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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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Katherine Hitchins v. Babbé LLP: Guernsey Tribunal Decision

October 05, 2020 - Decision by the Employment and Discrimination Tribunal, in Guernsey, in the Channel Islands, finding that a partner in Babbé law firm was "constructively dismissed and that it was an unfair dismissal" following a "false" and "maliciously motivated" allegation by another partner, Robert Varley, in Katherine D. Hitchins v. Babbé LLP. Editor's Note: In an action that indicates either preferential treatment or a legal challenge, the 'Extended Reasons' for this 'Decision' were published on the 'Tribunal Decisions 2020' part of the Government of Guernsey's website and then removed, meaning it is the only published Decision for 2020 that does not include this information. When asked why this had been done, a Tribunal spokesperson told OffshoreAlert today: "I am not in a position to comment on the reasons the Tribunal's full decision was taken down. I will advise you when they are back up on the site." OffshoreAlert obtained the 'Extended Reasons' separately, from a 'concerned individual'. Meanwhile, Robert Varley, a funds and corporate lawyer whose "false" allegation was determined to have been "motivated by frustration, revenge, or possibly anger", left Babbé in 2018 and became a partner of Appleby law firm, in the British Virgin Islands.

Deborah Anne Ellis: Disqualification

August 27, 2020 - Disqualification of Deborah Anne Ellis by the Guernsey Financial Services Commission.

Grandview Holdings Ltd. v. Tyche Investment Holdings Ltd. et al: Writ of Summons

August 25, 2020 - Generally Indorsed Writ of Summons seeking to void the sale of Hong Kong-domiciled Colour Zone Limited in Grandview Holdings Limited v. Tyche Investment Holdings Limited, of the British Virgin Islands; Christopher Kennedy, of the Cayman Islands, and Matthew Wright, of Guernsey, as former Joint Official Liquidators of Blue Ridge China DFSS Holdings, at the Grand Court of the Cayman Islands.

LyonRoss Partners Master Fund LP et al v. Prophecy Trading Advisors International Ltd. et al: Complaint

August 24, 2020 - Civil Cover Sheet, Order Sealing Complaint, and Order Staying Action Pending Arbitration in LyonRoss Partners Master Fund LP, of New York; Sussex Directories SEZC, of the Cayman Islands; Timberdale Limited, of Guernsey, in the Channel Islands; Vladimir Kuznetsov, of Switzerland, and The Piers Playfair Retirement Plan & Trust, of New York v. Prophecy Trading Advisors International Ltd., Prophecy Trading Advisors Master Fund LP, Prophecy Asset Management LP, Prophecy Trading Advisors GP LLC, Jeffrey Spotts, John Hughes, all of New York; John Caruso, of Johns Island, South Carolina, and Brian Khan, of Orlando, Florida, at the U. S. District Court for the Southern District of New York.

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 British Virgin Islands, 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.

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.