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Breaches in Archer hire flagged, Manderson says probe will commence shortly

Nov 17, 2017 News

Deputy Governor Hon. Franz Manderson says he's yet to engage his internal audit team to inquire into the process used in the Cayman Islands Stock Exchange Board's hiring of former Finance Minister Marco Archer. However, he told Cayman 27 that he will speak with the internal audit team shortly about commencing the probe. It was during Finance Committee that the Opposition raised the red flag on Mr. Archer's appointment after the Deputy Governor confirmed that provisions in the new Public Authorities Law were not followed in the former Finance Minister's appointment, something Opposition Leader Ezzard Miller said required investigation. "So I think it is clearly authorised for such an audit to take place because I think the easiest way for you to get compliance is to have a case such as this properly audited and have those people who were responsible for avoiding the law clearly identified," Mr. Miller said. Mr. Archer was appointed CEO of the Cayman Islands Stock Exchange in September.