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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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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".

Coöperatieve Rabobank UA et al v. The Clearing House Payments Company LLC et al: Discovery Application

February 14, 2020 - Application by Coöperatieve Rabobank UA, of Argentina; Credit Agricole Corporate and Investment Bank, of New York; ING Bank NV, of Brazil; the International Finance Corporation, of Washington, DC; Natixis, New York Branch, and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden NV, of the Netherlands, to take discovery from The Clearing House Payments Company LLC, of New York; Banco Bilbao Vizcaya Argentina SA, of Spain; Banco do Brasil SA, of Brazil; Bank Leumi US, of New York; Bank of America, NA, of North Carolina; Barclays Bank PLC, of England; Citibank, NA, of New York; Deutsche Bank AG, of Germany; Deutsche Bank Trust Co Americas, of New York; HSBC Bank USA, of New York; Itau Unibanco SA - New York Branch, of Brazil; JPMorgan Chase Bank, NA, of New York; Mizuho Bank, Ltd., of Japan; MUFG Bank, Ltd., of Japan; MUFG Union Bank, NA, of New York; Sumitomo Mitsui Banking Corporation, of Japan; The Bank of New York Mellon, of New York; UBS AG, of Switzerland; Wells Fargo Bank NY INTL, of New York, and Wells Fargo Bank, of California, for use in legal proceedings in Argentina regarding suspected "major international financial impropriety" involving Vincentin SAIC, filed at the U. S. District Court for the Southern District of New York.

PES Holdings LLC et al v. Allianz Global Risks US Insurance Co. et al: Complaint

February 12, 2020 - Complaint to recover insurance "arising out of a catastrophic incident" whose losses "will likely exceed" $1.25 billion in PES Holdings LLC, North Yard GP, LLC, North Yard Logistics LP, PES Administrative Services, LLC, PES Energy Inc., PES Intermediate, LLC, PES Ultimate Holdings, LLC, and Philadelphia Energy Solutions Refining and Marketing LLC v. Allianz Global Risks US Insurance Company, of Illinois; AXA Corporate Solutions Assurance, of France; Lloyd's of London Underwriters, of England; General Security Indemnity Company of Arizona, Great Lakes Insurance SE, of Germany; HDI Global Insurance Company, of Illinois; HDI Global Specialty SE, of Germany; Helvetia Swiss Insurance Company in Liechtenstein Ltd., of Liechtenstein; Lancashire Insurance Company (UK) Limited, of England; Liberty Mutual Insurance Company, of Massachusetts; Mapfre Re Compania de Reaseguros, SA, of Spain; PartnerRe Ireland Insurance DAC, of Ireland; Starr Technical Risks Agency, Inc., of New York; Westport Insurance Corporation, of Missouri; XL Insurance America, Inc., of Connecticut, and Zurich American Insurance Company, of New York, at the U. S. Bankruptcy Court for the District of Delaware.

ROX Capital AG: Public Warning

January 29, 2020 - Public Warning by the Swiss Financial Market Supervisory Authority regarding ROX Capital AG, formerly known as Algovia AG, which is "suspected of conducting unauthorised activities in the financial market". Editor's Note: Research by OffshoreAlert showed that, on its website at www.roxcapital.io, ROX Capital AG offers a "Stable Coin" and a "Decentralised Token Exchange" and, in filings with the Swiss Commercial Registry, the company's directors are identified as Aleksei Liakhovnenko and Anton Katin, both of Russia, while previous directors are identified as Reto Daniel Winkler, of Switzerland; Günther Weber, a citizen of Germany, and Vladimir Helber, a citizen of Germany

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.

Christof Pfaff v. Deutsche Bank AG et al: Discovery Application

January 14, 2020 - Supplemental Petition by Christof Pfaff, of Germany, to take discovery from Deutsche Bank AG, of Germany; DZ Bank AG Deutsche Zentral-Genossenschaftsbank, of Germany, and Commodity Exchange, Inc., d.b.a. COMEX, of New York, for use in legal proceedings in Germany alleging fraud against Deutsche Bank, filed at the U. S. District Court for the Southern District of New York.

Eli Sabag v. Marion County Community Corrections et al: Discovery Application

December 31, 2019 - Application by Israeli national Eli Sabag to take discovery from Marion County Community Corrections and John Deiter for use in "an intended criminal complaint" in the United Kingdom against German national Lars Windhorst for suspected fraud and bribery regarding the sale of Israel's GPS Global Tracking & Surveillance System Ltd. to Track Group Inc., of Illinois, filed at the U. S. District Court for the Southern District of Indiana. Editor's Note: This application was filed under seal on December 31st, 2019 and unsealed on February 11th, 2020.

Samuray Consulting AG suspected of 'unauthorized activity', warns Swiss regulator

December 20, 2019 - The Swiss Financial Market Supervisory Authority has warned the public that Samuray Consulting AG - whose principal is Burhan Samuray, of Germany - is suspected of conducting unauthorized financial activity.

Samuray Consulting AG: Public Warning

December 19, 2019 - Public Warning by the Swiss Financial Market Supervisory Authority regarding Samuray Consulting AG, whose corporate filings in Switzerland show that its principal is Burhan Samuray, of Berlin, Germany.

Sinnalba Group Ltd. et al v. Timothy Harper: Writ of Summons

November 01, 2019 - Writ of Summons in Sinnalba Group Limited and Dinosco Group Limited v. Timothy Harper, of Cononley, England, at the Grand Court of the Cayman Islands.

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.