MALTA COMPANY IMPLICATED IN ALLEGED VENEZUELAN MONEY LAUNDERING “HEARD ABOUT IT FROM MEDIA”

On 19th August, the Times of Malta carried a lengthy article which, inter alia, said that Portmann Capital Management Ltd, the Maltese company allegedly involved in money laundering on behalf of Venezuelan President Nicolás Maduro, has already informed the Malta FSA that it was the unnamed company being referred to in the international media reports on the case.  Sources said the company claimed that it had learnt of the alleged racket from media reports.  The alleged conspiracy began in December 2014 with a currency-exchange scheme to embezzle $600 million from the Venezuelan national oil company obtained through bribes and fraud, according to the court documents.  The defendants then allegedly used an associate, who would later become a confidential source for US investigators, to launder a portion of the funds.

https://www.timesofmalta.com/articles/view/20180819/business-news/portmann-heard-of-alleged-venezuelan-racket-from-media.687065

See also –

FIAU PROBED MALTA FIRM IN VENEZUELAN FUNDS RACKET 

Maltese firm allegedly received upwards of €20 million for laundering the money.

https://www.timesofmalta.com/articles/view/20180819/local/fiau-probed-malta-firm-in-venezuelan-funds-racket.687058

€511 MILLION IN LAUNDERED VENEZUELAN FUNDS: MFSA TAKING CASE ‘SERIOUSLY’, ASSISTED BY FIAU

http://www.independent.com.mt/articles/2018-08-19/local-news/511m-in-laundered-Venezuelan-funds-MFSA-taking-case-seriously-assisted-by-FIAU-6736195081

MALTA WEALTH MANAGERS NAMED IN VENEZUELAN GRAFT PROBE

http://uploads.maltatoday.com.mt/news/national/88910/malta_wealth_managers_named_in_venezuelan_graft_probe#.W3pS4_ZFx9A

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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