Marshall Islands

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Kili/Bikini/Ejit Local Government Council et al v. Arden Trust Company NA: Complaint (‘Mismanagement of Resettlement Trust’)

August 19, 2024
Complaint alleging "egregious mismanagement" of a "Resettlement Trust" whose "market value" has "fallen from approximately $60 million when Arden became trustee [in 2018] to $89,002 as of June 30, 2024, a decline of more than 99%" in The Kili/Bikini/Ejit Local Government Council, on behalf of the People of Bikini, in the Marshall Islands; Tommy Jibok, Rodney Lewis, Hemri Lajdrik, and Senator Jess Gasper, Jr., in their capacities of the trusts at issue v. Arden Trust Company, NA at the Court of Chancery of the State of Delaware. USA.

Orient Plus International Ltd. et al v. Baosheng Media Group Holdings Ltd. et al: Second Amended Complaint (‘Misstatements and Material Omissions’)

April 24, 2024
Second Amended Complaint in Orient Plus International Limited, of Singapore; Union Hi-Tech Development Limited, of the Marshall Islands, and Golden Genius International Limited, of the British Virgin Islands v. Baosheng Media Group Holdings Limited, of the Cayman Islands; Wenxiu Zhong, Sheng Gong, Yu Zhong, Zuohao Hu, Adam (Xin) He, Yue Jin, Yanjun Hu, each described as a citizen and resident of China; Univest Securities, LLC, The Benchmark Company, LLC, WestPark Capital, Inc., Friedman LLP, and Marcum LLP at the U.S. District Court for the Southern District of New York.

BGA Holdings Ltd. v. Cosmic Glory Ltd.: ‘Court Supervision’ Petition

March 25, 2024
Restoration and 'Court Supervision' Winding Up Petition in John Greenwood, Roy Bailey, both of the British Virgin Islands, and Tsui Chi Chiu, of Hong Kong, as Joint Liquidators of BGA Holdings Limited v. Cosmic Glory Limited, formerly known as Ausca Group Limited, at the Grand Court of the Cayman Islands.

Orient Plus International Ltd. et al v. Baosheng Media Group Holdings Ltd. et al: First Amended Complaint (‘Material Misstatements or Omissions’)

March 5, 2024
Amended Complaint in Orient Plus International Limited, of the British Virgin Islands; Union Hi-Tech Development Limited, of the Marshall Islands, and Golden Genius International Limited, of the British Virgin Islands v. Baosheng Media Group Holdings Limited, described as a publicly-listed, Cayman Islands firm that provides “an online marketing solution provider based in China”; Wenxiu Zhong, Sheng Gong, Yu Zhong, Zuohao Hu, Adam ‘Xin’ He, Yue Jin, Yanjun Hu, Univest Securities LLC, The Benchmark Company LLC, WestPark Capital Inc., Friedman LLP, and Marcum LLP at the U.S. District Court for the Southern District of New York.

ACT Maritime LLC et al v. Bank of America, N.A. et al: Discovery Application (England)

March 1, 2024
Application by ACT Maritime LLC and Wilmington Savings Fund Society FSB to take discovery from Bank of America, N.A., Bank of New York Mellon, BNP Paribas S.A., Barclays Bank PLC, Citibank, N.A., Commerzbank AG, Deutsche Bank AG, HSBC Bank (USA) N.A., JPMorgan Chase Bank, N.A., Société Générale, Standard Chartered Bank, UBS AG, Wells Fargo Bank N.A., and International Registries Inc., as agent for the Trust Company of the Marshall Islands, for use in legal proceedings in England involving Panormos Crude Carriers Ltd., of the Marshall Islands; London Maritime Holdings Ltd., of the Marshall Islands, and their "ultimate beneficial owner", Athanasios Kairaktidis, "in connection with a fraud believed to have been perpetrated by him which undermines Petitioners’ ability to recover on its first preferred vessel mortgage, underlying loan agreement and corporate guarantee", filed at the U.S. District Court for the Southern District of New York.

