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Offshore firms seek $452 m from Enron advisers

October 4, 2005
Firms in the Bahamas, Bermuda, the Cayman Islands and Delaware have filed an Enron-related civil lawsuit against JP Morgan and Citigroup in which they are seeking damages of $452 million.That is the amount they lost from loans they issued to Enron after being duped into believing that the Texas-based energy firm was solvent, according to a complaint that was filed at the U. S. District Court for the Southern District of Texas on August 26, 2005.

More ex-Enron officers sue Bermuda firms over D&O coverage

November 30, 2004
Three more former Enron officers have filed a complaint against insurers in Bermuda and elsewhere in an attempt to protect their directors and officers liability coverage.The latest action was filed at the U. S. District Court for the Southern District

$19.4 m award against PartnerRe

November 30, 2004
An arbitration panel has ordered PartnerRe to pay $19.4 million to Diamond State Insurance Company in a dispute over reinsurance coverage for weather derivative contracts.Details of the award were announced on November 29, 2004 by Diamond State's Cayman Islands domiciled

Bermuda firms sued over D&O coverage by ex-Enron director

October 31, 2004
A former director of Enron has taken legal action against three Bermuda insurers and other firms concerning directors and officers coverage.Ken L. Harrison, who was once an Enron director and CEO/President of Portland General Electric Company, an Enron subsidiary, filed a complaint at the U. S. District Court for the Southern District of New York on October 20, 2004.

Ukraine seeks evidence from Delaware-domiciled International Holdings Group LLC

October 31, 2004
Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged tax fraud - pursuant to a request for judicial assistance from Ukraine - that was filed at federal court in the USA on September 24, 2004. Individuals and businesses mentioned in the request for assistance include Chernovy Zhovten, International Holdings Group LLC, Enronecuador S. A, Inakva-Vita, Spedair Logistikas Grupa Riga, Teploservice Ltd., and Torgivelni Systemy Ltd.

Ukraine: Chernovy Shovten PE

September 24, 2004
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into alleged tax fraud involving Chernovy Shovten Private Enterprise.

Enron Re given a 12-month lifeline

June 30, 2004
Enron Corp.'s Bermuda-registered captive, Enron Re, has been given another 12 months to sort out its financial troubles. An order adjourning winding-up proceedings against the firm for another year was issued at Bermuda Supreme on June 9, 2004, reported The Royal Gazette newspaper.

Latin America Round-Up: May 31, 2003

May 31, 2003
ARGENTINA Bad start for new president Néstor Kirchner, an obscure provincial governor, became Argentina's president elect by default when former President Carlos Menem withdrew alleging that there was "a systematic slander campaign" against him. Menem is on trial for several

Arthur Andersen captive seeks Scheme of Arrangement

November 30, 2002
Arthur Andersen's Bermuda registered captive, Professional Services Insurance Company Ltd., is seeking to enter into a Scheme of Arrangement with its creditors.An order was issued at Bermuda Supreme Court on November 14, 2002 granting the firm's application to meet with

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

PartnerRe dragged into weather-related insurance dispute

September 30, 2002
PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed

Latin America Round-Up: August 31, 2002

August 31, 2002
ARGENTINA: Menem in deeper trouble; Funny operations to save BISEL; Duhalde criticized; COLOMBIA: New President; LATIN AMERICA: Enron tentacles in Latin America; NICARAGUA: No visa; Alemán, formally accused; PARAGUAY: New financial scandal; and URUGUAY: Little Uruguay sneezes, Latin America is already sick.

NatWest bankers accused of fraud involving Enron Corp.

June 30, 2002
Three former British bankers have been accused of defrauding their employer, National Westminster Bank PLC, of $7.3 million in a scheme involving Enron Corp. and several offshore entities.Gary Steven Mulgrew, 40; Giles Robert Hugh Darby, 40; and David John Bermingham, 39, were each charged with one count of wire fraud at the U.S. District Court in Houston, Texas on June 27, 2002.

Latin America Round-Up: February 28, 2002

February 28, 2002
COLOMBIA: New "super code" against corruption; GUATEMALA: No removal from "black list"; HONDURAS: Rich in Police corruption; HONDURAS & BOLIVIA: New Anti-Money Laundering laws debated; MEXICO: "Yellow light"; Something fishy in Banco Atlántico; PANAMA: New scandal; PERU: Switzerland offers to repatriate $110 million; and REGIONAL: Enron in Latin America.  

Enron’s Cayman liquidation petitions

February 28, 2002
OffshoreAlert has obtained further details of two petitions filed at the Grand Court of the Cayman Islands on January 25, 2002 in relation to two subsidiaries of failed energy firm Enron Corp. The actions, which were filed by Huntlaw Corporate Services Ltd., are applications to wind up Enron Bahamas LNG Ltd. and Enron LNG Shipping Company in order to preserve and sell their assets.

‘US has not approached us for Enron help’, says Cayman Gov’t

February 11, 2002
The Cayman Islands Government has offered to co-operate with United States authorities in their investigation into the collapse of Enron Corp.  However, the U.S. has not yet formally requested any assistance, according to a Cayman Government press release dated February 8, 2002.  Enron had approximately 600 subsidiaries registered in Cayman. None of them were listed in the local telephone directory and it is likely that they comprised little more than pieces of paper in filing cabinets at the offices of the Cayman law firm of Hunter & Hunter, which provided registered agent services to Enron.

Enron Re has assets of just $9.58 million

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to bankruptcy court filings. Creditors of the firm include Enron Corp., Enron North America, Risk Management & Trading Corp., European Finance Re and Harrington International Insurance Ltd.

Enron’s Bermuda captive goes into liquidation

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to its liquidators. The self-insurance vehicle was ordered into provisional liquidation at Bermuda Supreme Court on January 2, 2002 following an application by the Supervisor of Insurance and the Bermuda Monetary Authority.

Enron Re Ltd.: Section 304 Petition

January 18, 2002
Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Enron Re Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

XL Capital and PartnerRe report Enron losses

December 31, 2001
XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.