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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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Commercial Bank of Dubai v. CB Title Management Corp.: Discovery Application

September 21, 2020 - Application by Commercial Bank of Dubai to take discovery from CB Title Management Corp. for use in contemplated legal proceedings in Dubai regarding the alleged default of a AED 37.5 million loan to Chalmers Engineering Company LLC, of Dubai, and "a personal guarantee from Stuart Allan Macdonald Chalmers, a UK national and Dubai, UAE resident", filed at the U.S. District Court for the District of New Jersey.

Garrett Motion Inc. et al: Chapter 11 Petition

September 20, 2020 - Chapter 11 Petition by Garrett Motion Inc., of Switzerland, which "designs, manufactures and sells highly engineered turbocharger, electric-boosting and connected vehicle technologies for original equipment manufacturers and the aftermarket"; BRH LLC, of Switzerland; Calvari Limited, of Ireland; Friction Materials LLC, of Michigan; Garrett ASASCO Inc., of Michigan; Garrett Borrowing LLC, of Michigan; Garrett Holding Company Sàrl, of Switzerland; Garrett LX I Sàrl, of Luxembourg; Garrett LX II Sàrl, of Luxembourg; Garrett LX III Sàrl, of Luxembourg; Garrett Motion Australia Pty Limited, of Australia; Garrett Motion Automotive Research Mexico S. de R.L. de C.V., of Mexico; Garrett Motion Holdings Inc., of Michigan; Garrett Motion Holdings II Inc., of Michigan; Garrett Motion International Services S.R.L., of Romania; Garrett Motion Ireland A Limited, of Ireland; Garrett Motion Ireland B Limited, of Ireland; Garrett Motion Ireland C Limited, of Ireland; Garrett Motion Ireland Limited, of Ireland; Garrett Motion Italia S.r.l., of Italy; Garrett Motion Japan Inc., of Japan; Garrett Motion LLC, of Michigan; Garrett Motion México, Sociedad Anónima de Capital Variable, of Mexico; Garrett Motion Romania S.R.L., of Romania; Garrett Motion Sàrl, of Switzerland; Garrett Motion Slovakia s.r.o., of Slovakia; Garrett Motion Switzerland Holdings Sàrl, of Switzerland; Garrett Motion UK A Limited, of England; Garrett Motion UK B Limited, of England; Garrett Motion UK C Limited, of England; Garrett Motion UK D Limited, of England; Garrett Motion UK Limited, of England; Garrett Transportation I Inc., of Michigan; Garrett Transportation Systems Ltd., of England; Garrett Transportation Systems UK II Ltd., of England; Garrett TS Ltd., of England, and Garrett Turbo Ltd., of England, at the U. S. Bankruptcy Court for the Southern District of New York.

Excellence Investment Umbrella SICAV Plc: License Revocation

September 17, 2020 - Public Announcement by the Malta Financial Services Authority that it has revoked the Collective Investment Scheme License of Excellence Investment Umbrella SICAV Plc, "including the licence granted to its four sub-funds, namely Innovative Investment Fund; Perfectum Fund; Exclusive Gold and Precious Metals Fund; and Omega Investment Fund", for regulatory breaches. Editor's Note: Research by OffshoreAlert in the Malta Business Registry showed that Excellence Investment Umbrella SICAV Plc was incorporated on October 24th, 2011, its directors are Paolo Bruckner, of Switzerland; Jonathan de Giovanni, a citizen of Malta, and Charles Ingham, a citizen of the United Kingdom and resident of Malta, and its shareholders are Novium AG, of Switzerland, and Raul Cortes Moreno, a citizen of Spain. The Swiss Commercial Register showed that the sole director of Novium AG (in Liquidation) is Paolo Brückner, whose nationality is listed as Italian, while previous directors include Marc Stefan Dätwyler and Raul Cortes Moreno, Michael Cohen, of Switzerland; Markus Meyer, and Michele Mugnai.

Tatiana Akhmedova v. Google LLC: Discovery Application

September 16, 2020 - Application by Tatiana Akhmedova to take discovery from Google LLC for use in legal proceedings in England involving, inter alia, her husband, Farkhad Akhmedov, a Russian businessman; their son, Temur Akhmedov, and "Liechtenstein trustee entities Counselor Trust Reg and Sobaldo Establishment" regarding judgment collection and alleged "fraudulent evasion", filed at the U. S. District Court for the Northern District of California.

USA v. 'PetroSaudi v. PDVSA' Arbitration Funds: Forfeiture Complaint

September 16, 2020 - Forfeiture Complaint regarding "assets involved in and traceable to an international conspiracy to, among other things, launder money misappropriated from 1Malaysia Development Berhad ("1MDB"), a strategic investment and development company wholly-owned by the government of Malaysia" in USA v. All Funds Held in Escrow by Clyde & Co. in the United Kingdom as Damages for Restitution in 'PetroSaudi Oil Services (Venezuela) Ltd. v. PDVSA Servicios S.A. et al' UNCITRAL Arbitration at the U. S. District Court for the Central District of California.

Simon Hooper pleads guilty to fraud in England

September 16, 2020 - United Kingdom national Simon Hooper has pleaded guilty to three counts of fraud involving British firm Rationale Investments Limited, which purports to be a property investment firm.

Financial Conduct Authority v. Arch Insurance (UK) Ltd. et al: COVID-19 Business Interruption Test Case Judgment

September 15, 2020 - Approved Judgment regarding "a test case to determine issues of principle in relation to policy coverage under various specimen wordings underwritten by the defendants in respect of claims by policyholders to be indemnified for business interruption losses arising in the context of the COVID-19 pandemic and the advice of and restrictions imposed by the UK Government in consequence" in The Financial Conduct Authority, in the United Kingdom v. Arch Insurance (UK) Limited, Argenta Syndicate Management Limited, Ecclesiastical Insurance Office Plc, Hiscox Insurance Company Limited, MS Amlin Underwriting Limited, QBE Limited, Royal & Sun Alliance Insurance Plc, Zurich Insurance Plc, Hospitality Insurance Group Action, and Hiscox Action Group at the High Court of Justice, in London.

Commercial Bank of Dubai v. American Express Inc.: Discovery Application

September 15, 2020 - Application by Commercial Bank of Dubai to take discovery from American Express Inc. for use in contemplated legal proceedings in Dubai regarding the alleged default of a AED 37.5 million loan to Chalmers Engineering Company LLC, of Dubai, and "a personal guarantee from Stuart Allan Macdonald Chalmers, a UK national and Dubai, UAE resident", filed at the U.S. District Court for the Southern District of New York.

Javelin Global Commodities (UK) Ltd. v James Booth: Complaint

September 15, 2020 - Complaint for $3.2 million alleging breach of contract in Javelin Global, of England v James H. Booth, of Kentucky, at the U. S. District Court for the Southern District of New York.

CX Reinsurance Company Ltd.: Chapter 15 Petition

September 14, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in England by Richard Barker and Simon Edel, as the Foreign Representatives of CX Reinsurance Company Limited, at the U. S. Bankruptcy 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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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.