Fraud investigations

HSBC strikes out two Stanford Ponzi scheme claims on appeal

Liquidators of the Stanford International Bank Ponzi scheme will neither be able to bring a dishonest assistance claim, nor a Quincecare damages claim against HSBC for money it paid out to creditors before the scheme was wound-up, after a double success on appeal for the Hong Kong and Shanghai bank.

15 April 2021

Luckin Coffee wins New York recognition but objections remain

China’s Luckin Coffee has secured US recognition of its Cayman liquidation – but a New York court has asked for more information before it decides the scope of further Chapter 15 relief, in light of objections lodged over a stay on claims against non-debtor parties.

24 March 2021

US coal miner sues Greensill for fraud

A US coal miner owned by the governor of West Virgina has sued collapsed finance group Greensill for alleged fraud, a week after an English court appointed Grant Thornton as its administrators.

18 March 2021

Christopher Lee & Ong hires new co-head in Malaysia

A former general counsel of EY Hong Kong has joined Rajah & Tann’s Malaysian affiliate Christopher Lee & Ong as co-head of its restructuring group.

01 March 2021

UK’s financial regulator rapped following LCF collapse

Signature Litigation partners Paul Brehony and Abdulali Jiwaji and head of knowledge and legal services Johnny Shearman examine the impact of the recent public reprimanding of the UK’s Financial Conduct Authority for oversight failures in the collapse of mini-bond issuer London Capital & Finance.

22 January 2021

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

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