Russian connections result in bankruptcy for Dutch trade finance bank
Amsterdam Trade Bank (ATB) has been declared bankrupt by a Dutch court after the lender and its Russian parent were hit by sanctions imposed by the US and Britain in response to Russia’s assault on Ukraine. A subsidiary of Russia’s Alfa Bank, ATB was established…
Hin Leong founder faces 105 new charges, 33 related to L/C usage
The founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, is facing an additional 105 charges, 33 of which relate to letter of credit (L/C) usage, in connection with allegedly fraudulent schemes at his now-defunct trading house. The new charges will add yet…
London a haven for money laundering by organised criminals say investigators
London has become a haven for money laundering by organised criminal groups, in part because it is so easy to create companies in the UK, according to an investigation by the Organised Crime and Corruption Reporting Project (OCCRP). One of OCCRP’s recent investigations focused on…
Trade-based financial crime revealed at bankrupt fishing conglomerate
Allegations are emerging of trade-based financial criminality at the recently bankrupted fishing conglomerate, Pacific Andes group. The Hong Kong based conglomerate allegedly used offshore companies to engage in a trade finance fraud to fund its 2013 purchase of fishmeal maker Copeinca, a US bankruptcy trustee…
Former executives of bankrupt law firm obtained L/Cs to guarantee salaries
Former top executives of Dewey & LeBoeuf LLP, the law firm now in bankruptcy, obtained letters of credit (L/Cs) to ensure that they were paid, even if the now-defunct firm failed to do so. The L/C revelations emerged from a witness during the trial of…
Banco Madrid files for bankruptcy in wake of parent’s trade-based money laundering findings
Banco Madrid of Spain has filed for bankruptcy in the wake of a run on the bank sparked by a money laundering investigation into its parent company, Banca Privada de Andorra (BPA). Earlier this month, the US Treasury’s Financial Crimes Enforcement Network (FinCen) said BPA…
