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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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USA v. $38M Associated With Novartis Pharmaceuticals Corporation: Forfeiture Complaint

August 06, 2020 - Forfeiture Complaint regarding "property constituting and derived from proceeds of violations of the federal Anti-Kickback Statute" in USA v. $38M Associated With Novartis Pharmaceuticals Corporation, part of a global healthcare group based in Switzerland, at the U. S. District Court for the Southern District of New York.

Angola's central bank sues two Cayman funds for allegedly misappropriating $25M

August 05, 2020 - Banco Nacional de Angola, which is the African country's government-owned central bank, has accused two Cayman Islands investment funds - Quantum Global Opportunities Fund SP and Refund Emerging Market Fund SP - of misappropriating $25 million.

Switzerland v. CS Bio Ltd.: Discovery Application

August 04, 2020 - Application by the District Court of Lugano, Switzerland, to take discovery from CS Bio Ltd., of Menlo Park, California, for use in divorce proceedings captioned 'Sarah Baccianti v. Grant Boldt', filed at the U. S. District Court for the Northern District of California.

Banco Nacional de Angola v. Quantum Global Opportunities Fund SP et al: Receivership Petition

August 03, 2020 - Petition by Banco Nacional de Angola, described as "the central bank of Angola" and "owned by the Angolan government", to have receivers appointed for Quantum Global Opportunities Fund SP and Refund Emerging Market Fund SP, described as segregated portfolios of Simplon Capital Ltd. SPC, regarding the alleged misappropriation of $25 million, filed at the Grand Court of the Cayman Islands.

Joel Deutsch v. Status Research & Development GmbH et al: Alternative Service Motion

August 03, 2020 - Notice of Motion for Leave for Alternative Service alleging that the individual defendants "have leveraged their online-only operations to avoid public tracing and, by extension, service" and are attempting to "skirt liability by vanishing into the fog of internet obscurity" in Joel Deutsch v. Status Research & Development GmbH, of Switzerland; Jarrad Hope, and Carl Bennetts at the U. S. District Court for the Southern District of New York.

Adamas Health Care Fund v. Adamas Capital Management Ltd. et al: Writ of Summons

July 31, 2020 - Writ of Summons regarding an action by the U.S. Securities and Exchange Commission in New York in Adamas Health Care Fund v. Adamas Capital Management Ltd., of the Cayman Islands, and Dov Malnik, a citizen of Israel, c/o Mascali Management AG, of Switzerland, at the Grand Court of the Cayman Islands.

Bully 1 (Switzerland) GmbH et al: Chapter 11 Petition

July 31, 2020 - Chapter 11 Petition by Bully 1 (Switzerland) GmbH, Noble Drilling Holding LLC, Noble Corporation Plc, Noble Services International LimitedlBully 1 (Switzerland) GmbH, Bully 2 (Switzerland) GmbH, Noble 2018-I Guarantor LLC, Noble 2018-II Guarantor LLC, Noble 2018-III Guarantor LLC, Noble 2018-IV Guarantor LLC, Noble BD LLC, Noble Cayman Limited, Noble Cayman SCS Holding Ltd., Noble Contracting II GmbH, Noble Corporation, Noble Corporation Holdings Ltd., Noble Corporation Holding LLC, Noble Drilling (Guyana) Inc., Noble Drilling (TVL) Ltd., Noble Drilling (U.S.) LLC, Noble Drilling Americas LLC, Noble Drilling Exploration Company, Noble Drilling International GmbH, Noble Drilling NHIL LLC, Noble Drilling Services Inc., Noble DT LLC, Noble FDR Holdings Limited, Noble Holding (U.S.) LLC, Noble Holding International Limited, Noble Holding UK Limited, Noble International Finance Company, Noble Leasing (Switzerland) GmbH, Noble Leasing III (Switzerland) GmbH, Noble Resources Limited, Noble SA Limited, Noble Rig Holding I Limited, Noble Rig Holding 2 Limited, Noble Asset Mexico LLC, Noble Bill Jennings LLC, Noble Earl Frederickson LLC, and Noble Mexico Limited at the U. S. Bankruptcy Court for the Southern District of Texas.

Joel Deutsch v. Status Research & Development GmbH et al: Amended Class Action Complaint

July 28, 2020 - Amended Class Action Complaint alleging the sale of "unregistered tokens to investors" in Joel Deutsch, of Miami, Florida v. Status Research & Development GmbH, of Switzerland; Jarrad Hope, and Carl Bennetts at the U. S. District Court for the Southern District of New York.

Switzerland: Capital One Bank

July 10, 2020 - Application for the appointment of a Commissioner to collect evidence from Capital One Bank - pursuant to a request for judicial assistance from Switzerland - for a criminal investigation into "unknown subject(s) for fraud".

USA v. Andy Warhol's 'Campbell's Soup' Painting et al: Forfeiture Complaint

July 01, 2020 - Forfeiture Complaint regarding "assets involved in and traceable to an international conspiracy to, among other things, launder money misappropriated from 1Malaysia Development Berhad, a strategic investment and development company wholly-owned by the government of Malaysia" in USA v. One Painting Entitled 'Colored Campbell's Soup Can (Emerald Green), 1965' by Andy Warhol and One Painting entitled 'Vétheuil au Soleil' by Claude Monet, both "currently located n Switzerland", at the U. S. District Court for the Central 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.