Bribery & Corruption

Nicaragua: Byron Rodolfo Jerez Solis et al

May 2, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Nicaragua into Byron Rodolfo Jerez Solis, Arnoldo Aleman Lacayo, Alfredo de Jesus Fernandez, Esteban Benito Duquestrada Sacasa, Jorge Solis Farias, Ethel Gonzalez de Jerez, Valeria Jerez Gonzalez, Alvaro Aleman Lacayo, Mayra Estrada de Aleman, Arnoldo Antonio Aleman Estrada and others for alleged corruption, fraud and theft.

US assists BVI with airport corruption probe

April 30, 2003

The United States authorities have assisted the British Virgin Islands government in an investigation into alleged corruption regarding contracts at the Terrence B. Lettsome International Airport.Katherine M. Ho, Assistant United States Attorney for the Middle District of Florida, filed a notice at the local Federal Court on March 17, 2003 stating that she had finished compiling evidence in accordance with a request by the BVI Government under a mutual legal assistance treaty.

Ukraine: Pavel Lazarenko et al (2003)

April 23, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Pavlo Ivanovych Lazarenko, Mykola Ivanovych Agafonov, Petro Mykolayovych Kyrychenko and Igor Oleksandrovych Polozhentsev for alleged embezzlement.

Offshore accounts used for bribes, claim prosecutors

March 31, 2003

A businessman has been charged under the Foreign Corrupt Practices Act after allegedly using offshore companies and bank accounts to pay bribes totalling more than $20 million. James H. Giffen, 62, Mamaroneck, New York, was arrested at John F. Kennedy Airport on March 30, 2003 on charges of making unlawful payments to two senior officials of the Republic of Kazakhstan.

US Treasury officer pleads guilty to receiving ‘unlawful compensation’ from fraudster

March 31, 2003

A United States Treasury officer whose job involved warning the public about investment fraud has admitted receiving money for providing information to someone who turned out to be a fraudster. James Lynn Kramer-Wilt pleaded guilty on January 30, 2003 to one count of "willful receipt of unlawful compensation from a source other than the executive branch of the United States Government". He is currently awaiting sentencing at the U. S. District Court for the District of Eastern Texas and faces a maximum penalty of five years in prison and a fine of $250,000.

Ukraine: Viktor Shubin

January 13, 2003

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into the alleged bribery of Viktor Shubin by Borys Vasylyovich Barybin.

Latin America Round-Up: December 31, 2002

December 31, 2002

ARGENTINA: The long Argentinean "culebrón"; COLOMBIA: Life insurance as laundering instrument; COSTA RICA: Frauds unlimited; NICARAGUA: Lehman Brothers investigated; Money laundering surge; PANAMA: Fraudulent bankruptcies galore; and PERU: Lasnaud's "Montesinos" connection.

Letter from Bermuda: The Berkeley Institute fiasco

December 31, 2002

The greatest achievement of our first experience of a Progressive Labour Party (PLP) government was supposed to be the $68 million construction of a new secondary school, the Berkeley Institute.We already have a Berkeley Institute, which has produced almost the entire black professional cadre that runs the Civil Service and the government. Building a new school a few hundred yards up the road from the first one was considered important by the new government.

Latin America Round-Up: November 30, 2002

November 30, 2002

ARGENTINA Switzerland to investigate Menem's bank accountsSwiss judge Christine Junod will investigate whether beleaguered former president Carlos Menem had money in the country's banking system. Until now, Menem has escaped prosecution in spite of the fact that he has been

Ukraine: Vasyl Mykolayovych Kvack et al

November 17, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Vasyl Mykolayovych Kvack, Volodymyr Romanovych Pavlyk, VV Petliuk, Mariya Yaroslavivna Zasypko, Bogdan Mykhailovych Panchyshyh, Nataliya Bogdanivna Pavlyk and others into alleged corruption involving employees at the Frankivsk District Department of Justice in the City of Lviv, Ukraine.

Latin America Round-Up: October 31, 2002

October 31, 2002

ARGENTINA The bankers' parade Michael Smith, of HSBC, declared before judge Claudio Bonadío that bribes were somewhat customary in Argentina. Smith—a British citizen who has been only months in the South American country—was testifying in a new case of alleged

Brazil: Overland Advisory Services

October 23, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into alleged corruption and bribery involving MetroRED Telecommicacoes Ltda., Overland Advisory Services, Agua Nova Comercio e Servicos Ltda, Caio Fabio D'araujo Filho, Paulo Sergio Rosa, Oscar de Barros, Jose Maria Teixeira Ferraz, Jorge Luiz Frederich Vital, Plinio Guilherme da Silva, Walter Coronado Antunes Filho, Reynaldo Emygdio de Barros and Celso Roberto Pitta.

British Virgin Islands: Berton Smith et al (Terrance B. Lettsome International Airport investigation)

October 22, 2002

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the British Virgin Islands - for a criminal investigation into Berton Smith, Derek Grant, Albion Hodge, Alvin Hodge, and others for suspected corruption involving contracts for the Terrance B. Lettsome International Airport.