Orient Plus International Ltd. et al v. Baosheng Media Group Holdings Ltd. et al: Complaint (‘Material Misstatements or Omissions’)

February 1, 2024
Complaint in Orient Plus International Limited, of the British Virgin Islands; Union Hi-Tech Development Limited, of the Marshall Islands, and Golden Genius International Limited, of the British Virgin Islands v. Baosheng Media Group Holdings Limited, described as a publicly-listed, Cayman Islands firm that provides "an online marketing solution provider based in China"; Wenxiu Zhong, Sheng Gong, Yu Zhong, Zuohao Hu, Adam 'Xin' He, Yue Jin, Yanjun Hu, Univest Securities LLC, The Benchmark Company LLC, WestPark Capital Inc., and Marcum LLP at the U.S. District Court for the Southern District of New York.
Offshore Finance Demystified at OffshoreAlert Bangkok

Offshore Finance Demystified at OffshoreAlert Bangkok

January 22, 2024
Our expert panel will delve into the complex world of offshore finance, providing insights into the latest trends and developments in this often-misunderstood industry. Learn about the use of offshore structures in locations such as the British Virgin Islands, Bermuda, and the Cayman Islands by Asian High Net Worth Individuals and large corporations. We'll also cover the activities in regional Offshore Financial Centers including the Cook Islands, Labuan, Marshall Islands, Nauru, Niue, and Vanuatu.

FTX Trading Ltd. et al v. Mirana Corp. et al: Complaint (‘$953M Preferential Transfers’)

November 10, 2023
Complaint to recover "preferential transfers" in FTX Trading Ltd., of Antigua and Barbuda; West Realm Shires Services Inc., of Delaware, and Alameda Research Ltd., of the British Virgin Islands v. Mirana Corp., of the Seychelles; Bybit Fintech Ltd., of the Seychelles; Time Research Ltd., of the Seychelles; Sin Wei 'Sean' Tan, of Singapore; Wei Lin 'Germaine' Tan, of Singapore; Weizheng Ye, of Singapore, and Nashon Loo Shun Liang, of Singapore, at the U.S. Bankruptcy Court for the District of Delaware.

Nike Shipholding Corporation v. Credit Suisse: Discovery Application (Switzerland)

July 5, 2023
Application by Nike Shipholding Corporation, of the Marshall Islands to take discovery from Credit Suisse Holdings (USA), Inc., Credit Suisse (USA), Inc., Credit Suisse Securities (USA) LLC, and Credit Suisse Asset Management, LLC for use in legal proceedings in Switzerland against Credit Suisse AG regarding an alleged investment loss of $13.5 million in Wirecard AG, described as "a large German payment-processing company that became insolvent shortly after Applicant’s investment - upon CSAG's advice", filed at the U.S. District Court for the Southern District of New York.

Investor prepares to sue Credit Suisse in Switzerland after ‘losing $13.5M in Wirecard’

July 4, 2023
Marshall Islands firm Nike Shipholding Corporation has filed a discovery application in New York as it prepares to sue its investment adviser, Credit Suisse, in Switzerland after investing $15 million in fraudulently-operated German payment-processor Wirecard AFTER Wirecard had already been exposed by the Financial Times newspaper and not long before it filed for bankruptcy, allegedly suffering a loss of $13.5 million.

N.P.S.SF. Debt Co. Sàrl v. Standard Chartered Bank et al: Discovery Application (Germany, India, Marshall Islands, Pakistan, St. Kitts & Nevis & United Arab Emirates)

June 30, 2023
Application by N.P.S.SF. Debt Co., S.à.r.l., of Luxembourg, to take discovery from Standard Chartered Bank, Citigroup, d.b.a. Citibank; The Bank of New York Mellon Corporation, Bank of America, N.A., JPMorgan Chase Bank, N.A., Deutsche Bank AG, Deutsche Bank Trust Company Americas, HSBC Bank, Société Générale, UniCredit Bank AG, Credit Suisse Bank N.A., UBS Group AG, Wells Fargo Bank, N.A., The Clearing House Payments Company L.L.C., Bank of China, BNP Paribas USA, Commerzbank AG, Mashreq Bank PSC, and Habib American Bank for use in legal proceedings in Germany, India, Marshall Islands, Pakistan, St. Kitts & Nevis, and United Arab Emirates regarding an alleged $36.6 million fraud by Muhammad Tahir Lakhani and Muhammad Ali Lakhani, both described as residents of Dubai, UAE, and Pakistan, and their Astir Group, filed at the U.S. District Court for the Southern District of New York.

