Artem filipenok
Deutsche Bank agreed to a fine for fraud in Russian stocks
Deutsche Bank agreed to pay a $ 425 million banking regulator of the state of new York for the mirror transactions with Russian shares, which were including in the U.S.
As reported by Reuters, the German Bank agreed to pay $ 425 million for illegal transactions which in 2011-2015 allowed to withdraw from Russia $ 10 billion, Another $ 200 million for “suspicious activity” c Deutsche Bank intends to recover the British financial Supervisory authority.
the Essence of the fraud lay in the fact that traders bought shares of Russian companies in Moscow for rubles, and then the brokers resell the same paper through the London branch of the Bank for pounds sterling or dollars. In each case, it was about transactions in the $ 2-3 million, and the transactions passed through new York. Deutsche Bank thus received a certain Commission.
In a German Bank acknowledged that “it was impossible to determine the true purpose of the transaction”, indicating that “the likely purpose of the scheme was tax evasion and other illegal purposes.”
In August 2016 edition of the New Yorker reported that mirror transactions conducted by the broker Igor Volkov. The purpose of the fraud was a conclusion of money from Russia. “Since the Russian and offshore companies owned by the same owner, these seemingly ordinary transaction had alchemical purpose: to convert rubles stuck in Russia, in dollars hidden outside Russia”, – said the employee of The New Yorker.
the journalists claimed that the scheme was invented in the 2000s by other banks in Russia to help importers to avoid higher taxes. According to him, much of the money passing through mirror transactions, “belonged to the natives of Chechnya with ties to the Kremlin.”
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