

by John Helmer, Moscow
@bears_with
US Government officials are protecting some of the largest Russian fraudsters and bank robbers on condition they invest their ill-gotten gains in US real estate, bank accounts, and businesses paying US tax; and also publicly attack the Putin administration for “victimising” them. The latest of these oligarch-sized accused, Vadim Belyaev (lead image), is facing trial in the New York State Supreme Court.
Belyaev is being sued by the state-owned Moscow banks, National Bank Trust and Otkritie Bank, for the return of about $1.2 billion in fake loans, fraudulent bond and debt-pyramid transactions he is alleged to have arranged for his own benefit, when he controlled the two banks and more than 150 offshore front companies through which he directed the cash to himself. His subordinates at the time are facing prosecution in Moscow for criminal fraud. The banks, which went bankrupt as a result of the asset stripping, remain under the administration of the Central Bank and the state Deposit Insurance Agency (DIA). The Central Bank is the 98% shareholder of Trust Bank and 100% shareholder of Otkritie.
Belyaev, say the banks, “exercised close control over Otkritie Holding and its subsidiaries, and repeatedly used his control to misuse assets of entities owned by Otkritie Holding, and often to siphon off those assets for personal use and the use of his associates.”
Among the homes he purchased in the US, one in Westchester county of New York state accommodates his ex-wife and children. Another, a ski chalet, in Aspen, Colorado, he recently sold for $12.5 million. Another of his homes has been identified in a suburb of Phoenix, Arizona. The town house in New York City where Belyaev and his current wife live, is palatial; Belyaev is paying rent of $80,000 per month.
Belyaev has yet to file a full statement of his defence in the New York court; that is due on February 5. He is asking the court to throw the case out on several grounds. One is that he has been victimised by the Central Bank’s bankruptcy procedures which he calls illegal “nationalization” of the banks. His second claim is that there is no proof that he controlled the banks or that fraud was committed in the alleged loan schemes. The third of Belyaev’s defences is that the court in New York has no jurisdiction over him, even though he lives a 10-minute walk from the courthouse.
The US Government is protecting Belyaev so far by granting him and his wife residency papers, together with Social Security and tax status. His name was omitted by the US Treasury when it published its list of Russian oligarchs on January 31, 2018; read that list here. Several Russian bankers were listed, including three on the run in Cyprus and London; their banks were not as large as Trust and Otkritie when Belyaev ran them, nor are their crimes as expensive as Belyaev’s.
The New York court is due to rule on dismissal on February 22. If the court allows Belyaev to continue living in the US, but protected from being pursued there for his crimes in Russia, it will amount to a declaration that oligarchs who steal but pay tribute in the US will be safe. By contrast, oligarchs who stay in Moscow but pay tribute to the Kremlin will be targeted by US sanctions.
This is also the catchcry of Alexei Navalny (lead image, 2nd from right) who has called for the US and European Union to “be very clear dividing two things: Russian people who must be welcomed and treated very warmly from European Union from my perspective, and Russian state [oligarchs who] must be treated like a bunch of criminals.”
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