Igor Makarov, who acquired 21 percent of Calgary-based Spartan Delta last year, has been accused by U.S. authorities of paying at least $28.5 million in kickbacks to former Ukrainian Prime Minister Pavel Lazarenko in 1996 for exclusive rights to sell natural gas to Ukraine. While there is nothing illegal about Makarov’s purchase of Spartan Delta, the complex international transactions reveal regulatory gaps between federal and provincial agencies and a lack of oversight of foreign investors.
Read more: Who is on Canada’s sanctions list against Russia and who is not
Story continues below ad That’s because the deal involved a so-called exempt takeover offer, a type of stock exchange transaction that in Alberta does not require disclosures from potential buyers. This process allowed Makarov’s group to merge Spartan Delta and Inception Exploration, a smaller, strategically located oil sands company in northern Alberta. Global News also found that there was no regulatory commitment from the Alberta Securities Commission (ASC) on Makarov’s investment in Spartan Delta. The U.S. civil forfeiture case against Lazarenko, which cites his dealings with Makarov and others, is an effort to seize about $250 million that is secretly pooled in bank accounts worldwide. The California-based proceedings allege that Makarov and directors of his company, Florida-based Itera International, personally benefited from complex money-laundering transactions that were “intended to conceal Lazarenko’s abuse of his government positions.” Makarov is not named as a defendant or accused of any crime in the case, which spans nearly two decades. 3:32 Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ – April 6, 2022 The proceeds were allegedly hidden in a scattering of offshore bank accounts in Switzerland, Guernsey, Liechtenstein and Antigua, the Caribbean island where a Bank of Nova Scotia branch received about C$111 million, according to the U.S. government’s case . Story continues below ad The case files also say Makarov and energy magnate Yulia Tymoshenko, who later became Ukraine’s prime minister, were prominent “associates of Lazarenko who amassed multimillion-dollar fortunes” and that Lazarenko’s associates were involved in conspiracies that included “fraud , blackmail”. , bribery and embezzlement”.
Read more: Canada to try to avoid steel job losses linked to oligarch sanctions, Trudeau says
Lazarenko, who held power until 1997, was first convicted on money laundering charges in Switzerland in 2000. Six years later, he was sentenced to nine years in prison on money laundering charges in the US stemming from a six-year investigation of F.B.I. One of Lazarenko’s convictions involved a money laundering conspiracy involving Itera International and Makarov. It was only the second time the US has convicted a former head of state. The Bank of Nova Scotia did not respond to specific questions about the deposit found in the US civil forfeiture case of C$111 million that was transferred to the bank’s Antigua branch. A spokeswoman said the bank no longer operates in Antigua and has adhered to strict anti-money laundering guidelines. 1:04 Ottawa should allocate “much more” resources to fight white-collar crime such as money laundering: expert Ottawa should allocate “much more” resources to combat white-collar crime such as money laundering: expert – February 2, 2022 James Cohen of Transparency International Canada (TIC) said Makarov’s case can be understood through the lens of Canada’s global reputation as an easy mark for offshore tycoons who want to launder their wealth and fame through the weak laws of Ottawa. Story continues below ad
Read more: The Pandora Papers reveal the drivers of financial crime
Earlier this year, Makarov’s controlling stake in Spartan Delta was worth more than $200 million on paper. But after Russia invaded Ukraine last February, Makarov offloaded more than half of his shares in Spartan Delta to an undisclosed third party for $121 million. The transaction took place three days before Ottawa imposed sanctions on him, alleging he was a close associate of the Russian regime. Federal agencies, including the RCMP, would not respond to questions from Global News about the circumstances surrounding Makarov’s sanction and his dealings with Spartan Delta. “This case is simply about the question, ‘Ottawa, you have blatantly failed to close the loopholes even after our Prime Minister acknowledged in 2019 that money laundering is a national problem,’” Cohen said. “We’re seeing ads in Chinese and Russian where the offshore registration companies are almost saying, ‘Go launder your money in Canada.’ People don’t even roll the dice here because they know they’re going to win.” Cohen also noted that Makarov’s use of Cyprus-registered companies in the Sparta deal fits with suspicious investment trends reported by TIC.