Eletson Holdings Inc. et al v. Murchinson Ltd. et al: Notice of Removal

June 16, 2023
Notice of Removal, including a copy of the complaint alleging "an unlawful coordinated scheme by Defendants to harm and ultimately to destroy each of the Plaintiffs, their businesses, and their reputations", in Eletson Holdings Inc., a Liberia company based in Greece; Eletson Finance (US) LLC, of Delaware, and Agathonissos Finance LLC, of the Marshall Islands v. Murchinson Ltd., of Canada; Nomis Bay Ltd., described as a Bermuda mutual fund; BPY Limited, described as a Bermuda mutual fund, and John Does at the U.S. Bankruptcy Court for the Southern District of New York.
OffshoreAlert Bangkok: February 28-29, 2024 at the Siam Kempinski Hotel Bangkok

OffshoreAlert announces Asia-Pacific conference in Bangkok

May 15, 2023
OffshoreAlert is pleased to announce our first-ever Asia-Pacific conference, to be held in Bangkok on February 28-29, 2024. We're excited to be bringing our unique combination of expertise, experience, originality, contacts, and fearlessness to the region.

Pach Shemen LLC et al v. Agathonissos Finance LLC et al: Chapter 7 Petition (‘$213M Debt’)

March 7, 2023
Involuntary Petition in Pach Shemen LLC, of Delaware; VR Global Partners, L.P., of the Cayman Islands, and Alpine Partners (BVI) L.P., of the British Virgin Islands v. Agathonissos Finance LLC, of the Marshall Islands; Eletson Holdings Inc., of Liberia, and Eletson Finance (US) LLC, of Delaware, described as being part of a "family-owned international shipping" group that "touts itself as having "a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London"", at the U.S. Bankruptcy Court for the Southern District of New York.

British Steamship Protection and Indemnity Association (Bermuda) Ltd.: Winding Up Notice

February 27, 2023
Public Notice by the Bermuda Monetary Authority that it has "successfully petitioned the Supreme Court of Bermuda to wind up British Steamship Protection and Indemnity Association (Bermuda) Limited", described as "a wholly owned subsidiary of British Steamship Protection & Indemnity Association Limited, a company incorporated in the Republic of the Marshall Islands", for regulatory breaches.

Mansion (Gibraltar) Ltd. et al v. Karel Manasco et al: Judgment (£5M Worldwide Freezing Order)

February 21, 2023
Judgment issuing a £5 million worldwide asset freeze order for alleged "serious misconduct" by Karel Manasco in Mansion (Gibraltar) Ltd. and Onisac Limited, which "are part of a wider group of companies (“the Mansion Group”) which together comprise and operate an online gaming enterprise known as “Mansion”" v. Karel Christian Manasco, described as "a qualified accountant and Fellow of the Association of Certified Chartered Accountants" who served as Mansion Gibraltar's "Chief Executive Officer and de facto Chief Financial Officer", and KM Accountants Limited, of Gibraltar, at the Supreme Court of Gibraltar.

Euroinvest Securities Ltd. et al v. Barclays Bank Plc: Complaint

February 9, 2023
Complaint alleging "violation of a regulatory cap on certain securities that it offered and sold" in Euroinvest Securities Ltd., of the Marshall Islands, and Murat Safin, of England v. Barclays Bank Plc, of England, at the U.S. District Court for the Southern District of New York.

Hangzhou Biaoba Trading Co. Ltd. v. TVPX Aircraft Solutions Inc.: Discovery Application (England)

December 20, 2022
Application by Hangzhou Biaoba Trading Co. Ltd., described as a Chinese company that is "engaged in the business of providing working capital and equity investments", to take discovery from TVPX Aircraft Solutions Inc. for use in legal proceedings in England and Wales "against a debtor named Kei Kin Hung f/k/a Qi Jianhong for the enforcement and recognition of a foreign civil judgment ... in favor of Petitioner, issued by the People's Court of Jianggan District of Hangzhou City of Zhejiang Province", filed at the U.S. District Court for the District of Utah.

