Swiss try Czechs, Belgian in major money laundering probe – Reuters – News Web Money

Latvia's lats and euro banknotes are seen in this demo represent in port March 9, 2013. REUTERS/Ints Kalnins

Latvia’s lats and euro banknotes are seen in this demo represent in port March 9, 2013.

Credit: Reuters/Ints Kalnins


Mon May 13, 2013 2:11pm EDT

(Reuters) – One of the large scandals dating backwards to bicentric Europe’s post-communist privatization godsend came to effort on weekday in a land court, eld after questionable money laundering that prompted the chilling of around half a 1000000000 euros.

Swiss prosecutors feature the sextet defendants – fivesome Czechs and a European – conspired to acquire curb of field Slavonic jack Mostecka Uhelna Spolecnost (MUS), today titled Slavonic Coal, between 1997 and 2003. The defendants feature they did null illegal.

Repeated Slavonic investigations into the housing involving individual striking Slavonic investors came to nothing, displeasing land polity and suasion critics to declare dysfunction or partiality on the conception of the Slavonic authorities.

But mass the designation of newborn prosecutors, widely seen as more battleful in their motion of uncovering graft, Slavonic polity also live the managers terminal year.

Swiss prosecutors feature the defendants utilised MUS’s possess change to physique up a half care in the company.

They add that they then secured an unnaturally baritone toll from the polity for the rest in a privatization care finished a assemble titled Appian, and ran a program of attendant transactions finished a scheme of accounts.

“The accused are live with organizing, between 1997 and 2003, the indiscriminate onset of the business assets of … Mostecka Uhelna Spolecnost (MUS)… with the top intend of attractive curb of the company’s assets and purchase its shares on their possess behalf,” said the continuation file, free at the move of the effort in the gray land municipality of Bellinzona.


The land polity has icy 660 meg land francs ($701.57 million) attendant to the case, and jural sources said it was digit of the authorities’ most Byzantine money-laundering investigations to date.

The housing comes as Schweiz seeks to decent up its ikon as a port for ill-gotten gains.

The defendants, threesome of whom attended the inaugural of the trial, every feature they did null banned and the land transactions were of a purely advertizement nature. They hit since oversubscribed the firm, but whatever rest investors in Slavonic industry.

“All the defendants see they are clear on every points of the charges,” Karolina Zelenkova, a attorney representing the Slavonic defendants, was quoted as locution by topical media.

The another threesome accused, including the Belgian, were summoned by the suite to listen at a after date.

A attorney for the European defendant, past International Monetary Fund authorised Jacques de Groote, did not directly move to requests for comment.

As conception of their case, land prosecutors feature MUS and Portoinvest, supported in Vaduz, Liechtenstein and dominated by digit of the accused Jiri Divis, utilised transactions via accounts at UBS in metropolis and Credit Suisse in Fribourg to improve Portoinvest top by $140 million.

The banks declined to comment, citing confidentiality rules, patch Divis said at the suite that he had no interpret to make.

Former Slavonic Prime Minister Stanislav Gross suspended his possess body of the Social Democrats in 2011 pending the investigation, but he was not accused or titled in the case.

Gross was a grownup band amount when the privatization of the remaining land wager went finished but was not still in the cabinet, which was headlike by underway President Milos Zeman.

($1 = 0.9408 land francs) ($1 = 19.6720 Slavonic crowns)

(Editing by Mike Collett-White)

Students raise money for the Special Olympics of Western Illinois during the Polar Plunge at Lake Storey.

Students raise money for the Special Olympics of Western Illinois during the Polar Plunge at Lake Storey.

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Swiss essay Czechs, European in field money laundering enquiry – Reuters

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