Isle of Man - OffshoreAlert

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Offshore shareholders face huge losses after First Ecom share price collapses

November 30, 2000

A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

Court battle looms for control of Hawthorne-Sterling fund group

October 31, 2000

A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.

Keith King panned in Isle of Man judgment

August 31, 2000

A now defunct Isle of Man stockbroking company controlled by offshore businessman Keith King has lost a second civil lawsuit brought by a former client. Defendant City & International Securities was found to have illegally transferred GBP200,000 out of the account of The Mannin Foundation, of Liechtenstein, to fund a new stockbroking firm that collapsed within 12 months and was compulsorily wound up by the Isle of Man High Court.

Mannin Foundation v. City and International Securities Ltd.: Judgment

August 8, 2000

Judgment in Mannin Foundation v. City and International Securities Limited and Edenbridge Investments Limited v. Sunil Pabari at the Isle of Man High Court.

The Mannin Foundation vs. City & International Securities Ltd.: Plaintiff’s Closing Submissions

July 13, 2000

The Mannin Foundation vs. City & International Securities Limited - Plaintiff's Closing Submissions - Isle of Man High Court of Justice - July 13, 2000

ITMS Nominees Limited

June 19, 2000

ITMS Nominees Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

Resumption of Isle of Man trial involving Keith King company

May 31, 2000

A civil trial in the Isle of Man involving a company controlled by Keith King, the founding boss of the First Nevisian group in Nevis, was due to resume on May 30.The trial, which was adjourned earlier in the year, concerns a claim for GBP200,000 (approximately US$300,000) made against King's firm City & International Securities by former clients Virginia Anne Callow and Dr. Herbert Batliner, as Trustees of The Mannin Foundation.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000

The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

UK pressures offshore centers to report suspicious tax transactions

March 31, 2000

Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.

Insider Talking: February 29, 2000

February 29, 2000

Keith King and the Transglobal Investment Fund, Antigua PM Lester Bird seeks to have financial advisory lifted, Viktor Kozeny sued in the Bahamas, U. S. and Bermuda discuss new treaty, Quantum Trading offers suspiciously high returns, Mezzanine Capital in middle of pump and dump, and Michael Creft: From Manitoba Department of Highways employee to Grenada's chief offshore regulator

Ernst & Young launches Internet ‘TaxOmeter’

February 29, 2000

Ernst & Young (Isle of Man) have launched a 'TaxOmeter' on its web-site at www.ey.co.im which it is touting as "the Internet's first multi-jurisdiction, interactive Income Tax caclulator".

Cheyne Securities Limited

February 28, 2000

Cheyne Securities Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

International Trust and Management Services (IOM) Limited

February 28, 2000

International Trust and Management Services (IOM) Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

Insider Talking: January 31, 2000

January 31, 2000

Liquidators of First Cayman Bank reach settlement with former Cayman government minister McKeeva Bush, First Nevisian's Keith Leslie King testifies at civil trial in the Isle of Man, Jordan Bionda denies he is a fraudster, conman Keem Kalfon promotes his Global Heritage Asset Protection 'fund', attorney Julian Hall is declared bankrupt in Bermuda, Bermuda's international business sector voices concern over Government plans to introduce tougher new work permit rules for foreign workers, offshore crook Marc Harris compares himself to Albert Einstein, Florida judge orders Harris Organization to pay costs after losing a libel action against OffshoreAlert's publisher.

First Fuji Limited

October 12, 1999

First Fuji Limited - Enforcement Actions - Isle of Man Financial Supervisory Commission

Atrium Trading Limited

September 23, 1999

Atrium Trading Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

Philip Mark Croshaw: Disqualification

September 22, 1999

Philip Mark Croshaw - Disqualified Directors - Isle of Man Financial Supervision Commission

Details of allegations against Keith King in South Africa

March 31, 1999

Further information came OffshoreAlert's way recently about the nature of the allegations that led to the South African authorities issuing an arrest warrant against Keith Leslie King, the senior principal of First Nevisian, a Nevis-based stockbroking/corporate services group.We have obtained a document that originated from the Director of the Office for Serious Economic Offences in Pretoria dated May 15, 1996 that states: "This office is presently conducting an investigation into alleged fraudulent transactions in South African gilts (government and municipal stocks). The alleged falsification of stock certificates is an important element of the investigation.

Edwards Report on Crown Dependencies urges assistance with tax evasion investigations

October 31, 1998

If offshore practitioners in UK Overseas Territories are looking for an indication as to what they can expect in the forthcoming Government white paper on their review, they could do a lot worse than study the recently published report by

Investors Security Limited

July 22, 1998

Investors Security Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

First Nevisian defends itself in erroneous press release

May 31, 1998

A press release claiming it is the victims of a 'smear campaign' briefly appeared on the web-site (www.firstnev.com) of the First Nevisian stockbroking and corporate services group recently before quickly being taken off. The release was in response to our article of March 31 that revealed the existence of an arrest warrant for First Nevisian's boss, Keith King, in South Africa, where he is wanted for questioning in relation to fraud and forgery offences, that his Isle of Man company had lost a recent lawsuit brought by a former client and that King had been declared to be ‘not a fit and proper' person to run a company in the Isle of Man.

Nevis government supports First Nevisian boss despite arrest warrant

April 30, 1998

The Nevis government has thrown its support behind the First Nevisian stockbroking and corporate services group after Offshore Alert revealed last month that there is a current arrest warrant in South Africa for its main principal, Keith Leslie King, in relation to fraud and forgery charges and that he was kicked out of the Isle of Man by regulators. We have not heard from King or the Nevis government since we ran our article last month.

Arrest warrant out for First Nevisian principal Keith King

March 31, 1998

Readers who are considering doing business with the First Nevisian stock-broking and corporate services group in Nevis might like to know there is a warrant out in South Africa for the arrest of its key principal, Keith Leslie King. They may also be interested to learn that he set up a firm in Nevis after being kicked out of the Isle of Man, where his company, City & International Securities, also recently lost a £45,000 ($72,000) lawsuit brought by a former client. A second lawsuit against City & International Securities and King personally is due to be tried soon in the Isle of Man.

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