Swiss Looking for Yanukovych Money

The Swiss authorities are looking into suspicions of money-laundering by deposed Ukrainian president Viktor Yanukovych.

The information from the Money Laundering Reporting Office Switzerland (MROS) has been reported in the Swiss-German press.

The money-laundering probe concerns possible corruption “for which Viktor Yanukovych and his entourage could be involved”, said the spokeswoman for the federal ministry in Bern.

The pro-Moscow ex-Ukrainian leader and his entourage, whose assets were frozen by the Swiss government two weeks ago, are already being investigated by the canton of Geneva.

Ukrainians, grappling with an economy on the brink of default, were shocked by the breathtaking opulence of Yanukovych’s vast country estate which was flung open for all to see when he went into hiding and fled to Russia.

Retrieved from the river; dried in one of Yanukovych's saunas.

Retrieved from the river; dried in one of Yanukovych’s saunas.

Sizeable Financing Gap for Women Entrepreneurs In India

AHMEDABAD: IFC, a member of the World Bank Group, has released a study that finds
financial institutions meet only 27% of the financing demand of women-owned micro, small and medium enterprises in India.
The study titled Micro, Small, and Medium Enterprise Finance: Improving Access to Finance for Women-owned Businesses in India, undertaken by IFC in partnership with the
government of Japan, estimates that of the total financing demand of $158 billion (Indian
rupees 8.68 trillion) for women-owned businesses, formal sources are able to channel only $42 billion (Indian rupees 2.31 trillion). This leaves a significant gap of $116 billion (Indian rupees 6.42 trillion) that financial institutions can meet through products and services tailored for women entrepreneurs.
Sizeable financing gap for women entrepreneurs in India
Report:  Women-owned-business-in-India

Women owned Bussines in India

Hegemon and Hedge: The Dollar

The dollar is not merely a store of value. It has also become a popular “funding” currency. Banks and multinational firms borrow in dollars, even as they accumulate assets in other denominations. Since no one wants to borrow in a currency that only goes up, this is not a role that China’s currency could easily play. Moreover, because of its role as a funding currency, the dollar tends to strengthen in times of crisis. That explainTs why emerging economies feel a “lumpy”, “unpredictable” need for dollars. America’s currency may not hold its value against others. But in times of stress, the appeal of a dollar asset is that it always holds its value against a dollar debt. The dollar is a global hegemon partly because it is also a global hedge.  Hegemon and Hedge

Dollar

 

Confiscate the Oligarchs Money

Forbes reporting:  The United States may have lost its standing in world diplomatic circles, but it remains the world’s banking behemoth that no one is willing to cross. With the dollar standard, no country or bank, no matter how large, is prepared to  jeopardize its relations with the U.S. Treasury, Federal Reserve, and Justice Department. The independent Swiss dropped their hallowed bank secrecy dating back to the Nazi threat in the face of U.S. pressure to disclose the accounts of U.S. tax scofflaws. After the Swiss caved, so did virtually all other tax havens. The U.S. government could not be in a better position to ferret out the overseas assets of Putin and his fellows.   Follow The Money 

Oligarchs

Let’s Fight Oligarchs, Not Wars

Reuters reporting:  Industrialist Dmytro Firtash, one of Ukraine’s most influential oligarchs with close links to Russia through his gas interests, has been arrested in Austria at the request of the United States.  Austria’s Federal Crime Agency said on Thursday that Firtash was held on Wednesday on suspicion of violating laws on bribery and forming a criminal organization in the course of foreign business deals.

Ukraine’s Foreign Ministry said: “Our embassy in Austria has confirmed that Dmytro Firtash has been detained at the request of the (U.S.) Federal Bureau of Investigation. He is now being held in a detention center.”

The detention of Firtash, 48, whose business concerns in gas trading and chemicals thrived under ousted President Viktor Yanukovich, is the highest profile arrest in the wake of political turmoil which installed new pro-Western authorities in power in Kiev in February.

Firtash’s company Group DF said the FBI case appeared related to an investment project in 2006 which another group source said was in India.

The statement from Group DF said: “We know that the actions of the law enforcement organs of Austria in relation to Dmytro Firtash are not linked with the situation in Ukraine, not with the activity of the Group in Europe and America but relate to an investment project in 2006.

Forbes Ukraine magazine last year put Firtash in 14th place on its Ukrainian rich list, setting his fortune at $673 million.

Though he is nowhere near as wealthy as the country’s top oligarchs, Firtash’s close links to Russia, and possibly to the Kremlin via the energy sector, make him one of the most influential figures in Ukraine.

Firtash is not named on an initial European Union list of Ukrainians suspected of misusing state funds and violating human rights and whose assets are to be frozen as a result of the crisis over the Russian incursion into Ukraine’s Crimea.

He is one of several Ukrainian oligarchs who have called for Ukraine’s territorial integrity to be maintained in the face of Russia’s military incursion into Crimea.

U.S. prosecutors have not announced any charges against Firtash, and a database of criminal cases did not show any on Thursday. The United States has had an extradition treaty with Austria since 2000, according to the U.S. State Department.

Before Yanukovich’s dramatic and swift fall from power, Firtash’s contacts made him even more powerful than Ukraine’s richest man, steel and chemicals billionaire Rinat Akhmetov.

A year ago, in what was seen then as a move that would help Yanukovich secure re-election in 2015, Firtash bought a leading TV station Inter for a reported $2.5 billion.

Firtash

Swiss Accuse Uzbekistan’s Gulnara Karimova of Money Laundering

Swiss authorities have announced that Gulnara Karimova, the oldest daughter of Uzbekistan’s authoritarian leader, is at the center of a money laundering investigation.

