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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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Opportunité Luxembourg SA: €30,000 Fine

October 23, 2020 - Public Announcement by the Luxembourg CSSF that it has imposed a fine of €30,000 on Opportunité Luxembourg S.A. for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that the managers of Opportunité Luxembourg S.A. are Jacques-Antoine de Geffrier, of Luxembourg; Serge Fouchet, of France, and Catherine Félicie Wajsman, of Luxembourg.

Adare Finance DAC v. Yellowstone Capital Management SA et al: Judgment

October 19, 2020 - Summary Judgment in favor of Adare Finance DAC regarding a claim for $10.5 million in Adare Finance DAC, of  Ireland v. Yellowstone Capital Management SA, of Luxembourg, and Michael Ohayon, of France, at the High Court of Justice, in London, England.

JBS SA et al: $27M Penalties

October 14, 2020 - Administrative Order by the U. S. Securities and Exchange Commission imposing penalties totaling $27,416,565 on JBS S.A., Joesley Batista, and Wesley Batista, all of Brazil, regarding "a bribery scheme".

Mallinckrodt Plc et al: Chapter 11 Petition

October 12, 2020 - Chapter 11 Petition by Mallinckrodt Plc,Acthar IP Unlimited Company, IMC Exploration Company, INO Therapeutics LLC, Infacare Pharmaceutical Corporation, Ludlow LLC, MAK LLC, MCCH LLC, MEH, Inc., MHP Finance LLC, MKG Medical UK Ltd, MNK 2011 LLC, MUSHI UK Holdings Limited, Mallinckrodt APAP LLC, Mallinckrodt ARD Finance LLC, Mallinckrodt ARD Holdings Inc., Mallinckrodt ARD Holdings Limited, Mallinckrodt ARD IP Unlimited Company, Mallinckrodt ARD LLC, Mallinckrodt Brand Pharmaceuticals LLC, Mallinckrodt Buckingham Unlimited Company, Mallinckrodt CB LLC, Mallinckrodt Canada ULC, Mallinckrodt Critical Care Finance LLC, Mallinckrodt Enterprises Holdings, Inc., Mallinckrodt Enterprises LLC, Mallinckrodt Enterprises UK Limited, Mallinckrodt Equinox Finance LLC, Mallinckrodt Group S.a.r.l., Mallinckrodt Holdings GmbH, Mallinckrodt Hospital Products IP Unlimited Company, Mallinckrodt Hospital Products Inc., Mallinckrodt IP Unlimited Company, Mallinckrodt International Finance SA, Mallinckrodt International Holdings S.a.r.l., Mallinckrodt LLC, Mallinckrodt Lux IP S.a.r.l., Mallinckrodt Manufacturing LLC, Mallinckrodt Pharma IP Trading Unlimited Company, Mallinckrodt Pharmaceuticals Ireland Limited, Mallinckrodt Pharmaceuticals Limited, Mallinckrodt Quincy S.a r.l., Mallinckrodt UK Finance LLP, Mallinckrodt UK Ltd, Mallinckrodt US Holdings LLC, Mallinckrodt US Pool LLC, Mallinckrodt Veterinary, Inc., Mallinckrodt Windor S.a.r.l., Mallinckrodt Windsor Ireland Finance Unlimited Company, Ocera Therapeutics, Inc., Petten Holdings Inc., ST Operations LLC, ST Shared Services LLC, ST US Holdings LLC, ST US Pool LLC, SpecGx Holdings LLC, SpecGx LLC, Stratatech Corporation, Sucampo Holdings Inc., Sucampo Pharma Americas LLC, Sucampo Pharmaceuticals, Inc., Therakos, Inc., Vtesse LLC, and WebsterGx Holdco LLC at the U. S. Bankruptcy Court for the District of Delaware.

Selecta Finance UK Ltd. et al: Chapter 15 Petition

October 08, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Andreas Schneiter, as the Foreign Representative of Selecta Finance UK Limited, of England, and Selecta Group B.V., of the Netherlands, described as being part of a group that "is the leading route-based, unattended, self-service coffee and convenience food provider in Europe by revenue", at the U. S. Bankruptcy Court for the Southern District of Texas.

