Colony of Jamaica. The islands continued to be governed as part of the Colony of Jamaica until 1962, when they became a separate Crown colony , after Jamaica became an independent Commonwealth realm . In
4560-476: The Slavery Abolition Act by the British Parliament . At the time of abolition, there were over 950 slaves of African ancestry, owned by 116 families. On 22 June 1863, the Cayman Islands was officially declared and administered as a dependency of the Crown Colony of Jamaica. The islands continued to be governed as part of the Colony of Jamaica until 1962, when they became a separate Crown colony , after Jamaica became an independent Commonwealth realm . In
4680-427: The U.S. Bankruptcy Code . In November 2012, the US Securities and Exchange Commission revoked the registration of the CMED registered securities. In 2009, an anonymous letter alleging possible illegal and fraudulent activities by management since 2007 was sent to KPMG Hong Kong, then CMED's auditor . The CMED Audit Committee retained law firm Paul Weiss Rifkind Wharton & Garrison , which in 2009 investigated
4800-478: The US District Court for the Southern District of New York held that Paul Weiss must give CMED's liquidator, Kenneth Krys, who was scrutinizing the alleged $ 355 million CMED fraud, otherwise-privileged information concerning Paul Weiss's internal investigation. Judge Abrams held that while audit committees play a critical role in monitoring corporate management and a corporation's auditor pre-bankruptcy,
4920-622: The USS ; Kittiwake was decommissioned and struck from the Naval Vessel Register. In November 2008 her ownership was transferred for an undisclosed amount to the government of the Cayman Islands, which had decided to sink the Kittiwake in June 2009 to form a new artificial reef off Seven Mile Beach, Grand Cayman. Following several delays, the ship was finally scuttled according to plan on 5 January 2011. The Kittiwake has become
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5040-443: The USS Kittiwake was decommissioned and struck from the Naval Vessel Register. In November 2008 her ownership was transferred for an undisclosed amount to the government of the Cayman Islands, which had decided to sink the Kittiwake in June 2009 to form a new artificial reef off Seven Mile Beach, Grand Cayman. Following several delays, the ship was finally scuttled according to plan on 5 January 2011. The Kittiwake has become
5160-534: The ticker symbol “CMEDY.” Since 27 July 2012, pursuant to an Order by the Grand Court of the Cayman Islands , CMED has been under the control of Joint Official Liquidators. The CMED liquidators are Cayman-Islands-based Krys & Associates, and Hong Kong's Borrelli Walsh. The liquidators allege that "CMED's creditors and equity holders may have been the victims of a massive multi-year fraud" involving "fraudulent transfers" of assets, and that much of CMED's money
5280-438: The 1950s, tourism began to flourish, following the opening of Owen Roberts International Airport (ORIA), along with a bank and several hotels, as well as the introduction of a number of scheduled flights and cruise stop-overs. Politically, the Cayman Islands were an internally self-governing territory of Jamaica from 1958 to 1962, but they reverted to direct British rule following the independence of Jamaica in 1962. In 1972,
5400-438: The 1950s, tourism began to flourish, following the opening of Owen Roberts International Airport (ORIA), along with a bank and several hotels, as well as the introduction of a number of scheduled flights and cruise stop-overs. Politically, the Cayman Islands were an internally self-governing territory of Jamaica from 1958 to 1962, but they reverted to direct British rule following the independence of Jamaica in 1962. In 1972,
5520-820: The CEO's wife had gambled substantial sums at the Wynn and Bellagio casinos in Las Vegas , Nevada. In March 2017, the U.S. Department of Justice in Brooklyn, New York, criminally indicted CMED's founder and CEO, as well as CMED's former Chief Financial Officer, charging them with securities fraud and wire fraud conspiracy for stealing more than $ 400 million from investors as part of a seven-year scheme. In November 2017, several partners of KPMG , CMED's auditor from 2003 to 2008, faced contempt proceedings in Hong Kong High Court with regard to KPMG's refusal honor
5640-559: The CEO's wife had gambled substantial sums at the Wynn and Bellagio casinos in Las Vegas , Nevada. Two of CMED's creditors said the CEO's wife gambled $ 62 million in slot machines at the Bellagio casino in Las Vegas between 2008 and 2012. Creditors' law firm Stroock & Stroock & Lavan said the wife's tax returns for 2009-11 showed $ 17 million of "gambling winnings" as income, along with matching "gambling losses", as to which