Read more: International students and offshore banking flagged in Canadian real estate money laundering
Story continues below ad A spokesman for Makarov said neither Makarov nor its corporate entities would comment for this story, but have previously maintained that there is no basis for sanctions against it. Makarov, a former Soviet Union cycling champion, founded his vast empire of natural gas companies in Turkmenistan in 1992. In between, he created affiliated trading companies in Switzerland, Cyprus and Ukraine as well as the aforementioned Itera International in Jacksonville, Florida. The link between Itera’s explosive growth and Makarov’s relationship with Russian state energy giant Gazprom has long drawn the curiosity of business analysts such as Bill Browder, a US hedge fund manager who has lobbied Western governments to crack down on corrupt Russian officials . Two decades ago, Browder reported that Itera had acquired more than 50 percent of Gazprom’s operations in Ukraine and other former Soviet states, while Makarov had free use of Gazprom’s European pipelines. “Our investigation showed that Itera, which was owned by this Makarov character, was gaining a huge financial advantage from Gazprom, and it didn’t appear that they were providing any specific service that Gazprom couldn’t do for free,” said Browder, who is the bestselling author of Red Notice and Freezing Order. “So the question was, why would Gazprom do this?” 0:45Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis – July 15, 2022 Gazprom’s lawyers have argued that the US civil forfeiture case is politically motivated. The company did not respond to questions from Global News about the US allegations. The governments of Ukraine and Russia also did not respond to questions about the US government’s case. Story continues below ad In 2013, Makarov sold some of Itera’s energy assets to another Russian state-owned company, Rosneft, for $2.9 billion. Two years later, Makarov renamed the remaining network of commercial and real estate companies as Areti. Corporate records obtained by Global News reveal that Makarov’s renamed companies are linked to many of the same founders of Florida-based Itera International and Cyprus-based corporate officials involved in the Lazarenko case. These Itera International veterans were directly involved in the consolidation of Makarov’s oil and gas reserves in Alberta without oversight by the provincial regulator using a type of share purchase called an exempt takeover offer. Formal takeover offers require significant disclosure from the investors involved, which ensures that the target company’s investors have enough information to make informed decisions. Regardless, the Alberta Securities and Exchange Commission is not required to engage in exempt buyout transactions, spokeswoman Theresa Schroder confirmed. “ASC also does not control the directors of private companies such as Inception Exploration,” Schroder said.
Read more: ‘Canadian eyes only’ intelligence reports Canadian leaders attacked in cyber campaigns
Records show Makarov set his sights on Alberta two years after founding Areti, which eventually became Spartan Delta’s largest shareholder. In December 2016, four executives at Virtue’s Jacksonville headquarters, including Makarov, became directors of Inception Exploration, a company with a small oil holding in Alberta’s northwestern Montney fields. Story continues below ad This involvement gave Makarov control of the small company at a time when oil prices were beginning to recover from a collapse…
title: “Exclusive Russian Buyer Of Canadian Oil Company Accused Of Paying Kickbacks To Former Ukrainian Prime Minister Klmat” ShowToc: true date: “2022-12-02” author: “David Lofland”
Igor Makarov, who acquired 21 percent of Calgary-based Spartan Delta last year, has been accused by U.S. authorities of paying at least $28.5 million in kickbacks to former Ukrainian Prime Minister Pavel Lazarenko in 1996 for exclusive rights to sell natural gas to Ukraine. While there is nothing illegal about Makarov’s purchase of Spartan Delta, the complex international transactions reveal regulatory gaps between federal and provincial agencies and a lack of oversight of foreign investors.
Read more: Who is on Canada’s sanctions list against Russia and who is not
Story continues below ad That’s because the deal involved a so-called exempt takeover offer, a type of stock exchange transaction that in Alberta does not require disclosures from potential buyers. This process allowed Makarov’s group to merge Spartan Delta and Inception Exploration, a smaller, strategically located oil sands company in northern Alberta. Global News also found that there was no regulatory commitment from the Alberta Securities Commission (ASC) on Makarov’s investment in Spartan Delta. The U.S. civil forfeiture case against Lazarenko, which cites his dealings with Makarov and others, is an effort to seize about $250 million that is secretly pooled in bank accounts worldwide. The California-based proceedings allege that Makarov and directors of his company, Florida-based Itera International, personally benefited from complex money-laundering transactions that were “intended to conceal Lazarenko’s abuse of his government positions.” Makarov is not named as a defendant or accused of any crime in the case, which spans nearly two decades. 3:32 Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ – April 6, 2022 The proceeds were allegedly hidden in a scattering of offshore bank accounts in Switzerland, Guernsey, Liechtenstein and Antigua, the Caribbean island where a Bank of Nova Scotia branch received about C$111 million, according to the U.S. government’s case . Story continues below ad The case files also say Makarov and energy magnate Yulia Tymoshenko, who later became Ukraine’s prime minister, were prominent “associates of Lazarenko who amassed multimillion-dollar fortunes” and that Lazarenko’s associates were involved in conspiracies that included “fraud , blackmail”. , bribery and embezzlement”.
