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€43M superyacht builder seeks liquidation of Cayman firm 'owned by Venezuelan narco-trafficker'

August 21, 2019 - Italian luxury yacht manufacturer Azimut Bennetti SpA has applied to wind up a Cayman Islands firm allegedly owned by Venezuelan suspected narcotics trafficking-related money launderer Samark Lopez Bello regarding an alleged €500,000 debt owed on a €43 million motor yacht.

Azimut Bennetti SpA v. Nautical Corp: Winding Up Petition

August 19, 2019 - Winding Up Petition in Azimut Bennetti SpA, of Italy v. Nautical Corp, whose beneficial owner is identified as Samark Jose Lopez Bello, a Venezuelan who was "designated by the US Department of the Treasury's Office of Foreign Assets Control as a Specially Designated Narcotics Trafficker", at the Grand Court of the Cayman Islands.

Wembley Ltd. et al v. Citi Private Bank: Discovery Application

August 19, 2019 - Application by Nicholas Carter, as Receiver for Sutton Ltd. and Wembley Ltd., to take discovery from Citi Private Bank, of New York, NY, for use in legal proceedings in the British Virgin Islands involving The Bank of Nova Scotia Trust Company (Bahamas) Limited, as Trustee of the Southampton Trust, Portsmouth Trust, and Battersea Trust, filed at the U. S. District Court for the Southern District of New York.

Maxcom USA Telecom Inc.: Chapter 11 Petition

August 19, 2019 - Chapter 11 Petition by Maxcom USA Telecom Inc., of White Plains, NY, and Maxcom Telecomunicaciones, S.A.B. de C.V., of Mexico, at the U. S. Bankruptcy Court for the Southern District of New York.

Privilege Wealth's US law firm withdraws due to administration's 'lack of funds'

August 19, 2019 - New Jersey law firm Cole Schotz has withdrawn from representing the United Kingdom-based administrators of Privilege Wealth Plc due to there being insufficient funds to pay legal fees.

MKM Longboat Multi-Strategy Fund Ltd.: Petition

August 16, 2019 - Petition in the matter of MKM Longboat Multi-Strategy Fund Limited (Dissolved) at the Grand Court of the Cayman Islands.

National Bank of Anguilla (Private Banking & Trust) Ltd. v. Claude Walker et al: Complaint

August 16, 2019 - Complaint in William Tacon, Administrator of National Bank of Anguilla (Private Banking & Trust) Ltd., of the British Virgin Islands v. Claude Walker and Amber Walker, both of Washington, DC, at the U. S. District Court for the District of Columbia.

Summerwell Venture Ltd.: Chapter 15 Petition

August 16, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Ireland by Michael McAteer, as the Foreign Representative of Summerwell Venture Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Lighthouse Pacific Ltd.: Chapter 15 Petition

August 16, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Ireland by Michael McAteer, as the Foreign Representative of Lighthouse Pacific Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Beverstone Fund Management et al: Decision

August 15, 2019 - Decision in National Futures Association v. Beverstone Fund Management, of the Cayman Islands, and Roland Kaehler, a citizen of Canada, by the Business Conduct Committee of the National Futures Association.

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.