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How Urkaine oligarchs stole $1.8 billion of IMF (i.e., U.S.) loans, while Biden was watching.
Howard Richman, 11/15/2019

The U.S. gives loans to prop up foreign banks through the International Monetary Fund (IMF).  In 2009 and 2015, President Obama increased the U.S. contribution to the IMF, so that our contribution went up by a total of $9.2 billion. In 2014, the IMF gave the central bank of the Ukraine a massive $4.51 billion loan. However, $1.8 billion of that loan disappeared, despite the fact that Vice President Biden had been delegated by President Obama as the U.S. point man (start watching at 51:37) to prevent such corruption. In an article that was published in 2015, Harper's Magazine traced how that $1.8 billion disappeared:

The scheme, as revealed in a series of court judgments of the Economic Court of the Dnipropetrovsk region monitored and reported by Nashi Groshi, worked like this: Forty-two Ukrainian firms owned by fifty-four offshore entities registered in Caribbean, American, and Cypriot jurisdictions and linked to or affiliated with the Privat group of companies, took out loans from PrivatBank in Ukraine to the value of $1.8 billion. The firms then ordered goods from six foreign “supplier” companies, three of which were incorporated in the United Kingdom, two in the British Virgin Islands, one in the Caribbean statelet of St. Kitts & Nevis. Payment for the orders—$1.8 billion—was shortly afterwards prepaid into the vendors’ accounts, which were, coincidentally, in the Cyprus branch of PrivatBank. Once the money was sent, the Ukrainian importing companies arranged with PrivatBank Ukraine that their loans be guaranteed by the goods on order.

But the foreign suppliers invariably reported that they could not fulfill the order after all, thus breaking the contracts, but without any effort to return the money. Finally, the Ukrainian companies filed suit, always in the Dnipropetrovsk Economic Court, demanding that that foreign supplier return the prepayment and also that the guarantee to PrivatBank be cancelled. In forty-two out of forty-two such cases the court issued the identical judgment: the advance payment should be returned to the Ukrainian company, but the loan agreement should remain in force.

As a result, the loan of the Ukrainian company remained guaranteed by the undelivered goods, while the chances of returning the advance payments from foreign companies remain remote. “Basically this transaction of $1.8 bill[ion] abroad with the help of fake contracts was simply an asset siphoning [operation] and a violation of currency legislation in general,” explained Lesya Ivanovna, an investigator with Nashi Groshi in an email to me. “The whole lawsuit story was only needed to make it look like the bank itself is not involved in the scheme . . . officially it looks like PrivatBank now owns the products, though in reality [they] will never be delivered.”

So how did this happen under Vice President Biden's watch. There are three possibilities:

  1. Biden was not competent enough to prevent the corruption.
  2. Biden was corrupted by the bribes paid to his son Hunter.
  3. Both of the above.

As an officer sworn to protect the constitution of the United States, it was President Trump's responsibility to ask that the possibility that Biden took bribes while Vice President be investigated. After all, bribery is one of the impeachable offenses specified in the U.S. constitution. After all, Vice President Agnew was forced to resign when it came out that he had taken bribes.

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