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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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Sapien Capital Ltd.: £178K Fine

May 06, 2021 - Final Notice by the United Kingdom's Financial Conduct Authority that it has imposed a fine of £178,000 on Sapien Capital Limited for regulatory breaches. Editor's Note: Research by OffshoreAlert at Companies House for England and Wales showed that Sapien Capital Limited was incorporated on October 24th, 2007 and its directors and controlling persons are Ramesh Kumar Ahuja, a citizen of India, and Aditi Aggarwal, an Indian chartered accountant, while the company's website identifies its "Team" as Ramesh Kumar Ahuja, "CEO and Director"; Aditi Aggarwal, "Director", and Matthew Hill, "Head of Compliance and MLRO".

Helios Ventures FZE v. VistaJet US Inc. et al: Discovery Application

May 05, 2021 - Application by Helios Ventures FZE, of Ajman, in the United Arab Emirates, to take discovery from VistaJet US Inc., Rhône Capital LLC, and Rhône Group LLC for use in "contemplated civil proceedings in the United Kingdom and Malta", filed at the U. S. District Court for the Southern District of New York.

Businessman Patokh Chodiev to sue over 'damaging' World-Check compliance database profile

May 05, 2021 - Uzbek-Russian-Belgian businessman Patokh Chodiev intends to sue British financial data and information provider Refinitiv Limited, formerly known as Reuters Limited, over "a poorly supported and damaging report" about him in its risk and compliance database known as World-Check.

Patokh Chodiev v. Refinitiv US LLC et al: Discovery Application

May 04, 2021 - Application by Patokh Chodiev, described as a "successful international businessperson and philanthropist" and director of "Eurasian Resources Group" with a residence in London who is "originally from Uzbekistan" but also a citizen of Russia and Belgium, to take discovery from Refinitiv US LLC and Thomson Reuters Holdings Inc. for use in "contemplated English court proceedings" against Refinitiv Limited "arising from its publication in its commercial product, the World-Check Risk Intelligence Service database, of a poorly supported and damaging report on Mr. Chodiev that has harmed and continues to harm him", filed at the U. S. District Court for the Southern District of New York.

Cayman judge dismisses petition against Circumference Holdings as 'abuse of process'

May 04, 2021 - A petition by Luxembourg-based accused fraudster Nicholas Martin to wind up the Cayman Islands holding company of the Circumference Group of corporate service providers has been dismissed "on the grounds that it is an abuse of process".

Nicholas Martin v. Circumference Holdings Ltd.: Judgment

May 03, 2021 - Judgment striking out a winding-up petition for being "an abuse of process" in Nicholas James Martin, of Luxembourg v. Circumference Holdings Ltd. at the Grand Court of the Cayman Islands.

Dismatrix SPC et al v. Douglas Bassett: Discovery Application

May 03, 2021 - Application by Dismatrix SPC, Asyndeton, and Polysyndeton, all of the Cayman Islands, to take discovery from Douglas M. Bassett, of Umatilla, Florida, USA, for use in legal proceedings against Equity Capital UK Limited in England regarding "a fraudulent Forex trading scheme operated by Mediatrix Capital Inc., Blue Isle Markets Inc., and Blue Isle Markets Ltd.", filed at the U. S. District Court for the Middle District of Florida.

Transform Holdco LLC v. Zurich American Insurance Company et al: Petition

April 28, 2021 - Petition for Declaratory Judgment in Transform Holdco LLC v. Zurich American Insurance Company, ACE American Insurance Company, Allied World Assurance Company, Ltd., of Bermuda; Lloyd’s Syndicate No. 318 MSP, of England; Westport Insurance Corporation, Lloyd’s Syndicate No. 1414, of England; Tokio Marine America Insurance Company, Ironshore Specialty Insurance Company, Sompo International Holdings, Ltd., of Bermuda; American International Group UK Limited, of England; Neon Syndicate 2468, of Bermuda; Hamilton Re, Ltd., of Bermuda; Starr Surplus Lines Insurance Company, Canopius Insurance Services, Lloyd’s Insurance Company (China) Limited, of China, and Aon Risk Services Central, Inc. at the District Court for the 162nd District, Dallas County, Texas.

Serco Geografix Ltd.: News Release on Statement of Facts

April 28, 2021 - Statement of Facts by the United Kingdom's Serious Fraud Office regarding a Deferred Prosecution Agreement with Serco Geografix Ltd.

Paula Schoenhoff v. Cardtronics Plc et al: Complaint

April 26, 2021 - Complaint in Paula Schoenhoff v. Cardtronics Plc, described as an English provider of "automated consumer financial services through its network of automated teller machines and multi-function financial services kiosks" whose shares are listed on NASDAQ; Mark Rossi, Douglas L. Braunstein, Julie Gardner, Warren C. Jenson, G. Patrick Phillips, Juli C. Spottiswood, and Rahul Gupta at the U. S. District Court for the Eastern 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.