Ruminations on Russia

The ever reliable Royal Gazette, clearly the first stop on my mornings reading, has some additional tidbits to tide you over in the penultimate set of L.D. vs Alfa.

Once again the ever unreliable Jeff Galmond seems to be setting up his boss for a fall.  The news from the sunshine is that IPOC might have been a little unclear in its accounting policies (not ever expecting accountants to account).

It would appear that journalists in the middle of the ocean have little to do so they actually provide details (in lieu of facts).  Here are some for your mid-week entertainment;

For example, the Ernst & Young report shows IPOC claimed its company Lapal Ltd. had been loaned $550,000 by a Connecticut-based company called Castle Ventures Ltd. But in its submission, the alleged lender claimed to know nothing about it.
A letter from Castle Ventures' attorneys stated: “. . . there have been no business dealings between Castle Ventures or (company owners) the Hedges and Lapal Limited. There are no records of any loan transactions between Castle Ventures and Lapal Limited. Further, Castle Ventures is not in the business of providing loans.”
Another IPOC group company, Albany Invest Ltd., claimed it had been paid $803,901 in two separate payments by UK company Advanta Corporation Ltd. But court papers showed that Advanta had never even traded at the time of the alleged transaction.
Yet another anomaly is the $250,000 that the accountants' report said was paid to IPOC company Lapal Ltd. by Netmax for consultancy services.
Netmax proved not to be a company at all, but instead a brand for a completely different firm, Cybernet Systems Corporation.
Cybernet's written response to the alleged transaction included: “Netmax is a product line owned by Cybernet Systems Corporation.
”As such, we are in a position to confirm that Netmax did not enter into any such agreement with Lapal Limited, nor did it pay any monies to Lapal, whether the sum of $250,000 or any other amount. In fact, Netmax has had no dealings with Lapal or IPOC International Growth Fund Limited.“
Odder still, Lapal claimed it had been paid $2.04 million by Lemex Company for ”consulting services: structuring a transaction involving a merger of two banks“.
The courts documents show evidence that Lemex is a Hungarian kitchen outfitter. Also included were printed-off web pages from the web site of the Lemex Industrial Group, which is a US supplier of lathes designed for the aeronautics industry.

[composed and posted with ecto]

[composed and posted with ecto]

[composed and posted with ecto]

[composed and posted with ecto]

[composed and posted with ecto]

Technorati Tags: Reiman vs Alfa, Russia, Telecom