News & Events

Welcome to our media pages which contain client advisories, articles, press releases and details about upcoming events.

Client Advisories

Privy Council Dismisses Final Appeal in Long-Running Hedge Fund Investor Litigation

22 Jun 2018
In a judgment delivered on 18 June 2018, the Privy Council has dismissed the appeal by Emirati businessman Riad Tawfiq Al Sadik against judgments of the Grand Court and the Cayman Islands Court of Appeal which had both dismissed his claim to recover in excess of US$50 million in leveraged investment losses in hedge funds that were suffered during the 2008 financial crisis. The Privy Council rejected all of the arguments advanced by Mr Al Sadik in an attempt to establish liability on the part of Investcorp Bank BSC ("Investcorp") for his investment losses.
unfold →

Changes to Anti-Money Laundering Laws and Practices for Cayman Islands Entities

16 Apr 2018
In response to the Financial Action Task Force (“FATF”) recommendations to combat money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, there have been significant changes to the anti-money laundering laws and practices of the Cayman Islands. On 6 April 2018, the Cayman Islands Monetary Authority (“CIMA”) published a Notice further clarifying the recently issued Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands (“AML Guidance Notes”).
unfold →

Fair Value Proceedings: Shanda Games

28 Mar 2018
The Court of Appeal of the Cayman Islands (“CICA”) has reversed the Grand Court on an important point of principle for determination of the “fair value” of the shares of a shareholder who dissents from a statutory merger under Part XVI of the Companies Law. See Shanda Games (CICA 12 of 2017, unrep., 6 March 2018).
unfold →