Russian Fund Accuses RZB of Money Laundering

Professional ServicesFinancial Services ♦ Published: September 14, 2010; 13:18 ♦ (Vindobona)

The Russian fund Hermitage Capital, which has been at loggerheads with the Russian authorities for years owing to a major tax fraud case, now accuses the Raiffeisen Zentralbank (RZB) for having aided and abetted the money laundering.

Russian Fund Accuses RZB of Money Laundering / Picture: ©

RZB rejects this categorically: The transfers were examined internally and externally, and the results show no evidence of illegal acts, stressed the bank.

Hermitage accuses the Russian authorities of purloining documents and then re-registering three subsidiaries under other shareholders’ names with them. Immediate afterwards, claims for the amount of the annual profit of…