Bill Browder threatens legal action over Swiss bank accounts linked to Magnitsky scandal
Sam Jones, 25 November 2020
High-profile Kremlin critic and investor Bill Browder has threatened Credit Suisse and UBS with legal action for breaching US sanctions if they unfreeze accounts belonging to three Russian clients accused of a huge tax fraud against his investment company.
The two Swiss banks hold assets worth more than $24 million (CHF21.8 million), which Browder says were gained from fraud perpetrated in Russia against his investment business, Hermitage Capital, in 2007. Continue reading “Article: Bill Browder threatens legal action over Swiss bank accounts linked to Magnitsky scandal”
THE FALLOUT FROM RUSSIAN MONEY LAUNDERING CONTINUES TO GROW FOR EUROPEAN BANKS
Nicholas Larsen, International Banker, 20 May 2019
On April 5, Lars Idermark resigned from his position as the chairman of Swedbank, headquartered in Sweden. Idermark stepped down from his position only a week after the chief executive officer, and previously the supervisor of Swedbank operations in the Baltic states, Birgitte Bonnesen, was fired. The moves come amid sweeping allegations that Sweden’s oldest bank was involved in laundering billions of dollars’ worth of Russian money. In particular, the lender’s Baltic units have been named as being complicit in handling illegal funds from Russia as well as other smaller former Soviet countries. Continue reading “Article: THE FALLOUT FROM RUSSIAN MONEY LAUNDERING CONTINUES TO GROW FOR EUROPEAN BANKS”
Factbox: European banks hit by Russian money laundering scandal
Reuters Staff, 08 March 2019
Several European banks are facing allegations of being involved in a Baltic money laundering scandal and failing to prevent tainted Russian money from flowing through their branches across the world. Continue reading “Article: Factbox: European banks hit by Russian money laundering scandal”
Millions in suspected Russian crime proceeds flowed through Canadian banks, companies
Diana Swain and Jennifer Fowler, 10 May 2017
A powerful Russian crime syndicate that’s accused of laundering hundreds of millions of dollars around the world appears to have also flowed millions through nearly 30 Canadian bank accounts.
A CBC News investigation has spent months tracking down some of the individuals and companies attached to those accounts and found the $2 million sent to Canada was spread among recipients ranging from a boxing manager in Montreal to a construction company in Calgary. Continue reading “Article: Millions in suspected Russian crime proceeds flowed through Canadian banks, companies”
Investigators track millions of dollars from Russian tax fraud coming to Canada
DANIEL LEBLANC, 27 October 2016
Investigators have tracked millions of dollars associated with an elaborate tax fraud in Russia to bank accounts in Canada, bolstering their call for Ottawa to adopt legislation to freeze the assets of corrupt foreign officials.
Anglo-American financier Bill Browder and a team of investigators and lawyers compiled the data on the transfers of the funds, which indicate a clear Canadian connection to a $230-million (U.S.) swindle in 2007 by Russian officials who used his Russian-based hedge fund, Hermitage Capital Management. Continue reading “Article: Investigators track millions of dollars from Russian tax fraud coming to Canada”
Sergei Magnitsky verdict ‘most shameful moment since Stalin’
Miriam Elder, 11 July 2013
The courtroom cage in Moscow stood empty on Thursday as a judge found the late whistleblower Sergei Magnitsky and his London-based employer guilty of tax evasion in a move likened to Stalin-era justice.
The case against the two defendants – Magnitsky, allowed to die an excruciating death in prison in 2009, and William Browder, banned from entering Russia since 2005 – has come to symbolise the brutality of Russia’s system and the penalties incurred by those who uncovering official wrongdoing. Continue reading “Article: Sergei Magnitsky verdict ‘most shameful moment since Stalin’”
Major Investor in Russia Sees Wide Fraud Scheme
Andrew E. Kramer, 31 July 2009
William F. Browder, once the largest foreign investor in the Russian stock market, filed court documents in New York this week contending that other Western investors in Russia had colluded with the authorities to steal hundreds of millions of dollars through tax refunds and then laundered the money through New York banks. Continue reading “Article: Major Investor in Russia Sees Wide Fraud Scheme”