US billionaire settles with Cayman Islands over reef damage
GEORGE TOWN, Cayman Islands – A company owned by U.S. billionaire Paul Allen has settled with the Cayman Islands over damage to a coral reef blamed on his 300-foot yacht.
A statement from the government of the British territory and Allen’s Vulcan Inc. doesn’t disclose the settlement amount. It quotes Environment Minister Wayne Panton as saying it “reflects a value commensurate with the loss of our public resource.”
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