The document presents case studies on multi-jurisdictional asset recovery related to fraud, highlighting the recovery processes involving various entities in jurisdictions such as Russia, Brazil, and Nigeria. It details specific cases, including Dalemont v. Senatorov regarding debt recovery for a Russian bank, the Brazilian case against Paulo Maluf for public corruption, and the investigation into General Abacha's embezzlement of Nigerian government funds. Key outcomes involve asset freezing and legal actions taken across different countries to recover the proceeds of corruption.

1. Multi jurisdictional asset freezing
Carmelite Chambers - International Fraud &
Asset Recovery Conference
23 – 25 June 2014
Stephen Baker, Jersey Advocate & English Barrister

2. Case Study 1 – Dalemont v
Senatorov
• Dalemont is a company which recovers debt for a
Russian bank.
• Russian Bank loans funds to Russian companies.
• S gives personal guarantees on the loans.
• Companies default.
• Dalemont sues S.
• Judgment against S in Moscow.

3. Ownership of Property
• Russian companies own real property in Russia
and Eastern Europe.
• Shares in Russian companies are held through a
series of Cypriot and BVI companies.
• Cypriot and BVI companies are ultimately
beneficially owned by S.
3

4. Eurowest
Financial
Bulgaria
(Bulgaria)
Office
premises
complex in
Bulgaria
RUSSIA
Schedule A
Holding Structure as at November 2011
Kastial
Trading
Ltd
Etions
Consultin
g Ltd
BVI
Real estate agency and
property management
companies
Kopernik
Investme
nt Group
CJSC
Doristel
Trading
Ltd
Besant
Venture
s Ltd
Abrom
Holding
s Ltd
Outre
mia
Tradi
ng
Ltd
Kricon
Investme
nts Ltd
Setanna
Trading
Ltd
Marcon
nast
Trading
Ltd
Krieger
Investmen
ts Ltd
AGS holds via nominee shareholder
Reyco
Enterpri
ses Ltd
Limeno
Services
Ltd
Rigarel
Trading
Ltd
Romalon
Investmen
ts
Terasin
Commerci
al Ltd
Etilo
Commerci
al Ltd
Jerandia
l
Trading
ltd
Prevo
Holding
s Ltd
Council of Members
HELIOS INVESTMENTS
FOUNDATION (JERSEY)
JINTALEX HOLDINGS
Aseria
Enterpri
ses Ltd
Folisia
Investm
ents Ltd
Nicol
ore
Holdi
ngs
Ltd
Thesani
al
Comme
rcial Ltd
Zevon
al
Ventu
res
Ltd
Torcelo
Consulti
ng Ltd
Nirel
lio
Tradi
ng
Ltd
Zaren
ol
Vent
ures
Ltd
Olfas
a
Tradi
ng
Ltd
Sekrinto
Investments
Ltd
Gertin
o
Holdin
gs Ltd
Ikostia
Consul
ting
Ltd
Zerofi
a
Tradin
g Ltd
Vistar
ol
Ventu
res
Ltd
Serlex
Consult
ing Ltd
Hiortal
Investment
s Ltd
Koum
elia
Tradin
g Ltd
Orphe
us LLC
(Croat
ia)
Villas
in
Croati
a
Directly
owns real
estate in
Moscow
Melnik
ov CJSC
Ingeocom MSF
LLC
Building
project in
Moscow
Region
Property rights
over premises
in Moscow
Optima
LLC
15
apartment
s in
Moscow
Espresso
Centre LLC
Building
Project in
Moscow
ownership
over 2
rooms in
Moscow
Partner-
Contact LLC
Long lease
in Moscow
Stroy-invest
[now
Volda,
no longer
in
structure)
Forestdal
e LLC
Building
Project in
Moscow
No assets
MIAN
CJSC
Real
estate
agency
Teleco
m 24
CJSC
No
real
estate
assets
Yakiman
ka
Service
CJSC
(now
moved
out of
structure
)
Real estate assets: Development projects, buildings
IGK
Holdings
LLC
Non-res
building and
land plot in
Moscow
Directly
owns real
estate in
Moscow
Centurio
n CJSC
Apartments
and parking
spaces in
Moscow
Terra S
CJSC
(unclear if
Serlex
owns this
or Ikostia
does)
No
assets
CYPRUS
Directly
owns real
estate in
Moscow
and Cyprus
AGS = Alexander Gennadievich Senatorov
5
0
%
Starfile
Manageme
nt Ltd
Gortillo
Investmen
ts Ltd
LTD (CYPRUS)
BENEFICIARY =
AGS 100%
Guardian
PINTOR CONSULTING
LTD (BVI)
AGS holds
via nominee
shareholder
Founder 1: RIGGELS
ENTERPRISES LTD (BVI)
Founder 2: SETRA
VENTURES LTD (BVI)
= Company which directly owns real estate
Each appoints 1
Council Member
Directly
owns
parking
space in
Moscow
JTC =
Qualified
Member

