Ukraine Leaks by Graham Stack

Journalist Graham Stack has launched a new website called “Ukraine Leaks.”

Mr. Stack has done an excellent job researching the “Latvian proxy network” which is a group of dummy directors who use offshore banks in Latvia to organize huge corruption projects in Ukraine, Russia, and other countries.

Earlier, we posted a link to his article in BNE about Parex Bank’s gift of approximately $100 million of Latvian taxpayer money to Vladimir Putin’s friend Eduard Khudainatov.

The debut article on “Ukraine Links” is about a sham oil platform deal for Ukraine.  Trasta Komercbanka of Latvia (founded by former Parex Ukraine rep Igors Buimisters) had a big role, explained on the website.

The transaction has also been linked to Latvian centi-millionaire Vasilijs Melniks.  He is a former government minister who became wealthy by transferring state assets to himself in the 1990s.

Buimisters and Melniks have never been prosecuted despite involvement in many corruption scandals reported in the Latvian media over the past two decades.


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