Read more: Canada to try to avoid steel job losses linked to oligarch sanctions, Trudeau says
Lazarenko, who held power until 1997, was first convicted on money laundering charges in Switzerland in 2000. Six years later, he was sentenced to nine years in prison on money laundering charges in the US stemming from a six-year investigation of F.B.I. One of Lazarenko’s convictions involved a money laundering conspiracy involving Itera International and Makarov. It was only the second time the US has convicted a former head of state. The Bank of Nova Scotia did not respond to specific questions about the deposit found in the US civil forfeiture case of C$111 million that was transferred to the bank’s Antigua branch. A spokeswoman said the bank no longer operates in Antigua and has adhered to strict anti-money laundering guidelines. 1:04 Ottawa should allocate “much more” resources to fight white-collar crime such as money laundering: expert Ottawa should allocate “much more” resources to combat white-collar crime such as money laundering: expert – February 2, 2022 James Cohen of Transparency International Canada (TIC) said Makarov’s case can be understood through the lens of Canada’s global reputation as an easy mark for offshore tycoons who want to launder their wealth and fame through the weak laws of Ottawa. Story continues below ad
Read more: The Pandora Papers reveal the drivers of financial crime
Earlier this year, Makarov’s controlling stake in Spartan Delta was worth more than $200 million on paper. But after Russia invaded Ukraine last February, Makarov offloaded more than half of his shares in Spartan Delta to an undisclosed third party for $121 million. The transaction took place three days before Ottawa imposed sanctions on him, alleging he was a close associate of the Russian regime. Federal agencies, including the RCMP, would not respond to questions from Global News about the circumstances surrounding Makarov’s sanction and his dealings with Spartan Delta. “This case is simply about the question, ‘Ottawa, you have blatantly failed to close the loopholes even after our Prime Minister acknowledged in 2019 that money laundering is a national problem,’” Cohen said. “We’re seeing ads in Chinese and Russian where the offshore registration companies are almost saying, ‘Go launder your money in Canada.’ People don’t even roll the dice here because they know they’re going to win.” Cohen also noted that Makarov’s use of Cyprus-registered companies in the Sparta deal fits with suspicious investment trends reported by TIC.
Read more: International students and offshore banking flagged in Canadian real estate money laundering
Story continues below ad A spokesman for Makarov said neither Makarov nor its corporate entities would comment for this story, but have previously maintained that there is no basis for sanctions against it. Makarov, a former Soviet Union cycling champion, founded his vast empire of natural gas companies in Turkmenistan in 1992. In between, he created affiliated trading companies in Switzerland, Cyprus and Ukraine as well as the aforementioned Itera International in Jacksonville, Florida. The link between Itera’s explosive growth and Makarov’s relationship with Russian state energy giant Gazprom has long drawn the curiosity of business analysts such as Bill Browder, a US hedge fund manager who has lobbied Western governments to crack down on corrupt Russian officials . Two decades ago, Browder reported that Itera had acquired more than 50 percent of Gazprom’s operations in Ukraine and other former Soviet states, while Makarov had free use of Gazprom’s European pipelines. “Our investigation showed that Itera, which was owned by this Makarov character, was gaining a huge financial advantage from Gazprom, and it didn’t appear that they were providing any specific service that Gazprom couldn’t do for free,” said Browder, who is the bestselling author of Red Notice and Freezing Order. “So the question was, why would Gazprom do this?” 0:45Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis – July 15, 2022 Gazprom’s lawyers have argued that the US civil forfeiture case is politically motivated. The company did not respond to questions from Global News about the US allegations. The governments of Ukraine and Russia also did not respond to questions about the US government’s case. Story continues below ad In 2013, Makarov sold some of Itera’s energy assets to another Russian state-owned company, Rosneft, for $2.9 billion. Two years later, Makarov renamed the remaining network of commercial and real estate companies as Areti. Corporate records obtained by Global News reveal that Makarov’s renamed companies are linked to many of the same founders of Florida-based Itera International and Cyprus-based corporate officials involved in the Lazarenko case. These Itera International veterans were directly involved in the consolidation of Makarov’s oil and gas reserves in Alberta without oversight by the provincial regulator using a type of share purchase called an exempt takeover offer. Formal takeover offers require significant disclosure from the investors involved, which ensures that the target company’s investors have enough information to make informed decisions. Regardless, the Alberta Securities and Exchange Commission is not required to engage in exempt buyout transactions, spokeswoman Theresa Schroder confirmed. “ASC also does not control the directors of private companies such as Inception Exploration,” Schroder said.
