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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.

Phoenix CRetro Reinsurance Company Ltd.: Registration Cancellation

September 22, 2020 - Press Release by the Bermuda Monetary Authority announcing that it has "cancelled the insurance registration of Phoenix CRetro Reinsurance Company Limited" for regulatory breaches. Editor's Note: Research by OffshoreAlert in the "Directors Register" maintained by the Government of Bermuda showed that the directors of Phoenix CRetro Reinsurance Company Limited were identified as Nicholas Mark Frost, of Bermuda; Janita K. Burke, of Bermuda; Timothy Roger Riddell, c/o Randall & Quilter Investment Holdings, of England, and Kirill Savrassov, of London, England.

Blue Nile Services Ltd.: Public Censure

September 21, 2020 - Press Release by the Bermuda Monetary Authority announcing a "Public Censure" against Blue Nile Services Limited, described as "a money service business provider", for regulatory breaches. Editor's Note: Research by OffshoreAlert in the "Directors Register" maintained by the Government of Bermuda showed that the directors of Blue Nile Services Limited were identified as Sosina G. Mekonnen, Melody C. Bean, Ronald Simmons, and Carlton J. Dill, all of Bermuda.

AV Loyalty Bermuda Ltd. et al: Chapter 11 Petition

September 21, 2020 - Chapter 11 Petition by AV Loyalty Bermuda Ltd., of Bermuda, at the U. S. Bankruptcy Court for the Southern District of New York.

Culligan Ltd.: Chapter 15 Petition

September 17, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison and Charles Thresh, of KPMG Advisory Limited, as the Foreign Representatives of Culligan Ltd., at the U. S. Bankruptcy Court for the Southern District of New York. Editor's Note: The "Foreign Main Proceeding" in this matter was filed at Bermuda Supreme Court in July, 2019 under seal as part of Bermuda Supreme Court's blanket policy to conceal insolvency proceedings from the public, with the entry in the Court's public register at the time reading "Space Taken". It is typically only when Bermuda insolvency practitioners seek recognition in the United States that details become publicly-available.

Unikrn settles SEC action regarding $31M 'unregistered' Bermuda crypto sale

September 15, 2020 - Seattle-based online sports gaming operator Unikrn Inc. has agreed to pay a fine of $6.1 million to settle an administrative action by the SEC alleging it raised $31 million through the sale of unregistered securities by its Bermuda subsidiary in the form of digital tokens.

Unikrn, Inc.: $6.1M Penalty

September 15, 2020 - Administrative Order imposing a $6.1 million penalty on Unikrn, Inc., described as Delaware-domiciled, Washington State-based "operator of an online eSports gaming and gambling platform", regarding an unregistered securities offering of a digital token known as UnikoinGold that, inter alia, involved Bermuda-domiciled Unikrn Bermuda Ltd., before the U. S. Securities and Exchange Commission. Editor's Note: Registers of Directors & Officers and Members for Unikrn Bermuda Ltd. that were obtained by OffshoreAlert from the company's registered agent in 2018 showed that, as of August 16, 2018, the sole shareholder of the company was Unikrn Inc. and that its directors were David Antivilo, of Las Vegas, Nevada, who was also Chief Compliance Officer; Kingsley Edwards, of Las Vegas, Nevada; Christopher G. Garrod, and Jacqueline King, both of Bermuda. On the Government of Bermuda's website, the current directors of the company are identified as Karl Flores, of Australia; Rahul Sood, of Washington State, USA; Christopher Garrod, and Jacqueline King. On Unirkn's website at, it is stated that the group was "Established in 2014 as a collaboration between Rahul Sood and Karl Flores".

Huarong Investment Stock Corporation Ltd.: Scheme of Arrangement Petition

September 04, 2020 - Petition to approve a Scheme of Arrangement in the matter of Huarong Investment Stock Corporation Limited, a Cayman Islands-domiciled, Hong Kong-based "investment holding" for a group whose "principal business activities are direct investments in stock, bonds, funds, derivatives and other financial products, financial services and others including but not limited to finance leasing and money lending" and whose shares are listed on The Stock Exchange of Hong Kong, at the Grand Court of the Cayman Islands.

