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APPLEBY ADVISES ON NEW RECOVERY FUND FOUNDATION

Local News 06 May, 2020 Follow News

Carlos de Serpa Pimentel

Leading offshore law firm Appleby has advised on the structuring of a new Cayman Islands foundation company established to manage a private sector-led recovery fund to assist the Cayman Islands in the wake of the global Covid-19 pandemic.

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 R3foundation.ky.


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