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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.

MAURITIUS

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Taysun Corporate Services Ltd.: License Revocation

July 29, 2021 - Public Notice by the Mauritius Financial Services Commission that it has revoked "the Management License and the Approval to act as Captive Insurance Agent" of Taysun Corporate Services Ltd. for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Mauritius Corporate and Business Registration Department showed that Taysun Corporate Services Ltd. was incorporated in Mauritius on February 11th, 2010, its sole director is Sundara Rajen Sooben and its sole shareholder is Álvaro de Oliveira Madaleno Sobrinho, of Angola.

BAO Asset Managers Ltd.: Directors

July 06, 2021 - Company Details for BAO Asset Managers Ltd., obtained from the Mauritius Corporate and Business Registration Department on July 6th, 2021.

BAO Asset Managers Ltd.: $19K Fine

July 05, 2021 - Public Notice by the Mauritius Financial Services Commission that it has imposed a fine of US$19,571 on BAO Asset Managers Ltd. for breaches of "numerous statutory obligations". Editor's Note: Research by OffshoreAlert in the Mauritius Corporate and Business Registration Department showed that BAO Asset Management Ltd. was incorporated in Mauritius on December 15th, 2010, its directors are Shailendr Ramsagur, Achsah Conhyea, and Michael Cargill Southam, and its manager is Rockmills Financials Ltd.

Rosebery Management LLP: License Suspension

July 02, 2021 - Public Notice by the Mauritius Financial Services Commission that it has suspended the Global Business License of Rosebery Management LLP. Editor's Note: A search by OffshoreAlert of the online database maintained by the Mauritius Corporate and Business Registration Department produced no hits for any legal entity with the word 'rosebery' in its name and no entity with that word in its name appears on the "Register of Licensees" on the website of the Mauritius FSC.

CC/Devas (Mauritius) Ltd. et al v. Air India Ltd.: Complaint

June 28, 2021 - Complaint "to resolve questions of actual controversy involving the relationship between India's wholly owned national airline, Air India, and India, and in particular, for a determination that Air India is the alter ego of India" in CC/Devas (Mauritius) Ltd., Devas Employees Mauritius Private Limited, and Telecom Devas Mauritius Limited v. Air India Ltd. at the U. S. District Court for the Southern District of New York.

James Barbee v. Amira Nature Foods Ltd. et al: Complaint

June 24, 2021 - Complaint alleging securities fraud in James K. Barbee v. Amira Nature Foods Ltd., described as a seller of "Basmati Indian specialty rice" that is domiciled in the British Virgin Islands and based in Dubai, United Arab Emirates; Karan A. Channa, described as a resident of Dubai, UAE; Bruce C. Wacha, described as a resident of Norwalk, Connecticut; Varun Sethi, described as a resident of Dubai, UAE, and Brian M. Speck, described as a resident of Somerville, New Jersey, at the U. S. District Court for the District of New Jersey.

ArcelorMittal North America Holdings LLC v. Essar Steel Ltd.: Judgment Registration

June 16, 2021 - Registration of a Judgment for $1.3 billion, plus $31 million of interest, in ArcelorMittal North America Holdings LLC v. Essar Steel Ltd., of Mauritius, at the U. S. District Court for the Southern District of New York.

Thomas Doctoroff v. Crown Global Life Insurance Ltd. et al: Ruling

June 07, 2021 - Ruling denying summary judgment against Crown Global Life Insurance and granting summary judgment for $1.7 million against the other defendants regarding investments in the Mauritius-based Belvedere Management Group in Thomas Doctoroff, of New York, USA v. Crown Global Life Insurance Ltd., of Bermuda; Paul Gambles, of Thailand; MBMG Investment Advisory Company Ltd., of Thailand; MBMG Group Singapore Pte, of Singapore; MBMG International Custodians Ltd., of the British Virgin Islands; MBMG Asset Management Limited, of Mauritius, and Garmor Asset Management Ltd., of Mauritius, at Bermuda Supreme Court.

Neoma Manager (Mauritius) Ltd. v. Abraaj ABOF IV Ltd. et al: Writ of Summons

June 02, 2021 - Writ of Summons in Neoma Manager (Mauritius) Ltd., as manager of Neoma Private Equity Fund IV L.P v. Abraaj ABOF IV Limited, Mark Longbottom and Geoffrey Varga, as Trustees of the creditors or members of ABOF IV Fund Investor Limited (Dissolved); Columbus Ventures Limited, acting by its Joint Receivers, Mark Shaw, Sarah Rayment, and Russell Smith; Mena Finance Holdings, Mena Vehicle Limited, acting by its Joint Receivers, Mark Shaw, Sarah Rayment, and Russell Smith; Perfect Holding Limited, Sahara Ventures Limited, Sea Shell Investments Limited, and Abraaj General Partner VIII Limited, as General Partner of Neoma Private Equity Fund IV L.P. at the Grand Court of the Cayman Islands.

Exential Investments Inc.: Chapter 15 Petition

May 27, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the British Virgin Islands by Russell Crumpler and David Standish, as the Foreign Representatives of Exential Investments Inc., which is part of the Dubai-based Exential Group that allegedly perpetrated a fraud in which "investors lost investments in the range of at least $250 - $500 million", filed at the U. S. Bankruptcy Court for the Southern District of Florida.

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.