Citadele privatization also fake!

LawlessLatvia has been alerted of yet another massive EBRD fraud crime against the people of the European Union and for the benefit of Vladimir Putin. The link below is a European Commission Eurostat report dated 23 April 2018 and it seems that nobody noticed the report when it was published. Either that or corruption prevented this fraud revelation from appearing in the media.

As a quick review of earlier events: (1) a whistleblower gave details to EY that Parex Bank was a pyramid fraud in 2004 and EY refused to act, (2) the same whistleblower gave the pyramid fraud info to Latvian officials in 2005 who also refused to act, and Parex chased the whistleblower out of Latvia with murder threats, (3) PM Godmanis gave a pile of money to Parex in 2008 and lied that he was saving Latvia from the United States, (4) PM Dombrovskis gave a pile of money to Parex in 2009 and lied that he was saving Latvia from Sweden, (5) meanwhile more and more evidence confirmed that Parex was a pyramid fraud and was looted by Putin’s Tambovskaya Mafia.

The EBRD got involved in 2009, joining a criminal conspiracy with PM Dombrovskis to trick Latvian people that Parex wasn’t looted by the Mafia and to assist his disinformation campaign to blame Sweden. The EBRD announced that it bought shares in Parex because they were valuable, however later the fake investment was reversed and we discovered that actually Dombrovskis paid the EBRD to pretend to buy the shares.

Now, with this new absurd report from Eurostat, we can confirm what we have suspected all along – the Citadele privatization to the EBRD in 2010 was also completely fake! And, this second cover-up fraud is still continuing now in 2018! It was another fraud designed to dupe and rob Latvian citizens and creditors. And once again, Eurostat knows about it however is doing nothing to stop it! The only people who benefit are puppet Dombrovskis and his masters from Putin’s Oligarchy.

In this report, Eurostat and EY admit that they know that the EBRD didn’t really buy Citadele shares from Latvia, but instead Latvia is paying the EBRD to pretend to own shares presumably to dupe Citadele creditors and counterparties, especially its correspondent banks. The 2010 Citadele Bank annual report states that the EBRD paid 35 million euros to purchase shares and this 2018 Eurostat report says Latvia secretly agreed to pay the EBRD 88 million euros to pretend to buy those shares. Latvian taxpayers will get robbed of 53 million euros. Of course the secret reversal wasn’t mentioned in the Citadele annual report because it is an illegal fraud.

This brings up many interesting possibilities for future economic disasters in Latvia. When Parex was split into ‘good bank’ Citadele and ‘bad bank’ Reverta back in 2010, the government said that 50% of Parex assets were bad and would go to the bad bank. That was a big change from 2009 government and EBRD statements that the Parex assets were good.

We knew that at least some of the supposedly ‘good’ assets that went to Citadele were criminal, fraudulent, and therefore ‘bad.’ For example, Parex made loans to Rigas Satiksme that funded bribery by Solaris and Daimler that was revealed in the US v Daimler case. And, Parex made loans to Latvenergo that funded bribery by Alstom that was revealed in the Switzerland v Alstom case. Rigas Satiksme and Latvenergo have no obligation to repay these loans, however haven’t repudiated the debts so far because of the government policy of covering-up rather than prosecuting corruption.

Now we must wonder – were any of the Parex assets really ‘good’? Since nobody would buy shares in Citadele, and Latvia had to pay the EBRD to pretend to buy that bank, perhaps Citadele was already looted at inception? And, what about the Ripplewood investors from the USA? Were they duped and robbed by Latvia and the EBRD? Did Latvia lie to Ripplewood that the EBRD invested even though the EBRD didn’t really invest? Or, maybe Ripplewood is part of the scam? Maybe Latvia also secretly paid Ripplewood to pretend to invest to make the bank seem ‘American’ even though its function is still offshore banking for Russia and Ukraine provided by the same money launderers who cleaned out Parex?

https://ec.europa.eu/eurostat/documents/1015035/8054610/Final-findings-EDP-dialogue-visit-LV-7-9-June-2017.pdf

All 2018 Articles

2018 was an excellent year for articles about the still-continuing Latvia-EBRD fraud racket which costs society billions every year.  We counted 23 articles published by 14 publishers in 7 countries.  Unfortunately it still isn’t enough because there has been zero reaction from Latvian authorities and EBRD staff who are still pretending to be unaware of the whistleblowing against them.  Hopefully we will smash the racket in 2019! We have pdf backups of all articles in case any links go down.

