Russian customs service sues Bank of New York for $22.5 bln

The Russian Customs Service has filed a suit with the Moscow Arbitration Court against the Bank of New York, a global leader in securities servicing, for $22.5 billion in damages, the service's lawyer said Thursday.

"In 1996-99, the bank organized an illegal scheme for laundering money received for Russian exported goods, which caused damages of $22.5 billion," Maxim Smal said.

Investigations into the Bank of New York case began in the early 2000s when authorities in some countries suspected bank employees of involvement in tax evasion and money laundering schemes. The bank sacked several staff members who dealt with Russian money transfers, and some of them appealed against the dismissals.

Source: RIA Novosti
Date: 17.05.2007 [ID: 29]