Offshore funds in Bermuda and Curacao - ADG Absolute Diversified Growth Fund and Enterprise Emerging Markets Fund - were used by fraudsters in India to launder the proceeds of a $125 million investment scam by Bombay Stock Exchange-listed technology firm Geodesic Ltd., according to Mumbai police.
How could a private equity fund negotiate and sign a multi-million dollar contract with a 'company' that didn't even legally exist? That's the latest unanswered question that raises further doubts about the credibility of Bermuda-based ADG Absolute Diversified Growth Fund Ltd.
An obscure Bermuda-domiciled private equity fund - ADG Absolute Diversified Growth Fund - has applied to liquidate an even more obscure and long ago defunct BVI shell company - Lasdun Ventures - for alleged failure to repay a $52 m loan, a transaction whose substance is open to question.
ADG Absolute Diversified Growth Fund Ltd. v. Eland Crown International Growth Fund Ltd.: Liquidation Application
Liquidation Application in ADG Absolute Diversified Growth Fund Ltd. v. Eland Crown International Growth Fund Ltd. at the British Virgin Islands High Court.
Liquidation Application in ADG Absolute Diversified Growth Fund Ltd., domiciled in Bermuda, v. Lasdun Ventures S.A. at the British Virgin Islands High Court.
'Confidential Private Placement Memorandum' for Bermuda-domiciled ADG Absolute Diversified Growth Fund Ltd., August 25, 2014.
Filings at Bermuda Supreme Court on Tuesday suggest that U.S.-based computer giant Microsoft Corporation is being investigated for suspected tax offenses involving three offshore subsidiaries, Flat Island Company, Round Island One, and RI Holdings.
Bermuda's Minister of Finance has made six applications to Bermuda Supreme Court already this year for orders requiring local companies to produce records for foreign tax investigations. The respondents are Appleby (Bermuda) Ltd., ADG Absolute Diversified Growth Fund Ltd., Firstmark Ltd., The Boston Trust Company Ltd., c/o Codan Trust Company Limited; RUBiS Energy Bermuda Ltd. and RUBiS Bermuda Ltd.