Cayman Islands and China: Investment and Pension Funds
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the recent ruling on 51Job, Inc. by the Grand Court of the Cayman Islands, what steps he is taking to ensure that Cayman Islands institutions have the (a) capability and (b) willingness to protect (i) British investors and (ii) pension funds from harmful actions by Chinese actors.
Answered by Stephen Doughty
Financial Services regulation is a devolved matter for the Cayman Islands Government. The UK Government works closely with the Cayman Islands authorities to uphold the rule of law and ensure robust legal frameworks. Cayman Islands courts operate independently under a well-established legal system based on English common law, providing avenues for parties to challenge harmful actions. I discussed with Premier Ebanks at the recent Joint Ministerial Council how to work together to promote further trade and investment ties, and welcomed the important steps taken by the Cayman Islands Government to promote greater corporate transparency.
The UK Government respects the impartiality of the Cayman Islands Courts. The Judicial Committee of the Privy Council is the highest court of appeal for the Overseas Territories, and its decisions are binding.
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