KYC News reacts to libel writ issued by Ritz-Carlton Cayman developer

Wednesday, February 18, 2004

GEORGE TOWN, Cayman Islands: KYC News publisher David Marchant insists that every detail that appeared in his story concerning the Ritz-Carlton contractor Fluor Daniel suing the developer of the project is true, and he says he has documents to prove his claims.

The subscription on-line publication about offshore banking and finance issues, received a writ of summons last week to answer a libel claim filed in Cayman's Grand Court on behalf of Ritz developer Michael Ryan and development company Condoco Grand Cayman Resort Ltd.

The claim, filed by local firm Hunter and Hunter, seeks libel damages both for the publishing of the article on KYC News, and for the subsequent airing of the report on Radio Cayman and CITN-Cayman 27. The action also seeks to place an injunction on the defendant preventing any further publishing of the same or similar libels.

"I have not yet been served with the writ of summons that was recently filed," said Mr Marchant when contacted by Cayman Net News. "But a copy of it was faxed and couriered to me by Michael Ryan's law firm, Hunter and Hunter."

Mr Marchant indicated he was surprised at the nature of the writ. "It is the first time in 19 years as a journalist that I have received a writ or even a letter of complaint that did not specify what the sender was complaining about," he said.

Though unsure which aspects of the article are considered defamatory by Mr Ryan, Mr Marchant says he believes what he printed is true. "I stand behind everything that has been published about Michael Ryan in Offshore Alert and its sister newsletter, KYC Alert," he said, adding, " I have a plethora of documents to support everything that as been published."

The article on KYC News, entitled "Ritz-Carlton (Cayman) contractor sues developer" is still posted on the website under the heading "hall of shame" in the publication's free information area.

Mr Marchant says that his publication has been sued for libel before. "I would point out that three other groups have filed libel action against me and/or my firm since it began publishing the newsletter in February, 1997," he said "We won all three libel actions, one after a trial, and criminal proceedings were subsequently filed against nine officers of the plaintiffs." Criminal indictments and/or arrests also followed the other two cases he said.

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