Grant Thornton Channel Islands, as Forensic Accountants, assisted the Royal Court of Guernsey in the case of Jakob International Inc. and HSBC Private Bank.
Ben Rhodes (pictured), Director and Head of Forensic Investigation Services and Recovery & Reorganisation at Grant Thornton Channel Islands provided expert evidence and was cross examined as part of a week-long trial in October 2023. His evidence focussed on the flow of funds over several years and between numerous bank accounts, with commentary regarding investments, term deposits and foreign exchange transactions made during that time.
An expert report was produced for the Court which provided an in-depth analysis of hundreds of transactions, through numerous entities and bank accounts of different currencies. Ben was assisted by Samuel Hilton, Manager of the Forensic Investigation Services and Recovery & Reorganisation team.
The Deputy Bailiff commented in the Judgment, handed down on 21 June 2024, that: “The expert evidence provided by Mr Rhodes showed meticulous analysis of the accounts and his evidence was clear and comprehensive and supported the Plaintiff’s case.”
The Jurats determined that funds held by HSBC Private Bank were not the proceeds of criminal conduct as described in the Proceeds of Crime Law, and that the frozen funds were to be released.
