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Winfred Wamai et al v. Industrial Bank of Korea: Complaint

January 14, 2021 - Complaint regarding "Iran's fraudulent conveyances" in Winfred Wairimu Wamai and 322 other "direct victims and surviving family members of the Embassy Bombings" in Tanzania and Kenya that "were carried out with the critical material support of the Iranian government" v. Industrial Bank of Korea, of South Korea, at the U. S. District Court for the Southern District of New York.

Discovery Asset Management Co. Ltd. v. Eliot Kang et al: Petition

January 05, 2021 - Petition in Discovery Asset Management Co. Ltd., of South Korea v. Eliot S. Kang and Kornerstone Investments Corp., as Respondents, and New York City Marshals, New York City Sheriff, Wells Fargo Bank, N.A., and Marketplace SPV LLC, as Nominal Respondents, at the Supreme Court of the State of New York, County of New York.

SEC v. Stefan Qin: Asset Freeze Motion

December 22, 2020 - SEC's Ex Parte Emergency Motion for an Asset Freeze in the U. S. Securities and Exchange Commission v. Stefan Qin, described as a 23-year-old "citizen and resident of Australia and a part-time resident of New York, NY" who is "currently believed to be in Seoul, South Korea"; Virgil Technologies LLC, described as a Cayman Islands company based in New York, NY; Montgomery Technologies LLC, Virgil Quantitative Research, LLC, Virgil Capital LLC, each described as a Delaware company based in New York, NY, and VQR Partners LLC, described as a Cayman Islands company based in New York, NY, at the U. S. District Court for the Southern District of New York.

SEC v. Stefan Qin et al: Complaint

December 22, 2020 - Complaint alleging fraud involving Virgil Sigma Fund LP, of New York, NY, and VQR Multistrategy Fund LP, of the Cayman Islands, in the U. S. Securities and Exchange Commission v. Stefan Qin, described as a 23-year-old "citizen and resident of Australia and a part-time resident of New York, NY" who is "currently believed to be in Seoul, South Korea"; Virgil Technologies LLC, described as a Cayman Islands company based in New York, NY; Montgomery Technologies LLC, Virgil Quantitative Research, LLC, Virgil Capital LLC, each described as a Delaware company based in New York, NY, and VQR Partners LLC, described as a Cayman Islands company based in New York, NY, at the U. S. District Court for the Southern District of New York.

Erdenet Mining Corp. et al v. Batbold Sukhbaatar et al: Complaint

November 23, 2020 - Complaint "to recover losses suffered as a result of illegal and fraudulent acts in connection with two of Mongolia's most prized natural resources, the Erdenet copper mine and the Oyu Tolgoi copper-gold mine" in Agency for Policy Coordination on State Property, Erdenet Mining Corporation, and Erdenes Oyu Tolgoi LLC v. Batbold Sukhbaatar, of Mongolia; Ganzorig Chimiddorj, of Mongolia; Tuul Ulambayar, of Mongolia; Nyamdalai Ochirbat, of Mongolia; Cheong Choo Young, of Hong Kong; Kim Hak Seon, of Hong Kong; Kim Yoonjung, of Hong Kong; Lee Yu Jeong, of Hong Kong; Rhee Byung Wook, of Hong Kong; Kang Eun Joo, of South Korea; Battushig Batbold, of Mongolia; Baloas Inc., of New York, NY; Baloas Limited, of the British Virgin Islands; Lovitas, Inc., of New York, NY; Lovitas Limited, of the British Virgin Islands, and Glowassets Limited, of the British Virgin Islands, at the Supreme Court of the State of New York, County of New York.

POSCO Energy Co., Ltd. v. FuelCell Energy Inc.: Complaint

September 14, 2020 - Complaint regarding "FCE's unjustified delay in removing restrictive legends on shares owned by PE, thereby preventing PE from selling its FCE shares" that it acquired for $84 million in POSCO Energy Co., Ltd., described as South Korea's "largest independent power producer" v. FuelCell Energy Inc., described as a Delaware-domiciled, Connecticut-based company, at the U. S. District Court for the Southern District of New York.

USA v. 280 Virtual Currency Accounts: Forfeiture Complaint

August 27, 2020 - Forfeiture Complaint regarding the alleged laundering by Chinese cryptocurrency traders of proceeds from hacks of, and thefts from, virtual currency exchanges, mostly in South Korea, by "North Korea actors" in USA v. 280 Virtual Currency Accounts at the U. S. District Court for the District of Columbia.

Artem SJSHC v. Gray Fox Logistics: Petition to Confirm Arbitral Award

August 21, 2020 - Petition to Confirm and Enforce Final Foreign Arbitral Award of $8.3 million in State Joint Stock Holding Company Artem, of Ukraine v. Gray Fox Aviation and Logistics Inc., d.b.a. Gray Fox Logistics, of Fort Lauderdale, Florida, at the U. S. District Court for the Southern District of Florida.

Novartis AG: $112M Penalties

June 25, 2020 - Administrative Order imposing penalties against Novartis AG, described as a Switzerland-based "global provider of pharmaceutical and healthcare products", for "improper activities", including "improper payments", "forged contracts", and "false books and records", involving its subsidiaries and affiliates in Greece, Singapore, South Korea, and Vietnam, before the U. S. Securities and Exchange Commission.

Chang Myung Shipping Co. Ltd. v. HSBC et al: Discovery Application

June 24, 2020 - Application by Chang Myung Shipping Co. Ltd., of South Korea, to take discovery from HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Deutsche Bank Trust Company Americas, Citibank, N.A., Bank of New York Mellon, Wells Fargo Bank N.A., BNP Paribas, Standard Chartered Bank, Royal Bank of Scotland, China Merchants Bank, Agricultural Bank of China, China Construction Bank, Bank of Communications, Industrial and Commercial Bank of China, and Bank of China "for use in a foreign proceeding filed by Hebei Ocean Shipping Company Ltd.", filed 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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UAE 'gold supplier' SION Trading sued for '$5M fraud'
UAE-domiciled purported gold supplier SION Trading FZE, which has been implicated in several fraudulent schemes, including a cryptocurrency scam involving Bermuda-based Arbitrade, is being sued in Utah along with individuals and companies in or from Barbados, Canada, England, Panama, St. Lucia, and the USA for allegedly perpetrating a $5 million 'advance fee' scam.
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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.