5760-430: The CMED bonds sued the CEO in a civil case in California, alleging he stripped assets from CMED. Post-bankruptcy filing, CMED's liquidator found itself probing an alleged $ 355 million insider fraud. In November 2012, the liquidator filed a complaint to the Hong Kong Police Force and the US Federal Bureau of Investigation (FBI) alleging that $ 400 million that CMED raised in stock and bond sales had gone missing, and that
5880-537: The Cayman Islands is Christianity (67% in 2021, down from over 80% in 2010). Religions practised include United Church, Church of God, Anglican Church, Baptist Church, Catholic Church, Seventh-day Adventist Church, and Pentecostal Church. Roman Catholic churches are St. Ignatius Church, George Town, Christ the Redeemer Church, West Bay and Stella Maris Church, Cayman Brac. Many citizens are deeply religious, regularly going to church, however, atheism has been on
6000-472: The Cayman Islands is Christianity (67% in 2021, down from over 80% in 2010). Religions practised include United Church, Church of God, Anglican Church, Baptist Church, Catholic Church, Seventh-day Adventist Church, and Pentecostal Church. Roman Catholic churches are St. Ignatius Church, George Town, Christ the Redeemer Church, West Bay and Stella Maris Church, Cayman Brac. Many citizens are deeply religious, regularly going to church, however, atheism has been on
6120-582: The Cayman Islands is English (90%). Islanders' accents retain elements passed down from English, Scottish, and Welsh settlers (among others) in a language variety known as Cayman Creole. Caymanians of Jamaican origin speak in their own vernacular (see Jamaican Creole and Jamaican English ). It is quite common to hear residents converse in Spanish as many citizens have relocated from Latin America to work and live on Grand Cayman. The Latin American nations with
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#17328010572476240-471: The Cayman Islands is English (90%). Islanders' accents retain elements passed down from English, Scottish, and Welsh settlers (among others) in a language variety known as Cayman Creole. Caymanians of Jamaican origin speak in their own vernacular (see Jamaican Creole and Jamaican English ). It is quite common to hear residents converse in Spanish as many citizens have relocated from Latin America to work and live on Grand Cayman. The Latin American nations with
6360-651: The Cayman Islands provides guided tours weekly on the Mastic Trail and other locations. Another attraction to visit on Grand Cayman is the Observation Tower, located in Camana Bay. The Observation Tower is 75 feet tall and provides 360-degree views across Seven Mile Beach, George Town, the North Sound, and beyond. It is free to the public and climbing the tower has become a popular thing to do in
6480-403: The Cayman Islands provides guided tours weekly on the Mastic Trail and other locations. Another attraction to visit on Grand Cayman is the Observation Tower, located in Camana Bay. The Observation Tower is 75 feet tall and provides 360-degree views across Seven Mile Beach, George Town, the North Sound, and beyond. It is free to the public and climbing the tower has become a popular thing to do in
6600-419: The Cayman Islands totalling 4.3 million GT . The Cayman Islands has a population of 69,656 (as of 2021 ) and therefore a limited workforce. Work permits may, therefore, be granted to foreigners. On average, there have been more than 24,000+ foreigners holding valid work permits. Cayman Islands The Cayman Islands ( / ˈ k eɪ m ən / ) is a self-governing British Overseas Territory , and
6720-558: The Cayman Islands. As of 2017 , no evidence has been found that the islands had been occupied before their discovery by Europeans. The Cayman Islands got their name from the word for crocodile ( caiman ) in the language of the Arawak-Taíno people. It is believed that the first European to sight the islands was Christopher Columbus , on 10 May 1503, during his final voyage to the Americas. He named them "Las Tortugas", after
6840-599: The Cayman Islands. Points of interest include the East End Light (sometimes called Gorling Bluff Light), a lighthouse at the east end of Grand Cayman island. The lighthouse is the centrepiece of East End Lighthouse Park, managed by the National Trust for the Cayman Islands ; the first navigational aid on the site was the first lighthouse in the Cayman Islands. As of 31 December 2015 , 360 commercial vessels and 1,674 pleasure craft were registered in
