US billionaire settles with Cayman Islands over reef damage

AP News
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Posted: Nov 01, 2016 1:33 PM

GEORGE TOWN, Cayman Islands (AP) — 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."

Authorities previously said the anchor chain from the MV Tatoosh caused significant damage to the reef in the Seven Mile Beach Marine Park in January. Microsoft co-founder Allen was not on board at the time. The statement released Monday says the settlement was made "without admissions" but says it will help create "a permanent mooring solution" in the park.