Contract Fraud

IYE Global’s legal team is based in Monaco. They have considerable experience of English and EU commercial law. A recent IYE Global case involved a UK transport company being contacted by a company from the USA. They claimed they were looking to expand their operation from the USA into the UK and EU and were looking for a ‘partner’ company to help them.

Our clients undertook their own due diligence and felt this was a very good deal, that would help their own expansion plans and they started to engage. As part of this ‘deal’ new bank accounts were to be opened in both the UK and EU and our clients were told they would additionally financially benefit from ‘private placement’ trading being undertaken by their new US partners. As part and parcel of this new arrangement, commercial contracts were drafted by the US entity and sent across for signatures.

Thankfully, our client decided at this point in time to contact IYE Global. Cutting a very long story short, the individuals in the US who were arranging this ‘deal’ were criminal. They are now being dealt with by the FBI. Had our clients have opened the bank accounts their US partners had requested, they would have opened themselves up to potential money laundering offences. The contract provided to them was very carefully worded and had it been signed, would in effect have given complete financial control of our client’s company to the criminals.

You should never engage in a business relationship or sign commercial contracts unless you fully understand the detail within it and the implications of doing so. IYE Global can assist clients with all such legal agreements. In the words of this client “thank God we found you, without your intervention, we would have lost the family company that’s taken us fifteen years of blood, sweat and tears to build.” Truthfully, they could have lost a great deal more, their liberty.

If you’d like to discuss contracts or any other of our services, please call +44 (0)20 8914 7293 or fill in the contact form on our website