US Faces 2nd Arbitration Over PrivatBank Loan Scheme

Law360 (February 22, 2021, 10:49 PM EST) -- The U.S. must face a second arbitration accusing it of overstepping its authority, this time for targeting a 22-story office building in Ohio for forfeiture, which the U.S. Department of Justice claims was connected to a money laundering scheme involving billions of dollars stolen from Ukraine's largest bank.

The notice of arbitration, dated for Monday, was submitted to the International Centre for Settlement of Investment Disputes by Optima Ventures LLC, which the DOJ's Money Laundering and Asset Recovery Section claims was involved in an alleged scheme by former PrivatBank owners Ihor Kolomoisky and Gennadiy Boholiubov to launder billions in misappropriated bank...

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