United Arab Emirates

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Dubai Asset Tracing

‘Dubai Asset Tracing’ to be featured at OffshoreAlert London

November 14, 2024
Unlock the secrets of Dubai property ownership at OffshoreAlert London! Next month, join investigative journalists George Greenwood (The Times) and Eiliv Frich Flydal, who helped uncover a massive leak showing how Dubai has become a haven for suspected criminals worldwide. In ‘Dubai Unlocked: How To Investigate Property Ownership in a Money Launderer's Paradise’, they’ll reveal their methods and offer an exclusive hands-on workshop for deeper insights.

City Credit Investment Bank Ltd. v. Citibank, N.A. et al: Discovery Application (Malaysia)

October 17, 2024
Application by Luke Furler, as the liquidator of Malaysia-based City Credit Investment Bank Ltd., to take discovery from Citibank, N.A., Bank of America, N.A., Deutsche Bank, AG, Deutsche Bank Trust Company Americas, New York, JPMorgan Chase Bank, N.A., Bank of New York Mellon Corp., Chase Manhattan Bank New York, and Credit Lyonnais New York for use in legal proceedings in Malaysia regarding a "global fraud" in which "an estimated 17,000 individuals" are "owed approximately 1.1 Billion U.S. Dollars", filed at the U.S. District Court for the Southern District of New York.

Jocelyn Troell et al v. Binance Holdings Ltd. et al: Complaint (‘Aiding & Abetting Terrorism’)

September 20, 2024
Complaint alleging violations of the Anti-Terrorism Act in Jocelyn Troell and others who "are 102 direct victims and 168 indirect victims of terrorist attacks committed from 2017 to 2023" v. Binance Holdings Limited, of the Cayman Islands, and Changpeng Zhao, described as "a dual citizen of Canada and the United Arab Emirates who is currently serving a four-month long prison sentence in California in connection with his criminal guilty plea", at the U.S. District Court for the Southern District of New York.

Christian Thurner: $183K Fine & Disqualification (Dubai)

September 17, 2024
Decision Notice by the Dubai Financial Services Authority imposing a fine of $183,603 and a corporate disqualification on Christian Franz Thurner, who is a citizen of Austria, for regulatory breaches, including lying on a license application to conceal a prior criminal conviction "outside the UAE" for fraud and other offenses, for which "Mr Thurner was sentenced to 15 months imprisonment".

OCS International Finance Ltd.: $721K Fine (Dubai)

September 17, 2024
Decision Notice by the Dubai Financial Services Authority imposing a fine of $720,905 on OCS International Finance Ltd. for regulatory breaches, including lying on a license application form to conceal that its owner, Christian Franz Thurner, who is a citizen of Austria, had a prior criminal conviction “outside the UAE” for fraud and other offenses, for which “Mr Thurner was sentenced to 15 months imprisonment”.

Dubai bank seeks U.S. records in attempt to collect on $100M judgment against UAE’s ‘wealthy Al Sari family’

September 10, 2024
The Commercial Bank of Dubai has applied to take discovery from banks in the United States as part of a long-running battle to collect on a judgment for approximately $100 million that was entered in the United Arab Emirates in 2016 against Abdalla Al Sari, his sons Mohamed Al Sari and Majid Al Sari, and related parties in a dispute that, inter alia, involves entities in the British Virgin Islands, Cayman Islands, and UAE.

Commercial Bank of Dubai PSC v. Bank of America NA et al: Discovery Application (England)

September 9, 2024
Application by Commercial Bank of Dubai PSC, of Dubai, United Arab Emirates, to take discovery from Bank of America, N.A., Bank of Communications, Barclays Bank PLC, BNP Paribas New York, Citibank, N.A., Deutsche Bank AG, Deutsche Bank Trust Company Americas, HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Mashreqbank pcs, Mizuho Bank, Ltd. – NY, Société Générale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Bank of New York Mellon, The Northern Trust Company, UBS AG, Wells Fargo Bank, N.A., and The Clearing House Payments Company L.L.C. for use in legal proceedings in England alleging fraud against Abdalla Al Sari, Majid Al Sari, Mohamed Al Sari, described as "Emirati nationals and members of the wealthy Al Sari family"; FAL Oil Co LLC, Investment Group Private Limited, IGPL General Trading LLC, Hamad Almheiri, Globe Investment Holdings Limited, MAS Capital Holdings Limited, all of the UAE, and MENA Investment Holdings Limited, of the British Virgin Islands, filed at the U.S. District Court for the Southern District of New York.

