Cayman\'s PM faces increasing pressure to resign

Cayman Islands Premier McKeeva Bush is coming under mounting pressure to resign following his arrest earlier this week, said reports reaching here from George Town. Bush, who has been the target of active corruption probes for more than a year, was arrested at his home Tuesday by members of the police\'s Financial Crime Unit. He was granted a bail Wednesday until next February. The authorities disclosed few details of the allegation against Bush, except the possible misuse of his government credit card and illegal importation of explosive devices. Though no charges have been filed, the incident rocked the British overseas territory, which is known as an offshore financial heaven. Opposition leader Alden McLaughlin has said he would urge the parliament to convene a special meeting to press members of the ruling party to either state support for Bush or oust him from office in a non-confidence debate. \"It is untenable that for the foreseeable future, business people will have to explain to any foreign investor or person doing business in Cayman how it is that the premier of the Cayman Islands continues in office after having been arrested and bailed on suspicion of having committed serious offenses,\" he said in a televised address Thursday. But Bush, who was on a visit to Jamaica, voiced his intention to stay on as premier. \"I would like to tell the whole story... I have done nothing wrong,\" he told reporters, saying the investigation against him was \"a political witch-hunt and a very vindictive one\" by his political opponents. However, none of his party colleagues came out to publicly support him following a closed-door meeting in his absence. Cayman Islands, with zero direct taxation and financial secrecy insurance, is ranked as the world\'s sixth largest financial center with about 1.6 trillion US dollars of officially booked international assets. Anti-corruption campaigners have criticized the islands and their British rulers for serving as a haven for foreign individuals and firms seeking to avoid taxes and regulations in their own countries.