Jonas Persson

Nearly $5 million belonging to the government-controlled National Commercial Bank of Dominica has been frozen in the United States after an offshore bank client was found to be in contempt of court.The U. S. District Court for the Northern District of Illinois froze $4,793,472 at NCB's correspondent account at the Bank of America in Miami, Florida on July 9, 2003.

An offshore banker and an associate have been arrested in Germany on charges of perpetrating an $82 million fraud against approximately 7,000 investors, most of whom are believed to be German nationals.Ferdinand Hoischen, 53, of Vetlanda, Sweden, and Jonny Franke, 49, of Pirna, Germany, were arrested on Monday, March 31, 2003, according to a source who is familiar with the investigation.

A part owner of the latest offshore bank to be closed down in Dominica has accused regulators of acting on incorrect information supplied by disgruntled management who had been fired only days before. "The government has made a dirty deal with the old management," said Ferdinand Hoischen, a German lawyer who beneficially owns Banc Caribe with Jonas Persson, of Sweden. "This is very political."