They play a key role in maintaining the secrecy of thousands of beneficial owners and hundreds of thousands of business transactions. They do this by selling their names for use on official documents of the company, using addresses in obscure parts of the world, providing the anonymity for corrupt officials, tax evaders and organized criminals. […]

The Privy Council’s decision in Central Bank of Ecuador and IAMF v Conticorp SA and others illustrates the importance of ensuring that offshore companies managed by nominee directors are run properly as separate, independent legal entities. It found the defendants guilty of dishonestly assisting and procuring the “nominee director” to act in breach of his […]

Where offshore intermediate holding companies are used as part of a corporate group, it is not uncommon to find that the local directors are appointed by, and follow the orders of, its parent company. The recent Privy Council case of Central Bank of Ecuador and ors v Conticorp SA and ors provides a striking illustration […]