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Paul Harris From Precy Dumlao, Opalesque Asia:

The Cayman Islands Directors Association (CIDA) welcomes the August 26 ruling of Justice Jones QC imposing hefty fines against the directors of Weavering Macro Fixed Income Fund Limited for wilful neglect or default in the discharge of their duties.

CIDA President Paul Harris said, "The Cayman Islands investment fund industry works on the basis that investment management, administration and accounting functions will be delegated to professional service providers and a company's independent non-executive directors will exercise a high level supervisory role." Further, "They are not entitled to assume the posture of automatons, as these Directors did, by signing whatever documents are put in front of them by the investment manager without making enquiry or applying their minds to the matter in issue, on the assumption that the other service providers have all performed their respective roles (actual or perceived) and therefore do not need to be supervised in any way whatsoever."

Harris was reacting to the decision late last month which imposed a $111m fine against two directors of Weavering Macro Fund after the joint liquidators of the failed investment fund, sought damages against officers of Weavering for failing to effectively......................

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