Fraud investigations

AHAB and Saad settle multi-billion-dollar fraud claims

Saudi conglomerates Ahmad Hamad Al-Gosaibi & Brothers and Saad Group have settled billions of dollars’ worth of fraud claims against each other, following a decade-long dispute in the Cayman Islands.

13 October 2020

“Open for business”: BVI court approves third party litigation funding

In the first written judgment of its kind, a British Virgin Islands court has approved third party funding agreements for litigation and other liquidation fees and expenses in relation to a multinational Ponzi scheme.

01 October 2020

Abu Dhabi court appoints Alvarez & Marsal as NMC Healthcare’s administrators

NMC Health’s UAE entities have been placed into administration in Abu Dhabi’s financial free zone, after successfully applying for protection against enforcement of debt claims this weekend.

28 September 2020

Second Circuit hands Madoff customers’ profits to trustee

A US appeals court has ordered certain customers who unwittingly gained from the Bernie Madoff Ponzi scheme to hand their profits to the scheme’s liquidating trustee, finding they are not protected by the US Bankruptcy Code.

28 September 2020

NautaDutilh partner charged over alleged money laundering at bankrupt retailer

Belgian prosecutors have charged NautaDutilh partner Elke Janssens in connection with a money laundering investigation into bankrupt fashion chain FNG, which collapsed following allegations of market manipulation.

22 September 2020

Hong Kong appeal court rejects US letters of request on “fishing” grounds

A private equity firm has failed to compel testimony from two distressed investors in Hong Kong over an aborted restructuring, after Hong Kong’s Court of Appeal said its effort - backed by US letters of request - amounted to a fishing exercise.

18 September 2020

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

Cayman court curtails freezing order against China’s answer to Starbucks

A Cayman court has declined to extend a worldwide freezing order against China’s Luckin Coffee chain, which entered provisional liquidation in July after confirming it misstated its 2019 accounts.

13 August 2020

UK appeal court okays liquidation scheme for property tax mitigation

The UK government cannot wind-up a pair of companies that use members voluntary liquidation schemes to avoid tax on abuse of insolvency law grounds, an English appeal court has affirmed.

10 August 2020

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