Read more: ‘Canadian eyes only’ intelligence reports Canadian leaders attacked in cyber campaigns
Records show Makarov set his sights on Alberta two years after founding Areti, which eventually became Spartan Delta’s largest shareholder. In December 2016, four executives at Virtue’s Jacksonville headquarters, including Makarov, became directors of Inception Exploration, a company with a small oil holding in Alberta’s northwestern Montney fields. Story continues below ad This involvement gave Makarov control of the small company at a time when oil prices were beginning to recover from a collapse…
title: “Exclusive Russian Buyer Of Canadian Oil Company Accused Of Paying Kickbacks To Former Ukrainian Prime Minister Klmat” ShowToc: true date: “2022-11-22” author: “Craig Dixon”
Igor Makarov, who acquired 21 percent of Calgary-based Spartan Delta last year, has been accused by U.S. authorities of paying at least $28.5 million in kickbacks to former Ukrainian Prime Minister Pavel Lazarenko in 1996 for exclusive rights to sell natural gas to Ukraine. While there is nothing illegal about Makarov’s purchase of Spartan Delta, the complex international transactions reveal regulatory gaps between federal and provincial agencies and a lack of oversight of foreign investors.
Read more: Who is on Canada’s sanctions list against Russia and who is not
Story continues below ad That’s because the deal involved a so-called exempt takeover offer, a type of stock exchange transaction that in Alberta does not require disclosures from potential buyers. This process allowed Makarov’s group to merge Spartan Delta and Inception Exploration, a smaller, strategically located oil sands company in northern Alberta. Global News also found that there was no regulatory commitment from the Alberta Securities Commission (ASC) on Makarov’s investment in Spartan Delta. The U.S. civil forfeiture case against Lazarenko, which cites his dealings with Makarov and others, is an effort to seize about $250 million that is secretly pooled in bank accounts worldwide. The California-based proceedings allege that Makarov and directors of his company, Florida-based Itera International, personally benefited from complex money-laundering transactions that were “intended to conceal Lazarenko’s abuse of his government positions.” Makarov is not named as a defendant or accused of any crime in the case, which spans nearly two decades. 3:32 Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ – April 6, 2022 The proceeds were allegedly hidden in a scattering of offshore bank accounts in Switzerland, Guernsey, Liechtenstein and Antigua, the Caribbean island where a Bank of Nova Scotia branch received about C$111 million, according to the U.S. government’s case . Story continues below ad The case files also say Makarov and energy magnate Yulia Tymoshenko, who later became Ukraine’s prime minister, were prominent “associates of Lazarenko who amassed multimillion-dollar fortunes” and that Lazarenko’s associates were involved in conspiracies that included “fraud , blackmail”. , bribery and embezzlement”.
Read more: Canada to try to avoid steel job losses linked to oligarch sanctions, Trudeau says
Lazarenko, who held power until 1997, was first convicted on money laundering charges in Switzerland in 2000. Six years later, he was sentenced to nine years in prison on money laundering charges in the US stemming from a six-year investigation of F.B.I. One of Lazarenko’s convictions involved a money laundering conspiracy involving Itera International and Makarov. It was only the second time the US has convicted a former head of state. The Bank of Nova Scotia did not respond to specific questions about the deposit found in the US civil forfeiture case of C$111 million that was transferred to the bank’s Antigua branch. A spokeswoman said the bank no longer operates in Antigua and has adhered to strict anti-money laundering guidelines. 1:04 Ottawa should allocate “much more” resources to fight white-collar crime such as money laundering: expert Ottawa should allocate “much more” resources to combat white-collar crime such as money laundering: expert – February 2, 2022 James Cohen of Transparency International Canada (TIC) said Makarov’s case can be understood through the lens of Canada’s global reputation as an easy mark for offshore tycoons who want to launder their wealth and fame through the weak laws of Ottawa. Story continues below ad
Read more: The Pandora Papers reveal the drivers of financial crime
Earlier this year, Makarov’s controlling stake in Spartan Delta was worth more than $200 million on paper. But after Russia invaded Ukraine last February, Makarov offloaded more than half of his shares in Spartan Delta to an undisclosed third party for $121 million. The transaction took place three days before Ottawa imposed sanctions on him, alleging he was a close associate of the Russian regime. Federal agencies, including the RCMP, would not respond to questions from Global News about the circumstances surrounding Makarov’s sanction and his dealings with Spartan Delta. “This case is simply about the question, ‘Ottawa, you have blatantly failed to close the loopholes even after our Prime Minister acknowledged in 2019 that money laundering is a national problem,’” Cohen said. “We’re seeing ads in Chinese and Russian where the offshore registration companies are almost saying, ‘Go launder your money in Canada.’ People don’t even roll the dice here because they know they’re going to win.” Cohen also noted that Makarov’s use of Cyprus-registered companies in the Sparta deal fits with suspicious investment trends reported by TIC.
