Ukraine Probes Ferrexpo Charity on Possible Money-Laundering

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April 25 2019

Ukraine is investigating whether a charitable foundation set up primarily to coordinate London-listed Ferrexpo Plc’s philanthropic activities was used to launder money and evade taxes.

Officials of Blooming Land Charitable Foundation abused their powers to seek “illicit benefits,” damaging state interests, a Ukraine prosecutor said in a court filing in Kiev in February. Blooming Land may have received payments from businesses, “legalizing the proceeds via converting them into cash under the guise of donations for charity,” other court documents allege. The businesses weren’t identified.