Advocate Stepehen Baker, Senior Partner of Baker & Partners, has spoken on the topic of ‘Cracking Onshore and Offshore Trusts Used to Perpetrate Fraud’ at C5’s Corporate Fraud Detection, Investigation & Asset Recovery Conference held in Nairobi, Kenya.
The conference brought together leading internal auditors, fraud managers and forensic and fraud investigators from companies across Africa, in a range of industry sectors, together with their advisors including lawyers and forensic accountants
As the number of global companies establishing a presence and investing in Africa continues to rise, the prevalence of high levels of fraud at a corporate level can hamper operations and deter further investment. With fraud-related losses amounting to as much as 4% of their total revenues, it is imperative that companies fully integrate their audit, compliance risk and legal resources to proactively manage anti-fraud programmes and develop a fast and effective response to fraud activities.
Advocate Baker’s presentation, focusing primarily on offshore structures, covered challenging the creation of “sham” trusts, the avoidance of fraudulent dispositions by challenging dispositions into the trust, how trusts be collapsed by appropriating trust powers, and jurisdictional barriers and challenges.