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After indicted owner's 'exoneration', Malta's Pilatus Bank to sue European Central Bank for license revocation

November 30, 2020 - Following the recent collapse of criminal charges in New York against its beneficial owner, Ali Sadr Hasheminejad, Malta-based Pilatus Bank Plc intends to sue the Germany-based European Central Bank for damages for revoking its license.

Torgovy Dom KAToil OOO v. Citibank NA et al: Discovery Application

November 27, 2020 - Application by Torgovy Dom KAToil OOO, described as a Russian company that is "a wholly owned subsidiary of C.A.T. oil AG, a publicly-traded Austrian company", to take discovery from Citibank, N.A., JP Morgan Chase Bank, N.A., Bank of New York Mellon, N.A., Bank of America, N.A., Wells Fargo Bank N.A., and The Clearing House Payments Company L.L.C. for use in "contemplated legal proceedings" in Russia against Victoria Sokolova for suspected fraud, filed at the U. S. District Court for the Southern District of New York.

Turkey: Wells Fargo Bank ($135,900 Fraud)

November 24, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Turkey - for use in a criminal investigation into "unknown subjects for fraud".

Qatar Financial Centre Regulatory Authority v. First Abu Dhabi Bank: Summary Judgment Motion

November 24, 2020 - Motion For Summary Judgment in Lieu of Complaint to enforce a judgment in the amount of QAR200 million ($54.9 million) regarding an investigation into "market misconduct" in Qatar Financial Centre Regulatory Authority v. First Abu Dhabi Bank at the Supreme Court of the State of New York, County of New York.

Poland: Wells Fargo Bank ($5,500 Fraud)

November 23, 2020 - Application for the appointment of a Commissioner to collect evidence from Wells Fargo Bank - pursuant to a request for judicial assistance from Poland - for use in a criminal investigation into "unknown subject(s) for fraud".

PJSC National Bank Trust v. Natalia Pirogova et al: Summons With Notice

November 23, 2020 - Summons With Notice regarding "fraudulent conveyances of assets by or for the benefit of defendant Natalia Pirogova" in PJSC National Bank Trust v. Natalia Pirogova, of Russia; NMP-Group LLC, Madison 33 Owner LLC, Luiza Dubrovsky, 172 Madison NP Holding LLC, 172 Madison NP Member LLC, Madison 33 Partners LLC, FGP 1 LLC, Serhii Yefimtsev, M Investment Capital LLC, Mark Shvartsburd, and Alexander Forkosh at the Supreme Court of the State of New York, County of New York.

Girobank NV et al v. Trade Finance Trust et al: Complaint

November 20, 2020 - Complaint "to set aside certain fraudulent conveyances and to secure a preliminary and permanent injunction enjoining defendants from transferring certain funds in accounts at Bank Leumi USA without first allocating Girobank its fair share of those funds, in which Girobank holds an equitable trust interest" in Girobank NV and Girobank International NV, both of Curaçao v. Trade Finance Trust, of Delaware; IIG Global Trade Finance Fund Ltd., of the Cayman Islands; IIG Structured Trade Finance Fund Ltd., of the Cayman Islands; TriLinc Global Impact Fund – Trade Finance Ltd., of the Cayman Islands, and IIG Bank (Malta), Ltd., of Malta, at the U. S. Bankruptcy Court for the Southern District of New York.

Pilatus Bank Plc v. Lawrence Connell: Discovery Application

November 13, 2020 - Ex Parte Application by Pilatus Bank Plc, of Malta, to take discovery from Lawrence Connell for use in legal proceedings "pending before the Court of Justice of the European Union" in which "Pilatus seeks an order annulling the ... withdrawal of its banking license" by the European Central Bank and a contemplated "separate legal action against the ECB for damages relating to the ... treatment of the bank" by the ECB and the Malta Financial Services Authority, filed at the U. S. District Court for the District of New Hampshire.

Budget-Marine N.V. v. Regions Bank: Discovery Application

November 11, 2020 - Application by Budget-Marine N.V., of Sint Maarten, in the Netherlands Antilles, to take discovery from Regions Bank for use in legal proceedings brought by Yacht Chandlers, Inc., of Fort Lauderdale, Florida, in Sint Maarten, filed at the U. S. District Court for the Southern District of Florida.

PJSC Uralsib Bank v. Citibank NA et al: Discovery Application

November 11, 2020 - Ex Parte Application by PJSC Uralsib Bank to take discovery from Citibank NA, The Bank of New York Mellon, Société Générale, New York; HSBC Bank USA, N.A., BNP Paribas USA, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Deutsche Bank Trust Co. Americas, Bank of Nova Scotia, UBS AG, Bank of America, N.A., Standard Chartered Bank US, Commerzbank AG US, Bank of China, New York Branch; Wells Fargo Bank, N.A., and The Clearing House Payments Company, LLC for use in a "contemplated proceeding" in Russia against Nikolay Ivanovich Pasyada for suspected fraud, filed at the U. S. District Court for the Southern District of New York.

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 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.