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

11:42 Sep. 14, 2016

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

U.S. one-hundred dollar currency banknotes pass through a money counting machine at a bank (Getty Images)

Latvian authorities recover EUR 50 mln of funds stolen by Yanukovych era officials 

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, local media reported referring to the De Facto journalistic investigation program.

In autumn 2014 then Prosecutor General of Ukraine Vitaliy Yarema announced that USD 49.3 million of former Deputy Prime Minister of Ukraine Serhiy Arbuzov had been arrested in Latvian banks. Moreover, USD 32 million and CHF 72 million were arrested on the accounts of Ukrainian businessman and former lawmaker Yuriy Ivaniuschenko.

Read also Austria ready to help Ukraine recover assets stolen by ex-president's allies

Latvian 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 to confiscate illegally obtained funds even before the investigation is over.

Watch also Recovering stolen assets during Yanukovych regime is impossible without Ukrainian court decisions

comments powered by Disqus

RELATED NEWS

Crime12:01 Dec. 28, 2016
Montenegro issues arrest warrant for Russians, Serbs involved in coup plot
Crime15:42 Dec. 27, 2016
More than 600 foreign vessels spotted in Crimea bays
Crime09:58 Dec. 27, 2016
Two Ukraine soldiers captured by militants
Crime12:46 Dec. 25, 2016
Second day of "new ceasefire": 39 attacks in 24 hours
Crime16:11 Dec. 24, 2016
Army takes control of frontline village, stopping contraband flow
Ukraine Today WEEKLY DIGEST
Subscribe to receive regular email updates about Ukraine and Eastern Europe
vk154998