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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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Contrarian Emerging Markets LP et al v. The Republic of Ecuador: Class Action Complaint

July 29, 2020 - Complaint "for violations of the federal securities laws arising from a coercive exchange, or tender offer for $17.4 billion of the Republic's outstanding bonds, based on materially false and misleading statements" in Contrarian Emerging Markets LP, of Delaware; GMO Emerging Country Debt Fund, of Massachusetts; GMO Emerging Country Debt Investment Fund Plc, of Ireland, and GMO Emerging Country Debt (UCITS) Fund, of Ireland v. The Republic of Ecuador at the U. S. District Court for the Southern District of New York.

Benoit Albiges v. Endo International Plc et al: Class Action Complaint

June 19, 2020 - Class Action Complaint alleging fraud in Benoit Albiges v. Endo International Plc, of Ireland; Paul V. Campanelli, Blaise Coleman, and Mark T. Bradley at the U. S. District Court for the District of New Jersey.

Rory O'Connor: Disqualification

June 18, 2020 - Public Statement by the Central Bank of Ireland that it has reprimanded, disqualified, and fined Rory O'Connor, former Executive Director and Chief Financial Officer of RSA Ireland Insurance DAC.

Skillsoft Corporation et al: Chapter 11 Petition

June 14, 2020 - Chapter 11 Petition by Skillsoft Corporation, SumTotal Systems LLC, Amber Holding Inc., MindLeaders, Inc., Accero, Inc., CyberShift, Inc., CyberShift Holdings, Inc., SSI Investments I Limited, Pointwell Limited, SSI Investments II Limited, SSI Investments III Limited, Skillsoft Limited, Skillsoft Ireland Limited, ThirdForce Group Limited, Skillsoft U.K. Limited, and Skillsoft Canada, Ltd. at the U. S. Bankruptcy Court for the District of Delaware.

Malta FSA cancels licenses of three investment firms, fines two others

June 14, 2020 - In a series of regulatory actions announced on Friday, the Malta Financial Services Authority cancelled the licenses of three investment firms and imposed fines on a retirement scheme and its administrator.

Nordic Aviation Capital Designated Activity Company: Chapter 15 Petition

June 12, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Ireland by Søren Martin Overgaard, of Denmark, as the Foreign Representative of Nordic Aviation Capital Designated Activity Company, described as "the world's largest regional aircraft lessor and fifth largest commercial aircraft lessor on the basis of number of aircraft ... with offices in Denmark, Ireland, Singapore, Hong Kong, Canada, and the United States", at the U. S. Bankruptcy Court for the Southern District of New York.

Setanta Insurance Company Ltd.: €475,192 'Notional Penalty'

June 02, 2020 - Announcement by the Malta Financial Services Authority that it has imposed a "notional penalty" of €475,192 against Setanta Insurance Company Limited. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Setanta Insurance Company Limited was incorporated on June 21st, 2007 and went into liquidation on April 30th, 2014, with its net liabilities estimated at €63.5 million in the most recent statement by liquidator Paul Mercieca, dated March 2nd, 2020. Its directors are listed in corporate filings as Hugh Attard Montalto, of Malta; Martin Azzopardi, of Malta, and Peter Melling, of Ireland, and its shareholders as Setanta Holdings Limited, of Malta, and Ganado Trustees & Fiduciaries Limited, of Malta. Setanta Holdings Limited was incorporated in Malta on May 31st, 2007 and has not had any directors since Hugh Attard Montalto, Martin Azzopardi, and Evander Borg, all of Malta, resigned on August 1st, 2014. The company's shareholders are identified in corporate filings as Corporate Services Limited, of Malta, on behalf of "beneficial owner", and John V. Flood Ltd., of Ireland, both holding "Promoter Class" shares, and Ocorian Corporate Services (Malta) Limited, of Malta; SNSTRY Limited, of Ireland, and Irish citizens Charles Bourke, Deirdre Bourke, James Byrne, Tommy Conway, Concepta Doyle, James Doyle, John Flood, Margaret Flood, David Garahy, Ann-Marie Murphy, Matilda O'Farrell, John Burke O'Leary, and Myles Roban. The company's status is listed as "inactive" in the Malta Business Registry.

Richard Carter v. Willis Towers Watson Plc et al: Class Action Complaint

May 19, 2020 - Class Action Complaint alleging securities violations in Richard Carter v. Willis Towers Watson Plc, described as an Ireland-domiciled, London-based company whose shares are listed on NASDAQ; Victor F. Ganzi, John J. Haley, Anna C. Catalano, Wendy E. Lane, Brendan R. O'Neill, Jaymin B. Patel, Linda D. Rabbitt, Paul Thomas, and Wilhelm Zeller at the U. S. District Court for the Southern District of New York.

Insolvent Bermuda Digicel firm files for Chapter 15 bankruptcy in New York

May 16, 2020 - An insolvent Bermuda holding company within the Digicel Group, which provides mobile phone, cable television, Internet, and other communications services in the Caribbean and South Pacific, has filed for Chapter 15 recognition of its Bermuda provisional liquidation at bankruptcy court in Manhattan as part of a plan to restructure debt that totals $7.4 billion.

Digicel Group One Ltd.: Chapter 15 Petition

May 15, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Mike Morrison, Charles Thresh, and James Bennett, as the Foreign Representatives of Digicel Group One Limited, at the U. S. Bankruptcy 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.