‘Remove improperly obtained Cayman judgment that’s been set aside,’ writes Joseph Borkowski’s law firm

October 7, 2022
Letter from Mourant Ozannes law firm, on behalf of "Joseph Borkowski, a director of RF Investment Holdings Limited (formerly Rasia)", requesting the removal from OffshoreAlert's website of a "Strike Out Judgment and the findings of fact" at the Grand Court of the Cayman Islands that has been "set aside" by the Court because it was "improperly obtained" by the plaintiff, claiming that our continued publication of the judgment was "defamatory" and a "breach" of a Court order.

Oceanic Hedge Fund et al v. Höegh LNG Partners LP: Complaint

September 19, 2022
Complaint to Compel Inspection of Books and Records in Oceanic Hedge Fund, which appears to be a Cayman Islands fund based in the Isle of Man; Dymic Investments (Cyprus) Limited, of Cyprus; Mark D. Elliott, and John L. Hage v. Höegh LNG Partners LP, described as "a Marshall Islands limited partnership" whose "common units are listed on the NYSE" but also described as having an address in Bermuda, at the Court of Chancery of the State of Delaware.

UK SFO News Release: Timothy Schools Conviction & 14-Year Prison Sentence

August 11, 2022
News Release by the United Kingdom's Serious Fraud Office announcing that Timothy Schools has been "jailed for 14 years" after being convicted of a "no-win-no-fee fraud" involving entities in the Cayman Islands, England, France, Isle of Man, Marshall Islands, Panama, Spain, and Switzerland.

N.P.S.SF. Debt Co. Sàrl v. Standard Chartered Bank et al: Discovery Application (Germany, India, Marshall Islands, Pakistan, St. Kitts & Nevis & United Arab Emirates)

August 9, 2022
Application by N.P.S.SF. Debt Co. Sàrl, of Luxembourg, to take discovery from Standard Chartered Bank, Citigroup, d.b.a. Citibank; The Bank of New York Mellon Corporation, Bank of America N.A., JPMorgan Chase Bank N.A., Deutsche Bank AG, Deutsche Bank Trust Company Americas, HSBC Bank, Société Générale, UniCredit Bank AG, Credit Suisse Bank N.A., UBS Group AG, Wells Fargo Bank N.A., The Clearing House Payments Company L.L.C., Bank of China, BNP Paribas USA, Commerzbank AG, Mashreq Bank PSC, and Habib American Bank for use in legal proceedings in Germany, India, Marshall Islands, Pakistan, Saints Kitts and Nevis, and United Arab Emirates, filed at the U.S. District Court for the Southern District of New York.

New Pax Maritime Ltd. v. JPMorgan Chase Bank: Discovery Application (England)

July 25, 2022
Application by New Pax Maritime Ltd., described as a Marshall Islands company based in Hamburg, Germany, to take discovery from JPMorgan Chase Bank NA for use in legal proceedings to enforce an arbitration award of $563,596 against Erna Denizcilik Ve Tic. Ltd. Sti., a.k.a. Erna Shipping & Trading Ltd. Co., of Turkey, filed at the U.S. District Court for the Southern District of New York.

Third Eye Capital Corp. v. Gregory McGrath: Discovery Application (Parakou Tankers Inc.)

February 23, 2022
Application by Third Eye Capital Corporation to take discovery from Gregory McGrath for use in "judicial enforcement proceedings" in Hong Kong, the Marshall Islands, and Singapore regarding an arbitral award "in the amount of $10,652,065" against Parakou Tankers Inc., described as "an industrial shipping company engaged in the seaborne transportation of liquid petroleum products that, until recently, owned a fleet of medium range vessels", filed at the U. S. District Court for the District of New Jersey.

