John Dinan

CIBC Bank and Trust (Cayman) and three of its subsidiaries are being sued for fraud and negligence in the United States over the alleged mismanagement of a trust account.The lawsuit was filed on August 7, 2002 at the United States District Court for the Southern District of Florida.

The liquidators of one of Cayman's biggest construction firms have issued a scathing report alleging greed, incompetence and misappropriation of corporate funds on the part of it's directors.Christopher Johnson and John Dinan, of PricewaterhouseCoopers, accused brothers Robert Hurlstone, 50, and John Hurlstone, 46, of misappropriating so much money that Hurlstone Construction Ltd. was rendered hopelessly insolvent by 1994.

The Privy Council in London has issued a ruling that limits the rights of debtors of Cayman-registered entities to seek the removal of liquidators they do not approve of. The decision represents a victory for Christopher Johnson and John Dinan, of PricewaterhouseCoopers, and a defeat for rival accounting firm Deloitte & Touche.

Former Cayman banker John Mathewson has kept his freedom as a reward for turning in his clients to the US authorities. Mathewson, 71, was sentenced to five years of probation, 500 hours of community service and a $30,000 fine at the U. S. District Court for the District of New Jersey on August 2 after previously pleading guilty to money laundering, and tax evasion charges brought not only in New Jersey but also at the U. S. District Court for the Southern District of Florida and the U. S. District Court for the Eastern District of New York.