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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.

ISLE OF MAN

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Truevo Payments Ltd.: €443K Fine

June 04, 2021 - Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €443,670 on Truevo Payments Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert showed that Truevo Payments Limited was incorporated in Malta on November 20th, 2013, its directors are Martin Azzopardi, Frank Xavier Caruana, Ivan Fsadni, and John Pollacco, all of Malta, and its shareholders are William Liu, of China, and Truevo Holdings Ltd., which was incorporated in Malta on July 27th, 2015, whose directors are John Pollacco and David Liu, of Malta, and whose shareholders are John Pollacco and Dalamear Investments Ltd., which was incorporated in the Isle of Man on June 12th, 2008, and whose directors are Sovereign Managers Limited and Sovereign Directors Ltd., both of the Isle of Man, represented by John Philip Dentith.

Accounts for All Ltd.: Registration Revocation

May 19, 2021 - Public Statement by the Isle of Man Financial Services Authority that it has revoked the registration of Accounts For All Limited. Editor's Note: Research by OffshoreAlert in the Isle of Man Companies Registry showed that Accounts For All Limited was incorporated on September 15th, 2003 and, in its last annual report, for 2017, its directors and shareholders were identified as James John Murphy Forbes, a British accountant, and Angela Michelle Forbes, also British, both of the Isle of Man, the latter of whom resigned as a director effective May 8th, 2019.

James Ellwood: Revocation

May 19, 2021 - Public Statement by the Isle of Man Financial Services Authority regarding the revocation of the registration of James Ellwood, an English lawyer, for regulatory breaches.

Blackmore Global PCC: Unlicensed Activity

April 29, 2021 - Public Announcement "in the public interest" by the Isle of Man Financial Services Authority that Blackmore Global PCC Limited "has been operating as an open-ended investment company" without being licensed. Editor's Note: Research by OffshoreAlert in the Isle of Man Companies Registry showed that Blackmore Global PCC Limited was incorporated in the Isle of Man on September 27th, 2013 and, in its most recent annual return, for 2019, its directors were identified as Phillip Andrew Nunn, of Altrincham, Cheshire, England, and Patrick Michael McCreesh, of Gerrards Cross, Buckinghamshire, England. A former director is Brian Peter Weal, of Cadiz, Spain, who resigned effective May 29th, 2015 - seven days after he was exposed as a fraudster by OffshoreAlert.

Invoke Accounts Ltd.: Regulatory Action

April 26, 2021 - Public Notice by the Isle of Man Financial Services Authority regarding regulatory action against Invoke Accounts Limited. Editor's Note: Research by OffshoreAlert at the Isle of Man Companies Registry showed that Invoke Accounts Limited, f.k.s. Best Accounts Limited, f.k.s. IOM BestPay Limited, was incorporated in the Isle of Man on January 7th, 2013 and, in its annual return for 2021, its directors were identified as Lloyd Duwa, a Zimbabwean accountant; David Tarpey, a British accountant, and Richard Stephen McAleer, an Irish "Finance Manager", and its sole shareholder was Centurion Group Limited, of the Isle of Man. Prior annual returns show that former directors include Peter Morris Adamson, a citizen of the United Kingdom; Samantha Cubbon, a citizen of the United Kingdom, and Nathan Cafearo, a British "Marketing Consultant" and former shareholders include Acervus Holdings Limited, Best Group International Limited, and Best Holdings Limited, all of the Isle of Man.

Cayman hedge fund VR Global fights for share of 'Pakistan claims proceeds'

April 23, 2021 - Cayman Islands hedge fund VR Global Partners is seeking evidence from U.S. lawyer Stuart Newberger for litigation in the Isle of Man in which it claims to have not received its share of $28.7 million of alleged proceeds from legal claims against the Pakistan Government.

Tatiana Akhmedova v. Farkhad Akhmedov et al: Judgment

April 21, 2021 - Judgment for hundreds of millions of dollars in favor of a "wife" who "has been the victim of a series of schemes designed to put every penny of the Husband's wealth beyond her reach" involving individuals, companies, and structures in Bermuda, Cyprus, Dubai, England, France, Isle of Man, Liechtenstein, Luxembourg, Panama, Russia, and Switzerland in Tatiana Akhmedova v. Farkhad Teimur Ogly Akhmedov, a citizen of Russia; Woodblade Limited, of Cyprus; Cotor Investment SA, of Panama; Qubo 1 Establishment, of Liechtenstein; Qubo 2 Establishment, of Liechtenstein; Straight Establishment, of Liechtenstein; Avenger Assets Corporation, of Panama; Counselor Trust Reg, of Liechtenstein, as Trustee of certain Trusts; Sobaldo Establishment, of Liechtenstein, as Trustee of certain Trusts; Temur Akhmedov, described as "a British citizen who lives in London", and Borderedge Limited, of Cyprus, at the High Court of Justice, for England and Wales.

VR Global Partners LP v. Stuart Newberger: Discovery Application

April 16, 2021 - Application by VR Global Partners LP, of the Cayman Islands, to take discovery from Stuart Newberger, described as "a partner in the law firm of Crowell & Moring", for legal proceedings in the Isle of Man involving Broadsheet LLC (in Liquidation) and claims against the Government of Pakistan, filed at the U. S. District Court for the District of Columbia.

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.

Simon McNally et al v. Carl Jackson et al: Originating Application

March 17, 2021 - Originating Application regarding insolvency proceedings in the Isle of Man in Simon John McNally and Simon Nicholas Hope Cooper v. Carl Stuart Jackson, of Southampton, England; Andrew Hosking, Simon Bonney, both of London, England, and Charlotte Caulfield, of the British Virgin Islands, as Joint Liquidators of Glen Moar Properties Limited, Unicorn Worldwide Holdings Limited, and Ballaugh Holdings Limited at the British Virgin Islands High Court.

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.