CBRE Global Investors (NL) BV et al v. HBC US Holdings LLC et al: Discovery Application

September 04, 2020 - Application alleging "HBC secretly siphoned away what appears to be billions of dollars of assets by transferring its entire United States operations to a newly-formed Bermuda parent company, under the guise of an internal restructuring thereby removing those assets from the reach of HBC's creditors, including CBRE" by CBRE Global Investors (NL) B.V., CBRE DRET Custodian I B.V., CBRE DHC Maastricht (Grote Staat V) B.V., and CBRE DHC Den Haag (Grote Markstraat V) B.V. to take discovery from HBC US Holdings LLC and its General Counsel, David Schwartz, for use in "a civil action in The Netherlands against Hudson's Bay Company ULC, a Canadian company formerly known as Hudson's Bay Company, who through its affiliates owns and operates department stores, including Saks Fifth Avenue, throughout the United States, Canada and Europe", filed at the U. S. District Court for the Southern District of New York.

Valaris Plc et al: Chapter 11 Petition

August 19, 2020 - Chapter 11 Petition by companies in Australia, Bermuda, Brazil, British Virgin Islands, Cayman Islands, England, France, Gibraltar, Hong Kong, Marshall Islands, Mexico, Singapore, Spain, Switzerland, Thailand, and the United States, namely Valaris Plc, described as "a leading provider of offshore contract drilling services to the international oil and gas industry"; Alpha Achiever Company, Alpha Admiral Company, Alpha Archer Company, Alpha Offshore Drilling Services Company, Alpha Orca Company, Atlantic Maritime Services LLC, Atwood Australian Waters Drilling Pty Ltd., Atwood Deep Seas Ltd., Atwood Oceanics Australia Pty. Limited, Atwood Oceanics LLC, Atwood Oceanics Pacific Limited, Atwood Offshore Drilling Limited, Atwood Offshore Worldwide Limited, ENSCO (Thailand) Limited, ENSCO Asia Pacific Pte. Limited, ENSCO Associates Company, ENSCO Australia Pty. Limited, ENSCO Capital Limited, ENSCO Corporate Resources LLC, ENSCO Development Limited, ENSCO do Brasil Petróleo e Gás Ltda., ENSCO Drilling I Ltd., ENSCO Drilling Mexico LLC, ENSCO Endeavors Limited, ENSCO Global GmbH, ENSCO Global Investments LP, ENSCO Global IV Ltd., ENSCO Global Resources Limited, ENSCO Holding Company, ENSCO Holdings I Ltd., ENSCO Holland BV, ENSCO Incorporated, ENSCO Intercontinental GmbH, ENSCO International Incorporated, ENSCO International Ltd., ENSCO Investments LLC, ENSCO Jersey Finance Limited, ENSCO Limited, ENSCO Management Corp., ENSCO Maritime Limited, ENSCO Mexico Services, S. de RL de CV, ENSCO Ocean 2 Company, ENSCO Oceanics Company LLC, ENSCO Oceanics International Company, ENSCO Offshore Company, ENSCO Offshore International Company, ENSCO Offshore International Holdings Limited, ENSCO Offshore International Inc., ENSCO Offshore U.K. Limited, ENSCO Overseas Limited, ENSCO Transcontinental II LP, ENSCO Transnational I Ltd., ENSCO UK Drilling Limited, ENSCO United Incorporated, ENSCO Universal Limited, ENSCO Vistas Limited, ENSCO Worldwide GmbH, Great White Shark Limited, Green Turtle Limited, Offshore Drilling Services LLC, Pride Foramer SAS, Pride Forasol SAS, Pride Global II Ltd., Pride International LLC, Pride International Management Company LP, Ralph Coffman Limited, Ralph Coffman Luxembourg SA RL, RCI International Inc., RD International Services Pte. Ltd., RDC Arabia Drilling Inc., RDC Holdings Luxembourg SA RL, Rocal Cayman Limited, Rowan Companies Limited, Rowan Companies LLC, Rowan Drilling (Trinidad) Limited, Rowan Drilling (U.K.) Limited, Rowan Drilling, S. de RL de CV; Rowan International Rig Holdings Sarl, Rowan Marine Services LLC, Rowan N-Class (Gibraltar) Limited, Rowan No. 1 Limited, Rowan Norway Limited, Rowan Offshore (Gibraltar) Limited, Rowan Offshore Luxembourg Sarl, Rowan Rex Limited, Rowan Rigs Sarl, Rowan Services LLC, Rowan, S. de RL de CV, and Rowandrill LLC, at the U. S. Bankruptcy Court for the Southern District of Texas.

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.