Company briefs - 2010-01-28

  • 2010-01-28

Estonian currency exchange bureau Tavid and bank Nordea Pank are suspected of being part of one of the largest money laundering schemes in Eastern Europe, reports LETA. The amount involved could be up to 15 billion kroons (961.5 million euros). In 2007, Tavid received 45 million kroons in its account in Nordea Pank from Stern Treid LLC. One of the shareholders of Stern Treid is Yuri Kasjanov, under investigation in Bulgaria for involvement in another large money laundering scheme. Kasjanov’s company agreed with Tavid on financial services with Stern Treid transferring to Tavid more than 200 million kroons. Tavid has been involved in other money laundering cases.

Starting next autumn, China’s Great Wall Motors (GWN) cars will go on sale in Latvia, reports GWN’s model the ‘Phenom,’ which has a 1.3 liter motor, will be priced at less than 8,000 euros. The company has chosen the Baltic States as their first European market foothold. It intends to enter the Scandinavian market in 2011. The GWN automobiles will be sold in Latvia by Subaru dealers, Partner Motors and Ad rem auto. The second model expected to be sold will be a pick-up truck called Wingle/Speed, priced at about 15,000 euros.