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Wirecard AG applies for Chapter 15 recognition in U.S. to stay class action fraud lawsuit

April 09, 2021 - Insolvent payment processor Wirecard AG has applied for U.S. recognition of its German insolvency proceeding in an attempt to stay a class action complaint against it in Pennsylvania.

Wirecard AG: Chapter 15 Petition

April 08, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Germany by Dr. Michael Jaffé, as the Foreign Representative of Wirecard AG, a former "multinational payment processor and financial services provider specializing in digital payment solutions for both business and retail customers around the globe" that collapsed after allegations of "material misstatements in its financial reports and other accounting improprieties", at the U. S. Bankruptcy Court for the Eastern District of Pennsylvania.

Hapag-Lloyd AG v. M/V ONE APUS: Discovery Application

March 26, 2021 - Ex Parte Application by Hapag-Lloyd Aktiengesellschaft, of Germany, to take discovery from the Master, Chief Officer, Officer of the Watch, Chief Engineer, and Second Engineer of M/V ONE APUS, a "Japanese-flagged containership" that "was en route from Yantian, China to Long Beach, California when something went wrong and the ship lost at least 843 containers overboard", for use in legal proceedings in Germany, filed at the U. S. District Court for the Central District of California.

Greensill Capital Inc.: Chapter 11 Petition

March 25, 2021 - Chapter 11 Petition by Greensill Capital Inc., a Delaware-domiciled "financial services company" that "arranged factoring and reverse factoring programs for clients globally" and which is directly owned by Greensill Capital Management (UK) Limited, of the United Kingdom, and indirectly owned by Greensill Capital Pty Limited, of Australia, and is part of a group that includes companies in Australia, Brazil, Cayman Islands, Germany, India, Isle of Man, Netherlands, Singapore, Switzerland, South Africa, United Arab Emirates, and United Kingdom, at the U. S. Bankruptcy Court for the Southern District of New York.

Moody's Investors Service Ltd. et al: Penalties

March 23, 2021 - Public Notice by the European Securities and Markets Authority that it has imposed penalties on Moody's Investors Service Ltd., Moody's France S.A.S., Moody's Deutschland GmbH, Moody's Italia S.r.l., and Moody's Investors Service España S.A.

Axeria Re Ltd.: €23K Fine

March 12, 2021 - Public Notice by the Malta Financial Services Authority that it has imposed a fine of €23,000 on Axeria Re Limited for a regulatory breach. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Axeria Re Limited was incorporated in Malta on December 28th, 2007, recently changed its name to Axeria Limited, its directors are Andre Gabriel Arrago, a citizen of Germany; Jahide Assim Rajpar, Emmanuel Henri Maillet, both citizens of France, and Rosanne Tanti, of Malta, previous directors include Brian Borg, who resigned effective March 21st, 2020, and Ray Schembri, who resigned effective January 31st, 2019, and its shareholders are April Mediterranean Limited, of Malta, and April Group SA, of France.

VoIP Guardian Partners I LLC v. Wavecrest (UK) Ltd. et al: Complaint

March 10, 2021 - Complaint for damages of $13 million alleging breach of contract and unjust enrichment in Timothy Yoo, Chapter 7 Trustee of VoIP Guardian Partners I LLC, described as "a telecom factor financier" v. Wavecrest (UK) Ltd., of the United Kingdom; Interstach GmbH, Ewa Barbara Madraszek, Plus Ama Plus AG, Thangarajah Gunabalsinkam, all of Germany, and VoIP Guardian Partners II LLC, of Delaware, at the U. S. District Court for the Central District of California.

Stream TV Networks Inc.: Chapter 11 Petition

February 25, 2021 - Chapter 11 Petition by Stream TV Networks Inc., which "was founded in 2009 as a "new media" company to pursue new technologies that enhance user entertainment and communications experiences", at the U. S. Bankruptcy Court for the District of Delaware. Creditors include those from Bermuda, Dubai, England, France, Germany, Guernsey, India, Ireland, Jersey, in the Channel Islands; Italy, Kuwait, Liechtenstein, Switzerland, and Taiwan.

Symrock AG: Supervision

February 23, 2021 - Public Notice by the Swiss Financial Market Supervisory Authority that it has appointed a supervisor for Symrock AG. Editor's Note: Research by OffshoreAlert showed that, in the Swiss corporate register, the sole director of Symrock AG is identified as Hans-Uwe Gebhardt, a citizen of Germany, while on its website at www.srag.eu and in promotional material, the company's "Management" is identified as Guido Zampieri, "Founder, CEO"; Viktoria Baumgartner, "Sales Director, Int.", and Gottfried Feyen, "Founder, CFO", and the company is described as "a dynamic growing group of companies operate in renewable energy, gas exploration and asset investment".

Oliver Bellenhaus: Directorship Suspension

February 22, 2021 - Public Notice by the Labuan Financial Services Authority that it has suspended the directorship of Oliver Bellenhaus, a citizen of Germany, in Adaugusta 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.

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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.