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 Jan 2021 | News

Cayman Islands set to introduce the Private Funding of Legal Services Act (2020)

Cayman Islands set to introduce the Private Funding of Legal Services Act (2020) which will dramatic...

15 Jan 2021 | News

Appleby acts as Cayman counsel on Silver Crest Acquisition Corporation’s upsized US$300M SPAC IPO

Appleby acted as Cayman counsel to Silver Crest Acquisition Corporation on its upsized US$300,000,00...

15 Jan 2021 | News

Have a coffee on Appleby this Blue Monday #ThanksAppleby

After the success of the last two year’s Blue Monday campaigns, Appleby has partnered with local c...

21 Dec 2020 | News

Hong Kong Partner David Bulley named as “Merger and Acquisitions Lawyer of the Year” at the Lawyer Monthly Legal Awards 2020

Hong Kong Partner David Bulley named as “Merger and Acquisitions Lawyer of the Year” at the Lawy...

14 Dec 2020 | News

Offshore Business Update

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

10 Dec 2020 | News

Appleby Ranked Tier 1 in Chambers’ Inaugural Offshore FinTech Guide

Chambers and Partners has published its first-ever Offshore FinTech ranking, naming Appleby as a Tie...

Contributors: Steven Rees Davies
17 Nov 2020 | News

Appleby Cayman ranked in six categories in Legal 500

Appleby’s Caribbean offices in Bermuda, the British Virgin Islands and the Cayman Islands achieved...

12 Nov 2020 | News

Appleby lawyer named Private Client Lawyer of the Year

Appleby partner Carlos de Serpa Pimentel has been named Private Client ‘Lawyer of the Year’ in t...

5 Nov 2020 | News

Appleby Sponsors FFA Virtual Global Symposium

Appleby is proud to be a platinum sponsor of the Global Fund Finance Association (FFA) Symposium for...

Contributors: Fiona Chan
21 Oct 2020 | News

Safe Haven Found: The Cayman Islands introduces Global Citizen programme for digital nomads

On 16 October 2020, the Cayman Government gazetted regulations bringing into effect its Global Citiz...

Contributors: Esmond Brown