6960-473: The Cayman Islands. Points of interest include the East End Light (sometimes called Gorling Bluff Light), a lighthouse at the east end of Grand Cayman island. The lighthouse is the centrepiece of East End Lighthouse Park, managed by the National Trust for the Cayman Islands ; the first navigational aid on the site was the first lighthouse in the Cayman Islands. As of 31 December 2015 , 360 commercial vessels and 1,674 pleasure craft were registered in
7080-404: The Spanish under Portuguese privateer Manuel Ribeiro Pardal . Following several unsuccessful attempts at settlement in what had by then become a haven for pirates, a permanent English-speaking population in the islands dates from the 1730s. With settlement, after the first royal land grant by the governor of Jamaica in 1734, came the introduction of slaves . Many were purchased and brought to
7200-611: The Ultimate Beaches by Caribbean Travel and Life, Seven Mile Beach (due to erosion over the years, the number has decreased to 5.5 miles) is a public beach on the western shore of Grand Cayman Island. Historical sites in Grand Cayman, such as Pedro St. James Castle in Savannah, also attract visitors. All three islands offer scuba diving , and the Cayman Islands are home to several snorkelling locations where tourists can swim with stingrays . The most popular area to do this
7320-488: The Ultimate Beaches by Caribbean Travel and Life, Seven Mile Beach (due to erosion over the years, the number has decreased to 5.5 miles) is a public beach on the western shore of Grand Cayman Island. Historical sites in Grand Cayman, such as Pedro St. James Castle in Savannah, also attract visitors. All three islands offer scuba diving , and the Cayman Islands are home to several snorkelling locations where tourists can swim with stingrays . The most popular area to do this
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#17328010572477440-589: The United States moved from the NASDAQ to the pink sheets . In March 2012, the CMED American depositary shares (ADSs) were delisted from NASDAQ, and in June 2012 the CMED ordinary shares were deregistered. Since July 2012, pursuant to an Order by the Grand Court of the Cayman Islands , CMED has been under the control of Joint Official Liquidators. In August 2012, the company filed for bankruptcy under
7560-426: The allegations and advised the committee as to any appropriate further measures. In September 2015, U.S. District Judge Ronnie Abrams of the US District Court for the Southern District of New York held that Paul Weiss-despite its refusal-must give CMED's liquidator, who was scrutinizing the alleged $ 355 million fraud, otherwise- privileged information concerning Paul Weiss's internal investigation. In January 2012,
7680-469: The auditor KPMG faced contempt proceedings in Hong Kong High Court , as CMED liquidators took action against KPMG with regard to its refusal honor a February 2016 court order to produce Chinese working papers, correspondence, and records to the liquidators. The liquidators are asking that 91 defendants be held in contempt of court , which could result in criminal penalties, or weekly fines. KPMG had issued written audit reports for CMED from 2003 to 2008, and
7800-464: The country's infrastructure and services cannot cope with the surging population. It is believed that given current trends, the population will reach 100,000 before 2030. According to the Economics and Statistics Office, the final result of the 20 October 2021 Census was 71,432; however, according to a late 2022 population report by the same body, the estimated population at the end of 2022 was 81,546, broken down as follows: The predominant religion on
7920-464: The country's infrastructure and services cannot cope with the surging population. It is believed that given current trends, the population will reach 100,000 before 2030. According to the Economics and Statistics Office, the final result of the 20 October 2021 Census was 71,432; however, according to a late 2022 population report by the same body, the estimated population at the end of 2022 was 81,546, broken down as follows: The predominant religion on
8040-469: The country's tourism slow season. Other Grand Cayman tourist attractions include the ironshore landscape of Hell ; the 23-acre (93,000 m ) marine theme park " Cayman Turtle Centre : Island Wildlife Encounter", previously known as "Boatswain's Beach"; the production of gourmet sea salt ; and the Mastic Trail , a hiking trail through the forests in the centre of the island. The National Trust for
8160-409: The country's tourism slow season. Other Grand Cayman tourist attractions include the ironshore landscape of Hell ; the 23-acre (93,000 m ) marine theme park " Cayman Turtle Centre : Island Wildlife Encounter", previously known as "Boatswain's Beach"; the production of gourmet sea salt ; and the Mastic Trail , a hiking trail through the forests in the centre of the island. The National Trust for