9 January 2018 Mold-Street (Moldova) – new LatviavEBRD video announced

https://www.mold-street.com/?go=news&n=6932

19 February 2018 Washington Post (USA) – Rimsevics arrested, Christmas recognized as whistleblower

https://www.washingtonpost.com/business/ap-exclusive-key-eu-banker-accused-of-bribery-russia-ties/2018/02/19/eb4be0ee-1590-11e8-930c-45838ad0d77a_story.html

16 April 2018 Byline (UK) – Christmas recognized as whistleblower

https://www.byline.com/column/81/article/2132

17 April 2018 Sven Giegold (Germany) – MEP raises questions with ECB

https://sven-giegold.de/giegold-calls-on-the-ecb-to-perform-a-tough-entry-check-for-the-latvian-citadel-bank

23 April 2018 New York Times (USA) – Christmas recognized as whistleblower

27 April 2018 Society for Baltic Security (Latvia) – Christmas recognized as whistleblower

www.lawlesslatvia.com/2018/05/the-society-for-baltic-security

3 May 2018 Byline (UK) – Citadele Bank exposed

https://www.byline.com/column/81/article/2152

31 May 2018 Baltic Rim Economies (Finland) – EBRD fraud explained

www.lawlesslatvia.com/wp-content/uploads/2018/06/BRE-May-2018.pdf

18 June 2018 Byline (UK) – Arnis Lagzdins exposed

https://www.byline.com/column/81/article/2203

25 July 2018 Byline (UK) – Double Coffee exposed

https://www.byline.com/column/81/article/2243

30 July 2018 BuzzFeed News (USA) – Anders Aslund exposed

https://www.buzzfeednews.com/article/ingaspringe/report-on-money-laundering-at-latvian-banks-raises

30 July 2018 Byline (UK) – Alastair Tulloch exposed

https://www.byline.com/column/81/article/2248

30 August 2018 Byline (UK) – Kargin and Krasovitsky families exposed

https://www.byline.com/column/81/article/2248

XX August 2018 Gatis Eglitis JKP (Latvia) – describes Parex bailout as a heist

Gatis Eglītis aicina kopīgi apturēt oligarhu 500 miljonu kampšanas projektu!

📣 Kopā apturēsim oligarhu ❗️500’000’000€❗️ kampšanas projektu! Šī afēra var viegli pārsniegt Parex glābšanas un OIK shēmu apjomus! 👉 Dalies ar šo ziņu un neļauj izšķiest pusmiljardu eiro šaubīgajā dzezceļa elektrifikācijas projektā, laikā, kad naudas trūkst tik daudzām vajadzībām! 👨‍👩‍👧‍👦#godigi #drosmigi #gudri #likums #kartiba #konservativie #jkp#2saraksts #jaunakonservativapartija #6oktobris2018

Posted by Jaunā konservatīvā partija on Thursday, August 16, 2018

30 August 2018 Byline (UK) – VIA SMS exposed

ttps://www.byline.com/column/81/article/2274

30 August 2018 Byline (UK) – more Kargin and Krasovitsky

https://www.byline.com/column/81/article/2275

31 August 2018 Ralfs Nemiro KPV (Latvia) – describes Parex bailout as a heist

Parex, sāga, kas mums 🇱🇻️ izmaksāja 2 miljardus!Man savu stāstu izstāstīja kāds Parex bankas tā laika vadošais…

Posted by Ralfs Nemiro “KPV LV” on Friday, August 31, 2018

25 September 2018 Bloomberg (USA) – Christmas recognized as whistleblower

https://www.bloomberg.com/news/features/2018-09-25/the-face-of-latvia-s-scandal-ridden-financial-system-is-caught-in-a-corruption-case

17 October 2018 Private Eye (UK) – Christmas recognized as whistleblower

www.private-eye.co.uk/special-reports/looting-with-putin

19 November 2018 Byline (UK) – Grigory Rabinovich exposed

https://www.byline.com/column/81/article/2343

4 December 2018 Byline (UK) – Anders Aslund exposed

https://www.byline.com/column/81/article/2364

27 December 2018 The Shift (Malta) – appeal to Dr. Edward Scicluna

30 December 2018 Latvia Weekly – Solaris Bus, Riga City

http://www.latviaweekly.com/2018/12/the-emperors-court-date-akenfelds-on.html

Oleg Boiko website! Tons of info.

