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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

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Piraeus Bank SA v. NASDAQ et al: Discovery Application

September 23, 2020 - Application by Piraeus Bank SA, of Greece, to take discovery from The NASDAQ Stock Market LLC and OTC Markets Group for use in "an anticipated foreign judicial proceeding that will be commenced by Piraeus against Newlead Holdings, Ltd. [of Bermuda] before the High Court of Justice, Business and Property Courts of England and Wales, Commercial Court pursuant to a Guarantee and Indemnity agreement", filed at the U. S. District Court for the Southern District of New York.

Commercial Bank of Dubai v. CB Title Management Corp.: Discovery Application

September 21, 2020 - Application by Commercial Bank of Dubai to take discovery from CB Title Management Corp. for use in contemplated legal proceedings in Dubai regarding the alleged default of a AED 37.5 million loan to Chalmers Engineering Company LLC, of Dubai, and "a personal guarantee from Stuart Allan Macdonald Chalmers, a UK national and Dubai, UAE resident", filed at the U.S. District Court for the District of New Jersey.

The Bank of East Asia Ltd.: HK$4.2M Fine

September 17, 2020 - Public Announcement by the Hong Kong Securities and Futures Commission that it has imposed a fine of HK$4.2 million on The Bank of East Asia Limited for "failure to segregate its client securities from proprietary securities into separate accounts maintained at two external custodians as required by the Securities and Futures (Client Securities) Rules".

Commercial Bank of Dubai v. American Express Inc.: Discovery Application

September 15, 2020 - Application by Commercial Bank of Dubai to take discovery from American Express Inc. for use in contemplated legal proceedings in Dubai regarding the alleged default of a AED 37.5 million loan to Chalmers Engineering Company LLC, of Dubai, and "a personal guarantee from Stuart Allan Macdonald Chalmers, a UK national and Dubai, UAE resident", filed at the U.S. District Court for the Southern District of New York.

The Hertz Corporation et al v. Barclays Bank Plc et al: Complaint

September 11, 2020 - Complaint in The Official Committee of Unsecured Creditors, on behalf of the Estate of the Debtors of The Hertz Corporation et al v. Barclays Bank Plc, of England, and BOKF N.A., of New Mexico, at the U. S. Bankruptcy Court for the District of Delaware.

Ashmi Vig Arora v. HDFC Bank Ltd. et al: Class Action Complaint

September 03, 2020 - Class Action Complaint alleging securities fraud in Ashmi Vig Arora v. HDFC Bank Limited, of India; Aditya Puri, Sashidhar Jagdishan, and Santosh Haldankar at the U. S. District Court for the Eastern District of New York.

Trium Bank & Trust Ltd.: Chapter 15 Petition

September 02, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Antigua & Barbuda by Robert Wilkinson, of Grant Thornton, as the Foreign Representative of Trium Bank & Trust Limited, which had operations in Antigua and Venezuela, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Credit Suisse: FINMA Enforcement Proceedings

September 02, 2020 - Press Release by the Swiss Financial Market Supervisory Authority that it has "initiated enforcement proceedings against Credit Suisse" following the completion of an "auditor's investigation".

Century Banking Corporation Ltd.: License Revocation

September 01, 2020 - Public Notice by the Mauritius Financial Services Commission that it has revoked the Islamic Banking License of Century Banking Corporation Ltd. Editor's Note: Research by OffshoreAlert in the Corporate and Business Registration Department for Mauritius showed that Century Banking Corporation Ltd. was incorporated on May 21st, 2008, its directors are Charles Mark Broadley, of Hong Kong; Waleed Qassim Bangash, of Bahrain; Shakil Ibrahim Moollan, Rajendra Kumar Ujoodha, and Muhammad Houmayd Sulleman Rawat, all of Mauritius, and its shareholder is CBC Capital Limited, of Hong Kong. Research in the Hong Kong Companies Registry showed that the sole director of CBC Capital Limited is Charles Mark Broadley and its sole shareholder is Oryx Investment Limited, of Hong Kong, and that the sole director of Oryx Investment Limited is Kenneth Richard Wyness, a citizen of South Africa residing in Mauritius, and its sole shareholder is Ghanim Saad M. Alsaad Al-Kuwari, of Qatar. Charles Broadley ceased being a director of Oryx Investment Limited on July 31st, 2019.

National Bank Trust et al v. Vadim Belyaev: Complaint

August 28, 2020 - Complaint "seeking to recover hundreds of millions of dollars in assets that were misappropriated through a large-scale fraud and misconduct scheme that took place prior to the collapse of one of Russia's largest privately-owned commercial banks" involving, inter alia, entities in the British Virgin Islands and Cyprus in National Bank Trust and PJSC Bank Otkritie Financial Corporation, both of Russia v. Vadim Belyaev, a.k.a. Vadim Wolfson, described as a citizen of Russia and Cyprus residing in New York, at the Supreme Court of the State of New York, County 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.