There do seem to be a lot of criminal activities being identified ... sort of like a strange musical chairs where the hot seat keeps changing.

Sonar

Biggest money laundering scheme in history uncovered in Ukraine

October 19, 2019 by IWB

by -_TheLordHelix_-

Jewish oligarchs Igor Kolomoisky and Gennady Bogolyubov, former owners of Ukraine’s largest bank, loaned themselves $470B through their shell companies. The oligarchs used the bank deposits of Ukrainian citizens to acquire property all over the US through shell companies operated by three other Jews in Miami: Mordechai Korf, Chaim Schochet, & Uriel Laber.

The Chairwoman of Ukraine’s Central Bank says Igor Kolomoisky and Gennady Bogolyubov stole $5.5B outright, which is 5% of Ukraine’s GDP and 33% of the entire country’s bank deposits. Most of this money was laundered into the US.

Now as to those missing IMF billions, Alexander Cockburn at Harpers magazine online covered them in the summer of 2015:

harpers.org/blog/2015/08/undelivered-goods/

HEART OF EMPIRE — August 13, 2015, 11:32 am Undelivered Goods How $1.8 billion in aid to Ukraine was funneled to the outposts of the international finance galaxy

Kolomoisky had built his multibillion dollar financial base partly thanks to his mastery of “raiding,” the local version of mergers and acquisitions, involving methods that would make even the most hardened Wall Street financier turn pale. According to Matthew Rojansky, director of the Kennan Institute at the Woodrow Wilson Center for International Scholars, who has made a special study of the practice, “there are actual firms in Ukraine . . . registered with offices and business cards, firms [that specialize in] various dimensions of the corporate raiding process, which includes armed guys to do stuff, forging documents, bribing notaries, bribing judges.” In April 2014, as the separatists advanced, Kolomoisky mobilized his workforce into a 20,000-man private army in two battalions, Dnipro-1 and Dnipro-2, and stemmed the tide. According to Wilson Center director Rojansky, Kolomosiky is “perceived as the bulwark and the reason why the whole Novorossiya project [Putin’s plan to absorb most of eastern Ukraine] broke down at the border of the Donbass.”

As the largest bank, Kolomoisky’s PrivatBank stood to garner the largest share of the international aid. Published estimates put this share as high as 40 percent. Despite the torrent of cash, the banks’ situation did not improve; nine months into the program, the IMF announced: “As of end January 2015 . . . the banking system’s capital adequacy ratio stood at 13.8 percent, down from 15.9 percent at end-June.” Where had the money gone?

In this case however, thanks to investigative work by the Ukrainian anticorruption watchdog group Nashi Groshi (“Our Money”), we can actually watch the process by which the gigantic sum of $1.8 billion was smoothly maneuvered offshore, in the first instance to PrivatBank accounts in Cyprus, and thence into accounts in Belize, the British Virgin Islands, and other outposts of the international financial galaxy. The scheme, as revealed in a series of court judgments of the Economic Court of the Dnipropetrovsk region monitored and reported by Nashi Groshi, worked like this: Forty-two Ukrainian firms owned by fifty-four offshore entities registered in Caribbean, American, and Cypriot jurisdictions and linked to or affiliated with the Privat group of companies, took out loans from PrivatBank in Ukraine to the value of $1.8 billion. The firms then ordered goods from six foreign “supplier” companies, three of which were incorporated in the United Kingdom, two in the British Virgin Islands, one in the Caribbean statelet of St. Kitts & Nevis. Payment for the orders—$1.8 billion—was shortly afterwards prepaid into the vendors’ accounts, which were, coincidentally, in the Cyprus branch of PrivatBank. Once the money was sent, the Ukrainian importing companies arranged with PrivatBank Ukraine that their loans be guaranteed by the goods on order.

But the foreign suppliers invariably reported that they could not fulfill the order after all, thus breaking the contracts, but without any effort to return the money. Finally, the Ukrainian companies filed suit, always in the Dnipropetrovsk Economic Court, demanding that that foreign supplier return the prepayment and also that the guarantee to PrivatBank be cancelled. In forty-two out of forty-two such cases the court issued the identical judgment: the advance payment should be returned to the Ukrainian company, but the loan agreement should remain in force.

As a result, the loan of the Ukrainian company remained guaranteed by the undelivered goods, while the chances of returning the advance payments from foreign companies remain remote. “Basically this transaction of $1.8 bill[ion] abroad with the help of fake contracts was simply an asset siphoning [operation] and a violation of currency legislation in general,” explained Lesya Ivanovna, an investigator with Nashi Groshi in an email to me. “The whole lawsuit story was only needed to make it look like the bank itself is not involved in the scheme . . . officially it looks like PrivatBank now owns the products, though in reality [they] will never be delivered.

Source:
https://www.investmentwatchblog.com/biggest-money-laundering-scheme-in-history-uncovered-in-ukraine/