BVI Offshore Business: Grey Area

March 27, 2008

Rivkin’s trustees are to receive $2.7 million by the decision of Jersey Court

Filed under: BVI Companies, Bankruptcy, Investigation, Tax Shelters — Mike @ 2:40 am

The proceeding on the bankruptcy of late stockbroker Rene Rivkin, related to his affairs in the UK and BVI,  was started more than a year ago and is not over yet. Rivkin’s bankruptcy trustee, Anthony Warner of Sydney-based CRS Warner Kugel, planned to recover millions of dollars from Jersey bank account of the company called Thameslink, wholly owned by Rivkin and having BVI company called Derata as its sole director. In case of success, the funds were to be distributed to the creditors, including the Australian Taxation Office.

Now, the Royal Court of Jersey approved a claim of the trustee on the Thameslink, which has $2.7 million in its bank account in Jersey. Mr Warner confirmed that Jersey authorities would be releasing the $2.7 million Thameslink funds to the estate after declaring that Rivkin was the beneficial owner of the company – the fact Rivkin had previously denied. Also, Mr Warner said he would be given success to financial records of Thameslink, to examine them carefully and probably uncover new details of his Swiss bank accounts.

Rivkin’s estate was placed into bankruptcy last year, and his family co-operates with Mr Warner to recover funds believed to be held in offshore jurisdictions including BVI, by companies ultimately owned by Rivkin.

March 22, 2008

Assets Recovery Agency is to recover £5.375 million in connection with offshore Trust and BVI companies affairs

Filed under: BVI Companies, Drug trafficking, Frauds, Money Laundering, Tax fraud — Mike @ 10:44 pm

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.

March 17, 2008

Suspicious investment scheme company looking for BVI licence

Capital Blu Management, the newest firm which appeared in the alternative investment scheme sector, payday us fast cash loan,fast cash payday loancash till payday loan,cash loan payday,advance cash cash loan payday paydayloan oneclickcash paydaycash fast loan paydaycash advance loan illinois,5 advance cash illinois loanfull pay video pokerbest video pokerinternet casino craps,internet casino,internet casino gambling gamefree online casino gamblingduces wild video pokercasino link online suggestno deposit bonus online casino,free online gambling casino bonus,online casino bonusplay blackjack online freefree video poker gamescraps free online play,casino craps free gambling online,free online crapsfree online casino,online casino,top online casinoplaying blackjackplay free casinofree casino cash bonus,casino cash,free cash casinofree video poker gamereal money backgammonplay roulette onlinefree casino moneytriple play video pokerfree roulette,free roulette download,play free rouletteroulette gambling,best gambling online roulette,online roulette gamblingplay black jack online freeonline gambling casino,gambling casino online bonus,free online casino gamblingcasino download,free online casino download,download online casino gamemicrogaming casino bonusbaccarat card game,baccarat game,baccarat the internet casino gamecasino no deposit bonus code,online casino sign up bonus,casino bonusvideo poker for winnersvideo poker strategy,free video poker,video pokerkeno gameplay slots,play for fun online slots,free slots play for freecraps rulesplay free slots,free slots,free online slots gameinternational online casinovideo poker machineshand held video pokercraps gambling strategy,craps gambling game,gambling crapsbest casino bonus888 black jackfree online slots no download,no download free slots game,free slots no downloadblack jack downloadplay casino game onlinetournament backgammon888 poker,888 poker info,888 poker tournamentbest online casino bonus this month is going to place an application before the BVI Financial Services Commission to legitimise its operations. However, by words of company’s chief executive Donovan Davis Jr, Capital Blu is willing to accept investments, but only if remitted to its offshore operation in the British Virgin Islands. He also said that the company had initial discussion with the BVI FSC, and now is going to submit an application to move on with receiving the licence.

Capital Blu mainly operates in Melbourne and Florida, and claims to have branch offices in London, Philippines, and Sydney, but the website does not provide much detail about its locations and the people standing behind the company.

Davis, Jamaican by nationality, will organise free seminar in Kingston on the foreign exchange market and wealth creation, to raise interest to his company. Then, Capital Blu is going to hold similar seminars in Trinidad and Hong Kong. He plans to establish a hedge fund in Jamaica, saying that his intent has been conveyed to the FSC. It should be said that the investment schemes operating in this field are all said to trade foreign currency derivatives, and Capital Blu plans to explore the same area. Davis said that, in his talks with the FSC, he seems to be on the same page in terms of the structure.

By words of FSC spokesperson Nadene Newsome, Capital Blu has indicated its intention to apply for a licence as a securities dealer. He said the type of discussions referred to by Davis would not be in the remit of the FSC.

Davis left a comment that he would not accept any investment within Jamaica, until the licensing process is complete – meaning he will not collect funds here. He added that he was quite willing to trade accounts on behalf of clients, but they must send their funds to the BVI.

March 14, 2008

BVI and Vietnamese joint venture to be inspected in connection with unauthorized residential area development

Filed under: BVI Companies, Investigation — Mike @ 11:18 pm

The HCM City Department of Natural Resources and Environment is planning to start the inspection of the Sai Gon Water Park – the joint venture between the BVI-registered Pegasus Leisure Ltd. and Vietnam-based Thien Tuyen Housing Trading and Investment Consulting Co. Ltd. This company built Vietnam’s first water park with investment capital of US$11mln, which  was opened in 1998 and closed in mid-2006.

