Roderick Forrest

Complaint alleging fraud in Mathew Clingerman, as Receiver for Silk Road M3 Fund, a segregated account of Silk Road Funds Limited, of Bermuda v. Alisher Ali, apparently a citizen of Saint Kitts and Nevis residing in New York; Eurasia Capital Ltd., of the Cayman Islands; Eurasia Capital (Mongolia) LLC, of Mongolia; Silk Road Management Limited, of the Cayman Islands; Silk Road Finance Limited, of the Cayman Islands; Apex Fund Services Ltd., of Bermuda, and Peter Hughes, of Bermuda, at the Supreme Court of the State of New York, County of New York.

Capital Bank-Grawe Gruppe AG v. Thomas Lloyd Investment Funds Limited et al. - Bermuda Supreme Court

Minister of Finance Paula Cox announced that "Bermuda is engaged in negotiating a further 10 Tax Information Exchange Agreements with OECD states and two with EU states". She also pointed out that Bermuda's TIEA with the United States was signed

On January 12, 2009, Bermuda and the USA signed a Mutual Legal Assistance Treaty, pursuant to which each country can formally apply to the other to obtain information for criminal investigations. The Bermuda Government lauded the agreement as "yet another

A civil lawsuit in the United States that was notable for the unusual level of secrecy afforded to the parties by the judge has been dismissed.Bermuda-based KPMG Financial Advisory Services Limited and its two managing directors, Malcolm Butterfield and Michael Morrison, had been seeking $11 million in compensatory and punitive damages against Diligence LLC, a Washington, D.C.-based private investigative agency/risk management firm whose employees and advisers include former high-ranking officials within the CIA, FBI, US Government, UK Government and UK special forces.

A James Bond-like tale involving allegations of corporate espionage, bribery, corruption, and a Bermuda Government whitewash of a suspected $1 billion money laundering scheme is unfolding in a U. S. court. Among the cast of characters are Russia's Telecommunications Minister, Leonid Reiman; a Bermuda-based, so-called mutual fund in which Reiman appears to be the only investor and which he may have used to launder the proceeds of corruption, IPOC International Growth Fund Ltd.; IPOC's banker, fund administrator, custodian, and accountant, Bermuda Commercial Bank; IPOC's Bermuda representative and provider of various services, including directors and officers, Wakefield Quin; the firm appointed by Bermuda's Minister of Finance to investigate IPOC, KPMG Financial Advisory Services Ltd.; and Diligence LLC, a Washington, D.C.-based intelligence-gathering firm that is headed by a former officer of the U.K. Security Service known as MI5 and whose advisors include a former Director of the CIA and the FBI.

The founding president/director of a Bermuda-registered open-ended mutual fund has resigned after it was disclosed that he had served a prison term in Germany in 1997-99 for fraud and embezzlement. Vidya Sharma, apparently a former Merrill Lynch banker, stepped down from IPOC International Growth Fund Ltd. in October of last year after his criminal conviction came out during court proceedings involving the Fund in the British Virgin Islands.