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BVI prepares criminal charges against IPOC, seeks to confiscate $40 m

Criminal charges are being prepared in the British Virgin Islands against a Bermuda domiciled investment fund that is suspected of being a money laundering vehicle for Russia's Telecommunications Minister, Leonid Reiman.The BVI authorities have drafted "preliminary charges" against IPOC International

British Virgin Islands: IPOC International Growth Fund Ltd. et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the British Virgin Islands into IPOC International Growth Fund Ltd., Jeffrey Galmond, Michael Ludwig Rudolf North, Lapal Limited, Albany Invest Limited and Mercury Import Limited for allegedly laundering the proceeds of corruption by Russia's Minister of Telecommunications, Leonid Reiman.

Bermuda regulator seeks to wind-up IPOC group, prompts intelligence firm to seek stay of US lawsuit

Bermuda Supreme Court has set a date of April 27th to hear an application by a local regulator to have a provisional liquidator appointed over a mutual fund group that allegedly exists to launder the proceeds of corruption by a Russian government minister. A petition to involuntarily wind-up IPOC Capital Partners Ltd., IPOC International Growth Fund Ltd., Gamma Capital Fund Ltd., Convergence Capital Ltd., Com Tel Eastern Ltd., First National Telecommunication Fund Ltd., Convergence Capital Management Ltd., Augmentation Investments Ltd., and Telco Overseas Ltd. was presented to the court on January 12, 2007 by Bermuda's Registrar of Companies.