8280-590: The diagnosis of HPV infection and genotyping of HPV. In August 2005, CMED registered its ordinary shares pursuant to the US Securities Exchange Act of 1934 and registered an initial public offering of American Depositary Shares (“ADSs”), which were quoted on the NASDAQ National Market. CMED raised $ 677 million through bond issuances and the 2005 initial public offering. In 2006, after Nasdaq Stock Market LLC became
8400-598: The discovery of the islands by Europeans. Marine life around the island of the Grand Cayman includes tarpon , silversides ( Atheriniformes ), French angelfish ( Pomacanthus paru ), and giant barrel sponges . A number of cetaceans are found in offshore waters. These species include the goose-beaked whale ( Ziphius cavirostris ), Blainville's beaked whale ( Mesoplodon densirostris ) and sperm whale ( Physeter macrocephalus ). Cayman avian fauna includes two endemic subspecies of Amazona parrots: Amazona leucocephala hesterna or Cuban amazon , presently restricted to
8520-598: The discovery of the islands by Europeans. Marine life around the island of the Grand Cayman includes tarpon , silversides ( Atheriniformes ), French angelfish ( Pomacanthus paru ), and giant barrel sponges . A number of cetaceans are found in offshore waters. These species include the goose-beaked whale ( Ziphius cavirostris ), Blainville's beaked whale ( Mesoplodon densirostris ) and sperm whale ( Physeter macrocephalus ). Cayman avian fauna includes two endemic subspecies of Amazona parrots: Amazona leucocephala hesterna or Cuban amazon , presently restricted to
8640-414: The first time in the territory's history that the number of working immigrants has overtaken the number of working Caymanians. Most Caymanians are of mixed African and European ancestry. Slavery occurred but was not as common compared to other Caribbean islands, and once it was abolished, black and white communities seemed to integrate more compliantly than other Caribbean nations and territories resulting in
8760-414: The first time in the territory's history that the number of working immigrants has overtaken the number of working Caymanians. Most Caymanians are of mixed African and European ancestry. Slavery occurred but was not as common compared to other Caribbean islands, and once it was abolished, black and white communities seemed to integrate more compliantly than other Caribbean nations and territories resulting in
8880-515: The geographic Western Caribbean zone as well as the Greater Antilles . The territory is a major offshore financial centre for international businesses and the rich mainly due to the state charging no tax on income earned or stored. With a GDP per capita of US$ 109,684 the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world. Immigrants from over 140 countries and territories reside in
9000-454: The government to seek workers from overseas to sustain the country's economy. This has raised concerns among many young Caymanians, who worry about the workforce becoming increasingly competitive with the influx of workers, as well as rent and property prices going up. Because the population has skyrocketed over the last decade, former government officials have stressed that the islands need more careful and managed growth. Many have worried that
9120-454: The government to seek workers from overseas to sustain the country's economy. This has raised concerns among many young Caymanians, who worry about the workforce becoming increasingly competitive with the influx of workers, as well as rent and property prices going up. Because the population has skyrocketed over the last decade, former government officials have stressed that the islands need more careful and managed growth. Many have worried that
9240-470: The greatest representation are Honduras, Cuba, Colombia, Nicaragua, and the Dominican Republic. Spanish speakers comprise approximately between 10 and 12% of the population and are predominantly of the Caribbean dialect. Tagalog is spoken by about 8% of inhabitants, most of whom are Filipino residents on work permits. According to Forbes , the Cayman Islands has the 7th strongest currency in
9360-401: The greatest representation are Honduras, Cuba, Colombia, Nicaragua, and the Dominican Republic. Spanish speakers comprise approximately between 10 and 12% of the population and are predominantly of the Caribbean dialect. Tagalog is spoken by about 8% of inhabitants, most of whom are Filipino residents on work permits. According to Forbes , the Cayman Islands has the 7th strongest currency in
