|Source: US Senate Budget Committee, May 2011 |
Minister for Jobs, Enterprise and Innovation Richard Bruton TD today
announced that Cayman Islands headquartered
a leading law firm in the Caribbean tax haven, which opened an Irish office in
2006 and has 175 jobs in Dublin, has plans to create
a further 75 jobs within the next three years.
Bruton said this is as a result of growing demand for both its international
legal services and the fiduciary and fund administration services provided by
its affiliate, MaplesFS. The Irish Government, through IDA Ireland, has worked
with the company on this investment.
Maples and Calder was founded in the British-controlled Cayman Islands' tax
haven in the early 1960s and today is the largest law firm on the islands.
In 2008, a US government agency said in a report that Ugland House on Grand
Cayman, the head office of the firm, was the registered office of 18,857
companies, offshore funds and financial entities in March 2008. The tax returns
of Mitt Romney, the Republican Party candidate for US president, which were
released last January, showed that he had funds in the Cayman Islands, Ireland
President Obama said in May 2009: "On the campaign, I used to talk about the
outrage of a building in the Cayman Islands that had over 12,000 business --
businesses claim this building as their headquarters. And I've said before,
either this is the largest building in the world or the largest tax scam in the
world. And I think the American people know which it is. It's the kind of tax
scam that we need to end." An estimated $5trn in assets worldwide is held
'offshore' in tax havens.
Finfacts Premium Feb 2012:
Tax Havens: Ugland House, Grand Cayman - - home to 19,000 companies, offshore
funds and financial entities - - Part 1
The Government said today that the Maples group comprises Maples and Calder, an
international corporate and finance law firm, and MaplesFS, an independent
provider of specialised fiduciary and fund services. Clients include many of the
world’s foremost corporates, banks and financial institutions as well as private
equity funds and growth companies.
Making the announcement, Bruton said
“International financial services is a key target sector of Government as part
of our plan for jobs and growth, and the Taoiseach has set the target of
creating an additional 10,000 jobs in the sector by 2016. Today’s announcement
that this world-leading financial and legal services provider, which only came
to Ireland in 2006, is expanding its workforce with the creation of 75 jobs, is
great news. The success of the Maples Group in Ireland demonstrates the
potential for future growth in this sector, and through continued implementation
of the Action Plan for Jobs we are determined to build on this and create the
jobs we need”.
Managing Partner of Maples and Calder in Dublin, Andrew Doyle,
said “We continue to expand our business in Dublin to better serve our clients
here as well as international clients who are carrying on business in and
through Ireland. Our growth has been driven by the calibre of the people who
have joined Maples in Dublin over the course of the last five years.”
Commenting on the expansion, CEO IDA Ireland, Barry O’Leary said
“The strength and depth of industries such as Aircraft Finance and Investment
Funds in Ireland is a major attraction for leading corporate and financial
services firms such as Maples. As the IFSC has gained critical mass as a global
financial hub, international law firms, such as Maples, have been attracted to
locate in Dublin both to service existing clients and to win incremental
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