EBRD fraud explained in 2011 video

This is a video that appeared on Youtube in October 2011.

The European Bank for Reconstruction and Development (EBRD) committed a multi-billion-euro fraud against the whole world by conducting a fake purchase of Parex Bank stock in 2009.



Parex Bank fraud at London Stock Exchange

This is the false document that Parex Bank filed with the London Stock Exchange in May 2010.

The document claims that all Parex shareholders have equal status.  However, in reality the European Bank for Reconstruction and Development (EBRD) had a higher status because it had a secret “put option” negotiated with the majority shareholder, the Latvian government.

This is the most likely explanation why, when Parex split into “bad bank” Parex and “good bank” Citadele, the only minority shareholder receiving Citadele stock was the EBRD.

Sadly, the false filing is unlikely to result in legal action.  The British Financial Services Authority (FSA) knew about fraud and money laundering crimes at Parex for many years and chose to take no action while Parex borrowed hundreds of millions of euros in London.  That money disappeared and the loans were paid back by the Latvian government using bailout money borrowed from the European Union.

This story has been completely censored in the Latvian media.

pdf snapshop from 20 March 2012:

false London filing



EBRD fraud explained in letter

This letter by John Christmas to the British Serious Fraud Office (SFO) explains a multi-billion-euro fraud crime committed by the European Bank for Reconstruction and Development (EBRD) against all of the people in the world.

Specifically, the letter explains the “put option” fraud when the EBRD bought Parex Bank stock from the Latvian government.

This fraud has been censored in the Latvian media.  Some attachments to the letter used to be at dissident website Kargins.com, but that was later censored by the Latvian government.

EBRD fraud letter

Alstom, Swiss Federal Prosecutor’s Office, Parex Bank

On 22 November 2011, the Swiss Federal Prosecutor’s Office announced that it ordered French company Alstom to pay 31 million euros for bribery in Latvia, Tunisia, and Malaysia.

According to the Latvian press, the bribe recipients were Karlis Mikelsons, Aigars Melko, and Gunars Cvetkovs at state energy company Latvenergo.

The Latvian project was financed by Parex Bank, however this fact has been omitted from all Latvian media articles.

The Latvian authorities are refusing to prosecute the bribe recipients and bribe intermediaries.

pdf snapshop from 18 March 2012:

DB Alstom

link if not yet censored by Latvian authorities:



United States Department of Justice, Daimler, Parex Bank

On 1 April 2010, the United States Department of Justice announced a settlement with Daimler AG of $185 million for paying bribes in Latvia and other countries.

Latvian authorities refuse to prosecute the bribe recipients and intermediaries.

The Latvian media refuses to mention Parex Bank in articles about the Daimler settlement even though Parex financed the transaction.

pdf snapshop:

USDoJ Daimler




United States Department of Justice, Daimler, Russia, Latvia

The following document contains some details from the United States Department of Justice case against Daimler AG, dated 22 March 2010.

Bribes to Russian officials went to Latvian bank accounts.

Shortly after the announcement of the Daimler settlement came an announcement that HP also paid bribes to Russian officials through a Latvian bank.  Those bribes were paid to the Russian Prosecutors Office.

Nobody has been prosecuted anywhere for any of these crimes.

pdf snapshop:

Daimler Russia



United States Department of Justice, Solaris Bus, Gundars Bojars, Viktor Vekselberg

This document from the United States Department of Justice indicates that a company paid bribes to Riga City politicians to sell buses in 2000.

The accusation must refer to the sale of buses from Solaris of Poland to Riga Transportation (formerly Imanta and Talava).  The sale was financed by Parex Bank.

Nobody has been prosecuted.  The names “Solaris” and “Parex” have been censored from all Latvian media articles on the subject.  And, Solaris continues to sell buses to Riga now in 2012.

Interestingly, the Latvian media did determine that former Riga mayor Gundars Bojars must have been involved.  Bojars’ involvement is not surprising since he was also involved in the notorious “Baltic Kristina” deal with Parex.  Nobody was prosecuted in that case, either.

Bojars is currently free and rich.  He is cooperating with Russian oligarch Viktor Vekselberg to construct a new building for the Latvian State Revenue Service.

pdf snapshot:

USDoJ Solaris



Riga Transportation, Solaris Bus, Dienas Bizness, Viktors Zakis

Dienas Bizness is one of the oligarch-controlled newspapers in Latvia.

To the credit of DB, they did publish a story about John Christmas’ 2004/2005 whistleblowing against Parex Bank.  However, they did not publish the story until 2007.

The story contains some details of the material fraud at Parex that related to the corrupt sale of buses from Solaris to Riga Transportation.

At the time of this story in 2007, Viktors Zakis was spokesperson for Parex.  He is quoted in the article claiming, falsely, that Christmas’ whistleblowing was investigated and was not truthful.  When Parex handed its liabilities to the Latvian taxpayers in 2008, Zakis became spokesperson for Riga Transportation.

When the United States Department of Justice confirmed that Christmas’ whistleblowing was truthful in its Daimler settlement announcement in 2010, the Latvian media went silent again.  DB refused to link the 2007 story to the 2010 USDoJ announcement.

pdf snapshot from 18 March 2012:

DB Riga Transportation

link, if not yet censored by Latvian authorities:



Parex Bank and Solaris Bus fraud explained

It is a great mystery why nobody in Latvia (new managers at Parex Bank, auditors at Ernst & Young and PWC, raters at Moodys and Fitch, Latvian regulators, Latvian law enforcement, etc.) is able to prove that Parex Bank committed a material fraud crime when financing the sale of buses from Solaris of Poland to Riga Transportation since the proof only takes a few minutes using numbers from Parex Bank and Riga Transportation annual reports.

This bus sale included kickbacks, according to the United States Department of Justice.

This is an email written by John Christmas explaining the proof.

Most likely, this loan is now owned by Parex’s so-called “good bank” successor – Citadele Bank.  Obviously, Riga Transportation has no legal obligation to repay this loan and therefore Citadele should announce a 100% loss.

Proof of Parex Solaris fraud

Inguna Sudraba, Parex Bank, Southern Bridge

Inguna Sudraba was a member of the Parex Bank Credit Committee from 2003 to 2004 and therefore was responsible for (1) making undisclosed-related-party loans, (2) making loans that exceeded the bank’s lending limit, and (3) acting as credit committee for secret subsidiary Extro Bank of Russia.

In 2008 and 2009, the Latvian people learned that half of the loan portfolio of Parex was bad, thus indicating severe problems with the Parex Credit Committee.

Was this the end of Sudraba’s career?  No!  Now in 2012, she is the Latvian State Controller (Auditor)!

Sudraba, working as State Controller, cannot find any corruption in Latvia.  For example, Parex arranged financing for the “Southern Bridge” in Latvia.  Latvian taxpayers will pay 1,000 million euros for a bridge that is worth 300 million euros.  Sudraba cannot figure out where the other 700 million euros went.

Latvian newspapers keep naming Sudraba as a wonderful person who should be President or Prime Minister in the future.  The articles never mention that she was on the Parex Credit Committee.

Southern Bridge