Letter from Bermuda: PLP mired in corruption scandals

September 30, 2002

In 1998, when Bermuda's Progressive Labour Party (PLP) took office for the first time in its 34 year history, the general view was that a generation or two would pass before the party would be unseated. The self confessed black

Latin America Round Up: September 30, 2002

September 30, 2002

ARGENTINAMenem off the hook, for the moment Judge Julio Speroni concluded there is not enough evidence to indict former President Carlos Menem in the case of the illegal arms sale to Croatia and Ecuador. Judge Speroni added, though, that Menem

Brazil: Wagner Baptista Ramos

September 12, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into allegations of money laundering, corruption, deviation of public funds and illegal trading in false securities involving Wagner Baptista Ramos and others.

Italy: Mauricio Raggio et al

September 9, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Mauricio Raggio and Rocio Zaldivar Mercado for alleged money laundering regarding the proceeds of corruption by the former Secretary of the Italian Socialist Party Benedetto Craxi, a.k.a. Bettino Craxi.

Ecuador: Filanbanco Corporation

August 28, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ecuador into Roberto Isaias Dassun, Daniel Eduardo Rodriguez Galarza and others regarding suspected fraud and corruption involving Filanbanco SA.

ALERT: Debt-ridden Harris Organization begins operating under a new name

August 4, 2002

Banks, brokers and other companies are advised that offshore financial services provider Marc Harris is now operating under the new name of 'Mitchell Astor Gilbert Trust Co.'

Latin America Round-Up: July 31, 2002

July 31, 2002

COSTA RICA: List of 15 alleged recipients of bribes causes outrage; ECUADOR: Finance Ministry's officials to be arrested; Arms trafficking and Corruption; EL SALVADOR: Investigation of a state company's sale; HONDURAS: INTERFINSA's founder arrested; Another "black list"; MEXICO: US Banker falls in Mexican crackdown; Mexicans take over cocaine business; NICARAGUA: Tangled money; PANAMA: Panama investigates illegal money linked to Nicaragua; PARAGUAY: Bancosur's executives convicted; and URUGUAY: Rohms' dealings in Uruguay; The downfall of "Uruguay's owners"; Banking system in bad shape.

FIBG liquidator warns creditors to expect no dividend

July 8, 2002

In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".

Latin America Round-Up: June 30, 2002

June 30, 2002

ARGENTINA: BGN fiasco unfolds; COLOMBIA: Perception of corruption increases; ECUADOR: Failure in international bid; GUATEMALA: New regulations in Guatemala; "Twin  banks" investigated since 1996; MEXICO: The honeymoon is over in Mexico; NICARAGUA: $2 million lost in Nicaragua; The high life of a president; …And Taiwan wants its money back; and PANAMA: Welcome to Panama.

Yank Barry criminal case takes a further bizarre turn

June 30, 2002

One of the most unusual criminal cases ever - involving Bahamas-based offshore promoter Yank Barry - has taken another bizarre twist. Barry's sentencing at the U. S. District Court for the Southern District of Texas has been delayed yet again because the court transcripts of the nine-day trial - which took eight months to produce - have been found to be inaccurate.

Brazil: Improver International Fund Ltd.

June 14, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into British Virgin Islands-domiciled Improver International Fund Ltd. for suspected involvement in corruption, securities fraud, tax evasion and money laundering.

Sweden: Sven Olof Gothe

June 11, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Sweden into Sven Olof Gothe and Carl-Gustav Backman for alleged embezzlement, breach of trust and bribery.

Latin America Round Up: May 31, 2002

May 31, 2002

Corruption in Argentina Since it was founded in 1999, the Argentinean Anti Corruption Office has handled 1,784 cases that generated 489 complaints but none of them has produced a sentence. The last index by Transparency International — which classifies countries

British Virgin Islands: Bank of America

May 6, 2002

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the British Virgin Islands - for a criminal investigation into Berton Smith, Derek Grant, Nu-Tel Communications Inc., Lester Salkey, Clyde Thompson, Albion Hodge, Alvin Hodge, and B&A Networking Services for suspected bribery, corruption, false accounting, fraud, and theft regarding a contract to construct and expand the Terrance B. Lettsome International Airport.

Trinidad & Tobago: Piarco International Airport

March 20, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Trinidad and Tobago regarding alleged corruption involving the Piarco International Airport Construction Contract.