9480-525: The highest point on the islands. The terrain is mostly a low-lying limestone base surrounded by coral reefs . The portions of prehistoric coral reef that line the coastline and protrude from the water are referred to as ironshore . In Cayman Islands forest cover is around 53% of the total land area, equivalent to 12,720 hectares (ha) of forest in 2020, down from 13,130 hectares (ha) in 1990. In 2020, naturally regenerating forest covered 12,720 hectares (ha) and planted forest covered 0 hectares (ha). Of
9600-525: The highest point on the islands. The terrain is mostly a low-lying limestone base surrounded by coral reefs . The portions of prehistoric coral reef that line the coastline and protrude from the water are referred to as ironshore . In Cayman Islands forest cover is around 53% of the total land area, equivalent to 12,720 hectares (ha) of forest in 2020, down from 13,130 hectares (ha) in 1990. In 2020, naturally regenerating forest covered 12,720 hectares (ha) and planted forest covered 0 hectares (ha). Of
9720-410: The infrastructure on the islands. The total economic impact of the storms was estimated to be $ 3.4 billion. While there are a large number of generational Caymanians, many Caymanians today have roots in almost every part of the world. Similarly to countries like the United States, the Cayman Islands is a melting pot with citizens of every background. 52.5% of the population is Non-Caymanian, while 47.5%
9840-410: The infrastructure on the islands. The total economic impact of the storms was estimated to be $ 3.4 billion. While there are a large number of generational Caymanians, many Caymanians today have roots in almost every part of the world. Similarly to countries like the United States, the Cayman Islands is a melting pot with citizens of every background. 52.5% of the population is Non-Caymanian, while 47.5%
9960-570: The island of Cayman Brac , but formerly also on Little Cayman , and Amazona leucocephala caymanensis or Grand Cayman parrot , which is native to the Cayman Islands, forested areas of Cuba, and the Isla de la Juventud . Little Cayman and Cayman Brac are also home to red-footed and brown boobies. Although the barn owl ( Tyto alba ) occurs in all three of the islands they are not commonplace. The Cayman Islands also possess five endemic subspecies of butterflies. These butterfly breeds can be viewed at
10080-520: The island of Cayman Brac , but formerly also on Little Cayman , and Amazona leucocephala caymanensis or Grand Cayman parrot , which is native to the Cayman Islands, forested areas of Cuba, and the Isla de la Juventud . Little Cayman and Cayman Brac are also home to red-footed and brown boobies. Although the barn owl ( Tyto alba ) occurs in all three of the islands they are not commonplace. The Cayman Islands also possess five endemic subspecies of butterflies. These butterfly breeds can be viewed at
10200-457: The islanders for their generosity with a promise never to introduce taxes, because one of the ships carried a member of the King's family. Despite the legend, the story is not true. The first census taken in the islands, in 1802, showed the population on Grand Cayman to be 933, with 545 of those inhabitants being slaves. Slavery was abolished in the Cayman Islands in 1833, following the passing of
10320-406: The islanders for their generosity with a promise never to introduce taxes, because one of the ships carried a member of the King's family. Despite the legend, the story is not true. The first census taken in the islands, in 1802, showed the population on Grand Cayman to be 933, with 545 of those inhabitants being slaves. Slavery was abolished in the Cayman Islands in 1833, following the passing of
10440-498: The islands began to be referred to as "Caimanas" or "Caymanes", after the caimans present there. No immediate colonisation followed Columbus's sighting, but a variety of settlers from various backgrounds eventually arrived, including pirates , shipwrecked sailors, and deserters from Oliver Cromwell 's army in Jamaica . Sir Francis Drake briefly visited the islands in 1586. The first recorded permanent inhabitant, Isaac Bodden,
10560-583: The islands from Africa. That has resulted in the majority of native Caymanians being of African or English descent. On 8 February 1794, the Caymanians rescued the crews of a group of ten merchant ships , including HMS Convert , an incident that has since become known as the Wreck of the Ten Sail . The ships had struck a reef and run aground during rough seas. Legend has it that King George III rewarded
10680-417: The islands from Africa. That has resulted in the majority of native Caymanians being of African or English descent. On 8 February 1794, the Caymanians rescued the crews of a group of ten merchant ships , including HMS Convert , an incident that has since become known as the Wreck of the Ten Sail . The ships had struck a reef and run aground during rough seas. Legend has it that King George III rewarded
