Laundering Suit Ends as Russian Firm, U.S. Claim Victory

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The U.S. agreed to take $5.9 million to settle a money-laundering lawsuit tied to a $230 million Russian tax fraud, avoiding a trial that was set to begin Monday.

Both the U.S. and a Cyprus-based company controlled by a Russian businessman claimed victory in avoiding a trial that promised to shed light on an intricate web of shell companies and middlemen that were allegedly used to spirit dirty money out of Russia in violation of international financial regulations.

Prevezon Holdings Ltd. said in an emailed statement that it agreed to settle the U.S. claims for less than 3 percent of the amount initially sought by the U.S. government. Acting Manhattan U.S. Attorney Joon Kim said the settlement amount was roughly 10 times the money that was allegedly traced directly into U.S. accounts and real estate.

Read the original article here: bloomberg.com


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