Category Archives: Court decisions

Polo Resources’ investee company published arbitration update

Polo Resources Limited, the natural resources investment company based in the British Virgin Islands, announced that its 33.2 per cent investee company Celamin Holdings NL issued an update concerning the resolution of the dispute between its wholly owned subsidiary Celamin … Continue reading

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High Court received application to reopen fraud case involving Celtic Energy

The rarely used procedure was applied in the case of mining company Celtic Energy, to reopen in the High Court the case closed in Cardiff Crown Court. This was done to restart the case against six lawyers and businessmen who … Continue reading

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BVI-based shareholder files lawsuits against indebted Mechel

The assets of three offshore entities were frozen by a Cyprus court by the order issued on behalf of British Virgin Islands company Saven Enterprises. Through these offshore companies, the controlling shareholder and chairman of mining and metals company Mechel … Continue reading

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Florida company’s CEO returned guilty of US$2.5M fraud using offshore company in BVI

The CEO of Florida-based software company iTrackr Systems, Inc. John G. Rizzo has been pleaded guilty to a US$2.5 million fraud by federal prosecution of San Diego, California, and will face a maximum 20-year sentence. iTrackr Systems, Inc. is an … Continue reading

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Cukurova Holding to pay US$1.56bn on Turkcell stake

The shareholder of mobile giant Turkcell, BVI-incorporated Cukurova Holding has to pay US$1.56 billion to recover a disputed 13.7% stake in Turkcell from Russia’s Altimo, a unit of the Alfa Group. By the decision of the UK’s Privy Council, the … Continue reading

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Court rules on Goldman Sachs tax deal through BVI subsidiary

A judge at the High Court of London is asked to rule on HM Revenue and Customs (HMRC)  action with the investment bank Goldman Sachs, and decide if it was legal to let it make off part of its tax … Continue reading

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Restrictions imposed on BVI company in connection with TeliaSonera case

Swedish telecommunications company Telia Sonera has won the case in the BVI court concerning the dispute over the ownership of Turkcell. By decision of the court, restrictions were imposed on locally-registered entities through which Turkcell shareholder Cukurova Holding controls the … Continue reading

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BVI company’s tax avoidance scheme turned to be useless

According to the information by HM Revenue and Customs (HMRC), a multimillion-pound tax avoidance scheme was marketed by Goldcrest Pictures Limited, incorporated in the British Virgin Islands. This is a film production company, which has financed and produced more than … Continue reading

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US Court froze accounts and assets of BVI captive insurance company

Sanctions were awarded by federal judge in Florida against AAUG Insurance Company Limited, a captive insurer incorporated in the British Virgin Islands. The sanctions followed violation by the BVI company of a preliminary injunction order that froze the company’s assets … Continue reading

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BVI companies not recognized by Latvian court as Ventbunkers shareholders

ХудожникAt the end of February, the Latvian Supreme Court Department of Civil Cases did not recognize the British Virgin Islands-incorporated offshore companies Steropes Limited and Gyges Limited as Ventbunkers shareholders, after reviewing the claim by the Dutch company Yelverton Investment … Continue reading

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