SEC v. Nicholas Bowerman: Complaint (‘Accounting Fraud’)

September 5, 2024
Complaint alleging the defendant "intentionally manipulated Pipeline’s financial results, which were incorporated into CIRCOR’s consolidated financial statements" in U.S. Securities and Exchange Commission v. Nicholas Bowerman, described as a resident of Darlington, England, who is "a former finance director at Pipeline Engineering, a business unit of CIRCOR International, Inc., a former publicly traded company based in Massachusetts", at the U.S. District Court for the District of Massachusetts.

Trader ‘owed over $21M’ applies to wind up Bybit crypto exchange in BVI

August 23, 2024
An application to wind up the operator of "a large, international online cryptocurrency exchange" known as Bybit has been filed in the British Virgin Islands by a trader who claims to be owed more than $21 million and has accused the group of 'playing a jurisdictional shell game' involving several countries, including the BVI, England, Seychelles, and Singapore.

Steven Kowalski v. Wai Kit Lo: Amended Dismissal Order (‘$80M+ Crypto Theft’)

August 22, 2024
Amended Order dismissing complaint against Wai Kit Lo regarding the alleged theft of approximately 1,400 Bitcoin for lack of personal jurisdiction in Steven Paul Kowalski, a citizen of Australia residing in Dubai, United Arab Emirates v. Wai Kit Lo, of Hong Kong, at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

Peter Georgiou: $980K Fine & Disqualification (Dubai)

August 19, 2024
Decision Notice by the Dubai Financial Services Authority imposing a fine of $980,020 and disqualification on Peter Georgiou for regulatory breaches while employed as a "Relationship Manager" with Mirabaud (Middle East) Limited, specifically that he "engaged in conduct that was misleading, deceptive or was likely to mislead or deceive in connection with a Financial Service".

Steven Kowalski v. Binance Holdings Ltd.: Dismissal Order (‘$80M+ Crypto Theft’)

August 9, 2024
Order dismissing complaint against a crypto exchange regarding the "loss of roughly 1,400 bitcoins in August 2020" for lack of personal jurisdiction and failure to state a claim in Steven Paul Kowalski, a citizen of Australia residing in Dubai, United Arab Emirates v. Binance Holdings Ltd., of the Cayman Islands, at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

Steven Kowalski v. Kraken: Dismissal Order (‘$80M+ Crypto Theft’)

August 8, 2024
Order dismissing complaint against the operators of a crypto exchange known as Kraken regarding the alleged theft of approximately 1,400 Bitcoin for lack of personal jurisdiction and failure to state a claim in Steven Paul Kowalski, a citizen of Australia residing in Dubai, United Arab Emirates v. Payward Inc. and Payward Ventures Inc., both of Delaware, USA, at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

Steven Kowalski v. Wai Kit Lo: Dismissal Order (‘$80M+ Crypto Theft’)

August 8, 2024
Order dismissing complaint against Wai Kit Lo regarding the alleged theft of approximately 1,400 Bitcoin for lack of personal jurisdiction in Steven Paul Kowalski, a citizen of Australia residing in Dubai, United Arab Emirates v. Wai Kit Lo, of Hong Kong, at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

Steven Kowalski v. Lee Kei Lau: Dismissal Order (‘$80M+ Crypto Theft’)

August 8, 2024
Order dismissing complaint against Lee Kei Lau regarding the alleged theft of "just over 1,400 Bitcoin" for lack of personal jurisdiction in Steven Paul Kowalski, a citizen of Australia residing in Dubai, United Arab Emirates v. Lee Kai Lau, of Hong Kong, at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

Hazim Nada et al v. United Arab Emirates et al: First Amended Complaint (‘Dark PR Campaign to Smear Victims’)

