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BVI prepares criminal charges against IPOC, seeks to confiscate $40 m

Criminal charges are being prepared in the British Virgin Islands against a Bermuda domiciled investment fund that is suspected of being a money laundering vehicle for Russia's Telecommunications Minister, Leonid Reiman.The BVI authorities have drafted "preliminary charges" against IPOC International

British Virgin Islands: IPOC International Growth Fund Ltd. et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the British Virgin Islands into IPOC International Growth Fund Ltd., Jeffrey Galmond, Michael Ludwig Rudolf North, Lapal Limited, Albany Invest Limited and Mercury Import Limited for allegedly laundering the proceeds of corruption by Russia's Minister of Telecommunications, Leonid Reiman.

Cayman hedge fund Wood River Partners Offshore sued by SEC

A Cayman Islands registered hedge fund is being sued by the SEC, which claims it helped to perpetrate a multi million dollar fraud.Wood River Partners Offshore, Ltd. was named as a defendant in a civil lawsuit filed at the U.

Citco Fund Services criticized again by Lancer Receiver

Fund administrator Citco Fund Services is still "the most significant stumbling block" in the winding-up of the Lancer Group, it has been claimed.Auditor PricewaterhouseCoopers is also not being helpful, according to a report dated April 23, 2004 by SEC-appointed Receiver Marty Steinberg that was submitted to the federal court in Miami, Florida.