Hong Kong 17 December 2024: MultiBank Group, one of the world’s largest and most regulated financial derivatives institution with oversight from 16 regulators, secured a decisive victory in the Eastern Caribbean Supreme Court where the Honorable Justice Gerhard Wallbank struck out the claims brought by Von Der Heydt Invest S.A. (VDH), a Von Der Heydt Group company, against MultiBank FX International Corporation (MBFX), a subsidiary of the MultiBank Group, and its founder, Naser Taher.

The BVI Court stated that the claims and allegations of Von Der Heydt Group were based on “fiction” and “untenable” against Mr. Taher and MBFX and ordered VDH to pay substantial legal costs incurred by the MultiBank Group and Mr Taher which are estimated to be over US$25 million.  

The Court criticized VDH’s continued pursuit of the matter as an “abuse of process” and ruled in favor of MBFX and Mr. Taher, dismissing all claims. The ruling highlights the baseless and unfounded nature of the allegations, fully vindicating MultiBank Group and reaffirming its longstanding commitment to operating with transparency and integrity.

The Court found that the proceedings brought by the Von Der Heydt Group, represented by BVI law firm Carey Olsen, were part of an orchestrated campaign by various entities and individuals, who conspired together, including the German investment firm Von Der Heydt & Co AG, its CEO Michael Gollits, VDHI, its CEO Olaf Priess, CSM Securities Sarl, its CEO Colm Smith and Stewart Ford, the man with the largest fine in the history of the FCA of GBP 76 million, against the Multibank Group.

In this regard, in a previous ruling the BVI Court compared the relationship between the Von Der Heydt Group and the alleged conspirators to the Bernie Madoff ponzi scheme and stated this:  

"You have Mr. Colm Smith. You have his assistant [Stewart Ford], who apparently is a bankrupt … who has attracted apparently this record fine which apparently he hasn't paid and is in business…

"Then on the one hand you have got this strange, very strange scenario of Mr. Gollits going in evidence producing same kind of fast brush off by saying nothing whatsoever, explaining how come his various companies … they carry on putting large amounts of money in with this man, Colm Smith, who the Von Der Heydt side are accusing of having colluded against them. …. I mean, the logical thing is that if somebody has stolen your money and helps somebody else steal your money, then you shut him down completely.”

"We all know the Bernie Madoff Ponzi scheme. It is as if somebody was to know that Bernie Madoff was a Ponzi artist or artist. There is no art in Ponzi, artist. He knew all about it, but just because Bernie Madoff was giving him a good return on his money, he kept putting in his client’s money again even more with him."

The litigation marks the definitive end of the Von Der Heydt Group, including Bankenhaus Von Der Heydt (VDH Bank), the ultimate holding company founded in 1754. VDH Bank has surrendered its banking license and ceased to exist, and with VDH being placed into liquidation by its founder Dietrich Von Boetticher, the once-prestigious 250-year-old banking institution has reached the brink of extinction.

Commenting on the judgment, Naser Taher, Founder and Chairman of MultiBank Group, stated: “This outcome exposes the fictitious and meritless nature of these claims and reinforces our adherence to the highest standards of integrity, transparency, and legal compliance of the MultiBank Group. The Court’s decision is a testament to the truth and allows us to focus on our mission of delivering exceptional value to our global clients and strengthening our leadership position in the financial industry.”

MultiBank Group operates under the oversight of 16 regulatory bodies across five continents and serves over 2 million clients worldwide. The Group’s victory in this case further solidifies its reputation as a trusted leader in the financial derivatives sector.