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Everest Capital in arbitration with Manley Management

October 31, 1998 - Bermuda based hedge fund management company, Everest Capital Limited, that is reported to have lost almost half of its $2.7 billion in assets this year through poor trading decisions, is currently involved in an arbitration hearing with Manley Management Inc.The

Bermuda tries to distance itself from the UK

December 31, 1997 - The Bermuda government is considering whether to officially ask the UK to allow the island to have a permanent Bermudian governor - as opposed to a British one - who would have ultimate control over the police. Premier Pamela Gordon told The Royal Gazette newspaper that she has raised the issue with Bermuda’s governor, Thorold Masefield, but that a formal request had not been made.

Jardine Lloyd Thompson buys Triangle Brokerage

December 30, 1997 - Jardine Lloyd Thompson, the world’s eighth largest insurance and reinsurance broker, has completed its acquisition of Bermuda-based brokerage Triangle Holdings Ltd.JLT this month exercised an option to buy the 51 per cent of Triangle it did not own for approximately $3 million, which will be paid in 1.05 million JLT shares and $240,000 in cash.

Cayman National Pensions Plan delayed

December 30, 1997 - The introduction of the Cayman National Pensions Scheme, which was due to have taken place on January 1, 1998, has been delayed by six months by the government to the dismay of all pension providers except the newest one which has leader of government business, Truman Bodden, as a director.The official reason for the delay is that, even though the National Pensions Law was passed in 1996, the government has still not developed a suitable infrastructure to implement and monitor the programme.

First Proceeds of Criminal Conduct Law cases in Cayman

December 30, 1997 - The Cayman Islands authorities have so far processed three matters under the Proceeds of Criminal Conduct Law, which became law in September, 1996 but became operational at the beginning of this year.Two of the matters involved applications from the US authorities to restrain the assets of suspected criminals while the other resulted in the prosecution of a man on relatively minor money laundering offences, to which he pleaded guilty and was given a prison term, said Cayman’s Attorney General Richard Coles.

Mutual Risk Management group takes over management of ARVAK

December 30, 1997 - Shoreline Mutual Management (Bermuda), which is a subsidiary of Mutual Risk Management, has become the new manager of ARVAK Ltd., a Bermuda-based provider of Certificates of Financial Responsibility for vessels entering US waters.

Western Union stops money transfers to offshore gambling operations

December 30, 1997 - Western Union has cut off money transfer services to 40 offshore bookmakers in an attempt to curb unlawful sports gambling in Florida.The action was taken at the request of the attorney general to combat the proliferation of sports betting operations headquartered in the Caribbean and soliciting wagers from Florida residents.

Bermuda's big hotels report heavy losses

December 30, 1997 - Bermuda’s eight largest hotels, whose collective results are released annually to help determine the strength of the island’s tourism industry, have reported a combined loss of $6.23 million for the year ended September 30, 1997.

ACE promotions

December 30, 1997 - ACE Insurance Company has announced several promotions and assignments of responsibility as part of the company’s growth and expansion.

Russian banks banned from the Bahamas, says Central Bank Governor

December 30, 1997 - Reports by a newspaper in The Bahamas that a Russian bank has been approved for a bank licence are inaccurate, said the governor of the Central Bank of the Bahamas, Julian Francis.The Punch newspaper had reported that the Alpha Bank had been given permission to set up in the Bahamas.But Francis said there had been no change in the Central Bank’s position that Russian banks will not generally be allowed into the Bahamas because of difficulties in adequately regulating them.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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Cayman crypto firm ICOBox sued by US regulator for 'unregistered' activity
Cayman Islands cryptocurrency "incubator" ICOBox and its founder, Nikolay Evdokimov, have been sued by the U.S. SEC for alleged illegal involvement in digital token offerings that raised $665 million. In a separate lawsuit last year, a former CEO of an ICOBox subsidiary claimed the group's "main shareholders" were "all funded by Russian money laundered through bitcoins and other cryptocurrencies".
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.