North Carolina

Former NC congressman says he never made money off Russian bank, was not director

FILE - In this Monday, Nov. 1, 2004 file photo, seven time U.S. Rep. Charles Taylor R-N.C. speaks during a campaign stop at the Asheville Airport. Taylor says he sold off his share in a Russian bank accused of money laundering.
FILE - In this Monday, Nov. 1, 2004 file photo, seven time U.S. Rep. Charles Taylor R-N.C. speaks during a campaign stop at the Asheville Airport. Taylor says he sold off his share in a Russian bank accused of money laundering. AP

A former congressman from western North Carolina says he never made any money off his shares in a Russian bank and sold off his stock before accusations of money laundering by banking authorities in Moscow, WLOS reports.

The Bank of Russia revoked the license for Commercial Bank of Ivanovo last week. The Russian central bank said CBI broke money laundering rules “on multiple occasions,” according to a press release.

Bloomberg News reported last week that Taylor, a Republican who served in the House for 16 years, owns 80% of the bank.

According to the Bank of Russia, the bank lied about assets and inflated its capital “in order to improve its financial indicators and conceal its actual financial standing,” McClatchy reports.

Taylor said in the statement that he sold off his stock, according to WLOS. “Last year, the other stockholders were in contact with several people trying to buy the Bank. At the request of the other shareholders, I agreed some months ago to sell my stock in Bank of Ivanovo and enter a binding contract to do so. Other than signing the contract to sell, I never had any kind of contact with the people buying the Bank,” he said in the statement.

“While I bought stock in the bank of Ivanovo several years ago, I have never been an officer or director in the Bank. Further, the Bank has never paid any dividends fees or other monies to me,” Taylor said in the statement, which he also sent to the Asheville Citizen Times.

“To my knowledge the Central Bank has audited the Bank at least once every year and never reported any money laundering or any other alleged illegal activities at the Bank in all the years I have owned that stock,” Taylor said.

In a press release, the Bank of Russia said it will send any findings “bearing signs of a criminal offence (sic) to law enforcement agencies.”

Sergey Danilochkin, a Russian real estate investor, is wanted in Russia for involvement in a major tax fraud. Danilochkin, whose case ties into the Magnitsky affair, says he’s innocent. He now lives in South Florida, where he bought cheap condos.

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Charles Duncan covers what’s happening right now across North and South Carolina, from breaking news to fun or interesting stories from across the region. He holds degrees from N.C. State University and Duke and lives two blocks from the ocean in Myrtle Beach.


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