The following is a press release from the University College of the Cayman Islands:
University College of the Cayman Islands (UCCI) officials said that as a result of new and enhanced financial controls that were put in place by the UCCI administration, the possible misappropriation of funds by an employee has been identified. That discovery led to internal investigations.
Following an internal reveiw, UCCI notified the financial crimes unit of the Royal Cayman Islands Police Force and the Office of the Auditor General about the alleged activity. Both agencies are investigating the matter. The employee in question was then terminated.
Subsequent to the commencement of the investigations, the now-former employee left the island.
Beverly Shuford, vice president of business and finance, who is also a certified public accountant (CPA) and certified fraud examiner (CFE), said “UCCI is cooperating with auditors and law enforcement in the ongoing investigation and is working closely with the Office of the Auditor General and following its advice on appropriate next steps to complete the review of 2020 financials.”