Laport Estate

Issue:

Significant funds were held by RBC in Guernsey on the client’s account. Following  RBC’s report to the local Regulator, these funds were subject to forfeiture proceedings. The client claimed that the funds originate from real estate transactions involving 4 US based properties, which took place in from the 1970’s till 2000’s. The real estate transactions involved offshore vehicles, individuals with several identities and complex structuring. Only a limited number of manual documentation was available to support the real estate transactions and the subsequent transfer of the funds.

Resolution:

KRyS Global was asked to act as an expert witness in civil proceedings before the Royal Court of Guernsey and to investigate and prepare a report on the proceeds of the sale of the real estate and express an opinion on (a) whether or not the proceeds of those real estate transactions can be traced to the account with RBC; and (b) whether or not the wealth generated from the real estate transactions was of sufficient amount to fund this account. Having analyzed the limited number of available documents, Krys Global was “fairly confidently” able to trace back majority of the funds to real estate related transactions.

Value Added:

Following the submission of our expert witness report, the forensic accountant testified at the court hearing and was cross examined. Having secured a favorable decision, the Client’s legal representative commented on our role as follows: “Although we had initially asked you to look into the property sales, it was your identification and interpretation of the List which ultimately provided invaluable assistance to the Judge in forming her decision.”