Laestrygonian

Currency and Corruption

For my previous articles on the Red Mafia and its allies:

Red Mafia and its connectivity

The Shockwaves of 5%, where jihad meets economics

George carlin death

The other source of change in Kenyan politics

Natural gas, crime and destruction

After the fall of Trans World Commodities

Nadhmi Auchi, connecting the dots between the candidates

The Bank of New York scandal and concordant Clearstream scandal and its ties through BNP/BNP-Paribas to the Al Mahdi and Al Taqwa banking systems had set up the largest financial system for the movement of illegal funds by putting them through legitimate channels that has ever been seen. To this day the complexity of Simon Reuben’s system for financial movements amongst various off-shore havens through front accounts is one that stymies investigators. And yet its fallout continues to play through in various cases.

One of these is in the telecom industry as seen at RUSTELE in a report on a German probe into a Bermuda based fund, on 02 DEC 2005:

German prosecutors probing an alleged money-laundering scheme linked to a Bermuda-based fund are seeking judicial assistance for their probe from counterparts in other jurisdictions, according to The Wall Street Journal.

Friday’s newspaper report cited letters from prosecutors in Frankfurt. They mention suspicions that Russian telecommunications minister Leonid Reiman was involved in a plan to milk Russian state owned companies for cash or divert their assets elsewhere. Mr. Reiman is a close ally of President Vladimir Putin.

The prosecutors suspect Mr. Reiman “illegally enriched himself through a series of transactions”, and then set up a network of shell companies and trusts to secure and conceal more than $1 billion in assets, according to the report.

The Russian Telecommunications Ministry yesterday denied the reports and demanded an apology from the Journal.

The prosecutors are examining whether employees of Commerzbank AG may have helped the scheme. A bank board member has already resigned because of the Germany investigation and four other current and former officials of the bank including chief executive Klaus-Peter Muller are under suspicion for money laundering. A Commerzbank spokesman told the Journal that the bank fully backs its CEO believes no current staff are guilty of illegal activity in connection with the case.

The Journal reported that investigators are also probing whether the New York offices of Barclays Plc acted as middleman moving funds between firms in Cyprus and Bermuda.

Mr. Reiman, who has always maintained that he has done nothing wrong, says the allegations stem from a battle over a disputed stake in Megafon, Russia’s third largest mobile phone operator.

As previously reported in The Royal Gazette, billionaire Mikhail Fridman’s Alfa Group is fighting Jeffrey Galmond’s Bermuda-based fund IPOC for the Megafon stake. A former Galmond employee who is a convicted felon and Anthony Georgiou, who is Mr. Reiman’s former business partner, have given sworn testimony in the case although both acknowledge they have agreements to receive compensation from the Alfa Group or its allies.

Yes, organized crime fighting it out for a stake in a cellphone operator in Russia! That doesn’t give one ‘warm and fuzzies’ when it comes to thinking about secure telephone calls routed through such a carrier. The IPOC fund, as the article goes on, serves as a system for accumulating funds for the takeover of Megafon, amongst other things, and is Bermuda based putting it outside of normal regulatory channels in the US and Europe. Mr. Galmond stood up IPOC to facilitate Mr. Reiman’s movement of funds out of Russia so as to escape regulatory oversight there and in Europe by going through a series of fronts that are unregulated. In this case mostly in the Caribbean basin and Cyprus:

Mr. Galmond, the former Commerzbank executives and Vidya Sharma are the key suspects in the Germa

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