FBME: Assad’s WMD front company implicated in Magnitsky case

Click For Larger Image & Read More
FBME: Assad’s WMD front company implicated in...
 © BusinessMail 2017
By Stelios Orphanides

A report drafted by the accounting firm Ernst & Young (EY) on FBME Bank (Cyprus) in 2014 appears to implicate Balec Ventures Inc,  a front company linked to  Syria’s weapons of mass destruction programme, to a prominent tax fraud case in Russia, known as the Magnitsky case.

Quartell Trading Ltd, a company registered in the British Virgin Islands (BVI), and Nomirex Trading Ltd, registered in the UK, “were involved as intermediary offshore companies for the movement of funds as a result of a 5.4-billion ruble (USD 230 million) Russian tax fraud,” involving Balec,...


FBME: Assad’s WMD front company implicated in Magnitsky case


The contents of this article including any associated images are © BusinessMail 2017

Trending Cyprus News

Article Tags: assad, front, company, implicated, magnitsky,

 

24hr News