CIMA revokes company’s licence for regulatory breaches | Loop Cayman Islands

The content originally appeared on: Cayman Compass

3 hrs ago

According to an enforcement notice published on the website of the Cayman Islands Monetary Authority (“the Authority”), the companies management licence of The RDI Company Ltd. (the “Company”) has been revoked, effective March 25, 2022.

Circumstances detailed by the Authority leading to the issuance of the enforcement notice include the Company’s failure to meet a condition of the licence to appoint an independent director, failure to pay its 2022 annual licence fee, non-submission of audited financial statements, failure to submit certificates of compliance and failure to comply with the Authority’s requests for documentation and information. The Authority further noted that, in addition to the foregoing failures, the Authority was unable to assess the financial health of the Company and whether it is compliant or in breach of the prescribed net worth.

Due to the foregoing circumstances, the Authority said that it was of the opinion that the Company is or appears likely to become unable to meet its obligations as they fall due, the Company has contravened the Companies Management Act, the Company has failed to comply with a condition of its licence and the direction and management of the Company’s business has not been conducted in a fit and proper manner. Accordingly, the Company’s companies management licence was revoked.

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