Latvia recovers €50 million that was withdrawn from Ukraine by former high-ranking officials
Latvia has recovered €50 million that once belonged to former officials from Ukraine who were arrested for money laundering. This was reported by Latvian LSM portal.
In Autumn 2014, the General Prosecutor of Ukraine, Vitaly Yarema, announced that $49.3 million from the former First Vice Prime Minister of Ukraine, Serhiy Arbuzov, was arrested in Latvian banks. A total of $32 million and 72 million Swiss francs from the former People’s Deputy of Ukraine, Yury Ivanyushchenko, was also arrested in Latvian banks.
Latvian journalists have found that there is still an ongoing investigation into this case. However, the laws of the Republic of Latvia allow for the recognition and retrieval of funds illegally received and confiscated before the completion of an investigation.
This is precisely what was done on the basis of the decision of the Ziemeļu District Court of Riga. A total of €50 million has been recovered in favor of Latvia’s budget and is described as money obtained by criminal means. “Unfortunately, we have not received any information from Ukraine advising that this money was stolen from the state and that it should be returned to Ukraine,” the General Prosecutor of Latvia, Ēriks Kalnmeiers, said. The investigation decided that these funds would go directly into Latvia’s budget.
Ukraine is currently developing an Asset Recovery Agency. Its main functions will be: the analysis of statistical data and other information on assets, the valuation of assets at the request of law enforcement officers, maintenance of the Unified State Register of Assets which may result in arrests and criminal proceedings, cooperation with foreign states on the identification of assets, providing explanations to law enforcement officers on issues related to assets and the management of found property.