Mr. Elias, who actually is at the heart of controversy surrounding the collapse of Globespan airlines, has claimed that E-Clear owes him £25m. The firm also faced a bill for up to £35m from Globespan administrators PWC, and bills from a number of other creditors. PWC blamed most of Globespan’s demise on an alleged failure by E-Clear to pass on this sum which was taken from the airline’s customers.

Globespan’s financial position worsening, Elia had agreed companies linked to him would make a rescue investment, subject to regulatory approval, but no funds were actually invested. In the beginning of the year, the information was revealed that the Serious Fraud Office had started gathering materials on E-Clear, without formal investigation. Elia had denied any problems.

A sworn statement of affairs document, produced by Elia for E-Clear’s appointed administrators, claims the firm had assets with a book value of £46.7m, but concedes few of them can be realised for unsecured creditors. The multimillion-pound interest in Allbury Travel Group, a Hertfordshire travel agency controlled by Elia through  British Virgin Islands company Allbury Ltd., is among the assets listed by Elia. Allbury collapsed in January 2010, leaving creditors without possibility to recover any part of assets.

According to the Justice Department, the company paid 135 million pounds and more than $14 million to a shell company registered in the British Virgin Islands, “even though in some situations the company was aware there was a high probability that part of the payments would be used to ensure that BAE was favored in foreign government decisions regarding the purchase of defense articles.”Also, according to the U.S. arms trade experts, the BAE payments apparently undermined the competitive ability of U.S. companies.

Justice Department lawyers said that none of the company’s criminal conduct involved BAE Systems Inc., which is the U.S. division of the defense company. However, the temporary hold applies both to BAE Systems, Inc. and to BAE Systems PLC, while the department studies the guilty plea and determines whether additional action should be taken against the company.

In the ownership struggle over KIL’s subsidiary Celltel Limited, a BVI company which is now conducting business as Kasapa Communications Limited, both companies have descended on the institutions and personalities manning the affairs of the company, and accused them of fraudulent actions. The names mentioned in the joint legal suit of KIL and Kasapa Communication include the Standard Chartered Bank Limited, Pricewater House Coopers, an Accountancy and Management Consultancy firm, Bentsi-Enchil, Lesta and Ankomah, a private partnership company providing legal services and Sudan Telecommunications Limited of Sudan. Among other defendants there are Trustee Services Limited, a company issuing secretarial duties, and its General Manager Philip Dosoo, British Virgin Islands-registered offshore companies Certwell Limited, Kuwata Limited and EGH International Limited, and Expresso Group Limited of United Arab Emirates. Also, the list of defendants includes Emad H. Ahmed, Emad Sukker, both of United Arab Emirates, Ihab Ibrahim Mohammed Osman of Sudan and Lung Hien Ching, a resident of Ghana.

Among other decisions, plaintiffs are seeking a court declaration that BVI companies Certwell Limited, Kuwata Limited and EGH International Limited, as well as some other defendants, are not direct or indirect shareholders of Kasapa Telecommunication Limited, and Emad H. Ahmed, Emad Sukker, Ihab Ibrahim Mohammed Osman and Lung Hien Ching are not and never been directors or alternate directors of the mobile telecommunication. Also, KIL and Kasapa are seeking a restraining order against each of the defendants and their agents apart from Trustee Services Limited and Philip Dosoo, from holding themselves as directors, shareholders, officers and offering and receiving banking services to the telecommunication company.

According to the ruling of the high court as of December 2009,  the contract violates the Section of the Constitution banning the release of public funds without a legislated appropriation. In the 90-page consolidated decision issued last year, the high court pointed out that the compromise agreement would have cost the Philippines government billions in terms of prime real estate properties.

Radstock Securities, Ltd. appealed to the high court saying that the PNCC was still a private corporation even if it was a government-owned or controlled. Radstock denied there was a violation of the constitutional ban. However, the high court threw out BVI company’s appeal, saying no arguments were raised that would warrant a reversal of its earlier decision of December 2009.

The credit obligation of PNCC was assigned on January 10, 2001 by Marubeni Corporation to Radstock, and after the due date demands for payment were made to PNCC by Marubeni and Radstock, PNCC failed and refused to pay the obligation. Then, Radstock filed suit against PNCC for the sum of money and damages.

Balram Chainrai had exercised a clause in a loan agreement with Arab businessman that in case of not timely payment he would take over Al-Faraj’s 90 per cent ownership of the Portsmouth. However, his takeover may be challenged by the British lawyer Mark Jacob, appointed to the board by Al-Faraj, who argues that neither party complied with the loan agreement.

By words of Chainrai, he is exercising the loan agreement to secure the future of the club and “to stop people who are recklessly trying to ruin the club”. He said that he was looking for a new investor to take over the club, to support and develop the club.

The club itself confirmed the change of ownership. In the club statement it is said that the security arrangement with the BVI company was based on documents drawn up by law firm, owned by Jacob, as part of the original draw down of the loan, depositing with Mr. Chanrai the original share certificate and a signed share transfer with open date in favor of Mr. Chanrai, which could be dated and exercised in the event of default on the terms of the loan agreement.

