Funds held by Standard Bank Isle of Man Ltd
A bid to overturn a freezing order on funds held by Standard Bank Isle of Man Ltd, on behalf of a Seychelles company, linked with an alleged fraud involving up to 2 billion US dollars, has been dismissed by Deemster Corlett in the High Court.
Proceedings have been issued by the Danish Customs and Tax Administration in multiple jurisdictions against Worldwide Asset Management Limited, a company incorporated in the Republic of the Seychelles.
The legal team representing the Danish Customs and Tax Administration claims it has been the subject of a substantial international fraud, and that it had been identified that sums held at Standard Bank are the proceeds of the laundering of the monies obtained by that fraud.
The Danish authority only became aware that Worldwide Asset Management was incorporated in the Seychelles, and had assets in the Isle of Man, following a disclosure from Standard Bank.
The initial freezing order was made in the Manx High Court to prevent the removal of assets held here while proceedings are ongoing in Dubai.
Proceedings have also been issued by the Danish Customs and Tax Administration in England and Wales, and the US.
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