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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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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.

Guernsey regulator bans wealth managers Mark Penney and Marc Roxby

May 04, 2020 - The Guernsey Financial Services Commission has fined and disqualified Mark Penney and Marc Roxby over self-dealing and misleading clients while operating failed financial services firm Criteria Wealth Management Ltd.

Mark Penney et al: Penalties

May 04, 2020 - Public Statement by the Guernsey Financial Services Commission announcing financial penalties and corporate disqualifications against Mark Peter Penney and Marc Adam Roxby after finding that each "was not a fit and proper person" regarding their involvement with Criteria Wealth Management Limited, which went into compulsory liquidation.

SKAT v. John van Merkensteijn et al: BVI Judicial Assistance

April 27, 2020 - Motion for Issuance of a Request for International Judicial Assistance to Obtain Evidence in the British Virgin Islands from Harneys Corporate Services Limited, Intershore Consult (BVI) Ltd., Intertrust Corporate Services (BVI) Limited, MMG Trust (BVI) Corp., Mossack Fonseca & Co. (BVI) Limited, by its liquidator, Deloitte Ltd. (BVI); Overseas Management Company Trust (BVI) Ltd., Sentinel International Management SA, and Vistra (BVI) Limited regarding an allegedly fraudulent 12.7 billion Danish Kroner tax refund fraud scheme whose "principal organizer" was identified as Dubai-based British national Sanjay Shah in Skatteforvaltningen, a.k.a. SKAT, Denmark's tax collection agency v. John van Merkensteijn, Richard Markowitz, Bernina Pension Plan Trust, RJM Capital Pension Plan Trust, 2321 Capital Pension Plan, Bowline Management Pension Plan, California Catalog Company Pension Plan, Clove Pension Plan, Davin Investments Pension Plan, Delvian LLC Pension Plan, DFL Investments Pension Plan, Laegeler Asset Management Pension Plan, Lion Advisory Inc. Pension Plan, Mill River Capital Management Pension Plan, Next Level Pension Plan, Rajan Investments LLC Pension Plan, Spirit on the Water Pension Plan, and Traden Investments Pension Plan at the U. S. District Court for the Southern District of New York.

SKAT v. John van Merkensteijn et al: Cayman Islands Judicial Assistance

April 27, 2020 - Motion for Issuance of a Request for International Judicial Assistance to Obtain Evidence in the Cayman Islands from Bell Rock Corporate Services, Campbell Corporate Services Limited, CO Services Cayman Limited, DMS Corporate Services Ltd., Forbes Hare Trust Company Limited, Genesis Trust & Corporate Services Ltd., Harneys Services (Cayman) Limited, Intertrust Corporate Services (C.I.) Limited, Ocorian (Cayman) Limited, Sterling Trust (Cayman) Limited, Trident Trust Company (Cayman) Limited, Vistra (Cayman) Limited, and Walkers Corporate Limited regarding an allegedly fraudulent 12.7 billion Danish Kroner tax refund fraud scheme whose "principal organizer" was identified as Dubai-based British national Sanjay Shah in Skatteforvaltningen, a.k.a. SKAT, Denmark's tax collection agency v. John van Merkensteijn, Richard Markowitz, Bernina Pension Plan Trust, RJM Capital Pension Plan Trust, 2321 Capital Pension Plan, Bowline Management Pension Plan, California Catalog Company Pension Plan, Clove Pension Plan, Davin Investments Pension Plan, Delvian LLC Pension Plan, DFL Investments Pension Plan, Laegeler Asset Management Pension Plan, Lion Advisory Inc. Pension Plan, Mill River Capital Management Pension Plan, Next Level Pension Plan, Rajan Investments LLC Pension Plan, Spirit on the Water Pension Plan, and Traden Investments Pension Plan at the U. S. District Court for the Southern District of New York.

Vale SA et al v. HFZ Capital Group LLC et al: Discovery Application

April 24, 2020 - Application by Vale SA, of Brazil; Vale Holdings BV, of the Netherlands, and Vale International SA, of Switzerland, to take discovery from HFZ Capital Group LLC, Ziel Feldman, Helene Feldman, Nir Meir, John Shannon, the Feldman Family 2007 Trust, Kenneth Henderson, Bryan Cave Leighton Paisner LLP, Chatsworth Realty 340 LLC, HFZ 344 West 72nd Street Owner LLC, Chatsworth Realty Corp., 215 Chrystie LLC, HFZ 40 Broad Street LLC, HFZ Highline Property Owner LLC, HFZ Highline Retail Owner LLC, HFZ Highline LLC, HFZ 501 West LLC, 20 West 40 Bryant Park Owner LLC, HFZ Bryant Park Owner LLC, Tarpley Belnord Corp., Perfectus Real Estate Corp., HFZ 235 West 75th Street Owner LLC, HFZ 301 West 53rd Street Owner LLC, HFZ 88 Lexington Avenue Owner LLC, HFZ 90 Lexington Avenue Owner LLC, HFZ KIK 30th Street Owner LLC, HFZ West 30th Street Partners LLC, HFZ KIK 30th Street LLC, HFZ KIK 30th Street Mezzanine LLC, 76 Eleventh Avenue Property Owner LLC, Fine Arts NY LLC, RFR Holding LLC, Aby Rosen, R&S Chrysler LLC and RFR Realty LLC for use in legal proceedings in England against Benjamin (Beny) Steinmetz, Dag Lars Cramer, Marcus Struik, Asher Avidan, Joseph Tchelet, David Clark, the Balda Foundation, of Liechtenstein, and Nysco Management Corp., of the British Virgin Islands, alleging the fraudulent inducement of $1.2 billion for "a scheme to illegally gain valuable mining rights through bribery of government officials in the Republic of Guinea", filed at the U. S. District Court for the Southern 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.