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Jersey AG v. LGL Trustees Ltd.: Judgment

February 26, 2021 - Judgment for failing to comply with money laundering laws involving the proceeds of corruption in Angola in The Attorney General of Jersey, in the Channel Islands v. LGL Trustees Limited at the Royal Court of Jersey. Editor's Note: Research by OffshoreAlert in the Jersey Financial Services Commission's Companies Registry showed that, when the accounts for Angola were set up in 2010/2011, the shareholders of LGL Trustees Limited were Owen Francis Lynch, Leslie Norman, Malcolm John Le Boutillier, Anthony Paul del Amo, and Adam Justin Clarke, all of Jersey. The company is currently owned by another Jersey firm, LGL Holdings Limited, whose shareholders in its 2020 annual return were identified as Owen Lynch, Leslie Norman, John Edward Pirouet, Anthony Arthur Pitcher, Alan Padraig Dunphy, Paul Steven Charles Tomlinson, Francis Dickson Christie, Spencer John Daley, Ian Colin James, and Liberation EBT Limited, as Trustee of the LGL Group Employee Benefits Trust, all of Jersey.

Jersey AG v. LGL Trustees Ltd.: Sentencing

February 19, 2021 - Sentencing for failing to comply with money laundering laws involving the proceeds of corruption in Angola in The Attorney General of Jersey, in the Channel Islands v. LGL Trustees Limited at the Royal Court of Jersey. Editor's Note: Research by OffshoreAlert in the Jersey Financial Services Commission's Companies Registry showed that, when the accounts for Angola were set up in 2010/2011, the shareholders of LGL Trustees Limited were Owen Francis Lynch, Leslie Norman, Malcolm John Le Boutillier, Anthony Paul del Amo, and Adam Justin Clarke, all of Jersey. The company is currently owned by another Jersey firm, LGL Holdings Limited, whose shareholders in its 2020 annual return were identified as Owen Lynch, Leslie Norman, John Edward Pirouet, Anthony Arthur Pitcher, Alan Padraig Dunphy, Paul Steven Charles Tomlinson, Francis Dickson Christie, Spencer John Daley, Ian Colin James, and Liberation EBT Limited, as Trustee of the LGL Group Employee Benefits Trust, all of Jersey.

Seadrill Ltd. et al: Chapter 11 Petition

February 10, 2021 - Chapter 11 petitions by companies in Angola, Bermuda, Brazil, Canada, Hong Kong, Hungary, Liberia, Luxembourg, Malaysia, Mexico, Netherlands, Nigeria, Singapore, United Arab Emirates, United Kingdom, and the United States, specifically Seadrill Limited, Seadrill Limited, Asia Offshore Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited, Asia Offshore Rig 3 Limited, Eastern Drilling AS, North Atlantic Alpha Ltd., North Atlantic Elara Ltd., North Atlantic Epsilon Ltd., North Atlantic Linus Charterer Ltd., North Atlantic Navigator Ltd., North Atlantic Phoenix Ltd., North Atlantic Venture Ltd., Scorpion Courageous Ltd., Scorpion Deepwater B.V., Scorpion Deepwater Ltd., Scorpion Drilling Ltd., Scorpion Freedom Ltd., Scorpion International Ltd., Scorpion Nederlandse B.V., Scorpion Offshore Inc., Scorpion Resolute Ltd., Scorpion Rigs Ltd., Scorpion Servicos Offshore Ltda, Scorpion USA Expats, Inc., Scorpion Vigilant Ltd., SDS Drilling Ltd., Sea Dragon de Mexico S de R.L. de CV, Seadrill Abu Dhabi Operations Limited, Seadrill Americas, Inc., Seadrill Angola LDA, Seadrill Ariel Ltd., Seadrill Australia Pte Ltd., Seadrill Brunei Ltd., Seadrill Callisto Ltd., Seadrill Carina Ltd., Seadrill Castor Ltd., Seadrill Castor Pte Ltd., Seadrill Common Holdings Ltd., Seadrill Cressida Ltd., Seadrill Deepwater Charterer Ltd., Seadrill Deepwater Contracting Ltd., Seadrill Deepwater Crewing Ltd., Seadrill Deepwater Holdings Ltd., Seadrill Deepwater Units Pte Ltd., Seadrill Dione Ltd., Seadrill Eclipse Ltd., Seadrill Eminence Ltd., Seadrill Equatorial Guinea Ltd., Seadrill Europe Management AS, Seadrill Far East Limited, Seadrill Freedom Ltd., Seadrill GCC Operations Ltd., Seadrill Gemini Ltd., Seadrill Global Services Ltd., Seadrill Gulf Operations Neptune LLC, Seadrill Holdings Singapore Pte Ltd., Seadrill Hyperion Ltd., Seadrill Indonesia Ltd., Seadrill Insurance Ltd., Seadrill International Resourcing DMCC, Seadrill Investment Holding Company Limited, Seadrill Jack Up Holding Ltd., Seadrill Jack Up I B.V., Seadrill Jack Up II B.V., Seadrill Jack-Ups Contracting Ltd., Seadrill Jupiter Ltd., Seadrill Labuan Ltd., Seadrill Management (S) Pte Ltd., Seadrill Management AME Ltd., Seadrill Management Ltd., Seadrill Mimas Ltd., Seadrill Mira Hungary Kft., Seadrill Mira Ltd., Seadrill Neptune Hungary Kft., Seadrill Newfoundland Operations Ltd., Seadrill Nigeria Operations Limited, Seadrill North Atlantic Holdings Limited, Seadrill North Sea Crewing Ltd., Seadrill Norway Crew AS, Seadrill Norway Operations Ltd., Seadrill Offshore AS, Seadrill Offshore Malaysia Sdn. Bhd., Seadrill Offshore Nigeria Limited, Seadrill Operations de Mexico S de R.L. de CV, Seadrill Orion Ltd., Seadrill Pegasus (S) Pte Ltd., Seadrill Prospero Ltd., Seadrill Proteus Ltd., Seadrill Rhea Ltd., Seadrill Rig Holding Company Limited, Seadrill Saturn Ltd., Seadrill Saudi I B.V., Seadrill Saudi II B.V., Seadrill Servicos de Petroleos Ltda., Seadrill Sevan Holdings Limited, Seadrill Telesto Ltd., Seadrill Tellus Ltd., Seadrill Tethys Ltd., Seadrill Titan Ltd., Seadrill Titania Sarl, Seadrill Treasury UK Limited, Seadrill Triton Ltd., Seadrill Tucana Ltd., Seadrill UK Ltd., Seadrill UK Operations Ltd., Seadrill UK Support Services Ltd., Seadrill Umbriel Ltd., Sevan Brasil Ltd., Sevan Developer Ltd., Sevan Driller Ltd., Sevan Drilling Limited, Sevan Drilling North America LLC, Sevan Drilling Pte Ltd., Sevan Drilling Rig II AS, Sevan Drilling Rig II Pte Ltd., Sevan Drilling Rig IX Pte Ltd., Sevan Drilling Rig V Pte Ltd., Sevan Louisiana Hungary Kft., and Sevan Marine Servicos de Perfuracao Ltda at the U. S. Bankruptcy Court for the Southern District of Texas.

