Sinai Holdings

The liquidators of three insolvent Cayman Islands investment funds who are investigating "the disappearance of monies" from SPI Investment Fund SPC have applied for Chapter 15 bankruptcy recognition in Florida so they can take discovery from representatives of alleged $118 million loan recipients Sinai Holdings and Prudent Group, including Dennis Klemming, Jacob Gitman, and Yulia Kislyuk.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Andrew Morrison, David Griffin, and Iain Gow, of FTI Consulting, as the Foreign Representatives of SPI Investment Fund SPC (in Official Liquidation), and David Griffin and Yvonne Plamondon, of FTI Consulting, as the Foreign Representatives of International Portfolio Allocation Ltd. (in Official Liquidation) and International Capital Allocation Ltd. (in Official Liquidation), filed at the U.S. Bankruptcy Court for the Southern District of Florida.

Winding Up Petition in NCB (Cayman) Limited v. International Investment Capital Ltd., whose sole director is U.S.-based Swedish national Dennis Klemming, at the Grand Court of the Cayman Islands.

Complaint in Alliance Metals LLC, described as "an ISO certified secondary aluminum company which prides itself in producing high quality specification alloys in various shapes at competitive prices" v. C T Corporation System, of Delaware, USA, at the Circuit Court of the 11th Judicial Circuit, in and for Miami Dade County, Florida, USA.

In a winding-up petition, Swiss investment manager Marc-André Pépin has been accused of "fraudulent misconduct and mismanagement" by Cayman Islands-domiciled SPI Investment Fund SPC, whose investors' funds have allegedly ended up in questionable arrangements with entities operated by Prudent Group, Dennis Klemming, and Jacob Gitman, all of Miami, Florida.