Tavid implicated in massive money laundering scheme

Jan 25, 2010
TBT Staff

This is the second money laundering scheme that the Estonian exchange company has been implicated in in the past 3 years.

TALLINN - Estonian exchange company Tavid has been implicated in one the largest money laundering schemes in the history of the CEE region.

Estonian-language daily Aripaev reported that the company received a payment of some 45 million kroons in late 2007 to its Nordea Pank account. The payment was made by Stern Treid LLC - a company partially owned by Yuri Kasjanov, a Russian citizen who is currently the subject of a major money laundering probe in Bulgaria.

Kasjanov's company had signed a financial services contract with Tavid under which the company was to transfer to Tavid more than 200 million kroons, the newspaper reported.

Tavid has previously been found innocent on a seperate money laudering charge involving Dmitri Abramkin, a Russian citizen who was arrested in Bulgaria in 2008.

The money is believed to have originated in Russia, been laundered through a series of fake sales agreements in Bulgaria, then transfered back to Russia through the Estonia company.

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