Poroshenko billions via Belize and Panama — Andrew Portnov

“Presidential money feels cozier offshore” 

Russian Spring, December 22, 2015

Translated from Russian by Tom Winter

Poroshenko continues to shift his business offshore, says Ukrainian politician and Doctor of Law Andrew Portnov. In his investigation the expert not only found that the Roshen company is walking away from tax payment in the Ukrainian budget by means of trade operations offshore in Belize and Panama, but that Poroshenko “has also begun moving a smaller business to Belize.”

“Presidential money feels cozier offshore than in Ukraine,” says Portnow.

As an example, the expert puts forward one of the assets of the Ukrainian president, the Vinnytsa plant bakeries. If you take the analysis of the Ukrainian customs export base, it shows that the plant supplies its products from Ukraine to Turkey by a very long route. Loads from Vinnitsa to go to Kherson port, and then — through the UK [!].

For these operations, the plant uses the British company Kulberg Int. Trading LLP.

UK legislation allows companies with a mark LLP (Limited Liability Partnership) to pay taxes where their registered partners are participating, making no contributions to the British budget. A formal analysis of the British registry demonstrates that the authorized members of the company are located in Belize.

“With this example I want to show once again that Petro Poroshenko is not building long-term prospects in Ukraine, but is performing manipulations with tax-exempt companies, is hiding money abroad, is evading tax, and is fighting the oligarchs selectively,” the expert concludes.

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