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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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Frazer Solar GmbH v. Kingdom of Lesotho: Petition to Enforce Foreign Arbitral Award

May 17, 2021 - Petition to Enforce Foreign Arbitral Award in the amount of €50 million, plus interest, costs and fees, in Frazer Solar GmbH, described as a German company that "designs, constructs and facilitates the financing of renewable energy projects in multiple countries around the world" v. The Kingdom of Lesotho at the U. S. District Court for the District of Columbia.

Greensill Capital Inc.: Chapter 11 Petition

March 25, 2021 - Chapter 11 Petition by Greensill Capital Inc., a Delaware-domiciled "financial services company" that "arranged factoring and reverse factoring programs for clients globally" and which is directly owned by Greensill Capital Management (UK) Limited, of the United Kingdom, and indirectly owned by Greensill Capital Pty Limited, of Australia, and is part of a group that includes companies in Australia, Brazil, Cayman Islands, Germany, India, Isle of Man, Netherlands, Singapore, Switzerland, South Africa, United Arab Emirates, and United Kingdom, at the U. S. Bankruptcy Court for the Southern District of New York.

Richard Fagan's British polo fraudsters set up fake 'Swiss bank' & attempt Cayman fund take-over

February 18, 2021 - Middle East-based British polo players led by Richard Fagan who fund their lavish lifestyles through investment fraud have set up a fake 'Swiss bank' and are trying to take over a Cayman Islands fund, OffshoreAlert can reveal.

Comair Ltd.: Chapter 15 Petition

February 16, 2021 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in South Africa by Shaun Collyer and Richard A. Ferguson, as the Foreign Representatives of Comair Limited (in Business Rescue), described as "one of the largest regional commercial airline companies in Southern Africa", at the U. S. Bankruptcy Court for the Southern District of New York.

Oak Trust (Guernsey) Ltd. et al v. William Dewsall: Amended Complaint

February 10, 2021 - Amended Complaint alleging fraud involving Gable Holdings Inc., of the Cayman Islands, and Gable Insurance AG, of Liechtenstein, in Kevin Alcock, Corita Metelerkamp, both of Surrey, England; Oak Trust (Guernsey) Limited, of Guernsey; Baytree Group Holdings Limited, Morvale Company Limited, Aggaris Investments Limited, all of the British Virgin Islands; Christopher Lawrance, Roy Campbell, both of South Africa, and CriSeren Investments Limited, of Wales v. William Dewsall, of London, England, at the High Court for England and Wales.

East Asian Consortium BV v. Bank of America et al: Discovery Application

February 02, 2021 - Application by East Asian Consortium B.V., of the Netherlands, to take discovery from the New York branches of Bank of America, N.A., Bank of New York Mellon, BNP Paribas USA, China Construction Bank, Citibank N.A., HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., MashreqBank PSC, Standard Chartered Bank, and Wells Fargo Bank, N.A. for use in legal proceedings in South Africa "against MTN Group Ltd., MTN International (Mauritius) Ltd., Mobile Telephone Networks Holding (Pty) Limited, MTN International (Pty) Ltd., Phutuma Freedom Nhleko, and Irene Charnley", filed at the U. S. District Court for the Southern District of New York.

Solax Energia Altiplano SA de CV et al v. Ithuba Credit Corp. et al: Complaint

January 31, 2021 - Complaint alleging, inter alia, fraud in Solax Energia Altiplano SA de CV, of Mexico, and Solax Energy LLC v. Ithuba Credit Corporation, Ithuba Savings and Credit, of South Africa; Ithuba Investment Bank and Statutory Trust, Ithuba Business Advisory Services Inc., Ithuba Holdings Inc., ISCC Group of Companies, of South Africa; Jean Bilala, and Sefudi Paul Maleka, both described as citizens of South Africa, at the U. S. District Court for the Southern District of New York.

Petra Diamonds US$ Treasury Plc: Chapter 15 Petition

December 15, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Jacques Breytenbach, as the Foreign Representative of Petra Diamonds US$ Treasury Plc, described as being part of "an independent diamond mining group and supplier of gem quality rough diamonds to the international market", at the U. S. Bankruptcy Court for the Southern District of New York.

Malcolm Duncan v. Max Barber et al: Receivership Motion Opposition

September 30, 2020 - Max Barber's Opposition to Malcolm Duncan's Motion for an Order "appointing a receiver to sell the set of Nelson Mandela gold hands and accompanying certificates of authentication (the "Mandela Hands"); and (ii) modifying the February 27, 2020 temporary restraining order to permit the receiver to sell the Mandela Hands" in Malcolm Duncan, a citizen of South Africa v. Max Barber, SION Trading FZE, of Ras Al Khaimah, in the United Arab Emirates, and Barlan Enterprises Ltd., d.b.a. Guernsey's, a firm of auctioneers based in New York, at the Supreme Court of the State of New York, County of New York.

I.T. Knowledge and Expertise CC v. Visa Inc.: Discovery Application

September 22, 2020 - Application by I.T. Knowledge and Expertise CC, of South Africa, to take discovery from Visa Inc. for use in legal proceedings in South Africa against First National Bank Limited, filed at the U. S. District Court for the Northern District of California.

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.