Read more: International students and offshore banking flagged in Canadian real estate money laundering
Story continues below ad A spokesman for Makarov said neither Makarov nor its corporate entities would comment for this story, but have previously maintained that there is no basis for sanctions against it. Makarov, a former Soviet Union cycling champion, founded his vast empire of natural gas companies in Turkmenistan in 1992. In between, he created affiliated trading companies in Switzerland, Cyprus and Ukraine as well as the aforementioned Itera International in Jacksonville, Florida. The link between Itera’s explosive growth and Makarov’s relationship with Russian state energy giant Gazprom has long drawn the curiosity of business analysts such as Bill Browder, a US hedge fund manager who has lobbied Western governments to crack down on corrupt Russian officials . Two decades ago, Browder reported that Itera had acquired more than 50 percent of Gazprom’s operations in Ukraine and other former Soviet states, while Makarov had free use of Gazprom’s European pipelines. “Our investigation showed that Itera, which was owned by this Makarov character, was gaining a huge financial advantage from Gazprom, and it didn’t appear that they were providing any specific service that Gazprom couldn’t do for free,” said Browder, who is the bestselling author of Red Notice and Freezing Order. “So the question was, why would Gazprom do this?” 0:45Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis – July 15, 2022 Gazprom’s lawyers have argued that the US civil forfeiture case is politically motivated. The company did not respond to questions from Global News about the US allegations. The governments of Ukraine and Russia also did not respond to questions about the US government’s case. Story continues below ad In 2013, Makarov sold some of Itera’s energy assets to another Russian state-owned company, Rosneft, for $2.9 billion. Two years later, Makarov renamed the remaining network of commercial and real estate companies as Areti. Corporate records obtained by Global News reveal that Makarov’s renamed companies are linked to many of the same founders of Florida-based Itera International and Cyprus-based corporate officials involved in the Lazarenko case. These Itera International veterans were directly involved in the consolidation of Makarov’s oil and gas reserves in Alberta without oversight by the provincial regulator using a type of share purchase called an exempt takeover offer. Formal takeover offers require significant disclosure from the investors involved, which ensures that the target company’s investors have enough information to make informed decisions. Regardless, the Alberta Securities and Exchange Commission is not required to engage in exempt buyout transactions, spokeswoman Theresa Schroder confirmed. “ASC also does not control the directors of private companies such as Inception Exploration,” Schroder said.
Read more: ‘Canadian eyes only’ intelligence reports Canadian leaders attacked in cyber campaigns
Records show Makarov set his sights on Alberta two years after founding Areti, which eventually became Spartan Delta’s largest shareholder. In December 2016, four executives at Virtue’s Jacksonville headquarters, including Makarov, became directors of Inception Exploration, a company with a small oil holding in Alberta’s northwestern Montney fields. Story continues below ad This involvement gave Makarov control of the small company at a time when oil prices were beginning to recover from a collapse…
title: “Exclusive Russian Buyer Of Canadian Oil Company Accused Of Paying Kickbacks To Former Ukrainian Prime Minister Klmat” ShowToc: true date: “2022-11-06” author: “Pablo Downing”
Igor Makarov, who acquired 21 percent of Calgary-based Spartan Delta last year, has been accused by U.S. authorities of paying at least $28.5 million in kickbacks to former Ukrainian Prime Minister Pavel Lazarenko in 1996 for exclusive rights to sell natural gas to Ukraine. While there is nothing illegal about Makarov’s purchase of Spartan Delta, the complex international transactions reveal regulatory gaps between federal and provincial agencies and a lack of oversight of foreign investors.
