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By Brett_Bumeter | March 12, 2007
New York City prosecutors have indicted and brought charges against a leading Brazilian political figure on corruption and money-laundering. Former Governor Pualo Maluf was indicted last week. He’s accused of stealing public money and moving that through several different corporations and trusts in offshore bank accounts.
He is also accused of having stolen more than $11.6 million apportioned out of the public account of a $140 million for a local highway project in Brazil. The money was stolen using inflated invoices and in kickbacks transferred through several shell accounts including accounts through the Parmalat group of Italy and Bank of America.
The money was held in a corporation registered in the Isle of Jersey in the English channel. The name of the corporation was Durant international Corp. is controlled through various trusts, corporations through various Caribbean tax havens. The US and Brazil are together investigating over $19 million in funds illegally exported through various different money-laundering efforts in the region.
The US does not have an extradition policy with Brazil and as such cannot seek to bring all of the loft to the United States. There’s no indication whether or not Brazil will attempt to investigate their legislator themselves for the stolen public funds. However the two governments are exchanging information. The United States is also working to try and return some of the stolen money from the Brazilian government back to Brazil. Maluf has hired a US attorney to defend him here.
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Topics: Caribbean, International Tax, Money Laundering |
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