Swedish Probe of BOMBARDIER Alleges Money Laundering
Allegations of money laundering add a new dimension to the prosecution's case
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October 8, 2019 - by MARK MACKINNON for theglobeandmail.com
Swedish prosecutors have expanded a criminal probe of Bombardier Inc.'s business activities in Azerbaijan to include allegations of money laundering, according to court documents that zero in on the banking activity of the Canadian transportation giant's former Russian partners.
The prosecutors, who allege tens of millions of dollars were siphoned off a 2013 deal to install rail-signalling equipment in the former Soviet republic, were granted access to the records of nine Swiss bank accounts associated with shell companies controlled by a quartet of Russian businessmen who partnered with the Canadian transportation giant on the project.
After a prolonged legal battle, Switzerland's top court granted the Swedish request to see the banking records. Prosecutors requested information about the accounts because the shell companies were under investigation "for corruption offences and money laundering in connection with a tendering process of the state railway company in Azerbaijan," according to the ruling.
While the corruption allegations have been widely known since 2017, the allegations of money laundering add a new dimension to the prosecution's case and threaten to further complicate Bombardier's efforts to move on from a years-long drama surrounding its business dealings in Russia and surrounding countries.
The nine accounts were controlled by four shell companies...
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