SIC Holdings LLC v. Frank Yao: Discovery Application

October 01, 2020 - Application by SIC Holdings LLC, of Nevada, to take discovery from Frank Yao, described as "Operating Partner" of Bain Capital LP, for use in legal proceedings in New York alleging fraud brought by VXI Lux Holdco Sarl, of Luxembourg, against SIC Holdings LLC, Symbio Investment Corp., of the British Virgin Islands; Flanderit Holding AB, of Sweden; CapMan Equity VII A LP, CapMan Equity VII C LP, CapMan Equity Sweden KB, Maneq 2005 AB, all of Finland; Financial Technology Ventures II (Q) LP, Financial Technology Ventures II LP, both of Delaware; Actua Holdings Inc., formerly known as ICG Holdings Inc., of Delaware; Landtek Corporation, of the British Virgin Islands; Treasure High Holdings, of the British Virgin Islands; Waterton Resources Limited, of the British Virgin Islands; University Ventures Inc., of Taiwan; Randy Lee, of California; Ethos Technologies Holding Ltd., of Delaware; Joning Ta, South China (Jersey) Holdings Limited, of Jersey, in the Channel Islands; Graham Bolton, of China; Michael Keating, of North Carolina; Jean Cholka, of Maine; James Reesing, of Ohio; Paul Machle, of California; Bo Huang, of China; Gagandeep Singh, John Wagster, of Tennessee; Big Bend XI Investments LP, of Texas; Anthony Massa, Deborah Baldini, of California; Susan Kirchhoff, Jacob Hsu, of California, and Qing Lu, of California, filed at the Superior Court of California, County of Santa Clara.

SIC Holdings LLC v. Bain Capital LP: Discovery Application

October 01, 2020 - Application by SIC Holdings LLC, of Nevada, to take discovery from Bain Capital LP for use in legal proceedings in New York alleging fraud brought by VXI Lux Holdco Sarl, of Luxembourg, against SIC Holdings LLC, Symbio Investment Corp., of the British Virgin Islands; Flanderit Holding AB, of Sweden; CapMan Equity VII A LP, CapMan Equity VII C LP, CapMan Equity Sweden KB, Maneq 2005 AB, all of Finland; Financial Technology Ventures II (Q) LP, Financial Technology Ventures II LP, both of Delaware; Actua Holdings Inc., formerly known as ICG Holdings Inc., of Delaware; Landtek Corporation, of the British Virgin Islands; Treasure High Holdings, of the British Virgin Islands; Waterton Resources Limited, of the British Virgin Islands; University Ventures Inc., of Taiwan; Randy Lee, of California; Ethos Technologies Holding Ltd., of Delaware; Joning Ta, South China (Jersey) Holdings Limited, of Jersey, in the Channel Islands; Graham Bolton, of China; Michael Keating, of North Carolina; Jean Cholka, of Maine; James Reesing, of Ohio; Paul Machle, of California; Bo Huang, of China; Gagandeep Singh, John Wagster, of Tennessee; Big Bend XI Investments LP, of Texas; Anthony Massa, Deborah Baldini, of California; Susan Kirchhoff, Jacob Hsu, of California, and Qing Lu, of California, filed at the Superior Court of California, County of Santa Clara.

Luxembourg firm Akazoo sued for securities fraud in US by SEC

September 30, 2020 - Four months after its shares were delisted from NASDAQ, Luxembourg-domiciled "music streaming" firm Akazoo S.A. has been sued for securities fraud in New York by the SEC, with the alleged scheme also involving individuals and firms in England, Greece, and Scotland.

SEC v. Akazoo SA: Asset Freeze Application

September 30, 2020 - SEC's Emergency Application for an Order to Show Cause, Asset Freeze, and Other Relief in U. S. Securities and Exchange Commission v. Akazoo SA, of Luxembourg, at the U. S. District Court for the Southern District of New York.

SEC v. Akazoo SA: Complaint

September 30, 2020 - Complaint alleging the defendant "defrauded multiple groups of investors out of millions of dollars" in U. S. Securities and Exchange Commission v. Akazoo SA, described as a Luxembourg company "with its purported principal place of business in London, United Kingdom and its actual principal place of business in Athens, Greece", at the U. S. District Court for the Southern District of New York. Editor's Note: Research by OffshoreAlert in the Luxembourg Business Register showed that Akazoo S.A. was incorporated on February 6th, 2019 and its directors are identified as Lewis W. Dickey, Jr., of Atlanta, Georgia; Panagiotis Dimitropoulos, of London, England; Maja Lapcevic, of Luxembourg; Asit Mehra, of New York; Colin Miles, of Singapore; Athan Stephanopoulos, of Luxembourg, and Apostolos N. Zervos, of Greece.

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.