An agreement has been reached between a company owned by Microsoft co-founder Paul Allen and the Cayman Islands government months after the TDE Maritime superyacht M/Y Tatoosh was blamed for damage to a coral reef.
In a joint news release this week, Allen’s Vulcan Inc. and the government of the British territory said a settlement had been reached “without admissions from either party regarding the January incident.”
Initial reports of the incident involving the 303-foot yacht said the Tatoosh dragged an anchor chain and destroyed almost 14,000 square feet of reef. Vulcan disputed that claim in part, saying at the time, “media reports are greatly exaggerated and the investigation by the local authorities is continuing.”
“Losing any of our coral affects not only the stability of our environment, but also our economy,” said Wayne Panton, minister of environment for the Cayman Islands. “The agreement with TDE Maritime therefore reflects a value commensurate with the loss of our public resource and facilitates a permanent mooring solution in Seven Mile Beach Park.”
Allen, speaking for TDE Maritime, said in Vulcan’s release, “We are committed to environmental stewardship, with a proven history of working to improve ocean health through research, innovation and policy change.
“Our experience around the world in ocean conservation has proven that real change requires dedicated, long-term investment to have a meaningful effect,” Allen said. “We share the Cayman Islands government’s goal of responsible management of the natural environment; and this agreement will help preserve the reefs and ecosystem for future generations.”