Assets Recovery Agency is to recover £5.375 million in connection with offshore Trust and BVI companies affairs
The High Court of London has granted the Consent Order to the Assets Recovery Agency (ARA) to recover £5.375 million of criminal assets. This order was the result of an agreed settlement between the Agency and John Szepietowski, Susan Ann Szepietowski both of Ashford House, Four Winds Park, St Georges Hill, Weybridge, Surrey, British Virgin Islands-registered Merchant Taylor Company Limited, Cobham Investments Limited and Cobham Investments Leisure Limited.
Szepietowskis’ are charged of having amassed large property portfolio through fraudulent mortgage claims, and laundering of rental income through the accounts in offshore jurisdictions including BVI. Also, the Agency contended that their lifestyle greatly exceeded their known legitimate income, and they evaded their tax liabilities.
The initial case involved criminal assets held by an offshore Trust and was referred to ARA by the Police of Surrey in October 2004, following its investigation into Mr Szepietowski’s alleged money laundering of the proceeds of drug trafficking. When ARA opened an investigation into the Trust, soon a separate and complicated web of fraud, money laundering and tax evasion was uncovered over a period of 15 years.
In 2005, the Agency was granted an Interim Receiving Order (IRO) freezing the assets held by Mr Szepietowski on behalf of the offshore Trust. Also, based on this additional evidence, in October 2005 the Agency successfully applied for a second Interim Receiving Order freezing the assets held by the Szepietowskis’ and their companies - BVI-based Merchant Taylor Company Limited, Cobham Investments Limited and Cobham Investments Leisure Limited.
The negotiations between the respondents and ARA continued since October 2007, and in the mid of January 2008 all claims of the Agency were settled by agreeing to transfer properties £5.375 mln worth to the Agency. However, the Agency still continues to pursue its civil proceedings against the assets of the original offshore Trust.