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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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IIG Global Trade Finance Fund Ltd. v. TOF Cayman SPV: Winding Up Petition

January 10, 2020 - Winding Up Petition alleging a debt of $15.8 million in IIG Global Trade Finance Fund Ltd. Iin Official Liquidation) v. TOF Cayman SPV at the Grand Court of the Cayman Islands.

SNEXDXB BV: Chapter 15 Petition

December 17, 2019 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Netherlands by P.E.M. Schol, as the Foreign Representative of SNEXDXB BV, formerly known as Starneth BV, against which a Singapore arbitration award of $2.9 million was entered regarding a dispute with Hyundai Engineering and Construction Co. Ltd. over the construction of "the world's largest ferris wheel in Dubai", at the U. S. Bankruptcy Court for the Southern District of New York.

US affiliate of Malta bank accused of massive fraud by SEC

November 21, 2019 - New York-based, Cayman Islands-administered investment adviser International Investment Group LLC, which is affiliated with Malta's IIG Bank, with both owned by a bankrupt fund in Curaçao, committed "a string of frauds to cover up tens of millions of dollars in losses", the SEC has alleged.

Iraq Telecom Ltd. v. Dechert LLP: Discovery Application

November 05, 2019 - Ex Parte Application by Iraq Telecom Limited to conduct discovery from non-party Dechert LLP for use in a pending arbitration before the International Chamber of Commerce and contemplated legal proceedings in the United Kingdom regarding "massive fraud and corruption", filed at the U. S. District Court for the Eastern District of Pennsylvania.

Edwin Duijneveld v. USA: Petition to Quash IRS Summons

October 21, 2019 - Petition to Quash Summons directed to Bank of America on the grounds that it "will violate the attorney-client privilege under the law of Aruba" in Edwin Duijneveld, a "former attorney" in Aruba v. USA at the U. S. District Court for the District of Delaware.

Girobank NV et al v. IIG Trade Opportunities Fund NV et al: Notice of Bankruptcy

October 11, 2019 - Letter notifying the Court that IIG Trade Opportunities Fund NV has been petitioned into bankruptcy in Curaçao by three Ireland investment funds in Girobank NV and Girobank International NV, both of Curaçao v. IIG Trade Opportunities Fund NV, of Curaçao; IIG Capital LLC, of New York, and The International Investment Group LLC, of New Jersey, at the Supreme Court of the State of New York, County of New York.

MBW Investments II LLC v. Aloha Global Inc. et al: Complaint

October 11, 2019 - Complaint alleging fraud, conversion, and unjust enrichment in MBW Investments II LLC, of Delaware, and Andrew W. Weber, of Franklin, Tennessee v. Aloha Global Inc., of Nevada; European Investment Banking Group & Trust, described as "a Netherlands Trust, registered in the District of Columbia, and doing business in the United States"; Prestige Global Investment Group Inc., d.b.a. Prestige Venture Capital Fund, of Toronto, Canada; Andres F. Babero, of Las Vegas, Nevada; Judy P. Ramos, of Honolulu, Hawaii, and Theodore C. Wilkes, of Toronto, Canada, at the U. S. District Court for the Middle District of Tennessee.

Wansdown Properties Corporation NV: Chapter 11 Petition

October 08, 2019 - Chapter 11 Petition in Wansdown Properties Corporation N.V., of the Netherlands, at the U. S. Bankruptcy Court for the Southern District of New York.

$1.4 Trillion class action against crypto exchange Bitfinex & cryptocurrency Tether for 'largest bubble in human history'

October 07, 2019 - A class action securities fraud complaint for damages that "likely surpasses $1.4 trillion" for creating "the largest bubble in human history" has been filed against cryptocurrency exchange Bitfinex and cryptocurrency Tether, with defendants from the BVI, Hong Kong, Italy, Netherlands, Panama, Switzerland, and the US.

David Leibowitz et al v. iFinex Inc. et al: Class Action Complaint

October 06, 2019 - Class Action Complaint alleging cryptocurrency-based fraud, market manipulation, and RICO in David Leibowitz, of West Palm Beach, Florida; Benjamin Leibowitz, of New York, NY; Jason Leibowitz, of New York, NY; Aaron Leibowitz, of Westchester, NY, and Pinchas Goldshtein, of Miami, Florida v. iFinex Inc., of the British Virgin Islands; BFXNA Inc., of the British Virgin Islands; BFXWW Inc., of the British Virgin Islands; Tether Holdings Limited, of the British Virgin Islands; Tether Operations Limited, of the British Virgin Islands; Tether Limited, of Hong Kong; Tether International Limited, of the British Virgin Islands; DigFinex Inc., of the British Virgin Islands; Philip G. Potter, a resident of New York; Giancarlo Devasini, a citizen of Italy; Ludovicus Jan van der Velde, a citizen of the Netherlands; Reginald Fowler, a citizen of the United States; Crypto Capital Corp., of Panama, and Global Trade Solutions AG, of Switzerland, 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.