The Harvard educated blonde has cemented herself as a jetsetter, appearing in front of flash bulbs over the years as a fashionista, ambassador, pop star and business woman.

In 2012, under the stage name Googoosha, she released a single with actor Gérard Depardieu.

Karimova, 41, has also enjoyed sharing her adventures on her Twitter and an Instagram account, which was recently locked.

Human Rights Watch has called the country’s human rights record “atrocious” and said “torture is endemic in the criminal justice system” in Uzbekistan.  It has been speculated that Karimovais a successor to her father’s regime.

Karimova

Credit Suisse Banker Guilty Plea Confirms The Use Of Nominee Tax Haven Entities

Our correspondent Andreas Frank reports:  A former Credit Suisse banker pleaded guilty to helping Americans hide money in Switzerland and agreed to cooperate with the U.S. government as it investigates banks and their employees for aiding tax evasion.

Andreas Bachmann admitted to one count of conspiring to defraud the U.S., which carries a potential penalty of five years in prison. Prosecutors agreed to recommend a reduced sentence in return for his cooperation.

In 2011, federal prosecutors accused Mr. Bachmann and seven other Credit Suisse bankers of conspiring to set up offshore accounts for wealthy Americans that hid up to $3 billion in assets, according to the indictment.
US Bachmann PressRelease
Related Reports:

A nominee director is someone who is renting his or her name to hide the beneficial owner by taking the position on paper of the company’s directors. The term of straw man or front man has been used to describe someone who is acting as the nominee. Legally, according to the incorporation documents, the nominee is responsible for the company or entity. In addition, if it is the case of a nominee that is also listed as the nominee shareholder, then they in effect also have the related ownership responsibilities as well.

The basic function of the nominee director is to shield working executives of other companies from the public disclosure requirements. It is designed to help a person who would rather not disclose their interest or association with a given corporate body. Anyone performing a company search on a company with a nominee director would be unable to discover in whose name the nominee director was registered.

Secret Real Owner Of CompanyMore about

Entrepreneurial Success with Safety Vests

Lynette Mayne always give her clients what they ask for. DHL said please tender on this gear and had a corporate design and corporate colour. We gave them that, but recommended they slightly change the colour to a brighter orange so it will meet Australian safety standards. They said that is one of the reasons they gave us the tender. We are extremely flexible in the way we go about things.  Making a Success of Work Wear


Safety Vest

Herbalife: Trying to Manipulate Regulators to Benefit from Shorting Stock

Jonathan Weil reporting in Bloomberg:  Astroturf-marketing campaigns and manufactured news events are standard fare for big corporations looking to influence lawmakers, regulators and the public. We’ve grown numb to their antics. So it’s usually not a big story when some hare-brained promotion or lobbying effort goes wildly off track.

But when a billionaire hedge-fund manager uses the same techniques to attack a company whose stock he’s shorting, the dark arts of public relations suddenly seem novel again. So we find Bill Ackman’s hilariously inept crusade against Herbalife Ltd., the nutritional-products distributor.

Neither Ackman or his firm did anything illegal. He shorted the stock in late 2012. He had a billion dollars riding on the bet, last we heard. And he’s been trying to convince government officials that Herbalife is a pyramid scheme, so that they’ll open investigations into the company and put it out of business. He seems to believe every word of what he says about Herbalife.

But as an investment thesis, shorting Herbalife has been a horrible idea.   Herbalife’s stock has failed to cooperate with Ackman: It more than doubled in 2013, although it’s been down this year.Plenty of other hedge-fund managers could have told him from experience that the prospect of future regulatory action is rarely a good catalyst when shorting a stock. The government might not act, even if the company is a fraud.

Undeterred, Ackman’s firm, Pershing Square Capital Management, hired a small army of lobbyists and P.R. specialists to run a national campaign in hopes of making his prophecy come true. They in turn have enlisted people such as U.S. Senator Ed Markey of Massachusetts and U.S. Representative Linda Sanchez of California, both Democrats, to ask for investigations of Herbalife.

Civil-rights groups representing minority voters have lined up to take Pershing’s money and sent their own letters (often worded identically) to various muckety-mucks complaining about Herbalife’s sales tactics. When regulators did nothing in response, citing a lack of victims, Ackman threw money at an effort to find victims.

Still, the regulators have done nothing. And who can blame them? If they did something now, they would look like Ackman’s tools.

Clearly Ackman is only playing the system the way it cries out to be played. One of the groups that fronted for Ackman’s anti-Herbalife campaign, the League of United Latin American Citizens, took $10,000 from Pershing last year.  If you look at the same page on Lulac’s website where that donation is listed, you’ll see that Lulac also took money from the likes of General Motors, Coca Cola and Google. Those companies donated to Lulac for the same reason that Ackman’s firm did: to advance their interests.

Just about every big company gives money to lobbyists, P.R. firms and nonprofits to promote its business. There really are no rules, as long as you don’t break the law or libel somebody. The difference with Ackman is that he’s promoting his business by trying to hurt Herbalife’s business. If you find that offensive, you can take satisfaction in the fact that he’s failing.

Herbalife

China’s Bank Card Used to Smuggle Money

Growing numbers of Chinese are using the country’s state-backed bankcards to illegally spirit billions of dollars abroad, a Reuters examination has found.

This underground money is flowing across the border into the gambling hub of Macau, a former Portuguese colony that like Hong Kong is an autonomous region of China. And the conduit for the cash is the Chinese government-supported payment card network, China UnionPay.

In a warren of gritty streets around Macau’s ritzy casino resorts, hundreds of neon-lit jewellery, watch and pawn shops are doing a brisk business giving mainland Chinese customers cash by allowing them to use UnionPay cards to make fake purchases – a way of evading China’s strict currency-export controls.   China’s Official Bank Card Used to Smuggle Money

Macau