Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (28252)	2/14/1999 8:09:00 PM
From: lorne	Respond to of 116770

Russia's Dubinin admits transferring part of currency reserves offshore 1999-02-12 09:26:05 LONDON (AFX) - Russia transferred part of its hard currency reserves to an obscure offshore fund management company in the Channel Islands between 1993 and 1997, to try to shield the funds from foreign creditors, the Financial Times reported Sergei Dubinin, former head of Russia's central bank, admitting yesterday. The transfers to the company in Jersey, named Fimaco, include money from the IMF, it said. Russia's prosecutor general - who is investigating the affair- has alleged that up to 50 bln usd of central bank reserves may have been transferred offshore over the past five years, the report said. But Dubinin said the highest sum ever held in Jersey was 1.4 bln usd in 1994. The IMF is understood to have launched its own investigation, the report said. In an open letter to Boris Yeltsin yesterday, Dubinin rejected any charges of wrongdoing and accused the prosecutor general's office of conducting a smear campaign to destroy the central bank's independence, it said. cjh/jfr firefly.woqats.com