OTHER THINGS YOU MAY HAVE MISSED – APRIL 22

22nd April 2018

 SUPERYACHT AT THE CENTRE OF ‘BRITAIN’S BIGGEST DIVORCE BATTLE’ WAS REGISTERED IN ISLE OF MAN

On 21st April, Manx Radio reported that a superyacht at the centre of what’s being dubbed ‘Britain’s biggest divorce battle’ was registered on the Island – being first registered to a company in the Marshall Islands, before being transferred to the Isle of Man, then onto Panama and Liechtenstein.  Russian oligarch Farkhad Akhmedov is engaged in a battle with his former wife Tatiana, as tries to prevent her gaining access to his fortune.  However, he’s now been ordered to hand over his £180 million yacht, Luna, after a judge claimed he had tried to hide it from her.  It has been detained in Dubai.

https://www.manxradio.com/news/isle-of-man-news/oligarchs-yacht-was-manx-registered/

CORRUPTION INCORPORATED: THE ODEBRECHT STORY

A BBC Radio documentary first broadcast on 21st April starts by saying that Odebrecht was one of Brazil’s premier companies – the largest construction firm in Latin America. But some of its success in securing multimillion dollar contracts across the region was built on a policy of colossal bribery.  This edifice of graft began to crumble when the Brazilian authorities started to investigate the state-owned oil company, Petrobras.  The US DoJ called it “the largest foreign bribery case in history”.  After Brazilian multinational Odebrecht admitted guilt in a cash-for-contracts corruption scandal in 12 nations, it vowed to change its ways.  But Brazil’s authorities are still wrestling with an encrypted computer system used to run the firm’s illicit payment system.

https://www.bbc.co.uk/programmes/w3csxg1t

http://www.bbc.co.uk/news/business-43825294

 

LATVIA SECURES HELP FROM THE US TO CLEAN UP ITS SCANDAL-TAINTED BANKS

Bloomberg on 22nd April reported that Latvia’s financial investigators will receive more U.S. help as the Baltic nation races to emerge from a money laundering scandal that toppled its third-largest lender.  It agreed technical assistance from the US Treasury for the country’s FIU.  ABLV was the third Latvian bank the US has proposed to ban from the US financial system since the Treasury Department was given authority to do so in 2001.

https://www.bloomberg.com/news/articles/2018-04-22/latvia-secures-u-s-help-to-clean-up-its-scandal-tainted-banks?src=ilaw

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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