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Gilbane Federal v. United Infrastructure Projects FZCO: Chapter 7 Petition

July 27, 2021 - Involuntary Chapter 7 Bankruptcy Petition regarding an alleged debt of $8.8 million in Gilbane Federal, formerly ITSI Gilbane Company v. United Infrastructure Projects FZCO, of Dubai, UAE, at the U. S. Bankruptcy Court for the Northern District of California.

Emirates NBD Bank PJSC v. Fal Oil Company Ltd. et al: Motion for Default Judgment

July 12, 2021 - Notice of Motion for Default Judgment regarding a complaint for AED 282 million in Emirates NBD Bank PJSC, of Dubai, in the United Arab Emirates v. Fal Oil Company Ltd., Fal Energy Company Ltd., Fal Shipping Company Ltd., Fal Marine Services Company LLC, Investment Group Private Ltd., Abdulla Juma Al Sari, Mohamed Abdulla Al Sari, and Majid Abdulla Al Sari, all of Dubai, in the United Arab Emirates, at the Supreme Court of the State of New York, County of New York.

Retired soccer player Mikaël Silvestre teams up with fraudsters Richard Fagan & Stuart Coles

July 07, 2021 - Former France and Manchester United professional soccer player Mikaël Silvestre has gone into business with British fraudsters Richard Fagan and Stuart Coles, OffshoreAlert can reveal.

James Barbee v. Amira Nature Foods Ltd. et al: Complaint

June 24, 2021 - Complaint alleging securities fraud in James K. Barbee v. Amira Nature Foods Ltd., described as a seller of "Basmati Indian specialty rice" that is domiciled in the British Virgin Islands and based in Dubai, United Arab Emirates; Karan A. Channa, described as a resident of Dubai, UAE; Bruce C. Wacha, described as a resident of Norwalk, Connecticut; Varun Sethi, described as a resident of Dubai, UAE, and Brian M. Speck, described as a resident of Somerville, New Jersey, at the U. S. District Court for the District of New Jersey.

Oceanroad Global Services Ltd.: Chapter 15 Petition

June 24, 2021 - Chapter 15 Petition for Recognition of a Foreign Man Proceeding in England by Nicholas Wood, Colin Diss, and Michael Leeds, as the Foreign Representatives of Oceanroad Global Services Limited, which allegedly "took part in laundering the proceeds of a significant, complex, and multinational fraud believed to have been committed against SCB [Standard Chartered Bank] (and other banks) originating with one of its customers, Winsome Diamonds and Jewellery Limited" and, inter alia, involved activity in England, India, United Arab Emirates, and USA, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Holdwave Trading Ltd.: Chapter 15 Petition

June 24, 2021 - Chapter 15 Petition for Recognition of a Foreign Man Proceeding in England by Nicholas Wood, Colin Diss, and Michael Leeds, as the Foreign Representatives of Holdwave Trading Limited, which allegedly "took part in laundering the proceeds of a significant, complex, and multinational fraud believed to have been committed against SCB [Standard Chartered Bank] (and other banks) originating with one of its customers, Winsome Diamonds and Jewellery Limited" and, inter alia, involved activity in England, India, United Arab Emirates, and USA,, filed at the U. S. Bankruptcy Court for the Southern District of Florida.

MAN Corp SA et al v. Innovate Mining Solutions LLC et al: Complaint

June 16, 2021 - Complaint alleging fraud in MAN Corp S.A., of Switzerland, and MAN International DWC-LLC, of Dubai, in the United Arab Emirates v. Innovate Mining Solutions LLC, of Florida; Innovate Solutions Ltda RUT, of Chile, and Fernando E. Duque Cardoze, described as a citizen of Panama, at the Circuit Court of the 17th Judicial Circuit, in and for Broward County, Florida.

Ashish Dave: $1.7M Fine & Industry Ban

June 08, 2021 - Decision Notice by the Dubai Financial Services Authority that it has imposed a fine of $1.7 million and financial industry ban on Ashish Bhrugu Dave regarding his conduct as Chief Financial Officer of the Abraaj Group.

Exential Investments Inc.: Chapter 15 Petition

May 27, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Russell Crumpler and David Standish, as the Foreign Representatives of Exential Investments Inc., which is part of the Dubai-based Exential Group that allegedly perpetrated a fraud in which "investors lost investments in the range of at least $250 - $500 million", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

Leo Middle East FZE et al v. EWI Capital LLC et al: Complaint

May 26, 2021 - Complaint alleging investment fraud in Leo Middle East FZE, of the United Arab Emirates, and Leo Holdings Hong Kong Limited, of Hong Kong v. EWI Capital LLC, of Delaware, and Zhe Zhang, described as a resident of San Mateo County, California, USA, at the U. S. District Court for the Northern District of California.

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 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.