Jean-Claude Bastos: Disqualification Cancellation

October 01, 2020 - Public Notice by the Mauritius Financial Services Commission that the corporate disqualification of Jean-Claude Bastos, a Swiss-Angolan businessman, "has been cancelled on the 22nd September 2020 by the Financial Services Review Panel" and that the FSC "being dissatisfied" with the FSRP's decision "has decided to apply to the Supreme Court for a judicial review".

Jean-Claude Bastos: Disqualification

August 26, 2020 - Public Notice by the Mauritius Financial Services Commission that it has disqualified Jean-Claude Bastos, a Swiss-Angolan businessman, from being an officer for five years.

Angola's central bank sues two Cayman funds for allegedly misappropriating $25M

August 05, 2020 - Banco Nacional de Angola, which is the African country's government-owned central bank, has accused two Cayman Islands investment funds - Quantum Global Opportunities Fund SP and Refund Emerging Market Fund SP - of misappropriating $25 million.

Banco Nacional de Angola v. Quantum Global Opportunities Fund SP et al: Receivership Petition

August 03, 2020 - Petition by Banco Nacional de Angola, described as "the central bank of Angola" and "owned by the Angolan government", to have receivers appointed for Quantum Global Opportunities Fund SP and Refund Emerging Market Fund SP, described as segregated portfolios of Simplon Capital Ltd. SPC, regarding the alleged misappropriation of $25 million, filed at the Grand Court of the Cayman Islands.

Africa Growth Corporation v. Republic of Angola: Complaint

July 24, 2020 - Complaint regarding "an egregious series of computer hacking activities committed by Angola over an eighteen-month period, resulting in the interception and conversion of AFGC’s attorney-client communications from AFGC's computer server located in the United States" in Africa Growth Corporation, of Nevada v. Republic of Angola at the U. S. District Court for the Southern District of Florida.

SPS Corp I - Fundo de Investimento em Direitos Creditórios Não Padronizados v. Citibank et al: Discovery Application

May 07, 2020 - Application by SPS Corp I - Fundo de Investimento em Direitos Creditórios Não Padronizados, described as "a Brazilian special purpose fund owned by passive investors and exclusively managed by the company SPS Capital Gestão de Recursos Ltda.", to take discovery from Citibank, N.A., The Bank of New York Mellon Corporation, Société Générale, HSBC Bank USA, N.A., BNP Paribas USA, JPMorgan Chase Bank, N.A., Barclays Bank, Bank of America, N.A., Wells Fargo Bank, N.A., The Clearing House Payments Company LLC, The Claridge’s Company LLC, Manhattan Skyline Management Corp., Gabrielle Miranda Fischer, LIM College, Katherine Holman, Humphrey Willard, Andrew M. Klinger, Langen & Langen, P.A., Katz & Matz, P.C., and Tellulah LLC for use in legal proceedings in São Paulo, Brazil involving Eduardo Fischer, described as "a well-known figure of the Brazilian advertising industry" who is suspected of "concealing his assets to defraud his creditors" using entities in Angola, Argentina, Brazil, British Virgin Islands, Colombia, Delaware, Florida, and Portugal, filed at the U. S. District Court for the Southern District of New York.

PT Ventures SGPS SA v. Vidatel Ltd.: Judgment

March 16, 2020 - Judgment regarding an application to enforce a $646 million arbitration award in PT Ventures SGPS SA, of Portugal v. Vidatel Ltd., a British Virgin Islands firm "owned by Ms. Isabel dos Santos ... daughter of a former president of Angola and ... reputed to be the richest woman in Africa", at the British Virgin Islands High Court.
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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.