US DoJ SEEKS FORFEITURE OF 2 COMMERCIAL PROPERTIES ALLEGEDLY PURCHASED WITH FUNDS MISAPPROPRIATED FROM PRIVATBANK IN UKRAINE

A news release from the US DoJ on 6 August announced that the US has filed 2 civil forfeiture complaints in Florida alleging that commercial real estate in Louisville, Kentucky, and Dallas, Texas, were both acquired using funds misappropriated from PrivatBank in Ukraine, and are therefore subject to forfeiture based on violations of federal money laundering statutes.  The complaints allege that Ihor Kolomoisky and Gennadiy Boholiubov, who owned PrivatBank, one of the largest banks in Ukraine, embezzled and defrauded the bank of billions of dollars.  The complaints allege that they laundered a portion of the criminal proceeds using an array of shell companies’ bank accounts, primarily at PrivatBank’s Cyprus branch, before they transferred the funds to the US.  As alleged in the complaint, the loans were rarely repaid except with more fraudulently obtained loan proceeds.

https://www.justice.gov/opa/pr/justice-department-seeks-forfeiture-two-commercial-properties-purchased-funds-misappropriated

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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