Paul Muspratt

Originating Application in the matter of DST GP Investments V, LP at the Grand Court of the Cayman Islands.

The U. S. SEC and the liquidators of Cayman Islands-domiciled Caledonian Bank have objected to an attempt by Sentinel Trust Services to block their proposed settlement of a securities fraud complaint and have questioned Sentinel's claim to be the bank's "owner".

Cayman Islands-based Caledonian Bank has millions of dollars of related-party transactions that typically "can be difficult to recover full value" and is exposed to "a single large loan" of $93.7 million, representing more than half of all loans receivable. The grim news for creditors came in the first report of liquidators Keiran Hutchison and Claire Loebell.

Research by OffshoreAlert indicates that insolvent Caledonian Bank is controlled by Canadian hedge fund boss and United States citizenship-renouncer Terry Duffy, not Curacao-based hedge fund services provider Gordon Casey, as claimed by the Cayman Islands Monetary Authority in its petition to wind up the bank.

Winding Up Petition in Cayman Islands Monetary Authority v. Caledonian Securities Limited at the Grand Court of the Cayman Islands.

Winding Up Petition in Cayman Islands Monetary Authority v. Caledonian Bank Limited at the Grand Court of the Cayman Islands.

Caledonian Bank received requests for withdrawals of more than $68 million in the few days after being sued by the SEC in the United States last Friday, it has been disclosed.

Caledonian Bank and affiliate Caledonian Securities have been taken over by their local regulator, the Cayman Islands Monetary Authority, four days after both were sued in the United States for alleged participation in a $75 million stock scam.

Petition for a Court-Supervised liquidation In The Matter of Caledonian Bank Limited at the Grand Court of the Cayman Islands.