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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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Real Exchange (REX) Ltd.: 'No New Clients' Order

December 18, 2020 - Public Notice by the Malta Financial Services Authority that it was directed Real Exchange (REX) Limited "to cease the on-boarding of new clients with immediate effect". Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Real Exchange (REX) Limited was incorporated in Malta on September 3rd, 2018, its directors are Adriano Cefai, of Malta; Viktor Kochetov, and Alexander Yelsky, both citizens of Ukraine, and its sole shareholder is K-Worldwide Group 18 Ltd., which was incorporated in Malta on September 25th, 2019, whose directors are Adriano Cefai, Viktor Kochetov, and Alexander Yelsky, and whose shareholders are Kyrrex Holding Limited, of Cyprus; Peter's Lab Spolka z Ograniczona Odpowiedzialnoscia, of Poland; RV70 Holding Limited, of England; Adriano Cefai, Darko Perovic, of Marbella, Spain; Yermek Tursunov, of Kazakhstan, and Clarissa Zammit Maempel, of Malta. According to records maintained by the Cyprus Registrar of Companies, Kyrrex Holding Limited was incorporated on October 2nd, 2018 and its directors are Viktor Kochetov and Lazarus Ioannou. According to Companies House for England and Wales, RV70 Holding Limited was incorporated on November 20th, 2014 and its sole director and controlling person is Ruggero Venturini, described as a citizen of Italy residing in Malta. On the website of Real Exchange (REX) Limited at kyrrex.com, it is stated: "Founded in June 2016, Kyrrex is a digital wallet and professional platform where traders and consumers can trade in new digital assets - cryptocurrencies, such as Bitcoin, Ethereum, Ripple, EOS, Litecoin, Cardano, NEO, Monero and many others."

JSC BTA Bank v. Wells Fargo Bank et al: Discovery Application

December 02, 2020 - Application by JSC BTA Bank, of Kazakhstan, to take discovery from Wells Fargo Bank, NA, Wells Fargo & Company, Wells Fargo Clearing Services, LLC, Wells Fargo Financial Advisors Network LLC, and related entities; Yvgeny Bukrinsky, d.b.a. Omega Enterprises, described as an "accountant/tax preparer"; "certain business entities owned or operated by Elvira Kudryashova, namely, Anthill Shopnplay (a/k/a Anthill Fashion Market, Anthill Shopnplay LLC, and Kud Vintage) and Edward Hill Bakery party N beyond"; Granite Escrow and Settlement Services, Escrow of the West, Jason Bradshaw, d.b.a. Bradshaw Residential Group, described as a "real estate agent", and Coldwell Banker Real Estate LLC for use in legal proceedings in the United Kingdom and "a pending criminal investigation in Kazakhstan", filed at the U. S. District Court for the Central District of California.

Torgovy Dom KAToil OOO v. Citibank NA et al: Discovery Application

November 27, 2020 - Application by Torgovy Dom KAToil OOO, described as a Russian company that is "a wholly owned subsidiary of C.A.T. oil AG, a publicly-traded Austrian company", to take discovery from Citibank, N.A., JP Morgan Chase Bank, N.A., Bank of New York Mellon, N.A., Bank of America, N.A., Wells Fargo Bank N.A., and The Clearing House Payments Company L.L.C. for use in "contemplated legal proceedings" in Russia against Victoria Sokolova for suspected fraud, filed at the U. S. District Court for the Southern District of New York.

