Baleingate Finance Limited

Сategory Connected to PEP
Registration N HE285076
Current state registered
Дата створення April 12, 2011
Country Cyprus
Address 3032, Λεμεσός, Κύπρος, Γλάδστωνος, 116, M. KYPRIANOU HOUSE, Floor 3 & 4
Connected PEPs
Connections to legal entities
Bank accounts
Bank Taxpayer's number
Клієнт банку

On 17 August 2016, Pechersk District Court of Kyiv within the criminal proceedings No. 42015000000000915 upheld the appeal of the investigator of the Prosecutor General’s Office of Ukraine to grant temporary access to belongings and documents that are subject to bank secrecy. The documents included statements of cash flows on the accounts of the group of non-resident companies in the Latvian AS PrivatBank. Those companies included Wonderbliss LTD (Cyprus); Sabulong Trading LTD (Cyprus); Opalcore LTD (Cypruse); Baleingate Finance Limited (Cyprus)Akemi Management Limited (Cyprus); Loricom Holding Group LTD (Cyprus); Japelion LTD (Cyprus); Katiema Enterprises Limited (Cyprus); Kviten Solution Limited (Cyprus); Quickpace Limited (Cyprus); Aldoza Investments Limited (Cyprus); Foxtron Networks Limited (Cyprus); Manningford Trading Limited (Cyprus); Erosaria LTD (Cyprus); Pialesko Ltd. (Belize); Wellar Investments INC. (Belize); Raytech Commerce LTD. (Belize); Anrado Group LTD (Belize); Folkbrook Incorporated (Panama); Yorkfield United LLP (Insurance company of Great Britain and Northern Ireland); Canyon Capital INC (British Virgin Islands), Fincorp Resources LLP (United Kingdom of Great Britain and Northern Ireland).

According to media reports, there were funds allegedly illegally obtained and could belong to Serhiy Arbuzov on the accounts of the mentioned companies opened in АS PrivatBank. Funds were seized in favour of Latvian state treasury. Ukrainian side could not provide documents proving that funds were laundered from Ukraine.

Criminal proceedings No. 42015000000000915 initiated upon the suspicion of former Head of the National Bank of Ukraine Serhiy Arbuzov were separated from criminal proceedings No.42014000000000359. During the investigation it was established, that the Head of the National Bank of Ukraine, using his official mandate in his own interests, in violation of requirements of article 19 of the Law of Ukraine “On the National Bank of Ukraine”, spent funds of the National Bank of Ukraine through an illegal establishment of Bank Television LLC (Registry No.37739261). Arbuzov was named as the affiliated owner of the company. During 2011-2013 funding of its economic activity and appropriation of funds reached the general amount of 220 million UAH. 

On 28 March 2017, by the decision of the Kramatorsk City Court of Donetsk region funds of the abovementioned companies in the amount of 1.3 billion UAH, that were kept on accounts of Oshchadbank PJSC, including funds of Akemi Management Limited (Cyprus) was confiscated into state budget. Confiscated funds were obtained as a result of receiving payments on domestic government bonds bought by mentioned companies. Along with this, the court decision, pursuant to which funds were confiscated, was classified by the Decree of the Military Prosecutor’s Office of Anti-Terrorist Operation Forces on Application of Security Measures regarding Persons taking Part in Criminal Proceedings of 21 March 2017. Therefore, details of the case could not be publicly accessed.

Main Investigative Department of the Prosecutor General’s Office of Ukraine initiated criminal proceedings No. 42016000000003033 of 27 October 2016. The investigation established that state officials deliberately entered false data to official documents regarding issue, approval of the buyer’s candidature, sale of domestic state bonds to foreign participants of stock market, putting them on accounts. They acted upon prior conspiracy with officials of Settlement Center for Servicing Financial Markets Agreements PJSC (Settlement Center PJSC), Ukrainian Stock Exchange, and state banking institutions, in particular, Oschadbank PJSC, Ukrgazbank PJSC, Ukreximbank PJSC. Also, employees of commercial banking institutions were involved (Fidobank PJSC, CB “Expobank” PJSC, Ukrbusinessbank PJSC, AKB Bank PJSC. Those officials were aware of the questionable origin of funds of non-resident companies, namely Каtіema Enterprises Limited, Loricom Holding Group LTD, Foxtron Networks Limited, Wonderbliss LTD, Quickpace Limited, Sabulong Trading LTD, Kviten Solution Limited, Baleingate Finance Limited, Akemi Management Limited, Opalcore Ltd, Aldoza Investments Limited, Erosaria LTD, Brightmoor Trade AG, Landstyle Projects LLP, Wellar Investments INC, Japelion LTD, Manningford Trading Limited, Verp Limited, Xantracy Investments, Jetley Management Corp., Smart Media LTD, Newlight Import S.A., SWT Management S.A. and a number of others. Those actions alleged manipulations on the stock exchange, meaning they provided benefits to the latter companies. As a result, within the period of 2011-2014, they facilitated purchase of domestic state bonds by these foreign companies causing severe consequences in the form of receiving of large income by the participant of the stock market and third persons. Thus, the state incurred losses to in the amount of 378.42 million UAH and 159.85 million USD in cash, and 1.49 billion UAH and 1,02 billion USD  in securities.

Besides that, court decisions within criminal proceedings No. 42016000000003387 (court decision of 03.04.2017 in the case No. 641/1900/17), No. 42016000000003498 (court decision of 16 March 2017 No. 641/898/17), No. 42016000000003388 (court decision of 26 May 2017 in the case No. 641/2509/17), No. 42016000000003385 (court decision of 28 April 2017 in the case No. 641/2195/17) indicate that nearly 400 legal entities, including Akemi Management Limited (Cyprus), were part of the criminal organization of Viktor Yanukovych. Namely, they were part of its “structural unit” – “group of companies “SEPEK” (Eastern-European Oil and Energy Company), managed by Serhiy Kurchenko. The decisions state the following: "By Person 6 (against whom a pre-trial investigation is conducted within other criminal proceedings), structural unit of criminal organization of Person 1 (against whom a pre-trial investigation is conducted within other criminal proceedings) more than 400 enterprises (both resident and non-resident) were created and purchased to conduct fictitious business.