First Curaçao International Bank and John Deuss Prevail in £280 Million High Court Fraud Claim

High Court Dismisses Fraud Allegations Against FCIB and John Deuss

First Curaçao International Bank (FCIB) and its former chief, John Deuss, have achieved a significant legal victory, successfully defeating a claim brought by the liquidators of Transworld Payment Solutions U.K. Ltd. (TWPS). The English High Court, in a judgment delivered on October 1, 2025, dismissed allegations that Deuss and the bank dishonestly assisted in a large-scale VAT fraud.

Details of the Claim and Allegations

The claims, brought by liquidator Stephen Hunt of TWPS, sought over £280 million from Mr. Deuss. The core of the accusation was that FCIB and John Deuss had dishonestly assisted in a 'missing trader intra-community' (MTIC) VAT fraud, which allegedly defrauded HM Revenue & Customs (HMRC) of approximately £415 million between 2003 and 2006. The fraud was said to have occurred within the UK telecoms and mobile goods sectors. TWPS, a company that provided marketing and related services for FCIB, was implicated in facilitating this fraud.

Judge Leech's Comprehensive Ruling

Following a trial held between March and May 2025, Judge Leech of the English High Court delivered a comprehensive judgment in favor of Deuss and FCIB. The judge dismissed all allegations of dishonesty against Mr. Deuss. Specifically, Judge Leech found that Deuss 'did not know or suspect that fraud was prevalent in the sector or turn a blind eye to this fact or deliberately choose not to investigate whether customers of FCIB were engaged in fraud.' The court characterized the claimants' case as 'obscure,' 'speculative,' 'highly artificial,' and an 'attempt to elevate an allegation of negligence into dishonesty.' The ruling found in Mr. Deuss's favor on every issue, vindicating him from the historical allegations.

Background of First Curaçao International Bank

FCIB, based in Curaçao, has a history marked by regulatory scrutiny. Its banking license was revoked in 2006 due to its involvement in a major VAT fraud case, and it has since been under the control and administration of the Central Bank of Curaçao and Sint Maarten (CBCS). This recent victory in the English High Court marks a significant development for the bank and its former chief amidst ongoing legal complexities.