Thursday, April 15, 2010

International Embezzlement Beat


An unnamed female bookkeeper from Donetsk, Ukraine was arrested this week for allegedly embezzling more than Hr 1 million (approximately US$125,000) in state funds allocated to the Azovinteks Company for the construction of a stadium for the EURO-2012 games.


Four education officials have been charged with embezzling N$956 365 (approximately US$130,000) from the Ministry between December 2007 and May 2008 by fraudulently inflating invoices. The four have been identified as Ministry of Education assistant accountant Magdalena Shipefi, Ministry of Education accountant Frieda France, businessman Martyn Harold Ipinge and Stanley Thomas. They have been charged with corruption and fraud. Ipinge's company, Nam Sewerage and Refuse Maintenance, was identified as the company involved in issuing the fraudulent invoices.


According to Russian authorities, Maxim Bakiyev, the younger son of the ousted Kyrgyz president Kurmanbek Bakiyev, is suspected of embezzling US$35 million out of a $300 million loan from Russia.

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