U.S. charity loses one-third of assets in Cayman Islands property investment

By David Marchant

11 years ago

Topics

Ireland Panama Tax USA

[ 4 more... ] [ top 5 ]

Keywords

Alfred Lall Birchler Mengwasser Martin Lall Credit Suisse EBR Holding Ltd. Emerald Bay

Erik Burgdorf Five Mile Capital Partners Herbert Humphreys Jr. Keith Boheim Lawrence Burgdorf Marie N. Carlie Marvin Schwan Charitable Foundation Michael Ryan Ritz-Carlton Royal Bank of Scotland Stone Carlie

[ 12 more... ] [ top 5 ]

Highlights

$250 m loss in Cayman follows $100 m-plus loss on Emerald Bay Resort in the Bahamas
Charity has also invested heavily in Costa Rica
Charity loaned money to Cayman project AFTER OffshoreAlert published red flags
Caribbean investment losses contributed to charity's assets falling by 52% in 12 years

Missouri-based charity The Marvin M. Schwan Charitable Foundation has written off loans totaling $250 m that helped build The Ritz-Carlton, Grand Cayman hotel and residences development in the Cayman Islands. The amount was one-third of the charity’s total assets.

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