Earlier, administrators and regulators could not find out details about $118 million investments made by another Trio Capital managed fund, Astarra Strategic, through another British Virgin Islands-registered company EMA International.

There is the uncertainty with the major investment of ARP Growth Fund because of negotiations on a confidentiality agreement requested by the BVI-registered Professional Pensions ARP. Even once the existence of the assets is established, it is very difficult to value investments in hedge funds including the Denholm Hall Russia Arbitrage Fund Class A, the Alpstar Secured Bank Loan Fund and the Fairfield Ludgate Hill Asian Arbitrage Fund.

Professional Pensions has applied for BVI approval for winding up the fund, raising the prospect of hard-to sell hedge fund assets being sold at discount. By words of Philip York, a director of Empyreal Holdings, the money, which was invested in a series of hedge funds, was now held by JPMorgan due to  its takeover of Bear Stearns, - the company which in 2005 entered an agreement with Professional Pensions Fund. This agreement was known as a “total return swap”, under which the investors benefit from a “synthetic” exposure to a basket of hedge funds while JPMorgan holds the assets. Mr. York also said they had provided to ASIC all the information supporting the existence of those assets, and also that they have provided PPB with all the documents they have in relation to the valuations and shareholdings.

The case relates to SEC investigation into Rhino, the NY-based investment adviser, when the SEC asked the FSA to recover 20 boxes of correspondence created over almost ten years and held by the London accountant Goodman Jones, which the SEC said might be relevant to its investigation. His accountancy firm held documents on behalf of two companies - the British Virgin Islands-based Creon Management and Panama-based financing company Amro International. There was no SEC investigation concerning these Panama and BVI companies, also they were not party to any SEC action. These two companies won a legal challenge against the FSA, saying it was “acting unlawfully in agreeing to appoint inspectors … to obtain the documents”.

In the opinion of the head of banking, finance and regulatory litigation at Allen & Overy Calum Burnett, the current case would help clarify the powers of the FSA to seek information on behalf of another regulator.

There is a memorandum of understanding between the Financial Services Authority and the Securities and Exchange Commission to exchange supervisory information and a history of close co-operation.

Meanwhile, foreign nationals and foreign corporations are not allowed by federal election law to donate to Americal political campaigns. Montandon says he will return an illegal contribution from the BVI company. By his words, accepting the donation was a simple mistake.

The owner of Runvee Inc. is the Shaw family of Hong Kong who contributed another $40,000 to Montandon’s gubernatorial campaign. The candidate says this family has permanent resident status in the US, this fact providing legal status to their donations.

In summer 2008 Robert Tchenguiz, one of the UK’s major investors, whose business was controlled by British Virgin Islands- and Cayman Islands-registered family trusts, had borrowed €1.7 billion from the bank, while his brother’s loans in the bank amounted to €208.7 million. Robert  Tchenguiz also was on the board of an investment company Exista, which was one of the bank’s largest shareholders. Then, the bank’s winding-up committee sued one of companies linked to the businessman for an unpaid overdraft of £643 million, and also attempted to seize proceeds from its sale of stake in the supermarket Somerfield. Also, due to the bank’s efforts Robert Tchenguiz was forced to sell his positions in the pubs group Mitchells & Butlers and the supermarket chain J Sainsbury, and lost hundreds of millions of pounds.

Now, probably as an answer to the bank, two offshore companies linked to the brothers – British Virgin Islands-registered Euro Investments Overseas, and Investec Trust, based in Guernsey, have submitted separate claims against the bank saying they are creditors, and the bank owes them money.  The claim of Vincent Tchenguiz amounting to £1.65bn, and the claim of Robert Tchuenguiz (£650m) together make more than 5 per cent of the total submissions to the bank.

The claims of the brothers probably will be contested by the bank’s winding-up committee but their validity is not likely to be examined until after creditor’s meeting which is planned on this week. If the claims are not successful, the BVI and Guernsey companies could challenge the decision in the court, or sue the bank in a separate legal challenge.

The exact details of the claims are not known, it is suggested only that they could be based on allegations that there were serious problems at the Icelandic bank before it failed. They said that this invalidated their contracts ad caused them financial damage (consequential loss).

In December 2009, the Australian Prudential Regulation Authority suspended Trio Capital Limited as trustee of its funds and one trust. At the same time, the ASIC withdrew company’s licence to operate its 24 managed investment schemes, including its main vehicle, Astarra Strategic Funds. The reason for this, according to the authority, became the breach of the company’s licence conditions and failure to satisfy concerns regarding the valuation of assets.

According to the new trustee, US$70 million of $300 million of Trio’s total assets had been invested in Astarra Strategic Funds. The accounting group PPB as the firm’s administrator is investigating Trio Capital’s managed investment schemes.

The four main superannuation entities – Astarra Superannuation Plan, Astarra Personal Pension Plan, My Retirement Plan, the Employers Federation of NSW Superannuation Plan – are said to have about 10,000 members, and at the end of September 2009 they reported assets of US$300 million. These funds have made significant investments in the Astarra Strategic Fund.