Liquidators Trying to Block Seizure of Money

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Liquidators Trying to Block Seizure of Money

Details: Latest; Thursday, 22 September 2011 02:30; By caribarena news

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Liquidators Trying to Block Seizure of Money Liquidators of the defunct European Credit Bank are trying to block the US government's move to seize a portion of an alleged $250 M allegedly obtained illicitly by a former Ukranian prime minister.

The money is alleged to have been scattered in banks in Switzerland, Liechtenstein, Lithuania, Guernsey, and Antigua.

The US Justice Department has been ordered to provide more specific information about its efforts to seize the money linked to Pavlo Lazarenko and his associates and crimes committed in the 1900s.

The Russian gas giant OAO Gazprom has also filed suit in the Washington federal district court.

Attorneys representing these two entities say the Justice Department has not explained how the money it is seeking is tied to Lazarenko's alleged crimes. They also want details about the specific crimes the money is linked to.

Lazarenko was convicted in California as part of a money laundering conspiracy. He was sentenced to over eight years in prison in 2009. Most of the charges did not however stand up to trial and appeal.

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