NEWS RELEASE Cayman Islands Government Helps US Break Cable TV Piracy Ring

The effectiveness of the regulation of Cayman Islands financial services has once again been demonstrated as the case began in New Jersey, US, against John Mathewson, former Chairman of the Guardian Bank & Trust Ltd and others involved in the US cable television piracy case.

It was the Cayman Islands Financial Services Department, during a routine inspection of banking procedures, which first became aware of irregularities at the Guardian Bank and alerted the US authorities. Following further investigation by the Financial Services Department the bank was closed down.

George McCarthy, Financial Secretary of the Cayman Islands Government said:

"We are obviously pleased that information we provided has assisted in the prosecution of this case. It clearly demonstrates that the Cayman Islands Government will not stand for illegal activity within its financial services sector and will take positive and immediate action if such is discovered."