Crime number one threat to the region, Commonwealth Parliamentary Association conference hears

GEORGETOWN, Guyana -- Participants at the 34th Conference of the Commonwealth Parliamentary Association (CPA) of the Caribbean, Americas and the Atlantic region have been told that the illicit drug trade organized and trans-national crimes remain though public safety challenges in the region.As such, it was noted that the first step to tackle these is by confronting problems like the unemployment of young people and the proliferation of firearms which are being exploited by criminal enterprises.

Addressing “Challenges in Public Safety” on Tuesday at the Conference here, it was highlighted that the heavy losses suffered by regional economies in many cases are as a result of criminality.

Guyana’s Home Affairs Minister Clement Rohee in his presentation said the challenges to security in the region are complex but agreed that the drug trade is the greatest threat to public safety in the region, explaining that it poses a serious threat to stability.
 

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Cayman Islands hedge fund sued over $578 million 'fake' profit from Madoff

NEW YORK, USA (Bloomberg) -- HSBC Holdings Plc and a Cayman Islands-based hedge fund were sued by the trustee liquidating Bernard Madoff’s business over claims they withdrew $578 million in “fake” profit from the con man’s firm before it collapsed.The lawsuit, filed on Tuesday by trustee Irving Picard in US Bankruptcy Court in Manhattan, claims London-based HSBC withdrew most of the money on behalf of its client, Herald Fund Spc, less than 90 days before Madoff’s firm began liquidating. Picard says such transfers are recoverable under US bankruptcy law.

The so-called clawback lawsuit against HSBC and Herald is one of at least eight filed against the biggest investors in York-based Bernard L. Madoff Investment Securities LLC. The earlier complaints seek a total of $13.7 billion in damages to be used to repay victims of Madoff’s fraud.

“HSBC continues to believe that it has good defenses to the claims and will vigorously defend itself against the actions that have been brought,” Patrick McGuinness, an HSBC spokesman, said yesterday in an e-mail.

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