Ukraine Probes Ferrexpo Charity Over Possible Money-Laundering

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, Bloomberg News reported. 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. The investigation is still ongoing, according to a person familiar with the case, who asked not to be identified speaking to the media. Through donations to Blooming Land, Ferrexpo says it supports charitable activities in Ukraine. Read more

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