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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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Bank of Valletta notifies Argentarius Group of 'fraud liability'

July 16, 2019 - The closure of the Malta operations of Argentarius Group, which now operates in the Cayman Islands as iMaps Capital, coincided with preliminary legal action against it by the Bank of Valletta regarding an alleged investment fraud that resulted in losses of at least €79 million, OffshoreAlert can reveal.

REDS Caribbean Ltd.: Discovery Application (Robert Holloway et al)

July 12, 2019 - Ex Parte Application by Mark McDonald and David Holukoff, as the Joint Official Liquidators of REDS Caribbean Ltd., of Trinidad and Tobago, to take discovery from Robert Holloway, REDS Americas Inc., Lavelle Holdings Inc., BBVA Compass, and Frost Bank regarding REDS Caribbean Ltd., REDS Caribbean (BVI) Ltd., Reds Americas Inc., Michael Robert Charbonne, Tricia Charbonne-Downes, Randall Harford, Dayne Harford, Ryan Harford, Daynco Ltd., Robert Holloway, JUKES Group, Raymond Mark McMillan, Global Insurance Services Ltd., Goliath Offshore Services Ltd., Goliath Offshore Holdings Pte Ltd., Goliath Offshore Pte Ltd., Avant Garde Insurance Services Ltd., Penelope Belmontes, a.k.a. Penelope Rahim; Lavelle Holdings Inc., Sherron Harford, and Hayden Borrell for an investigation into suspected fraud involving companies in the British Virgin Islands, Singapore, Trinidad and Tobago, United Kingdom, and USA, filed at the U. S. District Court for the Southern District of Texas.

NN2 Newco Ltd.: Chapter 15 Petition

July 09, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England and Wales by Jane Moriarty, as the Foreign Representative of NN2 Newco Limited, an indirect subsidiary of Nyrstar N.V., of Belgium and Switzerland, at the U. S. Bankruptcy Court for the Southern District of New York.

UK businessman with sprawling offshore group wanted for fraud in Bermuda

July 08, 2019 - An Interpol Red Notice has been issued against U.K. national Ramesh Dusoruth, who evidently fled Bermuda after being criminally charged with swindling "several million dollars" from investors in his offshore finance group, which includes firms in Bermuda, Cayman Islands, Channel Islands, Cyprus, England, Malta, Netherlands, and possibly the BVI.

Zelezara Smedervo d.o.o.: Chapter 15 Petition

June 27, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Serbia by the Serbian Bankruptcy Supervision Agency, as the Foreign Representative of Zelezara Smedervo d.o.o., at the U. S. Bankruptcy Court for the Southern District of New York.

REDS Caribbean Ltd.: Discovery Application (RBC Royal Bank)

June 21, 2019 - Application by Mark McDonald and David Holukoff, as Joint Official Liquidators of REDS Caribbean Ltd. to take discovery from RBC Royal Bank regarding individuals and entities in the British Virgin Islands, Singapore, Trinidad and Tobago, and the United Kingdom for use in legal proceedings in Trinidad and Tobago, filed at the U. S. District Court for the Eastern District of New York.

Mundo Media Ltd. et al: Chapter 15 Petition

June 18, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Canada by Ernst & Young, as the Foreign Representative of Mundo Media Ltd., 2538853 Ontario Ltd., M Zone Marketing Inc., and AppThis Holdings, Inc., at the U. S. Bankruptcy Court for the District of Delaware.

Girobank NV et al v. David Hu et al: Amended Complaint

June 07, 2019 - Amended Complaint alleging fraud in Girobank N.V. and Girobank International N.V., both of Curaçao, v. David Hu, of New Jersey; Martin Silver, of New Jersey; The International Investment Group LLC, of New Jersey; TOF Cayman SPV, of the Cayman Islands; IIG TOF B.V., of the Netherlands; TOF Management Foundation, of Curaçao; The Venezuela Recovery Fund N.V., of Curaçao; IIG Bank (Malta) Ltd., of Malta; Trade Finance Partners Ltd. S.A., of Panama, formerly of the British Virgin Islands, and Trade Finance Funding I Ltd., of the Cayman Islands, at the Supreme Court of the State of New York County.

St. Martinus University NV v. Caribbean Health Holding LLC et al: Complaint

June 04, 2019 - Complaint in St. Martinus University NV, of Curacao v. Caribbean Health Holding LLC, Derek van Walleghem and John Vincent Scalia at the U. S. District Court for the Southern District of Florida.

Girobank NV et al v. David Hu et al: Motion to Dismiss

May 21, 2019 - Notice of Motion to Dismiss Complaint by The International Investment Group LLC, David Hu, and Martin Silver in Girobank N.V. and Girobank International N.V., both of Curaçao, v. David Hu, of New Jersey; Martin Silver, of New Jersey; The International Investment Group LLC, of New Jersey; TOF Cayman SPV, of the Cayman Islands; IIG TOF B.V., of the Netherlands; TOF Management Foundation, of Curaçao; The Venezuela Recovery Fund N.V., of Curaçao; IIG Bank (Malta) Ltd., of Malta; Trade Finance Partners Ltd. S.A., of Panama, formerly of the British Virgin Islands, and Trade Finance Funding I Ltd., of the Cayman Islands, at the Supreme Court of the State of New York County.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory databases, 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.