Caetano Rosa Holding Corp. v. Kravitz Law PA et al: Complaint

January 25, 2022
Complaint alleging breach of contract in Caetano Rosa Holding Corp., described as a Marshall Islands company owned by Jobelino Locatelli, who "died on February 17, 2020" and was "the patriarch of the Locatelli family; a prominent family from Sao Paulo, Brazil, with extensive business interests" v. Kravitz Law PA and Genilde Guerra at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.
Alexei and Dmitri Ananyev

Russian investigators seek records from 3 NY banks in hunt for assets of ‘multi-billion dollar bank fraudsters Dmitri and Alexei Ananyev’

December 30, 2021
Russia's National Bank Trust is seeking records from three New York banks as part of its attempt to recover the proceeds of "a multi-billion dollar banking fraud perpetrated by two brothers, Dmitri and Alexei Ananyev", who are allegedly linked with entities in several jurisdictions, including Belize, British Virgin Islands, Cayman Islands, Curaçao, Cyprus, Marshall Islands, and Seychelles.

National Bank Trust PJSC v. JPMorgan Chase NA et al: Discovery Application (Cyprus)

December 29, 2021
Application by PJSC National Bank Trust, of Russia, to take discovery from JPMorgan Chase NA, Bank of New York Mellon, and Citibank NA for use in legal proceedings in Cyprus regarding "a multi-billion dollar banking fraud perpetrated by two brothers, Dmitri and Alexei Ananyev", filed at the U. S. District Court for the Southern District of New York.

Anatoly Motylev v. Bank of America et al: Discovery Application (England)

December 27, 2021
Application by Kevin Hellard and Jonathan Thielmann, as Joint Trustees in the English bankruptcy proceedings of Anatoly Leonidovich Motylev, who "is responsible for the collapse of several Russian banks and pension funds that he controlled and has been held liable for these institutions’ debts as a result of the fraud he and his associates perpetrated", to take discovery from Bank of America NA, Citigroup Inc., JPMorgan Chase Bank N.A., HSBC Bank, Bank of New York Mellon Corporation, Standard Chartered Bank, Deutsche Bank Trust Company Americas, and Commerzbank AG for use in Motylev's "English bankruptcy proceedings", filed at the U. S. District Court for the Southern District of New York. The alleged fraud and money laundering scheme involves entities and accounts in several jurisdictions, including Austria, Belize, British Virgin Islands, Cayman Islands, Cyprus, England, Germany, Latvia, Liechtenstein, Luxembourg, Marshall Islands, Panama, Russia, Scotland, Seychelles, Switzerland, Turkey, United Arab Emirates, and USA, it was stated in the application.

BTA Bank v. Bank of America et al: Discovery Application (‘$7.5B Fraud’)

November 16, 2021
Application by JSC BTA Bank, of Kazakhstan, to take discovery from The Clearing House Payments Company LLC and "thirteen intermediary banks", namely Bank of America NA, Bank of China, The Bank of New York, BNP Paribas USA, Citibank NA, Commerzbank AG, Deutsche Bank Trust Company, HSBC Bank USA NA, JPMorgan Chase Bank NA, Société Générale AG, Standard Chartered Bank, UBS AG, and Wells Fargo Bank NA regarding Saint Vincent and the Grenadines-domiciled Panolos Limited for use in legal proceedings in England "against BTA Bank's former chairman, and primary shareholder, Mukhtar Ablyazov, upon BTA Bank's discovery that Ablyazov had illegally misappropriated as much as $7.5 Billion of BTA Bank’s assets and subsequently laundered the proceeds through multiple financial institutions all over the world", filed at the U. S. District Court for the Southern District of New York.

Guillermo Sanchez v. Höegh LNG Partners LP et al: Class Action Complaint

October 27, 2021
Class Action Complaint alleging fraud by Guillermo Sanchez v. Höegh LNG Partners LP, described as a Marshall Islands entity based in Bermuda; Sveinung J. S. Støhle, Håvard Furu, and Steffen Føreid, all of Norway, at the U. S. District Court for the District of New Jersey.

Red Wolf Resources Ltd. v. Rasia: Judgment

July 28, 2021
Judgment in Red Wolf Resources Ltd., described as "an investment holding company incorporated in the British Virgin Islands" v. Rasia at the Grand Court of the Cayman Islands. Editor's Note: This judgment and the findings of fact were subsequently set aside by the Grand Court of the Cayman Islands on September 15th, 2022.

