On 14 May, the Guardian reported on the situation involving National Bank Trust, where it was subsequently alleged that the elaborate corporate structure incorporated fake documents and was a fraudulent scheme that concealed bad debts and enriched key executives. The High Court in London ruled in January 2020 that the bank was owed $900 million compensation from 2 former bosses (Ilya Yurov, former chair of the supervisory board, Nikolay Fetisov, its former president, and Sergey Belyaev), 2 of whom had settled in Britain (the other in the US), allegedly involved in the scheme. The bank is now seeking to recover money owed in the UK, but UK ministers face questions on whether sanctions on Russia will stop it getting the cash. It is also alleged that an English “fixer” called Benedict Worsley ran the bank’s offshore network, allegedly hiring a team in Cyprus which was “churning out fake documents in what only can be described as a document factory”.
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