Ukraine: VD Vakhtangov et al

February 13, 2002

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Vadim Devi Vakhtangov and Iryna Volodymyrivna Sydelnykova for alleged fraud, forgery and corruption.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

December 31, 2001

Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Latin America Round-Up: November 30, 2001

November 30, 2001

Investigator finds links among different cases of corruption in Argentina The head of an anti money laundering commission in Argentina, Legislator Elisa Carrió, has linked apparently unconnected cases of corruption that have occurred during the past 15 years in a

St. Vincent: Money Talks and Nano Walks

November 30, 2001

A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on

Former director of fraudulent bank becomes Cayman’s head of government

November 30, 2001

A man who in 1997 had to resign from office due to his involvement in a fraudulently operated, insolvent offshore bank has become the new head of the Cayman Islands government.In a coup that sparked public demonstrations in Grand Cayman,

Latin America Round-Up: October 31, 2001

October 31, 2001

September 11 side effects on already slowing regional economy The attacks on the United States on September 11th will have profound economic effects, further slowing a world economy already growing at its lowest rate in a decade and speeding up

Meridian Investment Bank has license revoked in Grenada

September 30, 2001

Meridian Investment Bank, whose principals include a plumber and an officer with the Canadian Space Agency, has become the latest bank in Grenada to have its license revoked amid allegations of fraud.MIB's banking license was revoked effective September 4, 2001

Offshore promoter Yank Barry convicted of bribery and money laundering

August 31, 2001

Not even the courtroom presence of boxing legend Muhammad Ali could save offshore investment promoter Yank Barry from being convicted of bribery, conspiracy and money laundering in Texas. Barry, 53, who resides in the Bahamas and also spends time in Grenada, faces up to 70 years in prison and a fine of $2 million when he is sentenced, which is scheduled for November 19, 2001.

Antigua Government refutes claims about Eurofed Bank liquidation

August 31, 2001

Last month's lead article about the fight for the assets of Eurofed Bank prompted a representative of the Antigua government to send a letter of complaint to OffshoreAlert.Wrenford Ferrance, Antigua's Director of the Office of National Drug Control and Money Laundering Policy, has denied that the liquidation of Eurofed is being carried out in secret, as we have been told.

Eurofed Bank depositors are ‘ill-informed’, says Antigua’s chief AML officer

August 13, 2001

Letter to the Editor of OffshoreAlert regarding liquidation of Eurofed Bank from Wrenford Ferrance, Director - Office of National Drug Control and Money Laundering Policy.

Latin America Round-Up: July 31, 2001

July 31, 2001

COLOMBIA: Secondary mortgage firm; COSTA RICA: Brotherly love; MEXICO: "Towelgate"; PANAMA: Ocean Disgrace I; PERU: Montesinos saga continues; and REGIONAL: Black market peso brokers; US bank downsizes in Latin America.

Antigua Gov’t tries to seize Eurofed Bank assets

July 31, 2001

In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

Switzerland: Vladimiro Montesinos

July 10, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Vladimiro Montesinos Torres, James Stone, Ilan Weil Levy, Zwi Sudit, Yury Khozyainov, Fernando Carulla, Rony Lerner and Mordechai Mintzer for alleged money laundering, bribery and embezzlement.

Incriminating FIBG documents

July 4, 2001

In the public interest, we have posted two new documents on our web-site about the First International Bank of Grenada, which can be downloaded from www.offshorebusiness.com/fibgpage.htm.   Both documents are emails that were sent last year, one from FIBG founder Van Brink to Tai Hastey on March 28, 2001 and the other from British barrister Lawrence Jones to Brink on June 8, 2000.

Latin America Round Up: May 31, 2001

May 31, 2001

Panama is on a new "black list" Getting genuine and trustworthy information vital if one wants to make smart investing decisions is going to be harder from now on in Panama. Eight journalists have been convicted of criminal libel in

India: Ashok Kumar Aggarwal

May 25, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in India into Ashok Kumar Aggarwal for alleged corruption while serving as Deputy Secretary, Ministry of Finance, New Delhi.

Latin America Round Up: April 30, 2001

April 30, 2001

Argentina Finally, Argentinean Central Bank boss Pedro Pou was replaced on Wednesday, April 25th, by Roque Maccarrone, former President at Banco de la Nación and Banco Río. The move followed a parliamentarian investigation that found irregularities in the way Pou

Insider Talking: April 30, 2001

April 30, 2001

Attorney David Hampton Tedder, 54, who has spent much of his career involved in offshore finance, including several dubious ventures, is no longer licensed to practice law in the United States. Records kept by the State Bar of California, where

Mathewson claims Cayman politician asked for pay-off

April 30, 2001

Former banker John Mathewson claims that a member of the Cayman Islands government once asked him for a pay-off of $250,000, plus shares in an offshore bank that Mathewson controlled. Mathewson, who owned and managed the now defunct Cayman-registered Guardian Bank & Trust, made the allegation on the first of three days of United States Senate hearings into money laundering.

Pakistan: Admiral Masur ul Haq

April 13, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Pakistan into alleged corruption by Admiral Masur ul Haq when he was Chief of Naval Staff of the Pakistan Navy.

Belgium: Melchior Wathelet

April 10, 2001

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Belgium into Melchior Wathelet for suspected forgery and bribery.

SEC files lawsuit against Wellington Bank & Trust

March 31, 2001

Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.