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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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Stephen Dewsnip: Fine

July 27, 2020 - Public Statement by the Guernsey Financial Services Commission that it has imposed a £7,000 fine on Stephen Paul Dewsnip regarding his conduct as "a non-executive director of Global Insurance Group Limited".

Shane Younger et al: Fines

July 10, 2020 - Public Statement by the Guernsey Financial Services Commission that it has imposed fines on Shane Younger and Christopher Percival regarding Global Insurance Group Limited, of which they are "the majority shareholders".

Creditors apply to wind up Cayman parent of Liechtenstein's Gable Insurance

June 17, 2020 - Creditors in the BVI, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

Global Insurance Group Ltd. et al: Fines

June 08, 2020 - Public Statement by the Guernsey Financial Services Commission that it has imposed fines on Global Insurance Group Limited, Christopher Schofield, and Andrew William Robert.

Valla PTC Ltd. v. HSBC et al: Discovery Application

June 04, 2020 - Application by Valla PTC Limited, of Bermuda, as Trustee of the Westline Trust, to take discovery from HSBC Bank USA, HSBC Private Bank (Suisse) SA, HSBC Holdings PLC, UBS AG, Bank of New York Mellon, JPMorgan Chase Bank, NA, Citibank NA, Deutsche Bank (and its affiliates Deutsche Bank Trust Company Americas and Bankers Trust Company), Wells Fargo Bank, NA, Barclays Bank PLC, Lloyd's Bank USA, Lloyd's Bank Commercial Banking, Commerzbank AG, and Bank of America, NA for use in legal proceedings in the United Kingdom against Jonathan Moss Faiman, described as a citizen of the United Kingdom residing in Monaco, over the alleged failure to repay $30 million in loans, filed at the U. S. District Court for the Southern District of New York.

Benjamin Steinmetz v. Vale SA et al: Discovery Application

May 21, 2020 - Application by Benjamin Steinmetz, of Israel, described as an "adviser" to BSG Resources Limited, "a Guernsey-based international mining and natural resources company", to take discovery from Vale SA, described as a Brazil company that is "one of the largest mining companies in the world"; Vale Americas Inc., Rio Tinto Plc, and Rio Tinto Limited for use in legal proceedings in the United Kingdom involving Vale S.A., of Brazil; Vale Holdings B.V., of the Netherlands, and Vale International S.A., of Switzerland, filed at the U. S. District Court for the Southern District of New York.

Osprey Insurance Brokers Co. Ltd.: Fine

May 07, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a fine of €29,675 against Osprey Insurance Brokers Co. Limited for failure "to submit the audited financial statements within the regulatory deadline". Editor's Note: Research by OffshoreAlert showed that, in filings with the Malta Business Registry, Osprey Insurance Brokers Co. Limited identifies its directors as Martin Azzopardi, Suzanne Marie Chambers, Stuart Ciappara, all of Malta, and Martin Thomas Le Pelley, of Guernsey; its sole shareholder as Artex Holdings (Malta) Limited, and its auditor as Ernst & Young Malta Limited.

Artex Risk Solutions (Malta) Ltd.: Fine

May 07, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a fine of €25,700 against Artex Risk Solutions (Malta) Limited for failure "to submit the audited financial statements within the regulatory deadline". Editor's Note: Research by OffshoreAlert showed that, in filings with the Malta Business Registry, Artex Risk Solutions (Malta) Limited identifies its directors as Evander Borg, of Malta; Stuart Ciappara, of Malta; Nicholas Peter Heys, of Guernsey, and Martin Thomas Le Pelley, of Guernsey; its shareholders as Artex Risk Solutions (Guernsey) Limited and Artex Risk Solutions (Holdings) Limited, both of Guernsey, and its auditor as Ernst & Young Malta Limited.

Marc Adam Roxby: Corporate Disqualification

May 05, 2020 - Disqualification of Marc Adam Roxby by the Guernsey Financial Services Commission.

Mark Peter Penney: Corporate Disqualification

May 05, 2020 - Disqualification of Mark Peter Penney by the Guernsey Financial Services Commission.

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.