Jamaican businessman convicted in Cayman

Robert Christopher Tom Girvan, a Jamaican businessman, pleaded guilty in The Cayman Islands' Grand Court on Wednesday to 18 charges of theft and three charges of money laundering.

Crown Counsel Kirsty-Ann Gunn said the total value involved was approximately US$19 million.

Girvan, 49, pleaded guilty before Justice Howard Cooke, another Jamaican, to thefts between January 2004 and June 2008.

Companies stolen from included Grand Island Commodity Trading Fund, Grand Island Commodity Trading Fund II, Grand Island Income Fund, Grand Island Master Fund Ltd, Caribbean Commodities Ltd, and RCTG Investments Ltd.

Justice Charles Quin, who heard an application for bail, said Girvan's conduct "strikes at the very heart of our financial services industry".

Numerous activities

Attorney Ben Tonner, who argued for bail, said Girvan had numerous opportunities to flee in the past and had not done so. He suggested a strict curfew so that his client could more easily meet with him to prepare for the next hearing.

However, Gunn opposed bail, saying Girvan was a Jamaican national who had been on a work permit, so he had no basis for remaining in Cayman, except for his court case.

She told the court the large majority of stolen funds had been lost in unauthorised trading, but a significant amount had been used by Girvan for his personal gain.

Quin said a convicted person has more reason to flee than an accused person. He said the charges were serious and the offences meant significant losses to third parties.

A confiscation hearing and sentencing are scheduled to take place on August 24.