Kazakhstan v. Bank of New York Mellon et al: Discovery Application

November 05, 2020 - Application by the Republic of Kazakhstan to take discovery from The Bank of New York Mellon Corporation, JPMorgan Chase Bank, N.A., Deutsche Bank Trust Co. Americas, Bank of China, Barclays Bank PLC, BNP Paribas USA, Citibank N.A., The Clearing House Payments Company LLC (CHIPS), Commerzbank AG, HSBC Bank USA, N.A., Société Générale S.A., Standard Chartered Bank USA, UBS AG, Wells Fargo Bank, N.A., and Bank of America, N.A. for use "in foreign judicial proceedings to enforce and collect upon an arbitral award that was issued in Kazakhstan's favor" against "a Canadian company called Gold Pool JV Limited", filed at the U. S. District Court for the Southern District of New York. Kazakhstan is, inter alia, seeking information regarding "third party funding that Gold Pool allegedly received from "a litigation funder registered in Guernsey", a "law firm", and "a Canadian" entity. Editor's Note: Research by OffshoreAlert in the corporate registry for Toronto, Canada showed that Gold Pool JV Limited was incorporated on December 29th, 1995 and its officers and directors are A. Thomas Griffis, President and Director; Elia Crespo, Vice President, Secretary, and Director, and Chris Irwin, Assistant Secretary,

ENRC v. HarperCollins Publishers LLC: Discovery Application

September 02, 2020 - Ex Parte Application by Eurasian Natural Resources Corporation Limited, of the United Kingdom, to take discovery from HarperCollins Publishers LLC, of New York, for use in contemplated proceedings in England regarding a book entitled "Kleptopia: How Dirty Money Is Conquering the World" by "a British writer named Tom Burgis" that "is scheduled to be published in the United States on September 8, 2020" and which contains "privileged and confidential information that ENRC has reason to believe was unlawfully obtained in a multi-year conspiracy to leak and sell such information on the black market to ENRC's rivals and competitors", filed at the U. S. District Court for the Southern District of New York.

Wealth Converge Developments Ltd. v. China Rising Energy International (Cayman) Co. Ltd.: Winding Up Petition

August 12, 2020 - Winding Up Petition in Wealth Converge Developments Limited, a British Virgin Islands-domiciled "investment holding company of subsidiaries which carry on business in the Dubai Multi Commodities Centre Free Zone in the United Arab Emirates, the Ajman Free Zone in the United Arab Emirates, and the Republic of Kazakhstan" whose group parent is based in China v. China Rising Energy International (Cayman) Co. Limited at the Grand Court of the Cayman Islands.

Ruslan Assimov v. Andritz Hydro Corp. et al: Discovery Application

June 18, 2020 - Application by Ruslan Assimov, a citizen of Kazakhstan, to take discovery from Andritz Hydro Corp. and Andritz (USA) Inc. for use in "reasonably contemplated civil proceedings in Germany and/or Austria", filed at the U. S. District Court for the Northern District of Georgia.

Triadou SPV SA v. Joseph Chetrit et al: Petition

April 28, 2020 - Petition to recover "money and property sufficient to satisfy outstanding post-judgment interest in the amount of $3,927,016" in Triadou SPV SA, of Luxembourg v. Joseph Chetrit, Meyer Chetrit, West 52 Units Owner LLC, West 52 Units Owner II LLC, West 52 Units Owner III LLC, West 52 Units Owner IV LLC, and 135 West 52nd Street Owner LLC at the Supreme Court of the State of New York, County of New York.

Eurasian Bank JSC v. Delaware Trust Company: Discovery Application

April 07, 2020 - Application by Eurasian Bank JSC, of Kazakhstan, to take discovery from Delaware Trust Company for use in legal proceedings in England against Khakim Islamovich Istamov, Irina Petrovna Skichko, Agusta Associates Limited, Igor Riel, Agusta Associates Limited, of England; Umida Istamova, and Temour Istamov in which "the Bank alleges that it was fraudulently induced to enter into a loan agreement in June 2013 with an entity named the Kazakhstan Center for Integrated Ammunition Recycling Nitrochim LLP" and for a "contemplated legal proceeding" in Russia, filed at the U. S. District Court for the District of Delaware.

Kazakhstan v. King & Spalding LLP: Discovery Application

March 19, 2020 - Application by the Republic of Kazakhstan to take discovery from King & Spalding LLP for use in criminal proceedings in Kazakhstan regarding suspected fraud, tax evasion, and money laundering involving Anatolie Stati and Gabriel Stati and "their group of affiliated companies which they have owned or controlled", including Ascom Group SA, of Moldova; Terra Raf Trans Traiding Ltd., of Gibraltar, and Hayden Intervest Limited, of the British Virgin Islands, 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.