UPDATED: former Parex subsidiary on U.S. Treasury blacklist

UPDATED:  Here is a new detail of an old story about how Parex Bank had a secret subsidiary in Belarus called Northern Investment Bank in 2005.  After Parex assets were looted and Latvian taxpayers paid the liabilities, Northern Investment Bank changed its name to Credexbank.  The US Treasury caught Credexbank laundering over $1 billion in 2010 and blacklisted it in 2012.  Did anyone else notice a detail from the leaked ‘Oligarhu lieta’ in which Kargin told Slesers in 2010 that he is doing ‘normal’ business in Belarus?  The implication could be that Kargin stole Northern Investment Bank from Parex in 2008, then renamed it Credexbank and laundered $1 billion through it in 2010.  Of course the Latvian government will not investigate. Instead, the government is still lying that Parex collapsed because of the United States and Sweden.

On 22 May 2012, the United States Treasury blacklisted Belarussian bank JSC Credexbank as a “Primary Money Laundering Concern.”  We at LawlessLatvia weren’t aware of the Latvian connection until recently.

According to the Treasury, JSC Credexbank processed over $1 billion in shell company transfers in 2010 alone, an amount disproportionate to its size.  Also, JSC Credexbank had shell company ownership itself.

This bank was previously named Northern Investment Bank and was an undisclosed subsidiary of Parex Bank according to John Christmas’ whistleblowing to EY (2004) and the Latvian Prosecutors Office (2005).  Christmas had an internal Parex email stating that Parex secretly owned Northern Investment Bank, but nobody at EY or the Latvian Prosecutors Office cared about that.

If employees at EY or the Latvian Prosecutors Office had done their jobs, they could have stopped the Lukashenko Regime from laundering over a billion dollars.

http://www.treasury.gov/press-center/press-releases/Pages/tg1590.aspx

 

 

Latvian Oligarchs traffic Lukashenka’s Explosives

Latvia’s Oligarchs have reached a new low.  Isn’t it time to put them in jail?

http://bnn-news.com/turning-riga-ticking-time-bomb-truth-uralhim-81910

http://www.charter97.org/en/news/2013/4/1/67345/