Financial Crime World

Andorra: €16 Million Ponzi Scheme Raises Red Flags over Andorran Authorities and Vall Banc SAU

Background

Andorra, a European microstate known for tax havens and financial secrecy, has become the center of an elaborate €16 million Ponzi scheme implicating the Andorran Financial Authority (AFA) and Vall Banc SAU.

International Quiding SARL: A Misleading Venture

  • A Luxembourg-registered glass manufacturing company
  • Founded by Pieter Henderikus Langelaan, a resident of Andorra
  • Raised over €16 million from local investors
  • Promised to become world’s largest glass stopper producer by 2017

Red Flags

Concerns over Lack of Progress

  • Investors worried about lack of progress
  • One investor questioned the scheme

Attempted Share Repurchase

  • Langelaan attempted to buy back shares from an investor
  • A ‘share repurchase agreement’ on October 17, 2016
  • Agreed payments of €5 million never made

Exposure and Lawsuit

  • Plaintiff filed lawsuit against Rihold SARL (Langelaan’s company) in Luxembourg
  • Seizure and freezing of Rihold assets totaling €5 million
  • Criminal lawsuit against Langelaan in Andorra

Shocking Revelations

  • Scheme was revealed to be a Ponzi scheme
  • Money from new investors used to pay earlier investors

Dutch Connection

  • Marcel Boekhoorn, Dutch multimillionaire, also a victim
  • Managed to recover investment

Vall Banc SAU’s Questionable Actions

Illegal Share Transfer

  • 7,000 IQ shares transferred to Vall Banc SAU in March 2018
  • Seized and frozen assets from Courts of Luxembourg

Personal Loan against Illegal Shares

  • Langelaan granted €4 million personal loan against seized shares
  • Raising questions about due diligence and complicity

Suspicious Transactions and Communication

  • Another Andorran company, Verema Can Diumenge SAU, involved
  • Sole administrator was Langelaan

AFA and Vall Banc SAU’s Response

  • Refused to comment on transferred shares and loan
  • Christopher Flowers and JC Flowers, who own Vall Banc SAU, also remained silent
  • Complaint filed with AFA and contact to General Manager Ramon Lopez
  • No response received
  • Batllia courts requested asset seizure and Langelaan’s arrest

Concerns over Andorra’s Financial Transparency

  • Commitment to financial transparency questioned
  • Reputation as a haven for criminals and fraudsters under doubt

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