First Cayman Bank

Ian Wight and Michael Pilling, joint Official Liquidators of First Cayman Bank Ltd. (In Liquidation) vs. Barbara Balderamos - Grand Court of the Cayman Islands

Ian Wight and Michael Pilling, joint Official Liquidators of First Cayman Bank Ltd. (In Liquidation) vs. Nadine McLean - Grand Court of the Cayman Islands

Ian Wight and Michael Pilling, joint Official Liquidators of First Cayman Bank Ltd. (In Liquidation) vs. Nadine McLean - Grand Court of the Cayman Islands

Transcript of the Deposition of Syed Asadullah Kazmi in Gulf Union Bank (Bahamas) Limited v. Sheik Abdus Shimmy Quraeshi, Escue Management, Inc., Shahid S. Quraeshi, Crown Capital Advisors, Sohail S. Quraeshi, and Syed Asadullah Kazmi at the U. S. Bankruptcy Court for the Southern District of Florida.

The saying 'There's one born every minute' was never more evident than during a recent interview OffshoreAlert conducted with an Arizona-based creditor of Gilbert Ziegler, the chairman of the fraudulently-run First International Bank of Grenada; The depths to which The Oxford Club's parent, Baltimore-based Agora Inc., will stoop to attract new business seemingly knows no bounds; In the book the Sovereign Individual, which is co-authored by Lines Overseas Management shareholders Lord William Rees-Mogg and James Dale Davidson, there is a paragraph on Page 188 that seems to advocate an illegal act when advising readers on asset protection; Although we published a list of shareholders for Bermuda-based financial services firm Lines Overseas Management last month, the identities of many of the beneficial shareholders was hidden through companies; We reported last month on an alleged fraud being committed by Threshold Insurance Services, which is an apparently bogus insurer being operated by The Harris Organization of Panama and being investigated by banking and insurance regulators in Florida. We learned this month that official records in Panama show that the company has now been dissolved; and Accounting firm Deloitte & Touche, which is liquidating First Cayman Bank, is still forecasting a pay out of 45 to 55 cents on the dollar.

The Cayman Overseas Group Limited vs. Ian Wight and Michael Pilling, as Liquidators of First Cayman Bank Ltd. - Grand Court of the Cayman Islands

Cayman Islands Government award members huge salary increases, McKeeva Bush offers $200,000 to settle $1 million liability, according to First Cayman Bank liquidators; Antigua journalist Tim Hector continues to publish despite printing presses being destroyed in an arson attack, the dubious past of New Utopia conman Prince Lazarus Long, a.k.a. Howard Turney; First Nevisian Group forms Life Offshore Group of Companies, Barron's magazine rips into Agora's The Oxford Club.

First Cayman Bank Ltd. (In Liquidation) vs. Benjamin Wright - Grand Court of the Cayman Islands

Apart from The Harris Organization of Panama, other financial services providers promoted by Florida-based attorney and offshore author Arnold Goldstein have less than distinguished records over recent years, OffshoreAlert can disclose; After responding to an advertisement in the International Herald Tribune that invited readers to call a Bahamas telephone number for details about obtaining an offshore banking licence without any qualifications, we were faxed details of various licences available; The Bahamas Government appears to have changed its mind about how it should privatize the Bahamas Telecommunications Corporation; The Securities Industry Bill, which will, inter alia, provide for the establishment of a Bahamas International Stock Exchange, was introduced to the House of Assembly this month; and the liquidators of First Cayman Bank try to collect $1 million from former Cayman government minister McKeeva Bush.

Originating Summons in First Cayman Bank Ltd. (in Liquidation) v. Al Jabor Group at the Grand Court of the Cayman Islands.

First Cayman Bank Ltd. (In Liquidation) vs. Al Jabor Group - Grand Court of the Cayman Islands

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Cayman Islands into Syed Asadullah Kazmi for alleged fraud and theft regarding First Cayman Bank and Gulf Union Bank.

The liquidators of First Cayman Bank have opened negotiations with the bank's directors and officers with a view to holding them financially accountable for their responsibilities. A lawsuit for negligence is also being considered against the bank's auditors. This and the fact that professional fees and disbursements totalling $1.16 million were incurred in the first 23 weeks of provisional or official liquidation were the highlights of the second report of FCB's liquidators, Ian Wight and Michael Pilling, of Deloitte & Touche, dated May 14.

Cayman Paving Ltd. vs. First Cayman Bank (in Liquidation) et al. - Grand Court of the Cayman Islands

Eyebrows were raised in Cayman this month when a lawsuit was filed at the Grand Court by Khalifa bin Hamad Al Thani against Strand Overseas Investment Limited. The Al Thani family, you may recall, owns Gulf Union Bank and its subsidiaries, First Cayman Bank and Gulf Union (Bahamas).

Buyers of luxury property in Bermuda in 1997 include John Deuss, Reg Grundy, Britons Michael Butt, David Brown, and Ernest Stempel, First Cayman Bank liquidators defend size of fees, Ken Dart turned down for permanent residency in Cayman Islands, John Tugwell wanted to be Bank of Butterfield's Chairman, as well as CEO, say sources; Bermuda Sun newspaper to start publishing twice a week, Thomas Azzara's 'Tax Havens of the World' book contains several inaccuracies, nearly half of all births in Bermuda in 1996 were out of wedlock.

The latest news from the liquidators of First Cayman Bank is that there were 3,606 depositors with total deposits of $27.3 million.Of the total deposits, US$24.9 million, or 91 per cent, was placed by only 343, or 9.5 per cent, of depositors, each of whom had a net deposit of over US$10,000.

