The fund received an initial injection of $1 million, a personal donation from Cayman businessman, Mr. Kenneth Dart. The fund will be managed by the newly established foundation, known as: R3 Cayman Foundation. The goal of the fund as listed by the foundation is to “support readiness, relief and recovery efforts in the Cayman Islands in response to emergencies and disasters, such as but not limited to the COVID-19 pandemic.”

Appleby acted as Cayman attorneys advising in relation to the establishment of the foundation. In addition, Appleby’s corporate services arm, Appleby Global Services (Cayman) Limited will provide ongoing corporate services to the foundation.

Carlos de Serpa Pimentel, Partner and Group Head of Appleby’s Private Client & Trusts practice, said the firm’s support for the new foundation was in line with its dedication to community involvement and support in the Cayman Islands and Appleby’s history of previous involvement with recovery initiatives in Cayman.

“We are extremely proud to be involved with the establishment of the new R3 Cayman Foundation, advising them on all relevant legal aspects of their foundation company structure,” he said. “In these unprecedented times it is more important than ever for the Cayman business community to come together and assist in any way possible. Private sector initiatives like this one, along with continued strong leadership and initiative from the Cayman Islands Government, as well as support from the wider Cayman community as a whole, will be crucial in rebuilding Cayman’s economy in the coming months.”

Following its recent establishment, it is intended that R3 Cayman Foundation will be registered as a non-profit organisation.

Further information about R3 Cayman Foundation will be shared at www. R3foundation.ky

Share
Twitter LinkedIn Email Save as PDF
More News
21 May 2020 | News

Going private transactions during COVID-19

Offshore companies incorporated in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey...

21 May 2020 | News

Offshore Business Update

This is an update for our clients on how the authorities in our core jurisdictions are responding to...

14 May 2020 | News

Anti-takeover strategies during COVID-19

The unprecedented market volatility and substantial declines in stock prices that we have witnessed ...

7 May 2020 | News

Cayman Proposes Virtual Assets Framework

While much of Cayman’s financial services legislation was written before the recent blockchain rev...

23 Apr 2020 | News

Corporate Governance during COVID-19

In each of Appleby’s jurisdictions, measures have been taken to combat the spread of COVID-19. Wh...

15 Apr 2020 | News

COVID-19 Economic Substance Update

All of the offshore jurisdictions in which Appleby operates have implemented legislation to require ...

16 Mar 2020 | News

Appleby announces new Office Managing Partner in Cayman

Leading law firm Appleby has announced a number of high profile internal appointments to further str...

6 Mar 2020 | News

Appleby’s Female Leader’s Network: One year on

Global network brings together women in senior positions across the jurisdictions in which the firm ...

4 Mar 2020 | News

Appleby recognised as top-tier by Chambers & Partners for International Private Client & Trusts practice

Chambers Global has released its Global rankings for 2020 and Appleby has been recognised as one of ...

28 Feb 2020 | News

Appleby sponsors youth track meets

Appleby has come on board as the title sponsor of the Appleby Series Junior Meets in partnership wit...