10800-495: The islands had been occupied before their discovery by Europeans. The Cayman Islands got their name from the word for crocodile ( caiman ) in the language of the Arawak-Taíno people. It is believed that the first European to sight the islands was Christopher Columbus , on 10 May 1503, during his final voyage to the Americas. He named them "Las Tortugas", after the large number of turtles found there (which were soon hunted to near-extinction). However, in succeeding decades,
10920-485: The islands in 1586. The first recorded permanent inhabitant, Isaac Bodden, was born on Grand Cayman around 1661. He was the grandson of an original settler named Bodden, probably one of Oliver Cromwell's soldiers involved in the capture of Jamaica from Spain in 1655. England took formal control of the Cayman Islands, along with Jamaica, as a result of the Treaty of Madrid of 1670 . That same year saw an attack on
11040-413: The justifications for protecting attorney-client communications “dissipate in bankruptcy.” In March 2017, the U.S. Department of Justice in Brooklyn, New York, criminally indicted CMED founder and CEO Xiaodong Wu, as well as former Chief Financial Officer Tak Yung Samson Tsang, charging them with securities fraud and wire fraud conspiracy for stealing more than $ 400 million from investors as part of
11160-486: The large number of turtles found there (which were soon hunted to near-extinction). However, in succeeding decades, the islands began to be referred to as "Caimanas" or "Caymanes", after the caimans present there. No immediate colonisation followed Columbus's sighting, but a variety of settlers from various backgrounds eventually arrived, including pirates , shipwrecked sailors, and deserters from Oliver Cromwell 's army in Jamaica . Sir Francis Drake briefly visited
11280-426: The largest by population. The 264-square-kilometre (102-square-mile) territory comprises the three islands of Grand Cayman , Cayman Brac and Little Cayman , which are located south of Cuba and north-east of Honduras , between Jamaica and Mexico's Yucatán Peninsula . The capital city is George Town on Grand Cayman, which is the most populous of the three islands. The Cayman Islands is considered to be part of
11400-481: The lawyers said: "This huge 'gambling' cash flow is inconsistent with [the wife]'s banking records and gives rise to a strong suspicion that [she] may have engaged in money laundering and tax evasion ." Subsequently, the liquidators increased their estimate of missing cash to $ 670 million. Paul Weiss refused to give CMED's liquidator documents relating to its investigation as to which Paul Weiss claimed privilege . In September 2015, US District Judge Ronnie Abrams of
11520-525: The naturally regenerating forest 0% was reported to be primary forest (consisting of native tree species with no clearly visible indications of human activity). For the year 2015, 0% of the forest area was reported to be under public ownership , 12% private ownership and 88% with ownership listed as other or unknown. The mammalian species in the Cayman Islands include the introduced Central American agouti and eight species of bats . At least three now extinct native rodent species were present until
11640-525: The naturally regenerating forest 0% was reported to be primary forest (consisting of native tree species with no clearly visible indications of human activity). For the year 2015, 0% of the forest area was reported to be under public ownership , 12% private ownership and 88% with ownership listed as other or unknown. The mammalian species in the Cayman Islands include the introduced Central American agouti and eight species of bats . At least three now extinct native rodent species were present until
11760-596: The nearest from the easternmost island Cayman Brac is the Jardines de la Reina archipelago (about 160 km or 100 miles away) – both of which are part of Cuba. All three islands were formed by large coral heads covering submerged ice-age peaks of western extensions of the Cuban Sierra Maestra range and are mostly flat. One notable exception to this is The Bluff on Cayman Brac's eastern part, which rises to 43 m (141 ft) above sea level,
11880-469: The nearest from the easternmost island Cayman Brac is the Jardines de la Reina archipelago (about 160 km or 100 miles away) – both of which are part of Cuba. All three islands were formed by large coral heads covering submerged ice-age peaks of western extensions of the Cuban Sierra Maestra range and are mostly flat. One notable exception to this is The Bluff on Cayman Brac's eastern part, which rises to 43 m (141 ft) above sea level,
