Thread by @DawsonSField

Meinl Bank of Austria loses it's license over it's role in money laundering fromo Ukraine, Latvia & Lithuania. Helped oligarch owned banks loot themselves, their nations, & money loaned to them by the IMF... #ButNothingsHappening occrp.org/en/the-austria…

The bank was in the process of 'exiting' the banking business but this may accelerate the timeline & the visibility of the crimes they enabled.

Meinl Bank has been accused of knowing it's customers were fraudulent shell companies & faces criminal investigation for schemes that took place from 2011-15. Many involving Ukrainian banks...
All sides are pointing at each other & saying, "I'm not corrupt, you are!"

I've talked about Back-to-Back loans before as an instrument of fraud. Basically one bank, gets another bank to loan money to a shell company outside it's jurisdiction. Then the shell company disappears the money & the first bank repays the second bank for their loss.

Hundreds of millions of dollars & Euros disappeared from Ukraine in this manner, with the Austrian bank playing the willing victim for an adequate profit.

In one example in Lithuania, a bank owner launered 113 million Euro out of his bank & into his shell company.

Then the banks collapse to be bailed out by their taxpayers or the IMF.

The same shell games & back-to-back loans in the order of 100s of millions of dollars, happened again & again with the Meinl Bank.

This continued until 2015, with Meinl Bank making 20% of it's profits off the shady loans being used to loot Eastern Europe.
Until Ukraine's Central Bank needed to get some of the cash back in 2015.

The Ukrainians claim that Meinl wasn't the only bank playing this game, though they were the biggest player...
But the central bank realized that half of the wealth of Ukrainian banks was fictitious, the rest having been looted away.

Meinl Bank's successor company says no big deal, we changed our name and don't do that stuff anymore. Besides, there were other players bigger than us in tthat game, worry about them...

I hope we do...

THere is much more to this story, but it also touches on a Jersey (a UK commonwealth island that is a major tax haven) based real estate company that licensed the Meinl name in 2002. The 2008 economic collapse ended that deal & sent them to Eastern Europe for profit centers....

Of course a lot of that profit was helping oligarchs loot Ukraine & her banks.
These criminal cases began in 2015 & are still continuing today....

Seems there have been more developments since Monday's articles about the bank loosing it's license.
Apparently Austria has seized the banks assets, it's two board members have resigned & the bank will be liquidated...fcced.com/anglo-austrian…