28 October 2016

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How money siphoned off from Ukraine ends up in Latvia's national budget

A Latvian court has ruled to seize and transfer to the state budget EUR 50 million of funds siphoned off from Ukraine and laundered through Latvian banks by former high-ranking officials, Ukraine Today reported citing Latvian media. 


In autumn 2014 then Prosecutor General of Ukraine Vitaliy Yarema announced that $49.3 million of former Deputy Prime Minister of Ukraine Serhiy Arbuzov had been arrested in Latvian banks. Moreover, $32 million and CHF 72 million were arrested in the accounts of Ukrainian businessman and former lawmaker Yuriy Ivaniuschenko, according to a De Facto journalistic investigation program, Ukraine Today reports.

Money huntLatvian journalists found out that the investigation into the case in Latvia is still ongoing, but neither Arbuzov nor Ivaniuschenko are listed among the suspects. As a matter of fact, there are no suspects in the criminal proceedings conducted by the Latvian police.

The publication noted that the Latvian law enforcement agencies had not received the information they needed from Ukrainian colleagues. Latvian laws allow the authorities to confiscate illegally obtained funds even before the investigation is over.

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