Ownership Evolution — International Secretary Services Limited
How offshore opacity evolves: three handoffs, one Seychelles address
1994 — 2001
THE BEARER
Physical possession of share certificates. Maximum anonymity. No owner recorded by name.
↓
transferred
2001 — 2004
Global Recruitment Consultants Ltd
Seychelles entity. 102 Aarti Chambers, Victoria, Mahé. Held 6 Bahamas entities. Mass-registration address (67 officers at same suite).
↓
transferred
2004 — present
Bancario Corporation
Seychelles entity. Same address: 102 Aarti Chambers. Shareholder of Legal Consulting Limited + International Secretary Services Limited. Connects to LCS (2,014 entities).
Three layers of opacity. Bearer shares to Seychelles shell to Seychelles shell. One mailing address in Victoria, Mahé. Zero identifiable humans. The chain terminates at Legal Consulting Services Limited — the Moscow intermediary that administered 2,014 offshore entities.
Source: ICIJ Offshore Leaks Database (node 12053342). CrimsonVector 2026.