Geoff Varga

Kroll

Lisbon www.kroll.com

geoff.varga@kroll.com Tel: +351 913830849

Biography

Senior member of Kroll’s restructuring practice. Focus on offshore restructuring and insolvency. Routinely takes on fiduciary roles including liquidator, trustee, receiver, monitor and director. Has over 25 years of professional experience in restructurings, insolvency and asset recovery. Has international engagement experience acquired while working in the US, Cayman, Canada and New Zealand. Has been routinely engaged in restructuring/insolvency mandates, acting for stakeholders.

What do you enjoy most about working as an asset recovery expert?

Engagement is very diverse and routinely involves unique situations. There is also usually an international component, which while adding complexity, can also make the mandate more interesting.

What do clients look for in an effective expert witness?

They want someone with the experience, independence and professionalism to convey the position to the court. They also want someone that is cost effective to engage management.

How have frauds become more sophisticated over the past five years, and how do you think they could evolve in the near future?

The ability to layer in multiple entities and jurisdictions can create issues for the asset recovery specialist. Also the use of technology (including crypto) by the fraudster can make things move faster. Fortunately, the use of technology by the asset recovery specialist can combat this. Lastly, fraud in the crypto space, given its very nature, can make recovery difficult regarding things such as anonymity and questions over

What new technologies are helping asset recovery specialists?

AI type platforms that allow mountains of data/records to be reviewed infinitely faster than manual reviews.Tracing technologies (regarding crypto and blockchain) have also helped recovery efforts.

How do you effectively coordinate with other experts when handling large multi-jurisdictional cases?

It is important to have a point person for all experts to ensure that both timelines are being met and to avoid duplication of efforts and hence unnecessary costs. It is also important to have timely communications with the group to ensure that there are not conflicting views, and that key information and findings are shared.

As managing director at Kroll, how would you like to see your practice develop over the next five years?

As the world continues to get smaller, collaboration among the various practices and service lines needs to increase. As it relates to asset recovery and restructuring/ insolvency cross-border matters are more commonplace, necessitating a collective effort to increase efficiencies and provide good value for money to stakeholders

Looking back over your career, what is the most memorable case you have been a part of?

I acted as the liquidator to two Cayman funds that collectively lost over US$1 billion in a Ponzi scheme. As we progressed through the matter it was interesting to discover both how the schemer operated, in addition to the blatant red flags that investors missed or looked past chasing above-average returns.

What advice would you give to younger practitioners hoping to one day be in your position?

Be open to accept increased responsibility. Try to understand your limitations in decision making (as we all have them) and seek guidance in resolving matters when there is doubt. If confronted with a choice/decision, assess your options, and make a timely decision. Routinely people get paralysed in decision making, allowing situations to fester.

Peers and clients say: “Geoff is a savvy and commercially astute professional” “He combines his keen intellect with a practical approach to deliver the best results for his clients”