Acting on behalf of a leading UK law firm engaged in high value litigation proceedings (connected to a maritime insurance claim), my company, BTG Advisory was instructed to investigate and establish the asset profile of two individuals, also two offshore entities across the jurisdictions of Germany, USA, and the British Virgin Isles (BVI).
The client stipulated that the investigation needed to be completed as a matter of urgency, and at least three days before the imminent Court hearing. Time was therefore of the essence.
Research in BVI established that one entity incorporated in this jurisdiction and connected to the proceedings had recently been struck off the company register with no records indicating that the company in question was to be reinstated to the register. Additional research identified a previously undisclosed BVI domiciled entity connected to one of the key individuals, which indicated a shareholding by a company incorporated in New Jersey, US. Supplemental media research highlighted press articles referring to the previously unknown BVI entity owning a luxury yacht of significant value.
Subsequent research in Germany confirmed that one of the key individuals held no custodianships with any entities incorporated in this jurisdiction and had no property assets in Germany. This individual was traced to a rented residential address in East Germany.
Ongoing research established that the second key individual was a director and major shareholder in a German incorporated company showing net worth of over €500,000. In addition, this entity was also shown as being part owner of the same New Jersey company highlighted during earlier research in BVI.
It transpired from subsequent research in the US that the second key individual had significant property assets across the State of New Jersey, all of which were held in companies in which he was identified as majority shareholder. Ascertaining the corporate makeup of several Limited Liability Company (LLC), and Limited Partnerships (LP) identified proved challenging due to complex shareholding structures.
A forensic analysis of available financial records determined an estimated net worth across corporate holdings of circa $16 million could be attributed to the individual in question.
Ongoing investigations confirmed that this key individual resided in the Caribbean, where the luxury yacht previously identified, was found to be moored. The yacht was still held under corporate ownership of the BVI entity and had a resale value estimated in excess of $5 million.
The timescale from the date of instruction to the completion of research and submission of full investigation report was 15 business days and well in advance of the court hearing.
Article submitted by Darren Shelmerdine – Full member F1004. For further info see: www.btgadvisory.com or contact Darren at: firstname.lastname@example.org