5. Movement of Property
• S transfers ownership of shares in BVI
companies.
• First into BVI company whose shares are held on
bare trust for him.
• Then into another BVI company (Riggels).
• Riggels establishes a Jersey Foundation- Helios.
• Riggels transfers shares in BVI companies to
Helios.
• Helios transfers the shares to a Cypriot company
Jintalex.
5

6. Consequence
• S is “out of the picture”.
• Helios owns Jintalex.
• Jintalex owns the BVI companies.
• As a matter of Jersey law S has no legal or
beneficial interest in Helios.
6

7. Case Study 2:
Federal Republic of Brazil v Durant
• Concerned major fraud and widespread
corruption in public office surrounding completion
of public works contract “Avenida Agua Espraida”
in Sao Paulo.
• R$13.5 million diverted, via system of “cold
invoices”, from municipal funds of which US$10.5
million was ultimately received in Jersey.

8. The Fraud
“C“Chhaannaanni”i”
Venus/
Lespan/
Otalan/ Bigs/
Minister
Doleiros Dollar
Doleiros Dollar
Account
Account
Durant International
Durant International
Corp.
Corp.
BVI
KKilidldaarere F Fininaannccee L Limimitietedd
EEuuccaatetexx
The
Oryx
Fund
The
Oryx
Fund
Latin
America
Infrastructure
Latin
America
Infrastructure
Fund
Fund
Mercosurian
Challenge
Mercosurian
Challenge
Fund
Fund
Latinvest
Fund
Latinvest
Fund
Brazilian
Value
Fund
Brazilian
Value
Fund
Foundland
Investments
Foundland
Investments
Fund
Fund
EEMMUURRBB
MMeennddeess J Juunnioiorr
SSuubbccoonntrtaracctotorsrs
PPaauulolo M Maaluluff
Venus/
Lespan/
Otalan/ Bigs/
Minister
Brazil
New York
Jersey

9. The Main Players – Paulo Maluf
• Mayor of Sao Paulo from
January 1993 –
December 1996.
• Engaged in organisation
of and running of fraud.
• Owner/ controlling mind
of Jersey trust structure.

10. Criminal Investigations
• In Jersey, Channel Islands.
• New York, USA and Brazil.
• Into Maluf and his associates for offences
of money laundering.
• Handling the proceeds of corruption.
10

11. Criminal Investigations
• Mutual Co-operation between Jersey and
Brazil.
• Jersey and USA.
• Letter of Requests.
• Assets frozen in Jersey.
• No consent.
11

12. Civil Proceedings
• Brazil sues in Jersey
• It sues two BVI companies for knowing
receipt of the proceeds of corruption.
• It traces assets from Brazil through New
York to Jersey.
• Ex parte injunction over Jersey assets.
• Disclosure orders.
12

13. Case Study 3:
Abacha
• “General Abacha was one of the most notorious
kleptocrats in memory, who embezzled billions
from the people of Nigeria while millions lived in
poverty.”
• “This is the largest civil forfeiture action to
recover the proceeds of foreign official corruption
ever brought by the department.”
Acting Assistant Attorney General Raman.
13

14. Background
• General Abacha - President of Federal Republic
of Nigeria through military coup (Nov. 17, 1993 -
June 8, 1998).
• General Abacha, his son Mohammed Sani
Abacha, Abubakar Atiku Bagudu and others
embezzled, misappropriated and extorted billions
from the government of Nigeria.
• Laundered their criminal proceeds through the
purchase of bonds backed by the United States
using U.S. financial institutions.
14

15. Investigation
• Investigation conducted by the FBI.
• Extensive assistance provided by the
Governments of Jersey, France and the United
Kingdom.
• On Feb. 25 and 26, 2014, U.S. arrest warrants for
the assets were enforced in Jersey and France
though mutual legal assistance requests and in
the United Kingdom through litigation brought
pursuant to the U.K. Civil Jurisdiction and
Judgments Act.
15

16. U.S Freeze
• DoJ has frozen more than $458 million in
corruption proceeds.
• $313 million in two bank accounts in Jersey.
• $145 million in two bank accounts in France.
• Four investment portfolios and three bank
accounts in the United Kingdom with an expected
value of at least $100 million.
16

17. 17
Contact Details
Stephen Baker
Jersey Advocate & English Barrister
Tel: +44 (0) 1534 766254
Fax: +44 (0) 1534 737355
Email: stephenbaker@bakerandpartners.com
www.bakerandpartners.com