Kazakhstan, Paradise Papers: Offshore Propped Up by Bailed-out Bank
A trove of documents obtained by German newspaper Suddeutsche Zeitung has shed light on how co-founders of an intensely nebulous, Bermuda-based offshore investment vehicle, Meridian Capital, obtained generous loans from a major Kazakhstani bank whose survival was only made possible by multibillion dollar government bailouts.
That is among multiple revelations in an article published over the weekend by the Organized Crime and Corruption Reporting Project, or OCCRP — one in a consortium of outlets poring through 6.8 million confidential records leaked from Bermuda law firm Appleby, which handled paperwork for Meridian, a highly diversified entity involved in the energy, real estate, mining, banking, aviation and transportation sectors.
In another explosive detail, the OCCRP reported the hitherto unknown fact that one of Meridian’s founders appears to have been Sauat Mynbayev — current chief executive of Kazakhstan’s state-owned KazMunaiGaz oil and gas company, and a former oil and gas minister, from 2010 to 2013.
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