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TEM Holdings Ltd.: 'Scheme of Arrangement' Petition

October 15, 2020 - Petition for the Court to sanction a Scheme of Arrangement in the matter of TEM Holdings Limited, described as the "investment holding company" for a group that is "principally engaged in the manufacture and sale of wire/cable harnesses and power supply cords assembled products, with its manufacturing operations in Malaysia and the People's Republic of China, and trading of terminals, connectors and others", at the Grand Court of the Cayman Islands.

Jia Li et al v. BitMart: Complaint

October 13, 2020 - Complaint alleging fraud by a "cryptocurrency exchange" in Jia Li, of China, and David Hsiao, of California v. GBM Foundation Company Ltd., d.b.a. BitMart, described as a Cayman Islands-domiciled, New Jersey-based "cryptocurrency exchange", at the U. S. District Court for the District of New Jersey.

Genever Holdings LLC: Chapter 11 Petition

October 12, 2020 - Chapter 11 Petition by Genever Holdings LLC, described as a subsidiary of British Virgin Islands-domiciled Genever Holdings Corporation and "the owner of the entire 18th Floor Apartment and auxiliary units in The Sherry-Netherland Hotel located at 781 Fifth Avenue, New York, NY 10022", at the U. S. Bankruptcy Court for the Southern District of New York. Editor's Note: In its petition, Genever Holdings stated that, since 2017, it has been litigating with Miles Kwok, who was described as "a prominent real estate investor and businessman in China before a host of financial and legal troubles with the Communist Ruling Party forced him to leave the country. Mr. Kwok is currently seeking political asylum in the United States amidst false corruption charges lodged by the Chinese government."

USA v. Elliott Broidy: Criminal Information

October 06, 2020 - Criminal Information alleging conspiracy to violate the Foreign Agents Registration Act regarding lobbying the U.S. Government "to drop or otherwise favorably resolve its matters against Foreign National A for his role in the embezzlement of billions of dollars from 1 Malaysia Development Berhad" and, separately, "to arrange for the removal and return of People's Republic of China National A - a citizen of the PRC living in the United States - all on behalf of Foreign National A" in USA v. Elliott Broidy at the U. S. District Court for the District of Columbia.

Hupo Harmony Capital RRC Ltd. v. Renrenche Internet Technology Inc.: Winding Up Petition

October 05, 2020 - Winding Up Petition in Hupo Harmony Capital RRC Limited v. Renrenche Internet Technology Inc., described as a China-based operator of "a peer-to-peer second-hand car online trading platform", at the Grand Court of the Cayman Islands.

SIC Holdings LLC v. Frank Yao: Discovery Application

October 01, 2020 - Application by SIC Holdings LLC, of Nevada, to take discovery from Frank Yao, described as "Operating Partner" of Bain Capital LP, for use in legal proceedings in New York alleging fraud brought by VXI Lux Holdco Sarl, of Luxembourg, against SIC Holdings LLC, Symbio Investment Corp., of the British Virgin Islands; Flanderit Holding AB, of Sweden; CapMan Equity VII A LP, CapMan Equity VII C LP, CapMan Equity Sweden KB, Maneq 2005 AB, all of Finland; Financial Technology Ventures II (Q) LP, Financial Technology Ventures II LP, both of Delaware; Actua Holdings Inc., formerly known as ICG Holdings Inc., of Delaware; Landtek Corporation, of the British Virgin Islands; Treasure High Holdings, of the British Virgin Islands; Waterton Resources Limited, of the British Virgin Islands; University Ventures Inc., of Taiwan; Randy Lee, of California; Ethos Technologies Holding Ltd., of Delaware; Joning Ta, South China (Jersey) Holdings Limited, of Jersey, in the Channel Islands; Graham Bolton, of China; Michael Keating, of North Carolina; Jean Cholka, of Maine; James Reesing, of Ohio; Paul Machle, of California; Bo Huang, of China; Gagandeep Singh, John Wagster, of Tennessee; Big Bend XI Investments LP, of Texas; Anthony Massa, Deborah Baldini, of California; Susan Kirchhoff, Jacob Hsu, of California, and Qing Lu, of California, filed at the Superior Court of California, County of Santa Clara.

SIC Holdings LLC v. Bain Capital LP: Discovery Application

October 01, 2020 - Application by SIC Holdings LLC, of Nevada, to take discovery from Bain Capital LP for use in legal proceedings in New York alleging fraud brought by VXI Lux Holdco Sarl, of Luxembourg, against SIC Holdings LLC, Symbio Investment Corp., of the British Virgin Islands; Flanderit Holding AB, of Sweden; CapMan Equity VII A LP, CapMan Equity VII C LP, CapMan Equity Sweden KB, Maneq 2005 AB, all of Finland; Financial Technology Ventures II (Q) LP, Financial Technology Ventures II LP, both of Delaware; Actua Holdings Inc., formerly known as ICG Holdings Inc., of Delaware; Landtek Corporation, of the British Virgin Islands; Treasure High Holdings, of the British Virgin Islands; Waterton Resources Limited, of the British Virgin Islands; University Ventures Inc., of Taiwan; Randy Lee, of California; Ethos Technologies Holding Ltd., of Delaware; Joning Ta, South China (Jersey) Holdings Limited, of Jersey, in the Channel Islands; Graham Bolton, of China; Michael Keating, of North Carolina; Jean Cholka, of Maine; James Reesing, of Ohio; Paul Machle, of California; Bo Huang, of China; Gagandeep Singh, John Wagster, of Tennessee; Big Bend XI Investments LP, of Texas; Anthony Massa, Deborah Baldini, of California; Susan Kirchhoff, Jacob Hsu, of California, and Qing Lu, of California, filed at the Superior Court of California, County of Santa Clara.

Allon Yaroni v. Pintec Technology Holdings Ltd. et al: Class Action Complaint

September 29, 2020 - Class Action Complaint alleging securities fraud in Allon Yaroni v. Pintec Technology Holdings Limited, a Cayman Islands company based in China whose securities are listed on NASDAQ; Wei Wei, Steven Yuan Ning Sim, Jun Dong, Jing Zhou, Xiaomei Peng, Chao Zhou, Feng Hong, Jiacheng Liu, Goldman Sachs (Asia) LLC, Deutsche Bank Securities Inc., and Citigroup Global Markets Inc. at the U. S. District Court for the Southern District of New York.

Yingli Energy (China) Company Ltd. v. Yingli Green Energy Holding Company Ltd.: Winding Up Petition

September 24, 2020 - Winding Up Petition alleging insolvency in Yingli Energy (China) Company Limited, of China v. Yingli Green Energy Holding Company Limited, a.k.a. Yingli Solar, of the Cayman Islands, at the Grand Court of the Cayman Islands.

Harinath Nampally v. Baidu Inc. et al: Class Action Complaint

September 21, 2020 - Class Action Complaint alleging securities fraud in Harinath Nampally v. Baidu Inc., a Cayman Islands company based in China; Robin Yanhong Li, Herman Cheng-Chun Yu, and Jennifer Xinzhe Li at the U. S. District Court for the Eastern District of New York.

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.