Somebody put up a website with tons of info on Russian Oligarch Oleg Boiko.  We didn’t know all of this, for example that Boiko represented the Kremlin trying to engineer a Communist takeover in Moldova in 2013.

Boiko is well known in Latvia as ‘business’ partner to Valery Kargin, Viktor Krasovitsky, and Andris Skele.

Hopefully the US and EU will wake up and add Boiko (and Kargin, Krasovitsky, and Skele) to the sanctions lists.

http://olegvboyko.website/

pdf in case website taken down:  olegvboykowebsite

https://theblacksea.eu/malta-files/article/en/cash-loans-czar-maltese-tax-escape-plan

pdf in case website taken down:  boykomalta

 

 

Eurostat confirms Dombrovskis’ fraud

Eurostat has written a letter confirming that Valdis Dombrovskis’ deal to sell Parex Bank stock to the EBRD in 2009 was a fraud.  The “sale” was actually a “loan” because Latvia must buy back the stock.  The Eurostat letter indicates another fraud also:  when Latvia gave free Citadele stock (the EBRD bought Parex stock, not Citadele stock) to the EBRD this should have been recorded as an expense.  Latvia is required, according to the illegal deal, to buy back the Citadele stock for an unknown price at an unknown time.  However, Latvia made the deal “confidential.”  We thought “confidential” was for military secrets.  How can the national debt be “confidential” from voters, taxpayers, and creditors?  We hope the next government will repudiate the debt and sue the EBRD to take back the Citadele stock.

Eurostat letter September 2014

European Commission investigation!

The European Commission has opened an investigation into state aid to Parex Bank and successors Reverta and Citadele Bank.  It’s about time somebody investigated, since clear evidence of massive frauds has been openly available online for years.

http://europa.eu/rapid/press-release_IP-14-454_en.htm

The EC release listed specific ways in which Latvian government loans to Parex were noncompliant.  They were larger than allowed, and also the government extended the maturities to longer times than allowed.  Presumably, the government did this because the loans won’t be paid back however the government wants to delay until after the next election before taxpayers find out how much money was lost in the black hole of Parex.

Strangely, the EC release did not mention that the sale of Parex stock from Latvia to the EBRD was a fraud (a fake reversible purchase designed to fool the public) since that fraud is even worse than the others.

We at LawlessLatvia have already sent information to the EC investigators:  Parex was a fraud and the Parex bailout was a fraud and the purpose of the bailout was to protect corrupt government employees and oligarchs.

Hopefully the EC will investigate with an objective of uncovering and exposing the truth.  When the EBRD conducted “due diligence” on Parex in 2009, it had the opposite objective – tricking the public that Parex was not a fraud even though it was.

The EC release was not censored in the Latvian press.  However, we wonder if the press knew about the noncompliance of the bailout loans already and covered this up for as long as they could.

ECB letter about EBRD fraud and PWC response

Exiled Parex Bank whistleblower John Christmas wrote a letter to the European Central Bank about the 2009 EBRD fraud in Latvia and 2013 EBRD fraud in Lithuania.  The letter was sent from Rome to approximately 650 people in December and January.  You must click this link twice to get to the pdf:

ECB letter scan

UPDATE:  PWC sent a reply that sums up the attitude of thousands of professionals who have known about the EBRD/Parex/Latvia fraud for years but are pretending they don’t know about it while it continues to grow.  PWC is claiming that the letter sent to them was “mis-posted” even though it was clearly marked with a note that they signed the false 2009 Parex Bank annual report.

Perhaps this is no surprise given PWC’s horrible history in the former USSR.  They signed annual reports for Gazprom for years will full knowledge that billions of dollars were being skimmed.  And, they signed annual reports for Yukos for years with full knowledge of massive frauds there.  PWC only canceled their endorsement of Yukos when Russian authorities threatened to arrest PWC employees.

Here is the PWC email about the ECB letter:

From: [email protected]

To: [email protected]

Subject: Letter

Dear John,

We have received a letter addressed to a Mr Draghi that seems to have been mis-posted. The subject is EBRD helping falsify financial statements. As this letter is of a sensitive nature we have destroyed it and taken no copies.

Kind regards,

Gemma Morton

PwC PA to Kevin Burrowes & Symon Dawson