Read more: Who is on Canada’s sanctions list against Russia and who is not
Story continues below ad That’s because the deal involved a so-called exempt takeover offer, a type of stock exchange transaction that in Alberta does not require disclosures from potential buyers. This process allowed Makarov’s group to merge Spartan Delta and Inception Exploration, a smaller, strategically located oil sands company in northern Alberta. Global News also found that there was no regulatory commitment from the Alberta Securities Commission (ASC) on Makarov’s investment in Spartan Delta. The U.S. civil forfeiture case against Lazarenko, which cites his dealings with Makarov and others, is an effort to seize about $250 million that is secretly pooled in bank accounts worldwide. The California-based proceedings allege that Makarov and directors of his company, Florida-based Itera International, personally benefited from complex money-laundering transactions that were “intended to conceal Lazarenko’s abuse of his government positions.” Makarov is not named as a defendant or accused of any crime in the case, which spans nearly two decades. 3:32 Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ – April 6, 2022 The proceeds were allegedly hidden in a scattering of offshore bank accounts in Switzerland, Guernsey, Liechtenstein and Antigua, the Caribbean island where a Bank of Nova Scotia branch received about C$111 million, according to the U.S. government’s case . Story continues below ad The case files also say Makarov and energy magnate Yulia Tymoshenko, who later became Ukraine’s prime minister, were prominent “associates of Lazarenko who amassed multimillion-dollar fortunes” and that Lazarenko’s associates were involved in conspiracies that included “fraud , blackmail”. , bribery and embezzlement”.
Read more: Canada to try to avoid steel job losses linked to oligarch sanctions, Trudeau says
Lazarenko, who held power until 1997, was first convicted on money laundering charges in Switzerland in 2000. Six years later, he was sentenced to nine years in prison on money laundering charges in the US stemming from a six-year investigation of F.B.I. One of Lazarenko’s convictions involved a money laundering conspiracy involving Itera International and Makarov. It was only the second time the US has convicted a former head of state. The Bank of Nova Scotia did not respond to specific questions about the deposit found in the US civil forfeiture case of C$111 million that was transferred to the bank’s Antigua branch. A spokeswoman said the bank no longer operates in Antigua and has adhered to strict anti-money laundering guidelines. 1:04 Ottawa should allocate “much more” resources to fight white-collar crime such as money laundering: expert Ottawa should allocate “much more” resources to combat white-collar crime such as money laundering: expert – February 2, 2022 James Cohen of Transparency International Canada (TIC) said Makarov’s case can be understood through the lens of Canada’s global reputation as an easy mark for offshore tycoons who want to launder their wealth and fame through the weak laws of Ottawa. Story continues below ad
Read more: The Pandora Papers reveal the drivers of financial crime
Earlier this year, Makarov’s controlling stake in Spartan Delta was worth more than $200 million on paper. But after Russia invaded Ukraine last February, Makarov offloaded more than half of his shares in Spartan Delta to an undisclosed third party for $121 million. The transaction took place three days before Ottawa imposed sanctions on him, alleging he was a close associate of the Russian regime. Federal agencies, including the RCMP, would not respond to questions from Global News about the circumstances surrounding Makarov’s sanction and his dealings with Spartan Delta. “This case is simply about the question, ‘Ottawa, you have blatantly failed to close the loopholes even after our Prime Minister acknowledged in 2019 that money laundering is a national problem,’” Cohen said. “We’re seeing ads in Chinese and Russian where the offshore registration companies are almost saying, ‘Go launder your money in Canada.’ People don’t even roll the dice here because they know they’re going to win.” Cohen also noted that Makarov’s use of Cyprus-registered companies in the Sparta deal fits with suspicious investment trends reported by TIC.
