1. Asset Recovery Footnotes from offshore
Alex Potts, Sedgwick Chudleigh, Bermuda

2. AG of Bermuda v Zirkind [2016] Bda LR 120
Civil Recovery Order under Proceeds of Crime Act 1997.
$826,000 in cash & several cell phones found in a hotel room safe.
25 year old Israeli national believed to reside in China, left Bermuda after being acquitted of criminal charges.
Unlawful conduct means conduct in Bermuda which is (1) a breach of our criminal law, or (2) conduct abroad which is (a) a breach of a foreign jurisdiction's criminal law, and (b) is conduct which, if committed in Bermuda, would be unlawful under Bermudian criminal law. No specificity required.

3. AG of Bermuda v Old Mutual et al (resolved)

4. AG of Bermuda v De Silva et al (pending)

5. Government of Bermuda v Lahey Clinic (Federal Court, Massachusetts, pending)

6. What a Scan!

7. Lahey’s Motion to Dismiss
Routine business arrangements
No standing on the part of Bermuda Government / Attorney General of Bermuda to bring proceedings
No loss / loss causation
Limitation period has expired
Politically motivated lawsuit timed to coincide with General Election campaign in Bermuda
Government of Bermuda response: “In responding to Bermuda’s allegations, Lahey has confirmed them”.

8. With friends like these…

9. Bermuda’s Commission of Inquiry (Final Report February 2017)

10. Abi Jouadi and Azar Trading Corp v Cigna Worldwide Ins Co

11. Marex Financial Ltd v Garcia, High Court, April 2017
$5 million judgment debt against 2 BVI companies (Creative Finance et al)
BVI companies did not pay judgment debt, put into liquidation in BVI
Marex sued UBO in London for asset-stripping
For jurisdictional purposes, Court held that it was strongly arguable that:
Actionable tort on the part of the UBO to induce his BVI companies to strip their assets in fraud of English judgment creditor
NB: Creative Finance’s liquidators had already been denied Chapter 15 recognition/assistance by US Bankruptcy Judge Gerber: “the inference is inescapable is that these transfers were orchestrated in a blatant attempt to avoid payment of the English Judgment”.