GGE raises claims against Bank24.ru
10 September 2009 (07:52)
Global Gaming Expo (GGE)’s claim against Life Group’s Bank24.ru was raised to 199 million RUR. The next court hearing of the case will take place on October 10, 2009.
The plaintiff insists on being paid the money the bank allegedly obtained through unjust enrichment; these claims are based on Article 1102 of the Russian Federation Civil Code and Article 129 of the Federal Bankruptcy Act.
GGE was founded by Bank24.ru’s former BOD member Alexei Kalinichenko, who dealt in trading on Forex exchange market. His company promised a 30% to 200% annual ROI, with money borrowed from private investors through a Saint Petersburg-based United FX — Traders Group (UTG).
The trading was actually performed by Livingston Investment, an offshore company, and via Bank24.ru; Kommersant believes the latter took a 6% commission off every transaction.
The company stopped paying its customers in August 2006, while its UTG-Account system’s accounts were frozen. A letter written on Kalinichenko’s behalf stated that this was due to Bank24.ru managers and his business partners’ actions. These executives were accused of stealing Kalinichenko’s investors’ money. The bank, in its turn, declared the trader had set up a financial pyramid scheme and claimed all the money kept in the bank’s deposits was blown on Forex.
Alexei Kalinichenko, who is now hiding abroad, is to face a criminal lawsuit with accusations of large-scale fraud (Article 159 (part 4) of the Russian Federation Criminal Code). The Russian public prosecution authorities insisted on the court’s default judgment as to arresting the suspect. The man is also involved in over a dozen criminal suits with charges based on Article 174.1 (part 2) of the Russian Federation Criminal Code (large-scale money-laundering), which could result in up to eight years in prison.
The Russian law-enforcement agencies keep trying to get the Italian authorities to extradite Kalinichenko to his home country.
The plaintiff insists on being paid the money the bank allegedly obtained through unjust enrichment; these claims are based on Article 1102 of the Russian Federation Civil Code and Article 129 of the Federal Bankruptcy Act.
GGE was founded by Bank24.ru’s former BOD member Alexei Kalinichenko, who dealt in trading on Forex exchange market. His company promised a 30% to 200% annual ROI, with money borrowed from private investors through a Saint Petersburg-based United FX — Traders Group (UTG).
The trading was actually performed by Livingston Investment, an offshore company, and via Bank24.ru; Kommersant believes the latter took a 6% commission off every transaction.
The company stopped paying its customers in August 2006, while its UTG-Account system’s accounts were frozen. A letter written on Kalinichenko’s behalf stated that this was due to Bank24.ru managers and his business partners’ actions. These executives were accused of stealing Kalinichenko’s investors’ money. The bank, in its turn, declared the trader had set up a financial pyramid scheme and claimed all the money kept in the bank’s deposits was blown on Forex.
Alexei Kalinichenko, who is now hiding abroad, is to face a criminal lawsuit with accusations of large-scale fraud (Article 159 (part 4) of the Russian Federation Criminal Code). The Russian public prosecution authorities insisted on the court’s default judgment as to arresting the suspect. The man is also involved in over a dozen criminal suits with charges based on Article 174.1 (part 2) of the Russian Federation Criminal Code (large-scale money-laundering), which could result in up to eight years in prison.
The Russian law-enforcement agencies keep trying to get the Italian authorities to extradite Kalinichenko to his home country.
 | Embed to Blog |  | Subscribe to Newsletter |  |