12000-816: The peaks of an undersea mountain range called the Cayman Ridge (or Cayman Rise). This ridge flanks the Cayman Trough , 6,000 m (20,000 ft) deep which lies 6 km (3.7 mi) to the south. The islands lie in the northwest of the Caribbean Sea, east of Quintana Roo , Mexico and Yucatán State , Mexico, northeast of Costa Rica, north of Panama, south of Cuba and west of Jamaica. They are situated about 700 km (430 mi) south of Miami , 750 km (470 mi) east of Mexico, 366 km (227 mi) south of Cuba, and about 500 km (310 mi) northwest of Jamaica . Grand Cayman
12120-631: The peaks of an undersea mountain range called the Cayman Ridge (or Cayman Rise). This ridge flanks the Cayman Trough , 6,000 m (20,000 ft) deep which lies 6 km (3.7 mi) to the south. The islands lie in the northwest of the Caribbean Sea, east of Quintana Roo , Mexico and Yucatán State , Mexico, northeast of Costa Rica, north of Panama, south of Cuba and west of Jamaica. They are situated about 700 km (430 mi) south of Miami , 750 km (470 mi) east of Mexico, 366 km (227 mi) south of Cuba, and about 500 km (310 mi) northwest of Jamaica . Grand Cayman
12240-413: The population itself. The Cayman Islands have come under criticism for allegations of money laundering and other financial crimes, including a 2016 statement by then US president Barack Obama that described a particular building which was the registered address of over 12,000 corporations as a "tax scam". The Cayman Islands holds a relatively low unemployment rate of about 4.24% as of 2015, lower than
12360-413: The population itself. The Cayman Islands have come under criticism for allegations of money laundering and other financial crimes, including a 2016 statement by then US president Barack Obama that described a particular building which was the registered address of over 12,000 corporations as a "tax scam". The Cayman Islands holds a relatively low unemployment rate of about 4.24% as of 2015, lower than
12480-455: The primary reasons that blue iguana hatchlings do not survive naturally. The Cuban crocodile ( Crocodylus rhombifer ) once inhabited the islands. And the American crocodile (Crocodylus acutus) is also believed to be slowly repopulating the islands from Cuba. The name "Cayman" is derived from a Carib word for the various crocodilians that inhabited the islands. The Cayman Islands has
12600-400: The primary reasons that blue iguana hatchlings do not survive naturally. The Cuban crocodile ( Crocodylus rhombifer ) once inhabited the islands. And the American crocodile (Crocodylus acutus) is also believed to be slowly repopulating the islands from Cuba. The name "Cayman" is derived from a Carib word for the various crocodilians that inhabited the islands. The Cayman Islands has
12720-554: The rise throughout the islands since 2000, with 16.7% now identifying with no religion, according to the 2021 census. Ports are closed on Sundays and Christian holidays. There is also an active synagogue and Jewish community on the island as well as places of worship in George Town for Jehovah's Witnesses and followers of the Bahá'í faith. In 2020, there were an estimated 121 Muslims in the Cayman Islands. The official language of
12840-445: The rise throughout the islands since 2000, with 16.7% now identifying with no religion, according to the 2021 census. Ports are closed on Sundays and Christian holidays. There is also an active synagogue and Jewish community on the island as well as places of worship in George Town for Jehovah's Witnesses and followers of the Bahá'í faith. In 2020, there were an estimated 121 Muslims in the Cayman Islands. The official language of
12960-469: The substantial completion of the independent internal investigation on 30 July 2009. In early 2012, CMED ceased operating and left investors unpaid on $ 426 million worth of bond debt , as a result of a suspected fraud by CMED's former Chairman & CEO. In January 2012, a class action fraud lawsuit was filed by CMED investors against CMED and its CEO and CFO in the US District Court in the Southern District of New York. In July 2012, original purchasers of
13080-425: The three islands of Grand Cayman , Cayman Brac and Little Cayman , which are located south of Cuba and north-east of Honduras , between Jamaica and Mexico's Yucatán Peninsula . The capital city is George Town on Grand Cayman, which is the most populous of the three islands. The Cayman Islands is considered to be part of the geographic Western Caribbean zone as well as the Greater Antilles . The territory
13200-518: The value of 4.7% that was recorded in 2014. With an average income of US$ 109,684 Caymanians have the highest standard of living in the Caribbean. According to the CIA World Factbook , the Cayman Islands' real GDP per capita is the tenth highest in the world, but the CIA's data for Cayman dates to 2018 and is likely to be lower than present-day values. The territory prints its own currency,