Dorset Ltd. v. Trax Ltd.: Stop Notice

July 15, 2021
Stop Notice by Dorset Limited, of the Marshall Islands, regarding shares in Trax Ltd., of the Cayman Islands, registered to Panagiotis Triantafyllidis, filed at the Grand Court of the Cayman Islands.

SEC v. BTIG LLC: Complaint

May 19, 2021
Complaint alleging "misconduct" involving an unidentified "hedge fund" that is "organized under the laws of Bermuda and headquartered in Toronto, Canada" in U. S. Securities and Exchange Commission v. BTIG LLC, described as a broker-dealer based in San Francisco, California, at the U. S. District Court for the Southern District of New York.

Merkanti Bank Ltd.: €259K Fine

May 14, 2021
Public Notice by the Malta Financial Intelligence Analysis Unit that it has imposed a fine of €259,927 on Merkanti Bank Limited, formerly MFC Merchant Bank Limited, for regulatory breaches. Editor's Note: Research by OffshoreAlert at the Malta Business Registry showed that Merkanti Bank Limited was incorporated on June 17th 2003, its directors are Christian Farrugia, a citizen of Malta; Friedrich Hondl, a citizen of Austria; Otto Karasek, a citizen of Austria; Samuel Morrow, a citizen of the United States, and George Portanier, a citizen of Malta, and its shareholders are Merkanti Holding Plc, of Malta, and Scully Royalty Ltd., of the Cayman Islands. Merkanti Holding Plc was incorporated on May 28th, 2015, its directors are Mario P. Galea, a citizen of Malta; Samuel Morrow, Benjamin Muscat, a citizen of Malta; Silke Stenger, a citizen of Germany, and Martin Ware, a citizen of the United Kingdom, and its shareholders are Merchants Employees Incentive Corp., of the Marshall Islands; Scully Royalty Ltd., and MFC 2017 II Ltd., of the Cayman Islands. The Cayman Islands General Registry showed that Scully Royalty Ltd.'s directors are Dr. Shuming Zhao, Friedrich Hondl, Indrajit Chatterjee, Jochen Dümler, Michael J. Smith, and Silke S. Stenger. There was no record of any company with the name MFC 2017 II Ltd. when OffshoreAlert searched the Cayman companies register.

Pelagos Shipping Company Ltd. v. PB Finance LLC: Complaint

April 16, 2021
Complaint alleging fraud in Pelagos Shipping Company Ltd., of Malta v. PB Finance LLC, described as a Marshall Islands company based in Stamford, Connecticut, at the U. S. District Court for the Southern District of New York.

Dante Locatelli v. Caetano Rosa Holding Corp. et al: Discovery Application

April 2, 2021
Application by Dante Locatelli, a citizen of Brazil, to take discovery from Caetano Rosa Holding Corp., of the Marshall Islands; BHW Alpha LLC, BHW Omega LLC, and Pryor Locatelli Consulting Services LLC, all of Florida, for use in legal proceedings in Brazil and the Marshall Islands involving allegations that "his sister, Cristiane Locatelli, committed various financial improprieties in a covert scheme to take over certain family assets/businesses", at the U. S. District Court for the Southern District of Florida.

The Deposit Guarantee Fund v. Citibank NA et al: Discovery Application (England)

February 23, 2021
Application by The Deposit Guarantee Fund, of Ukraine, to take discovery from Citibank, N.A., The Bank of New York Mellon, Société Générale, New York, HSBC Bank USA, N.A., BNP Paribas USA, JPMorgan Chase Bank, N.A., Barclays Bank PLC, Deutsche Bank Trust Co. Americas, Bank of Nova Scotia, UBS AG, Bank of America, N.A., Standard Chartered Bank US, Commerzbank AG US and The Clearing House Payments Company, LLC for use in a "contemplated proceeding ... against PJSC National Credit Bank, Eastmond Sales LLP, Bank Frick & Co. AG, and other unknown fraudsters" in England for suspected fraud involving several jurisdictions, including England, Liechtenstein, Marshall Islands, Seychelles, Switzerland, and Ukraine, filed at the U. S. District Court for the Southern District of New York.