World Library  
Flag as Inappropriate
Email this Article

Fimaco

Article Id: WHEBN0024670790
Reproduction Date:

Title: Fimaco  
Author: World Heritage Encyclopedia
Language: English
Subject: Communist Party of the Soviet Union, Money laundering, Economic history of Russia, Corruption in Russia, Stasi
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Fimaco

Financial Management Company Ltd (FIMACO) was a Jersey company founded in 1990.

In a 1991 report, former KGB colonel Leonid Veselovsky, whose responsibility was to manage Communist Party commercial affairs overseas, told that he had found ways to funnel party money abroad. The stated goal was to ensure the financial well-being of party leaders after they lost power.[1] Large amounts of state assets were transferred through this company. One estimate is about US$50 billion.[2] The people with access to FIMACO included senior officers of the Communist Party, Komsomol, state banks, KGB, and the military.[3] A 1993 document signed by a senior deputy to Viktor Gerashchenko, the head of the Central Bank, forbid disclosure of transfers to FIMACO: "The balance of the investment account of the [Central Bank] in FIMACO shouldn't be disclosed on the balance sheet of the bank."[1]

FIMACO's existence was disclosed by Russia's chief prosecutor Yuri Skuratov in February 1999. Soon afterwards, FSB chief Vladimir Putin attacked Skuratov with a campaign which included a video where Skuratov allegedly has sex.[1]

Russian officials claimed that it was 100% owned by the state-owned Banque Commerciale pour l’Europe du Nord, but never provided any proof according to a Newsweek article in March 1999.[1]

According to Sergei Tretyakov, KGB chief Vladimir Kryuchkov sent US$50 billion worth of funds of the Communist Party to an unknown location in the lead up to the collapse of the USSR.

References

  1. ^ a b c d "Follow The Money - The Latest Kremlin Scandal Involves Billions Of Dollars Moving Offshore--Plus Sex And Videotape". Newsweek. 1999-03-29. 
  2. ^ Russian Money Laundering: Congressional Hearing. James A. Leach. p. 816
  3. ^ Marshall I. Goldman: The piratization of Russia: Russian reform goes awry

See also

External links

  • Secrecy by Kremlin Financial Czars Raises Eyebrows New York Times July 30, 1999
  • Follow The Money - The Latest Kremlin Scandal Involves Billions Of Dollars Moving Offshore--Plus Sex And Videotape. Newsweek Mar 29, 1999
  • Putin's Russia: A confusing notion of corruption Virginie Coulloudon July 2003
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.