David Marchant

U.S. distributed ledger firm Hedera Hashgraph has accused Cayman Islands-domiciled Exponential Science Foundation of trying to evade "contractual obligations" totaling tens of millions of dollars by transferring assets to other group entities in Cayman and Switzerland.

Al Nahdha Investment Ltd. v. TCP-NG Ltd.: Winding Up Petition (‘Insolvency’) Alleging “insolvency”, an investor in the United Arab Emirates has applied to wind up a Cayman Islands company affiliated with London-based The Capital Partnership Group, which, until its website recently went offline, claimed on the site to have US$7 billion of assets under management.

GoldenPeaks Poland Holding Ltd. et al: Chapter 11 Petition (‘$500M+ Liabilities’) Forty companies in Malta and Poland that are part of the Malta-based GoldenPeaks Capital renewable energy group founded by Swiss national Adriano Agosti and United Kingdom national Daniel Tain have filed for Chapter 11 bankruptcy in Texas, disclosing liabilities of more than $500 million.

2718 Capital Ltd. v. Bastion Holdings Ltd.: Winding Up Petition (‘$10.2M Debt’) A petition to wind up the parent company of Hong Kong-based proprietary trading firm Bastion Trading Ltd. has been filed in the Cayman Islands by a British Virgin Islands firm that claims it cannot redeem shares worth US$10.2 million. The sole director of the plaintiff is also a director of the defendant.

SPI Investment Fund SPC: Winding Up Petition (‘Fraud’) In a double blow for investors who allegedly lost over $100 million in the Miami-based Prudent Group, a Luxembourg liquidator’s U.S. lawsuit was dismissed after a judge ruled the complaint was too vague and the liquidators of an affiliated Cayman Islands mutual fund – SPI Investment Fund SPC – told creditors they have run out of money to continue investigating.

The Bank of New York Mellon v. AlterBank Ltd. et al: Discovery Application (Mexico) The trustee of notes issued by insolvent Mexican media company TV Azteca, which is part of a group headed by Ricardo Salinas, is seeking evidence from Saint Lucia-licensed AlterBank and five of its “directors and officers” for an investigation into “a potential $290 million fraudulent transfer”.

Euro Exchange Securities UK Ltd.: Chapter 15 Petition (England) Citing money laundering and insolvency concerns, the Financial Conduct Authority in the United Kingdom has petitioned international payments processor Euro Exchange Securities UK Limited into administration in England and applied for bankruptcy recognition in the United States.

Four Seasons Hotels Ltd. et al v. ProCro Acquisitions Ltd.: Summons to Enforce Foreign Arbitral Award (£5.6M) Canada-based Four Seasons Hotels has applied to the Grand Court of the Cayman Islands to enforce an arbitration award exceeding £5 million against ProCro Acquisitions Limited, whose sole director is Switzerland-based, United Kingdom national Richard Hillier, regarding a proposed – but not built – luxury resort at Brizenica Bay, in Croatia.

In a Cayman Islands court filing, a Chinese investor has outlined suspected fraud by fund manager and property developer One Heritage Group, which has operated entities in several countries, including Cayman, China, England, Hong Kong, and Singapore.

Portraying himself as a victim entitled to 'moral damages', Swiss-Canadian asset manager Marc-André Pépin is suing OffshoreAlert in Switzerland in an attempt to conceal from the public his 2023 criminal conviction for forgery regarding his Cayman Islands mutual fund SPI Investment Fund SPC, which failed amid allegations of fraud and an estimated insolvency exceeding $118 million.