‘Pandora Papers’ reveal the role of the Latvian company Vincit Advisory

The international organisation of investigative journalists OCCRP (Organized Crime and Corruption Reporting Project) reports that the significant role in the ‘Pandora Papers’, which were obtained by the International Consortium of Investigative Journalists from a massive leak of offshore service provider data, plays also Latvian company Vincit Advisory, which has close links to ABLV Bank with respect to both ownership structure and management.

You can find out more about the link between Vincit Advisory and ABLV Bank Read HERE

The research reveals that Vincit Advisory signed agreements with various offshore companies to help them recover funds that were ‘stuck’ in ABLV Bank. OCCRP reports that Vincit Advisory signed such agreements with at least 42 ABLV Bank clients, many of which are linked to the Russian political elite. There are grounds to assume that otherwise the funds of these “selected” ABLV Bank clients would be seized and possibly confiscated.

For example, Vincit Advisory signed agreements with offshore companies incorporated in the Bahamas, SISI Inc. and SFOC Inc., companies owned by leading members of the Russian space program. In another case, Vincit Advisory cooperated with Nortoholme Investment Ltd. and Elmex Holdings S.A., both owned by Sergey Vainshtein, a member of the Russian Parliament, and his family members. A full OCCRP report on Vincit Advisory and the role of Latvia in the ‘Pandora Papers’ can be found here, providing a more detailed description of the activities of various offshore companies and their links to the Russian political elite:

A Latvian Bank’s Last Sweetheart Deal for Kremlin-Linked Clients: Read HERE

“From the mentioned in the publication it is alarming that even after the self-liquidation of ABLV Bank, schemes were put in place to help its clients to attempt to recover their funds with aid from former ABLV Bank employees. When in 2018 the FinCEN report on the activities of ABLV Bank became available, Latvia faced its largest crisis in the financial sector. Hopefully, the FCMC and Latvian law enforcement authorities will pay sufficient attention to the information revealed in ‘Pandora Papers’ so that the overhaul of the financial sector is not in vain,” said Kristaps Bunkus, Member of the Board at the Martins Bunkus Justice Foundation.