In the absence of any official confirmation, available evidence suggests that PrivatBank could be the Latvian bank fined by the Latvian Financial and Capital Market Commission (FCMC) earlier this year for inadequate internal controls in the so-called Magnitsky case. The…
How Average Latvians Became Paper Directors in Transactions Worth Millions.
The prosecutor’s office has reversed the decision of the state police not to investigate whether Latvian banks helped to launder at least 63 million dollars from Russia in 2007 as part of a huge tax fraud.
Sergei Magnitsky was a lawyer for Hermitage Capital (an American managed fund investing in Russia) who tried to investigate the theft of money from the fund. His colleagues at Hermitage Capital believe it possible that part of the 63 million…
The Latvian parliamentary committee’s findings on failures of regulating Krajbanka follow an earlier series of stories by the investigative journalism centre Re:Baltica on Antonov and the breakdown of regulation that preceded the collapse of Krajbanka and Snoras.
As Russian tax lawyer Sergei Magnitsky slowly died in a Russian prison from abuse and neglect, US$230 million (5.4 billion Russian Rubles) in taxes stolen from his client disappeared into a maze of phantom companies, crooked banks and offshore accounts.…