Corporate recovery and insolvency firm KRyS Global will be launching its fifth international office in Guernsey in October 2012.
“We identified there was a need for the types of services and expertise we provide, primarily in the areas of fraud investigation and asset recovery,” said Kenneth Krys, founder and chief executive officer of KRyS Global. “With our dedicated experience and proven success in the Caribbean, together with our strong networks in Hong Kong and elsewhere, we offer a unique and independent perspective to investigating instances of fraud and recovering assets for victims that Guernsey does not currently possess.
As such we identified the opportunity to provide services and expertise in Guernsey, consistent with our global practice and growing client base.”
In a recent survey of offshore financial industries which ranked offshore centres by competitiveness and their “rating” by financial professionals, Guernsey ranked No. 2, compared with the Cayman Islands, Bermuda and the British Virgin Islands, which ranked three, four, and six, respectively.
The financial services Guernsey is known for is private trust services, hedge funds and reinsurance.
Mr. Krys said as KRyS Global provides fraud investigation and asset recovery to these demographics in the Caribbean, it made sense to explore this opportunity in Guernsey. He noted that Jersey had a similar service offering and was only a few minutes away and if there were clients there who needed their services, they would consider this as well.
The Guernsey office will be led by Timothy Le Cornu, who has been a director in KRyS Global’s Cayman Islands’ office since 2008 and has more than 17 years experience in investigating fraud and collecting in assets. He is a qualified insolvency practitioner, a fellow of INSOL and has acted as joint official liquidator and receiver of a number of Cayman and BVI entities.
“I am excited to have the opportunity to lead KRyS Global in Guernsey,” Mr. Le Cornu said.
“Based on the service providers and government officials I have spoken with, it is evident the strategic alliance with Guernsey complements the services and expertise we currently provide elsewhere.
We have a very strong team and I am eager to bring our capabilities and expertise to Guernsey, the UK and Europe.”