OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

CHINA

eMail Alerts  

Sign-Up for eMail Alerts

RSS Feed  

Subscribe to feed

Dooga Ltd.: Chapter 15 Petition

February 14, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Steven Parker and Trevor Binyon, of Opus Restructuring, as the Foreign Representatives of Dooga Ltd., a Maltese-owned British firm whose "Cubits" cryptocurrency exchange closed down in 2018 following an alleged €27 million fraud involving "payment processor" Pay Secure Online Limited, d.b.a. Paysec, and "three Chinese nationals called Lui Caifeng, Liu Lin, and Yajuan She", at the U. S. Bankruptcy Court for the Northern District of California. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the owner of Pay Secure Online Limited is identified as David Murphy, a British national with an address in Thailand, while directors have included Richard John Barry, a British national residing in Dubai, and Dimitar Stefanov Georgiev, a citizen and resident of Bulgaria, who both resigned on March 2nd, 2018, and the auditor is Antoine Borg, of Malta. On May 15th, 2019, the Malta Financial Services Authority issued a "warning" that Paysec "is NOT licenced NOR authorised by the MFSA to provide any investment or other financial services which are required to be licenced or otherwise authorised under Maltese law".

Robert Seiden v. Link Motion Inc.: Order

February 04, 2020 - Order Recognizing U.S. Order Appointing Temporary Receiver in Robert Seiden, of the United States, as Temporary Receiver of Link Motion Inc. v. Link Motion Inc., a Cayman Islands firm based in China, at the Grand Court of the Cayman Islands.

Robert Seiden v. Link Motion Inc.: Ruling

February 04, 2020 - Ruling in Robert Seiden, of the United States, as Temporary Receiver of Link Motion Inc. v. Link Motion Inc., a Cayman Islands firm based in China, at the Grand Court of the Cayman Islands.

Serious Fraud Office v. Airbus SE: Judgment

January 31, 2020 - Judgment approving a Deferred Prosecution Agreement and imposing a "total financial sanction" of €990,963,712 for suspected bribery in Director of the Serious Fraud Office v. Airbus SE at the Crown Court, in Southwark, England.

Gary Wang v. EHang Holdings Ltd. et al: Complaint

January 24, 2020 - Complaint alleging fraud and breach of contract in Gary Wang v. EHang Holdings Limited, of the Cayman Islands; Guangzhou EHang Intelligent Technology Co. Ltd., Huazhi Hu, Derrick Yifang Xiong, Shang-Wen Hsiao, and Richard Jian Liu, all of China, at the U. S. District Court for the Northern District of California.

Leon Brown v. Opera Ltd. et al: Class Action Complaint

January 24, 2020 - Class Action Complaint alleging securities fraud in Leon M. Brown v. Opera Limited, a Cayman Islands-domiciled, Norway-based software company whose shares are listed on NASDAQ; Frode Jacobsen, of Norway; Yahui Zhou, Hongyi Zhou, and Han Fang, all of China, at the U. S. District Court for the Southern District Court of New York.

Energroup Holdings Corp. v. Swift Moon Ltd. et al: Claim Form

January 22, 2020 - Claim Form regarding Precious Sheen Investments Ltd. in Energroup Holdings Corporation, of Nevada, by its Receivers Todd Conrow, Alan T. Hill, Jin Kun, Nelson Tang, and Xu Fei v. Swift Moon Limited and Vistra (BVI) Limited at the British Virgin Islands High Court.

Jing Wang et al v. WeRide Inc.: Winding Up Petition

January 17, 2020 - Winding Up Petition in Jing Wang and Rongrong Guo, of China v. WeRide Inc., described as a Cayman Islands-domiciled, China-based firm that "carries on the business of developing self-driving cars for the Chinese market", at the Grand Court of the Cayman Islands.

XiO Fund LLP v. Silicon Valley Bank: Discovery Application

January 14, 2020 - Application by Gwynn Hopkins, of Perun Consultants Limited, in Hong Kong, and Gordon MacRae, of Kalo (Cayman) Limited, of the Cayman Islands, as Joint and Several Interim Receivers of XiO Fund LLP, of the Cayman Islands, to take discovery from Silicon Valley Bank for use in legal proceedings in the Cayman Islands, filed at the U. S. District Court for the Northern District of California. Editor's Note: This discovery application includes, as an exhibit, a copy of the underlying complaint alleging fraud involving hundreds of millions of dollars that was filed under seal at the Grand Court of the Cayman Islands on May 8th, 2019 and, eight months later, remains sealed as part of the Cayman Court's secretly-imposed mass-sealing policy - implemented by Chief Justice Anthony Smellie - that conceals from public view even the existence of many cases involving allegations of impropriety and insolvency against the jurisdiction's hedge funds.

KTH Capital Management Ltd.: License Revocation

January 14, 2020 - Decision Notice by the Cayman Islands Monetary Authority announcing the license revocation of KTH Capital Management Limited.

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.

View Recent Digests

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.