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Hedge fund manager Bill Browder details Klyuev money laundering network in London

Thursday, May 05, 2016

Komfie Manalo, Opalesque Asia:

Hedge fund manager Bill Browder, founder of Hermitage Capital Management and leader of the global "Justice for Sergei Magnitsky" campaign, has provided details on the extent of the Klyuev money laundering network in London that was uncovered during a 6-year investigation by the late Sergei Magnitsky.

Magnitsky was Hermitage’s outside legal counsel who was killed in Russian police custody after giving testimony about Russian officials’ complicity in the $230m fraud – the largest known tax refund fraud in modern Russian history. Browder also launched a website dedicated to Magnitsky called *Law and Order in Russia*, to seek justice for his death.

In the testimony given to the UK Parliament’s Home Affairs Committee, Browder identified more than $30m in proceeds which came to the UK through the Klyuev money laundering network.

The head of the network, Dmitry Klyuev, was sentenced in Russia in 2006, and was sanctioned by the US Government in 2014 for his role in the Magnitsky case under the US law, "Sergei Magnitsky Rule of Law Accountability Act."

Klyuev was the owner of 'Universal Savings Bank,’ which received a portion of the stolen $230m directly from the Russian treasury. Some of these proceeds, through a series of shell companies, ended up in the Cyprus bank accounts of his two connected BVI companies, Altem Invest and Zibar Management, which then wired funds to ......................

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