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Court cites money laundering concerns.

A British Virgin Islands appeals court has issued a ruling in the case of IPOC International Growth Fund Ltd. vs. LV Finance Group Ltd. and others that acknowledges concerns regarding alleged money laundering on the part of IPOC, reports Caribbean Net News (Nov. 24, 2004). Michael Gordon of the Court of Appeal of the Eastern Caribbean Supreme Court acknowledged concerns about the "provenance of" the US$40 million security deposit paid into court by IPOC. He ordered the court to "segregate" a portion of the funds paid to the court by IPOC against any future claims by persons with claims over that fund. The ruling was a response to concerns raised by defendants in the case, including members of the Alfa Group, that the US$40 million security deposit paid by IPOC could be the proceeds of money laundering. Alfa Telecom is a Russian telecommunications company, with investments in VimpelCom, Golden Telecom, Kyivstar and MegaFon. Alfa Group, founded in 1989, is one of Russia's largest privately-owned business groups, with interests primarily in oil production, financial services, retail trade and telecommunications.
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Title Annotation:BRITISH VIRGIN I.; IPOC International Growth Fund Ltd. vs. LV Finance Group Ltd
Comment:Court cites money laundering concerns.(BRITISH VIRGIN I.)(IPOC International Growth Fund Ltd. vs. LV Finance Group Ltd)
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:5BRIT
Date:Jan 1, 2005
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