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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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AAF MENA Ltd.: $5K Fine

May 24, 2021 - Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on AAF MENA Ltd. for regulatory breaches.

Makhpal Karibzhanova v. Aidan Karibzhanov: Discovery Application

May 12, 2021 - Application by Makhpal Karibzhanova, who "is a citizen of Kazakhstan and is the former wife of a wealthy and politically-connected Kazakh businessman, Aidan Karibzhanov", for an order of judicial assistance "to obtain testimony and documentary evidence to assist in discovery for use in prospective Kazakhstan civil proceedings" involving her former husband, filed at the U. S. District Court for the Southern District of New York.

Emirates Advocates LLP: $10K Fine

May 10, 2021 - Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it was imposed a fine of $10,000 on Emirates Advocates LLP for regulatory breaches.

Crowe Mak LLP: $5K Fine

May 06, 2021 - Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on Crowe Mak LLP for regulatory breaches.

World Credit Solutions Ltd.: $5K Fine

May 04, 2021 - Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it has imposed a fine of $5,000 on World Credit Solutions Ltd., which claims on its website at www.worldcredit.solutions to offer "regulatory compliance services", for regulatory breaches, including a failure to "be open and cooperative in all its dealings with the Regulator". Editor's Note: Research by OffshoreAlert in the National Economic Register of the United Arab Emirates showed that World Credit Solutions Ltd. was incorporated on April 19th, 2018 and operated as a "management consultancy" and "compliance consultancy". No information about the company's officers, directors, or shareholders was available on the NER or on the firm's website and the ownership of its domain name is concealed using a privacy service.

Greensill Capital Inc.: Chapter 11 Petition

March 25, 2021 - Chapter 11 Petition by Greensill Capital Inc., a Delaware-domiciled "financial services company" that "arranged factoring and reverse factoring programs for clients globally" and which is directly owned by Greensill Capital Management (UK) Limited, of the United Kingdom, and indirectly owned by Greensill Capital Pty Limited, of Australia, and is part of a group that includes companies in Australia, Brazil, Cayman Islands, Germany, India, Isle of Man, Netherlands, Singapore, Switzerland, South Africa, United Arab Emirates, and United Kingdom, at the U. S. Bankruptcy Court for the Southern District of New York.

Elmar Capital SPV Ltd.: $10K Fine

March 08, 2021 - Public Notice by the Abu Dhabi Global Market Financial Services Regulatory Authority that it was imposed a fine of $10,000 on Elmar Capital SPV Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the National Economic Register of the United Arab Emirates showed that Elmar Capital SPV Limited was incorporated on December 19th, 2018. No details of individual participants are publicly available from the register or from Elmar Capital SPV's website at www.elmarcapital.ae, where the company offers 'investment programs', but the site's domain name is registered to Ammar Salem, with an email address of ammar.s.bak@gmail.com.

Commercial Bank of Dubai v. Bavaguthu Shetty: Complaint

March 08, 2021 - Complaint in Commercial Bank of Dubai PSC, of Dubai v. Bavaguthu Raghuram Shetty, whom it was claimed in the complaint was described as "India's richest billionaire" by Forbes magazine "a little over a year ago" but whose "empire has collapsed in accounting frauds of astonishing scope" since then, at the Supreme Court of the State of New York, County of New York.

CesFin Ventures LLC v. Al Ghaith Holding Company PJSC

February 17, 2021 - Petition and Complaint in CesFin Ventures LLC, of Delaware v. Al Ghaith Holding Company PJSC, of Abu Dhabi; Ali Hamel Khadem Al Ghaith Al Qubaisi, Ghaith Hamel Khadem Al Ghaith Al Qubaisi, and Khalifa Hamel Khadem Al Ghaith Al Qubaisiat the U. S. District Court for the Southern District of New York.

Deepak Jain et al v. Finablr Ventures Holdings Ltd. et al: Motion to Seal Complaint

February 08, 2021 - Motion for Leave to File Complaint Under Seal & Order Granting the Motion in Deepak Jain, Mehul Desai, and Jain-Desai LLC v. Finablr Ventures Holdings Ltd. and UAE Exchange International Holding Ltd., of England, at the U. S. District Court for the District of Delaware.

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.