The management of the Sai Gon Water Park commented that the park was suspended for “maintenance service and replacement of worn-out equipment”. However, nothing has changed during this period, and now the deputy chairman of HCM City People’s Committee, Nguyen Huu Tin, has signed a document to establish an inspection team to work on the company’s project.

Sai Gon Water Park has invested more than US$630,000, to fill the grounds and build an embankment, with the purpose to build about 50 high-end villas for sale and lease. Also, there is information that the company signed a contract with the construction consulting company Meinhardt Viet Nam, which was actually responsible  for changing the purpose of the land-use certificate – granted to the 5-ha area under Sai Gon Water Park – from a leisure facility to a housing structure.

This was done when BVI- and Vietnam-based joint venture had not been allowed by HCM authorities to develop a residential area on the former water park. Actually, since the time when, after the first two years of quite successful operation in the entertainment market, the park has accumulated huge losses in 2006, the joint venture asked the city government to allow it to shift part of its business to housing. However, the opinion of the authorities was that Sai Gon Water Park should await the master zoning plan of the city. The change of the site’s purpose also must receive approval from the Government and the Ministry of Planning and Investment.

March 9, 2008

Alleged tax fraudster makes complicated series of offshore transactions involving the BVI company

Filed under: BVI Companies, Investigation, Money Laundering — Mike @ 4:28 pm

A connoisseur of artwork Michael John Milne has been charged by Sydney court with laundering $30 million as part of Australia’s largest tax fraud investigation. The director of the company who claims to have earned just $3397 in 13 years probably used “fraud and intimidation” to get access to  much larger amount for just $1. If found guilty of the offences, he will face up to 25 years in jail. By the words of Crown prosecutor Dean Jordan, $30 million in total “were returned back to Australia by a number of means, by a number of companies and entities controlled by the accused”.

The complicated series of offshore transactions ended in Mr Milne allegedly removing $30 mln worth of shares from a Swiss bank account, and returning the money back to Australia through a number of offshore companies that he is said to control. It started when the company Clairmont Holdings and Finance, registered in the British Virgin islands, bought a $7.9 million debt owed by Admerex for $1. The sole director of the BVI company is Urs Meisterhans, who is at the same time a partner in a Swiss-based financial services company called Sinitus. Now it is alleged that Mr Meisterhans ran offshore companies on behalf of Mr. Milne.  

One of Australia’s top law firms, Atanaskovic Hartnell, has been implicated in the scandal, with one of its former lawyers Anne Harley who was responsible for setting up overseas companies for Mr. Milne and now is accused of telling a Swiss bank to destroy documents that were connected to the alleged transactions. According to the court documents, in 2004 she told a Swiss bank, SwissFirst, to destroy paperwork naming Mr Goodall as the sole signatory to an account, and instead she forwarded the bank documents naming Mr. Milne and Mr. Meisterhans as signatories. Then Mr. Meisterhans allegedly moved the$30 mln worth of shares to one of Mr. Milne’s companies.

Told of the document-destroying allegations, Ms Harley denied them, as well as setting up companies for Mr. Milne for the purpose of money laundering or any other wrongdoings.

March 2, 2008

Wikileaks site closed after publishing secret information on BVI company’s accounts in the swiss bank

This week, the Julius Baer bank in Zurich, Switzerland, successfully initiated new censorship blow against the internet – so, those who tried to reach wikileaks.org, a global website devoted to publishing leaked documents, failed to do it.

Wikileaks, the website that is managed by the group of people who wish to provide what they call an “untraceable and uncensorable” leaking machine to be used by dissidents worldwide, involves Tibetan, Chinese and Thai political campaigners, an Australian hacking author and many other ambiguous personalities. Not being the only site of this kind, it has however an impressive record since its launch in 2006.

Now, after all its loud publications including the 238-page manual Standard Operating Procedures used in the controversial prison of Guantánamo, and a secret 110-page draft report by the international investigators Kroll, which revealed allegations of massive corruption in Kenya, Wikileaks enraged the Julius Baer bank with posting the details of the bankers’ most secret trade information – the way how they hide the funds of their richest international clients in offshore trusts. This kind of information is very actual and very “hot”: in Germany, the federal intelligence service recently paid almost £4m for a disc containing similar details from the bank in Liechtenstein. After that, there were tax raids on hundreds of suspected persons, the disgrace of prominent businessmen, and a diplomatic collision with the Cayman Islands offshore jurisdiction.

The published files of the swiss bank, among other records, contain information on an anonymous British Virgin Islands company run by the Baer bank and called Seneford Investments. Nominee director of the BVI company was based in the Cayman Islands. In 1998, the swiss bank’s documents listed six bank accounts for the company, in Switzerland and in other jurisdictions, accounting in total $113m.

t is claimed that the real owner of BVI-domiciled Seneford Investments, who allegedly salted away more than $100m (£50m), is Lawrence Kadoorie’s family trust. Late Kadoorie is a Hong Kong millionaire, who received peer’s title from Margaret Thatcher in 1981. He made family’s fortunes through China Light and Power, which provides Hong Kong with electricity, and through a chain of hotels. Kadoorie’s son, Sir Michael, who still has major interests in the Hong Kong companies, did not respond to invitations to comment.

The federal judge Jeffrey White in San Francisco ordered removal of the domain name, and banned further cicrulation of the documents. However, all the documents reappeared on Wikileak’s “mirror” sites, or even might be accessed by using the IP number instead the domain name. Further hearings on February 29 may fully change the original decision.

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