Read more: International students and offshore banking flagged in Canadian real estate money laundering
Story continues below ad A spokesman for Makarov said neither Makarov nor its corporate entities would comment for this story, but have previously maintained that there is no basis for sanctions against it. Makarov, a former Soviet Union cycling champion, founded his vast empire of natural gas companies in Turkmenistan in 1992. In between, he created affiliated trading companies in Switzerland, Cyprus and Ukraine as well as the aforementioned Itera International in Jacksonville, Florida. The link between Itera’s explosive growth and Makarov’s relationship with Russian state energy giant Gazprom has long drawn the curiosity of business analysts such as Bill Browder, a US hedge fund manager who has lobbied Western governments to crack down on corrupt Russian officials . Two decades ago, Browder reported that Itera had acquired more than 50 percent of Gazprom’s operations in Ukraine and other former Soviet states, while Makarov had free use of Gazprom’s European pipelines. “Our investigation showed that Itera, which was owned by this Makarov character, was gaining a huge financial advantage from Gazprom, and it didn’t appear that they were providing any specific service that Gazprom couldn’t do for free,” said Browder, who is the bestselling author of Red Notice and Freezing Order. “So the question was, why would Gazprom do this?” 0:45Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis – July 15, 2022 Gazprom’s lawyers have argued that the US civil forfeiture case is politically motivated. The company did not respond to questions from Global News about the US allegations. The governments of Ukraine and Russia also did not respond to questions about the US government’s case. Story continues below ad In 2013, Makarov sold some of Itera’s energy assets to another Russian state-owned company, Rosneft, for $2.9 billion. Two years later, Makarov renamed the remaining network of commercial and real estate companies as Areti. Corporate records obtained by Global News reveal that Makarov’s renamed companies are linked to many of the same founders of Florida-based Itera International and Cyprus-based corporate officials involved in the Lazarenko case. These Itera International veterans were directly involved in the consolidation of Makarov’s oil and gas reserves in Alberta without oversight by the provincial regulator using a type of share purchase called an exempt takeover offer. Formal takeover offers require significant disclosure from the investors involved, which ensures that the target company’s investors have enough information to make informed decisions. Regardless, the Alberta Securities and Exchange Commission is not required to engage in exempt buyout transactions, spokeswoman Theresa Schroder confirmed. “ASC also does not control the directors of private companies such as Inception Exploration,” Schroder said.
Read more: ‘Canadian eyes only’ intelligence reports Canadian leaders attacked in cyber campaigns
Records show Makarov set his sights on Alberta two years after founding Areti, which eventually became Spartan Delta’s largest shareholder. In December 2016, four executives at Virtue’s Jacksonville headquarters, including Makarov, became directors of Inception Exploration, a company with a small oil holding in Alberta’s northwestern Montney fields. Story continues below ad This involvement gave Makarov control of the small company at a time when oil prices were beginning to recover from a collapse…
title: “Exclusive Russian Buyer Of Canadian Oil Company Accused Of Paying Kickbacks To Former Ukrainian Prime Minister Klmat” ShowToc: true date: “2022-11-08” author: “Gary Jackson”
Igor Makarov, who acquired 21 percent of Calgary-based Spartan Delta last year, has been accused by U.S. authorities of paying at least $28.5 million in kickbacks to former Ukrainian Prime Minister Pavel Lazarenko in 1996 for exclusive rights to sell natural gas to Ukraine. While there is nothing illegal about Makarov’s purchase of Spartan Delta, the complex international transactions reveal regulatory gaps between federal and provincial agencies and a lack of oversight of foreign investors.
Read more: Who is on Canada’s sanctions list against Russia and who is not
Story continues below ad That’s because the deal involved a so-called exempt takeover offer, a type of stock exchange transaction that in Alberta does not require disclosures from potential buyers. This process allowed Makarov’s group to merge Spartan Delta and Inception Exploration, a smaller, strategically located oil sands company in northern Alberta. Global News also found that there was no regulatory commitment from the Alberta Securities Commission (ASC) on Makarov’s investment in Spartan Delta. The U.S. civil forfeiture case against Lazarenko, which cites his dealings with Makarov and others, is an effort to seize about $250 million that is secretly pooled in bank accounts worldwide. The California-based proceedings allege that Makarov and directors of his company, Florida-based Itera International, personally benefited from complex money-laundering transactions that were “intended to conceal Lazarenko’s abuse of his government positions.” Makarov is not named as a defendant or accused of any crime in the case, which spans nearly two decades. 3:32 Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ Russia-Ukraine conflict: US indicts Russian oligarch, announces more ‘enforcement actions’ – April 6, 2022 The proceeds were allegedly hidden in a scattering of offshore bank accounts in Switzerland, Guernsey, Liechtenstein and Antigua, the Caribbean island where a Bank of Nova Scotia branch received about C$111 million, according to the U.S. government’s case . Story continues below ad The case files also say Makarov and energy magnate Yulia Tymoshenko, who later became Ukraine’s prime minister, were prominent “associates of Lazarenko who amassed multimillion-dollar fortunes” and that Lazarenko’s associates were involved in conspiracies that included “fraud , blackmail”. , bribery and embezzlement”.