OffshoreAlert's unblemished track record when it comes to publishing exposes, despite letters threatening litigation; human cloning group touts Cayman and Bahamas as potential domiciles, who is disgrunted ex-Bank of Butterfield employee who criticized recently-retired chairman Sir David Gibbons?, Richard Black and Mike Cascio look to form new Bermuda insurance facility, possible bribery in the Turks and Caicos Islands, Cayman Islands Monetary Authority MD Neville Grant accepts no responsibility for collapse of First Cayman Bank, Global Private Banking magazine causes mirth by describing closure of FCB as an example of regulators "acting tough on miscreants", Cayman-based Oxford Advisors opens up office in Bermuda, 18 luxury homes in Bermuda sold for a total of $72 m in 1997, and what effect, if any, will the death of Charles Collis have on Bermuda Fire and Marine Insurance litigation? 

First Cayman Bank could be insolvent by as much as $34.5 million and appears to have been stripped of up to $8.3 million in the seven weeks before its collapse through withdrawals by depositors acting on inside information, according to the bank's provisional liquidator, Michael Pilling, of Deloitte & Touche.In a report submitted to the Grand Court of the Cayman Islands this month, Pilling indicated there was evidence that a massive fraudulent preference took place as FCB was on the verge of collapse.

Former 'Acting CEO' of the Cayman Islands Stock Exchange applies to head Bahamas International Stock Exchange, Bermuda Government wants a Bermudian, not British, Governor' Cayman judge rebukes attorney F. Lee Bailey, First Cayman Bank liquidators may want to look at two properties in Florida that belong to the Quraeshi family, further evidence emerges of Cayman Islands Government incompetence in collapse of First Cayman Bank, the hypocrisy of Bermuda's Home Affairs Minister Quinton Edness, Euro Bank Corp. receives Class 'A' banking license in Cayman.

US depositors withdraw $14 million after losing confidence in Cayman Islands, John Jefferson Jr. seeks to sell his shares in Cayman fast-food franchises, mystery surrounds the awarding of a Class 'A' bank license in Cayman to Euro Bank Corp. following a $2 million payment, John Tugwell says he quit as Bank of Bermuda CEO for "personal reasons", Bermuda Gov't Minister Quinton Edness makes difficult-to-believe claim about why Police Commissioner was fired, Bermuda Governor Thorold Masefield takes the public for idiots, did Maples & Calder senior partner Tony Travers really receive $6 million in annual dividends?, profits of First Bermuda Securities revealed, Bermuda lawyer Lynda Milligan-Whyte turns $67,200 into $500,000 at First Bermuda Securities.

Investigators have uncovered strong evidence that First Cayman Bank was looted of millions of dollars before it was closed down, partly through the granting of fraudulent loans to related parties and its participation in a scheme to defraud investors in Sweden and the US.The minimum amount of the alleged fraud perpetrated at First Cayman Bank is estimated to be US$5 million and the bank itself is insolvent by at least $6.1 million, according to documents filed at the Grand Court of the Cayman Islands as part of the bank's proposed liquidation.

McKeeva Bush, a director of First Cayman Bank who lied about his directorship after the bank collapsed amid allegations of fraud, is expected to be officially removed as a government minister when the Cayman Islands Legislative Assembly begins its next session on Friday, October 31.Bush has become an acute embarrassment to the Cayman government since First Cayman collapsed earlier this month, particularly with an international banking conference taking place on the island.

Winding Up Petition in Governor in Council v. First Cayman Bank Ltd. at the Grand Court of the Cayman Islands.

In the Matter of First Cayman Bank Ltd. - Grand Court of the Cayman Islands

Two loans - one of more than $5 million to the owner and another of about $10 million to Texas oil-man Tom Hajecate - form a major part of the Cayman Islands Monetary Authority inquiry into the collapse of First Cayman Bank, Offshore Alert can reveal. These and further details about the bank's financial problems have emerged over the last few days - a period in which this newsletter has been threatened with legal action by government minister McKeeva Bush, who is a director of First Cayman, and warned by his lawyer that we faced criminal prosecution if we continued to pursue the story.

Cayman regulators yesterday closed down Gulf Union Bank and its subsidiary, First Cayman Bank, after evidence of financial irregularities was found during due diligence carried out by a prospective buyer of First Cayman.

The future of First Cayman Bank and its parent, Gulf Union Bank, which also has a Bahamas subsidiary, has been subject to speculation over the last month after the Cayman Islands Monetary Authority blocked the appointment of a new general manager, forced through its own choice and alluded to "problems" at First Cayman.

First Cayman Bank Ltd. vs. Glorine Bodden - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Ruby Harris - Grand Court of the Cayman Islands

Cayman Islands resident Syed Bilal Ahmed, the vice-president of Cayman-based Gulf Union Bank Ltd. and First Cayman Bank Ltd. is still listed as missing in the Bahamas after he disappeared from the Radisson Cable Beach Resort in Nassau on September 5, 1996.

First Cayman Bank Ltd. vs. Jefford Robert Bodden - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Ruby's Beauty Salon Ltd. - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Josef Turnaretscher - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Harold Hamann - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Miss Patti Whittaker - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Mrs. Cherry Ulett - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Mrs. Leatrice Robinson - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Curtis Seymour - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Allan Gee - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Harrison Bothwell and Karie Bothwell - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Cherry Ulett - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. David Vivion Ebanks - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Paul M. Defreitas - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Anthony Baptist - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Ellsworth G. Terry - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Barbara Balderamos - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Vivion B. Ebanks - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Harold Hamann - Grand Court of the Cayman Islands

First Cayman Bank Ltd. vs. Charles Yates - Grand Court of the Cayman Islands