Today's Date: 27 November 2015
Last Updated: 27 November 2015 10:31:00 EST
Cayman Compass Community
Find us on Facebook

Bush’s real estate ‘bill’ obtained

A third letter to developer Stan Thomas also surfaces

Mr Bush

The Caymanian Compass has obtained a photocopy of correspondence between Cayman Islands Premier McKeeva Bush and developer Stan Thomas that outlines amounts that were said to be paid and due to Windsor Development Corporation. 

The letter has surfaced nearly a year after it was announced that Premier Bush was under investigation for financial irregularities concerning a land deal and more than 26 months since Governor Duncan Taylor initiated the investigation. 

The letter, dated 21 April, 2004, is on the letterhead of Windsor Development Corporation, Ltd., a real estate company owned by Mr. Bush’s wife that he is involved in, and is signed by Mr. Bush. 

“Dear Mr. Thomas,” the letter begins. “Per our agreement for real estate sales commission on the property on West Bay Road. Please send (wire) to the enclosed address the amount USD 355,000, which is in accordance with the agreement, and the balance of USD 375,000 to be paid before year-end 2004.” 

The letter is shown to be faxed the next day – 22 April, 2004 – from the fax machine in Mr. Bush’s Ministry’s office in the government administration building, indicating that this was a copy made by the recipient. 

The letter appears to have been an evidentiary document in a court case at one time. It is marked “Core Bundle – Page 530” in typed letters in the upper right hand corner. On the bottom of the document, other typed notations apparently for a court case appear to have been added at a later date, including “P. Amended List: Section 4 V “Vista Norte/Vista del Mar” and “349. Letter from W. McKeeva Bush/Windsor Development Corporation Limited to Stanley Thomas”. 

The letter itemises four amounts, including: Total Payable US$750,000; Less Goodwill deposit US$20,000; First Payment US$355,000; and Balance US$375,000. 

The letter gives wire transfer instructions for routing the deposit through J.P. Morgan Chase in New York to an account at the Royal Bank of Canada in Grand Cayman. The account numbers in the Cayman Island have been redacted on the copy of the letter obtained.  

There are several handwritten notations on the letter, apparently made after it was received, including the partially circled word “hold” over a North American-style telephone number, and a drawn line coming from the US$355,000 with an ‘x’ placed next to it. It is unknown who made the notations. 

A subsequent letter from Mr. Bush to Mr. Thomas dated 7 October, 2004, and apparently faxed from Mr. Bush’s ministry office on 15 October, 2004, surfaced last year. In that letter, which also appears to be a copy made by the recipient, Mr. Bush asks Mr. Thomas to wire “the remaining balance of USD 350,000” to Windsor Development’s account.  

Mr. Bush states, “I have ensured that all of the proposed rezoning issues have been agreed and approved by Cabinet.” 

The Caymanian Compass has obtained a photocopy of a second letter from Mr. Bush to Mr. Thomas dated the same day, 7 October, 2004. 

“Dear Stan,” the two-sentence letter begins. “I need to clarify to save any misunderstanding that the bill sent to you today for the West Bay Seven Mile Beach purchase transaction is for consulting fees for work carried out and advice given by Windsor Development Corporation. The rezoning was done before and without Windsor participation.” 

This photocopy is not of a faxed copy, indicating it was a copy made by the sender. However, the copy uses the same type font and contains the same error in the letterhead address as the other letter sent that day. Both show “Box 321 W.B, Grand Cayman” with no full-stop after the ‘B’. 

Share your Comment
We welcome your comments on our stories. Comments are submitted for possible publication on the condition that they may be edited and that your full name will be published with your comment.
IMPORTANT IDENTITY INFORMATION: Whilst we collect login information from you, this information will be kept confidential and only used to contact you directly, if required. We require a working email address - not for publication, but for verification. Your full name will be published with your comment.
Please login to comment on our stories.    Log In | Register
Copyright © 2015 Pinnacle Media Group Ltd. All Rights Reserved.