August 6, 2024
First Amended Complaint alleging "the United Arab Emirates and some of its top officials managed, directed, and bankrolled a years-long “dark” public relations campaign through the Swiss private investigative firm, Alp Services S.A., which was founded, owned, and run by Mario Brero and Muriel Cavin" in Hazim Nada, of Italy, and Lord Energy SA, of Switzerland v. The United Arab Emirates, Ariaf Studies and Research LLC, of Abu Dhabi, United Arab Emirates; Alp Services SA, of Switzerland; Diligence Sarl, of Switzerland; Mario Brero, of Switzerland; Lionel Badal, of Luxembourg; Muriel Cavin, of Switzerland; Lorenzo Vidino, of Washington, D.C., USA; Sylvain Besson, of Switzerland, and John Does 1-25 at the U.S. District Court for the District of Columbia.

CipherBlade LLC (PA) v. CipherBlade LLC (AK) et al: Answer to Re-Asserted Counterclaims and Third-Party Claims (‘Fraud’)

August 5, 2024
CipherBlade LLC (PA) Answer to Re-Asserted Counterclaims and Third-Party Claims in CipherBlade LLC, of Pennsylvania, USA, which "is wholly owned by Richard Sanders" v. CipherBlade LLC, of Alaska, USA; Manuel Kriz, of Alaska, USA; Michael Krause, of Cyprus; Jorn Henrik Bernhard Janssen, a.k.a. Jan Janssen; Justin Maile, of Alaska, USA; Ioana Vidrasan, of Cyprus; CipherBlade APAC Pte Ltd., of Singapore; Jussi Aittola, of Singapore; Omega3Zone Global Ltd., of Cyprus; Paul Marnitz, of Cyprus; Inquisita Solutions Ltd., of Cyprus, and Green Stone Business Advisory FZ LLC, of the United Arab Emirates, at the U.S. District Court for the District of Alaska.

Olive Group FZ-LLC v. Afghanistan Civil Aviation Authority: Petition to Enforce $15.2M Foreign Arbitration Award

July 24, 2024
Petition to Recognize and Enforce Foreign Arbitration Award in Olive Group FZ-LLC, of Dubai, United Arab Emirates, described as "a private security company with extensive experience and expertise in different security fields, particularly in airport and aviation security" v. Afghanistan Civil Aviation Authority, Government of Islamic Republic of Afghanistan at the U.S. District Court for the District of Columbia.

Switzerland requests bank records of U.S. firm for money laundering investigation into ‘caterer’ Maria Magali Ribeiro Martignoni

July 23, 2024
Switzerland has requested the bank records of U.S. firm Trading Core Investment LLC, which has an affiliate in the Cayman Islands, for a criminal investigation into purported "caterer" Maria Magali Ribeiro Martignoni for suspected money laundering involving accounts and entities in Andorra, Italy, Saudi Arabia, Switzerland, United Arab Emirates, and USA.

Hamad Saif Hamad Abdalla Almheiri v. Russell Crumpler et al: Originating Application

July 12, 2024
Originating Application to terminate the liquidation of MENA Investments Holdings Limited (in Liquidation) in Hamad Saif Hamad Abdalla Almheiri, of the United Arab Emirates v. Russell Crumpler and Christopher Farmer, as Joint Official Liquidators of MENA Investment Holdings Limited (in Liquidation); MENA Investment Holdings Limited (in Liquidation), Commercial Bank of Dubai PSC, Hortin Holdings Limited, Westdene Investment Limited, and VS 1897 (Cayman) Limited at the British Virgin Islands High Court.

Celsius Network et al v. Deep Blue International FZ-LLC: Complaint (‘$567K Preferential Transfers’)

July 8, 2024
Complaint to void and recover “preferential transfers” in Mohsin Y. Meghji, as Litigation Administrator for Celsius Network LLC, Celsius KeyFi LLC, Celsius Lending LLC, Celsius Mining LLC, Celsius Network Inc., Celsius Network Limited, Celsius Networks Lending LLC, Celsius US Holding LLC, GK8 Ltd., GK8 UK Limited, and GK8 USA LLC v. Deep Blue International FZ-LLC, of Ras Al Khaimah, United Arab Emirates, at the U.S. Bankruptcy Court for the Southern District of New York.