JERSEY: COURT GRANTS ANONYMITY TO COMPANY CEO IN PROCEEDS OF CRIME JUDICIAL REVIEW HEARING

On 16th March, the Jersey Evening Post reported that anonymity has been granted to a CEO, who has declined to provide evidence about the origin of assets suspected to be the proceeds of crime, as it would stain his business reputation ‘immeasurably’.  The company has had its funds effectively frozen by the States police and he argued that publicity would cripple the business’s day-to-day operations.  The company is said to be an adviser to a hedge fund, and already been named in civil class actions in the US in which they are alleged to have been involved, along with others, in a series of manipulative share issuance.  The CEO is a discretionary beneficiary of a Jersey proper law trust which through a wholly-owned BVI company has invested in, and received dividends, from the hedge fund.  The Jersey administrators of the BVI company filed a SAR and the States police decided to withhold consent to the normal operation of its accounts; and the CEO applied for judicial review of that decision.

https://jerseyeveningpost.com/news/2019/03/16/court-grants-anonymity-to-company-ceo/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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