Asset Recovery Watch

ARW-111
Leonid Reiman / Jeffrey Galmond / IPOC International Growth Fund Ltd. (BVI)
Russian Federation
Telecommunications Minister and Advisor to President (Reiman, to 2010); Attorney to Mr. Reiman (Galmond)
British Virgin Islands
Undertaking Recovery Effort, Location of Recovery Effort, Asset Location / Alleged Asset Location
2006
2008
Art.19, Art.23
Yes
Criminal Prosecution and Forfeiture
Investigative cooperation between British Virgin Islands and Bermuda - exact mechanism unknown
Joint investigation by the British Virgin Islands and Bermuda into the corporate vehicles domiciled in their respective jurisdictions. The British Virgin Islands High Court noted in its judgment against IPOC International Growth Fund Limited and co-defendants that "In his concluding remarks, Mr Hodge QC [Queen's Counsel] commended the work done by the Bermuda Police and the Royal Virgin Islands Police Force as well as the Attorney General's Chambers in both jurisdictions saying that well over one-half million pages of documents were produced during the 17 month investigation signifying the complexity and density of this case." (Source: In the Matter of the Proceeds of Criminal Conduct Act (No. 5 of 1997) of the Laws of the Virgin Islands between The Queen v. (1) IPOC International Growth Fund Limited, (2) Lapal Limited, (3) Albany Invest Limited, (4) Mercury Import Limited, The Eastern Caribbean Supreme Court in the High Court of Justice (Criminal Jurisdiction), Criminal Case. No. 12 of 2008.)
Completed
$45,000,000 (total recovered, shared between Bermuda and BVI)
No
N/A

As part of their 2008 conviction in the British Virgin Islands, IPOC International Growth Fund Limited (Bermuda) and three associated companies were In May 2006, an international arbitration tribunal in Zurich "found that Minister Reiman of the Russian Government was the beneficial owner of IPOC [International Growth Fund Limited (Bermuda)] and that he committed criminal acts under Russian law." (Source: as cited by the British Virgin Islands Court of Appeal, 18 June 2008, Civil Appeal No. 30 of 2006, in IPOC International Growth Fund Limited (Bermuda) v. LV Finance Group Limited (British Virgin Islands)). IPOC and its associated corporate vehicles formed in Bermuda and BVI were the subject of a lengthy joint investigation by those jurisdictions for alleged money laundering activities. In 2008, IPOC and three associated international business companies formed in BVI (Lapal Limited, Albany Invest Limited, and Mercury Import Limited) pleaded guilty and were each convicted of two counts of perverting the course of justice and furnishing false information, in violation of the BVI Criminal Code. (Source: Judgement in AG v. IPOC International Growth Fund Limited, Jeffrey Galmond, and others, Claim No. BVIHCV2007/0088, British Virgin Islands High Court of Justice (civil) and In the Matter of the Proceeds of Criminal Conduct Act (No. 5 of 1997) of the Laws of the Virgin Islands, between The Queen v. IPOC International Growth Fund Limited and others, Crim Case No. 12 of 2008, British Virgin Islands, High Court of Justice (criminal jurisdiction).

According to a 2008 judgment by the British Virgin Islands High Court of Justice, the IPOC International Growth Fund and three associated international business companies formed in BVI (Lapal Limited, Albany Invest Limited, and Mercury Import Limited) pleaded guilty and were each convicted of two counts of perverting the course of justice and furnishing false information, in violation of the BVI Criminal Code. (Source: Judgement in AG v. IPOC International Growth Fund Limited, Jeffrey Galmond, and others, Claim No. BVIHCV2007/0088, British Virgin Islands High Court of Justice (civil) and In the Matter of the Proceeds of Criminal Conduct Act (No. 5 of 1997) of the Laws of the Virgin Islands, between The Queen v. IPOC International Growth Fund Limited and others, Crim Case No. 12 of 2008, British Virgin Islands, High Court of Justice (criminal jurisdiction).

N/A
N/A
N/A
Royal Virgin Islands Police Force; Attorney General's Chambers; Financial Investigations Agency
Attorney General's Chambers, Director of Public Prosecutions
The Eastern Caribbean Supreme Court, High Court of Justice (Criminal Jurisdiction); High Court of Justice (Civil); [International Court of Arbitration, Zurich and Geneva]