Mikhail Khordorkovsky Receives 6 More Years in Prison >
FROM THE -
JOURNALS of Monte Friesner ~ Thursday December 30, 2010
Financial Crime Consultant for WANTED SA >
Khordorkovsky Convicted of Money Laundering
Former oil magnate Mikhail Khordorkovsky was convicted this week of money laundering and embezzlement in a non-jury trial in Russia, in what has been described by legal experts as a purely political case.
Khordorkovsky, who was said to be a possible reform candidate for president in Russia, and therefore a potential threat to the present government, has been imprisoned for several years, after also allegedly being convicted on political charges, and was close to release when the present charges were brought.
Compliance officers charged with the assessment of country risk should consider this case as another strong indication that one cannot expect any case or controversy involving their entity, or that of clients, to be adjudged according to the rule of law. This is a primary factor in the calculation of country risk. Should your bank, or your clients, hold assets there, or transact business inside Russia, understand that any subsequent civil litigation involving wrongdoing of Russian entities could result in an adverse ruling contrary to commonly-held legal principles, and could bring with it unexpected criminal exposure.
WANTED SA Thanks Mr. Kenneth Rijock of World Check and all the Parties, Law Enforcement and Securities forces who have contributed to this article and their sincere opinions and statements.
WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.