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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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Meridian Gaming Ltd.: €89K Fine

April 13, 2021 - Public Notice by Malta's Financial Intelligence Analysis Unit that it has imposed a fine of €88,937 fine on Meridian Gaming Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Meridian Gaming Limited was incorporated in Malta on May 9th, 2007, its sole director is Zoran Milosevic, of Serbia, previous directors include Anthony Axisa, who resigned effective September 15th, 2020, and Andjelina Rajacic, who resigned effective March 13th, 2019, and its shareholders are Aleksandr Milovanovic, of Serbia, and Meridian Gaming Holdings Ltd., the latter of which was incorporated in Malta on May 16th, 2016 and whose directors are Zoran Milosevic and Snezana Bozovic, of Serbia, and shareholders are Meridian Tech d.o.o., of Serbia; Zoran Milosevic, Snezana Bozovic, and Aleksandr Milovanovic.

OKCoin Europe Ltd.: 'No New Business' Directive

March 08, 2021 - Public Notice by the Malta Financial Services Authority that it has issued a Directive against "virtual financial assets" firm OKCoin Europe Ltd. to "cease the on-boarding of new clients with immediate effect". Editor's Note: Research by OffshoreAlert in corporate registries in Malta, Hong Kong, and the Cayman Islands showed that OKCoin Europe Ltd. was incorporated in Malta on September 7th, 2018, its directors are Hong Fang, described as a citizen of China and the United States residing in Palo Alto, California, and Mingxing Xu, a citizen and resident of China, its previous directors include Veronica Dalli, a.k.a. Veronique Dalli, of Malta, who resigned effective October 21st, 2020, Jovan Gavrilovic, a citizen of Serbia residing in Hong Kong, and Tae Won Tim Byun, a citizen of the United States residing in Palo Alto, who both resigned effective December 23rd, 2019, and its sole shareholder is OKCoin Europe Technology Company Limited, which was formed in Hong Kong on November 14th, 2017, whose sole director is Mingxing Xu, and whose sole shareholder is OKC (HK) Company Limited, which was formed in Hong Kong on March 27th, 2015, whose sole director is Mingxing Xu, and whose sole shareholder is OKC Holdings Corporation, which was incorporated in the Cayman Islands on February 16th, 2015 and whose directors are Hong Fang, Bo Feng, Gang Mai, Yue Tang, and Mingxing Xu. On its website at www.okcoin.com, OKCoin describes itself as "the leading global cryptocurrency exchange".

SEC v. Kristijan Krstic et al: Complaint

February 01, 2021 - Complaint alleging securities fraud based around cryptocurrency in U. S. Securities and Exchange Commission v. Kristijan Krstic, a.k.a. Felix Logan, described as "a Serbian-Australian national who was domiciled in the Philippines"; John DeMarr, and Robin Enos at the U. S. District Court for the Eastern District of New York.

Insignia Cards Ltd.: €373K Fine

December 03, 2020 - Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €373.670 on Insignia Cards Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Insignia Cards Limited was incorporated on November 17th, 2011, its sole director is George Kesidy, a citizen of the United Kingdom, with an address in London, England; previous directors include Joseph Zammit Tabona and Charles Rapa, citizens of Malta who both resigned effective July 31st, 2020, and its shareholders are George Kesidy and Insignia Malta Holding Limited, which was incorporated in Malta on November 17th, 2011, whose directors are George Kesidy and Nada Tucakov, a citizen of Serbia with an address in London, England, and whose shareholders are George Kesidy and Insignia International Limited, which, according to the Cyprus Registrar of Companies, was incorporated in Cyprus on November 11th, 2011 and whose sole director is Irodotos Kasapis. The Malta Business Registry shows that PricewaterhouseCoopers resigned as auditor of Insignia Cards Limited effective October 28th, 2020.

USA v. Dusko Bruer: Plea Agreement & Factual Proffer

April 03, 2020 - Plea Agreement and Factual Proffer for tax evasion and failure to report foreign bank accounts in Croatia, Germany, Serbia, and Switzerland in USA v. Dusko Bruer, described as "a Croatian national and naturalized citizen of the United States", at the U. S. District Court for the Southern District of Florida.

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.

HPK Management et al v. Serbia et al: Petition

July 31, 2018 - Petition to Confirm and Enforce Foreign Arbitral Award in HPK Management d.o.o., of Serbia, and HPK Engineering B.V., of the Netherlands, v. The Republic of Serbia and Zelezara Smederevo d.o.o. at the U. S. District Court for the District of Columbia.

SEC v. Caledonian Bank Ltd. et al: Motion for Default Motion

November 02, 2015 - Motion for Default Judgment against Clear Water Securities, Inc. and Legacy Global Markets S.A. in U. S. Securities and Exchange Commission v. Caledonian Bank Ltd., Caledonian Securities Ltd., Verdmont Capital S.A., Clear Water Securities, Inc. and Legacy Global Markets S.A. at the U. S. District Court for the Southern District of New York.

US indicts 7 for alleged $20 m fraud involving Bermuda 'reinsurer'

September 25, 2015 - Seven people have been criminally indicted in the United States for an alleged securities fraud involving purported reinsurer Gerova Financial Group - a former Cayman Islands firm that moved to Bermuda - that brought them nearly $20 million in profits.

SEC v. Jason W. Galanis et al: Complaint

September 24, 2015 - Complaint alleging fraud regarding Bermuda-based Gerova Financial Group, Ltd. in U. S. Securities and Exchange Commission SEC v. Jason W. Galanis, John P. Galanis, Jared M. Galanis, Derek M. Galanis, Gary T. Hirst, and Gavin L. Hamels at the U. S. District Court for the Southern District of New York.
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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.