Read more: Canada to try to avoid steel job losses linked to oligarch sanctions, Trudeau says
Lazarenko, who held power until 1997, was first convicted on money laundering charges in Switzerland in 2000. Six years later, he was sentenced to nine years in prison on money laundering charges in the US stemming from a six-year investigation of F.B.I. One of Lazarenko’s convictions involved a money laundering conspiracy involving Itera International and Makarov. It was only the second time the US has convicted a former head of state. The Bank of Nova Scotia did not respond to specific questions about the deposit found in the US civil forfeiture case of C$111 million that was transferred to the bank’s Antigua branch. A spokeswoman said the bank no longer operates in Antigua and has adhered to strict anti-money laundering guidelines. 1:04 Ottawa should allocate “much more” resources to fight white-collar crime such as money laundering: expert Ottawa should allocate “much more” resources to combat white-collar crime such as money laundering: expert – February 2, 2022 James Cohen of Transparency International Canada (TIC) said Makarov’s case can be understood through the lens of Canada’s global reputation as an easy mark for offshore tycoons who want to launder their wealth and fame through the weak laws of Ottawa. Story continues below ad
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Earlier this year, Makarov’s controlling stake in Spartan Delta was worth more than $200 million on paper. But after Russia invaded Ukraine last February, Makarov offloaded more than half of his shares in Spartan Delta to an undisclosed third party for $121 million. The transaction took place three days before Ottawa imposed sanctions on him, alleging he was a close associate of the Russian regime. Federal agencies, including the RCMP, would not respond to questions from Global News about the circumstances surrounding Makarov’s sanction and his dealings with Spartan Delta. “This case is simply about the question, ‘Ottawa, you have blatantly failed to close the loopholes even after our Prime Minister acknowledged in 2019 that money laundering is a national problem,’” Cohen said. “We’re seeing ads in Chinese and Russian where the offshore registration companies are almost saying, ‘Go launder your money in Canada.’ People don’t even roll the dice here because they know they’re going to win.” Cohen also noted that Makarov’s use of Cyprus-registered companies in the Sparta deal fits with suspicious investment trends reported by TIC.
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Story continues below ad A spokesman for Makarov said neither Makarov nor its corporate entities would comment for this story, but have previously maintained that there is no basis for sanctions against it. Makarov, a former Soviet Union cycling champion, founded his vast empire of natural gas companies in Turkmenistan in 1992. In between, he created affiliated trading companies in Switzerland, Cyprus and Ukraine as well as the aforementioned Itera International in Jacksonville, Florida. The link between Itera’s explosive growth and Makarov’s relationship with Russian state energy giant Gazprom has long drawn the curiosity of business analysts such as Bill Browder, a US hedge fund manager who has lobbied Western governments to crack down on corrupt Russian officials . Two decades ago, Browder reported that Itera had acquired more than 50 percent of Gazprom’s operations in Ukraine and other former Soviet states, while Makarov had free use of Gazprom’s European pipelines. “Our investigation showed that Itera, which was owned by this Makarov character, was gaining a huge financial advantage from Gazprom, and it didn’t appear that they were providing any specific service that Gazprom couldn’t do for free,” said Browder, who is the bestselling author of Red Notice and Freezing Order. “So the question was, why would Gazprom do this?” 0:45Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis Government decision to allow return of wind turbines to Gazprom ‘a slap to the Ukrainian people’: Genuis – July 15, 2022 Gazprom’s lawyers have argued that the US civil forfeiture case is politically motivated. The company did not respond to questions from Global News about the US allegations. The governments of Ukraine and Russia also did not respond to questions about the US government’s case. Story continues below ad In 2013, Makarov sold some of Itera’s energy assets to another Russian state-owned company, Rosneft, for $2.9 billion. Two years later, Makarov renamed the remaining network of commercial and real estate companies as Areti. Corporate records obtained by Global News reveal that Makarov’s renamed companies are linked to many of the same founders of Florida-based Itera International and Cyprus-based corporate officials involved in the Lazarenko case. These Itera International veterans were directly involved in the consolidation of Makarov’s oil and gas reserves in Alberta without oversight by the provincial regulator using a type of share purchase called an exempt takeover offer. Formal takeover offers require significant disclosure from the investors involved, which ensures that the target company’s investors have enough information to make informed decisions. Regardless, the Alberta Securities and Exchange Commission is not required to engage in exempt buyout transactions, spokeswoman Theresa Schroder confirmed. “ASC also does not control the directors of private companies such as Inception Exploration,” Schroder said.
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Records show Makarov set his sights on Alberta two years after founding Areti, which eventually became Spartan Delta’s largest shareholder. In December 2016, four executives at Virtue’s Jacksonville headquarters, including Makarov, became directors of Inception Exploration, a company with a small oil holding in Alberta’s northwestern Montney fields. Story continues below ad This involvement gave Makarov control of the small company at a time when oil prices were beginning to recover from a collapse…
