BVI trust involved into a fraud case
The legal action regarding a high-scale fraud case has been recently taken in the British Virgin Islands court.
The Serious Fraud Office (SFO) investigated the case and prepared it for the court in the British Virgin Islands.
The victims of this fraud case are about 200 workers of Lanarkshire plant whose pension fund was used by a Danish businessman Bjorn Stiedl.
After his finances were investigated, many facts were revealed. Assets connected to him were traced to a BVI offshore trust holding deposits in a bank in Jersey. The SFO did not accept Stiedl’s claim that his assets were worth just 300 000 GBP.
Stiedl bought the group’s pension fund in 1994 through his company Crisun and acted along with his lawyer stealing cash from the fund by means of transactions into bank accounts around the world. The lawyer was given 100 000 GBP, Stiedl’s secretary was given 10 000 GBP, 400 000 GBP was paid for mortgage taken by Stiedl’s wife.
As to workers, they were left without 2.1 million GBP in their 5-million fund. If counting the interest, about 4 million GBP are lost.
In August 2004, Stiedl was sentenced to 4.5 years in prison. Now he has refunded about 2.5 million GBP into the pension fund as well as compensate 200 000 GBP to the SFO for their higly successful investigator work. His lawyer Iversen was imprisoned for 2 years and had to return 100 000 GBP he received from Stiedl.
The legal action regarding a high-scale fraud case has been recently taken in the British Virgin Islands court.
The Serious Fraud Office (SFO) investigated the case and prepared it for the court in the British Virgin Islands.
The victims of this fraud case are about 200 workers of Lanarkshire plant whose pension fund was used by a Danish businessman Bjorn Stiedl.
After his finances were investigated, many facts were revealed. Assets connected to him were traced to a BVI offshore trust holding deposits in a bank in Jersey. The SFO did not accept Stiedl’s claim that his assets were worth just 300 000 GBP.
Stiedl bought the group’s pension fund in 1994 through his company Crisun and acted along with his lawyer stealing cash from the fund by means of transactions into bank accounts around the world. The lawyer was given 100 000 GBP, Stiedl’s secretary was given 10 000 GBP, 400 000 GBP was paid for mortgage taken by Stiedl’s wife.
As to workers, they were left without 2.1 million GBP in their 5-million fund. If counting the interest, about 4 million GBP are lost.
In August 2004, Stiedl was sentenced to 4.5 years in prison. Now he has refunded about 2.5 million GBP into the pension fund as well as compensate 200 000 GBP to the SFO for their higly successful investigator work. His lawyer Iversen was imprisoned for 2 years and had to return 100 000 GBP he received from Stiedl.