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Cayman energy regulator suspended after audit

Monday, March 04, 2013 | 5:44 PM    

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GEORGE TOWN, Cayman Islands (AP) — The managing director of the Cayman Islands’ electricity regulator has been suspended after an audit turned up financial irregularities.

The British Caribbean territory’s Electricity Regulatory Authority suspended Joseph Ebanks on Monday after the islands’ auditor general discovered some “inappropriate financial transactions.”

More details were not publicly disclosed. The auditor general’s findings are being sent to the financial crimes unit of the Royal Cayman Islands Police Service.

Ebanks could not immediately be contacted Monday. It was not known if he had a lawyer.

Meanwhile, the regulatory agency has appointed its deputy managing director to take over Ebanks’ responsibilities during the investigation.

The grouping of three tiny islands in the Caribbean is the top offshore jurisdiction for hedge funds and boasts the world’s sixth largest financial centre.

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