13320-401: The value of 4.7% that was recorded in 2014. With an average income of US$ 109,684 Caymanians have the highest standard of living in the Caribbean. According to the CIA World Factbook , the Cayman Islands' real GDP per capita is the tenth highest in the world, but the CIA's data for Cayman dates to 2018 and is likely to be lower than present-day values. The territory prints its own currency,
13440-453: The world (the CI dollar or KYD), with US$ 1.00 equivalent to CI$ 0.80. The economy of the Cayman Islands is dominated by financial services and tourism, together accounting for 50–60% of Gross Domestic Product . The nation's zero tax rate on income and storage of funds has led to it being used as a tax haven for corporations; there are 100,000 companies registered in the Cayman Islands, more than
13560-405: The world (the CI dollar or KYD), with US$ 1.00 equivalent to CI$ 0.80. The economy of the Cayman Islands is dominated by financial services and tourism, together accounting for 50–60% of Gross Domestic Product . The nation's zero tax rate on income and storage of funds has led to it being used as a tax haven for corporations; there are 100,000 companies registered in the Cayman Islands, more than
13680-596: Was battered by Hurricane Ivan , the worst hurricane to hit the islands in 86 years. It created an 8-foot (2.4 m) storm surge which flooded many areas of Grand Cayman. An estimated 83% of the dwellings on the island were damaged, with 4% requiring complete reconstruction. A reported 70% of all dwellings suffered severe damage from flooding or wind. Another 26% sustained minor damage from partial roof removal, low levels of flooding, or impact with floating or wind-driven hurricane debris. Power, water, and communications were disrupted for months in some areas. Within two years,
13800-596: Was battered by Hurricane Ivan , the worst hurricane to hit the islands in 86 years. It created an 8-foot (2.4 m) storm surge which flooded many areas of Grand Cayman. An estimated 83% of the dwellings on the island were damaged, with 4% requiring complete reconstruction. A reported 70% of all dwellings suffered severe damage from flooding or wind. Another 26% sustained minor damage from partial roof removal, low levels of flooding, or impact with floating or wind-driven hurricane debris. Power, water, and communications were disrupted for months in some areas. Within two years,
13920-402: Was born on Grand Cayman around 1661. He was the grandson of an original settler named Bodden, probably one of Oliver Cromwell's soldiers involved in the capture of Jamaica from Spain in 1655. England took formal control of the Cayman Islands, along with Jamaica, as a result of the Treaty of Madrid of 1670 . That same year saw an attack on a turtle fishing settlement on Little Cayman by
14040-546: Was missing. On 31 August 2012, the company filed in New York City for foreign firm bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code . CMED listed $ 500 million in assets and debt. A petition to wind up CMED was also filed in Hong Kong in 2012. In 2009, three years prior to CMED's filing for bankruptcy, an anonymous letter alleging possible illegal and fraudulent activities by management since 2007
14160-531: Was over two decades old, off-patent, and had little value. FBI Assistant Director-in-Charge William Sweeney said “Wu and Tsang led their victims down a narrow path of deceit. They betrayed the trust of those who took them at their word, stole their money, and made off with more than $ 400 million.” The case was assigned to US District Judge Kiyo A. Matsumoto of the US District Court for the Eastern District of New York . In November 2017, 91 partners of
14280-516: Was replaced by PwC Zhong Tian in August 2009. “Perhaps locking up 91 KPMG partners over Christmas may spur the firms to find a solution to this problem”, said Professor Paul Gillis of Peking University ’s Guanghua School of Management . Cayman Islands The Cayman Islands ( / ˈ k eɪ m ən / ) is a self-governing British Overseas Territory , and the largest by population. The 264-square-kilometre (102-square-mile) territory comprises
14400-513: Was sent to KPMG Hong Kong, then CMED's auditor . In response, at KPMG's request, in 2009 the CMED Audit Committee retained law firm Paul Weiss Rifkind Wharton & Garrison to investigate the allegations and advise the committee as to any appropriate further measures. Paul Weiss as part of its investigation conducted on-site visits and interviews in China and collected documents from employees and servers of CMED. CMED announced
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