< Recent Work | Disputes | Asset Identification

Civil fraud claim against former directors of failed bank

The Challenge

Greyhawk was instructed by a state-owned asset resolution agency pursuing a $2bn civil fraud claim against the former directors of a failed bank. It had obtained judgment in another jurisdiction and was now seeking to enforce it in England. Our role was to support an application for a worldwide freezing order and related injunctions against the main defendant.

The Solution

Our investigation focussed on France, the UK, Luxembourg and Switzerland. In the UK we identified two undisclosed properties worth £8m. Both were held by offshore companies whose ownership was not disclosed. We gathered evidence demonstrating the defendant’s strong connections to the properties. In France (and its overseas territories) we identified further property worth €25m. We revealed the existence of various other companies in Luxembourg and offshore which had been used by the main defendant to structure his assets. Our investigation combined surveillance, confidential interviewing, and the analysis of company filings, property records, local government records and other open sources. Our findings were able to be quickly converted into evidence.

The Result

Our investigation identified over $40m of undisclosed assets and mapped their history and ownership structure through offshore companies and trusts. We identified numerous active and dissolved holding companies and obtained valuable documents evidencing connections between the defendant and key assets. In England, the client obtained a worldwide freezing order covering $1bn of the defendant’s assets. Judgments in other jurisdictions were obtained securing property in France and Switzerland.