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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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Erste Asset Management GmbH: €279K Fine

December 18, 2020 - Public Notice by the Austrian Financial Market Authority that it has imposed a fine of €279,200 on Erste Asset Management GmbH for a regulatory breach regarding Immofinanz AG.

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.

State of Libya v. Strabag SE: Petition To Vacate Arbitral Award

September 15, 2020 - Petition To Vacate Arbitral Award of €82 million, £1.1 million, and $497,533 in State of Libya v. Strabag SE, of Austria, at the U. S. District Court for the District of Columbia.

Ruslan Assimov v. Andritz Hydro Corp. et al: Discovery Application

June 18, 2020 - Application by Ruslan Assimov, a citizen of Kazakhstan, to take discovery from Andritz Hydro Corp. and Andritz (USA) Inc. for use in "reasonably contemplated civil proceedings in Germany and/or Austria", filed at the U. S. District Court for the Northern District of Georgia.

Elektronik Service AG: Public Warning

June 03, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority that Elektronik Service AG is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, in the Swiss Commercial Registry, Elektronik Service AG does not currently have any authorized representatives. Previous members include Samuel Walch, of Zurich, and Wolfgang Pischl, described as a citizen of Austria..

USA v. Funds Held by RAKIA: Forfeiture Complaint

June 03, 2020 - Forfeiture Complaint regarding "an international conspiracy to launder funds traceable to violations of the International Emergency Economic Powers Act ... and a scheme to defraud financial institutions in the Republic of Korea" in USA v. AED 73 million in the custody of Ras Al Khaimah Investment Authority and "All Claims Filed And Asserted" by VI2 Partners GmbH, of Austria, against Ras Al Khaimah Investment Authority Georgia LLC in the Republic of Georgia at the U. S. District Court for the District of Alaska.

ADCADA Investments AG PCC: Investor Warning

May 22, 2020 - Investor Warning by the Austrian Financial Market Authority that ADCADA Investments AG PCC, of Liechtenstein, "is failing to comply with its obligations". Editor's Note: Research by OffshoreAlert showed that, in the Liechtenstein Commercial Register, the directors of ADCADA Investments AG PCC are identified as Lukas Jakob Wössner, Florian Scheiber, who is also President, and Benjamin Franklin Kühn, Chairman. On its website at https://adcada.healthcare/, ADCADA group claims to have "set up a production facility for mouth-nose protection mask" in Germany, where "12 million respiratory masks and other protective equipment are manufactured here every month".

Benjamin Steinmetz v. Vale SA et al: Discovery Application

May 21, 2020 - Application by Benjamin Steinmetz, of Israel, described as an "adviser" to BSG Resources Limited, "a Guernsey-based international mining and natural resources company", to take discovery from Vale SA, described as a Brazil company that is "one of the largest mining companies in the world"; Vale Americas Inc., Rio Tinto Plc, and Rio Tinto Limited for use in legal proceedings in the United Kingdom involving Vale S.A., of Brazil; Vale Holdings B.V., of the Netherlands, and Vale International S.A., of Switzerland, filed at the U. S. District Court for the Southern District of New York.

Malta regulator bans service providers Karl Schranz & Christian Ellul

May 10, 2020 - Accountant Karl Schranz and lawyer Christian Ellul have been banned by the Malta Financial Services Authority for their "lack of honesty and integrity".

Altarius Asset Management Ltd. et al: Reprimand

February 27, 2020 - Announcement by the Malta Financial Services Authority that it has reprimanded Altarius Asset Management Limited and its directors "at the time of the deficiencies identified by the Authority", Heinz Daxl, a citizen of Austria; Pierre Maliczak, a citizen of France, and Peter Mitterlehner, a citizen of Austria.

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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UAE 'gold supplier' SION Trading sued for '$5M fraud'
UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.
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CAYMAN ISLANDS  
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.