Russian Billionaire faces probe for money laundering

The Russian Billionaire and co-founder of the Gunvor Group Limited, Gennady Timchenko is facing charges of money laundering by the US authorities. Authorities are looking at and investigating supposed money transfer through alleged corrupt deals in Russia.
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They are looking at all documentation and evidence which will point to the fact that the Gunvor Group had purchased oil from OAO Rosneft and sold it to third parties later. The Rosneft , a Moscow based company denied charges of any kind of wrong doing in the tender.

The Gunvor company on its part issued a statement which reiterated the fact that they did not do any trading with Rosneft for more than two years and certainly did not buy oil from them. A possible alliance is also being seen with the Russian President Putin. Timchenko is an ally of the President Vladimir Putin, who has faced US sanctions this year.

Timchenko is also in the sanction list but he is said to have sold of his stake at Gunvor just before the US sanction list came out. A parallel probe is being done to see if there is any link between Putin’s personal wealth to the alleged illicit funds. Mr Putin’s spokesman Dmitry Peskov, however denied any kind of link with Timchenko.

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