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Credit Suisse (Guernsey) and trust officers accused of concealing proceeds of corruption by Ukraine politicians

January 17, 2012 by David Marchant

HIGHLIGHTS

  • At least $2.6 m in bribes allegedly went into accounts at Barclays Bank (Cayman Islands)
  • BVI-domiciled Bassington, Ltd. alleged to be at center of massive money laundering scheme
  • Individual defendants are Philip Glanfield, Pamela Le Cheminant, and Julia Church, all of Credit Suisse (Guernsey)
  • Offshore providers Primary Management, Ltd. (Bahamas) and Mossack Fonseca (BVI) also named in complaints
  • Scheme "masterminded" by former Ukraine Prime Ministers Pavlo Lazarenko and Yulia Tymoshenko
Credit Suisse (Guernsey), three of its trust officers and a BVI-domiciled IBC are being sued for allegedly concealing the proceeds of corruption by former Ukraine Prime Ministers Pavlo Lazarenko and Yulia Tymoshenko and avoiding paying debts, including an $18 m judgment. At least $2.6 m in "bribes" went into accounts at Barclays Bank, in the Cayman Islands, it was alleged.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.