Rossiya Insurance Company
July 17, 2017 – The improper association of Victor Pinchuk with Hillary, Bill, and Chelsea Clinton, and covered up by the US Media, DOJ and IMF
“Never in the field of American conflict with Russia has so much wool pulled over the eyes been owed to so few sheep. That was during the losing presidential campaign of Hillary Clinton. Now, in the investigations of President Donald Trump and his family, it’s a case of so many sheep producing so little wool.
The case of the $13 million paid to the Clinton family by the Ukrainian oligarch Victor Pinchuk, in exchange for personal favours and escalation of the war against Russia, was reported in detail throughout 2014. Click to read the opener, and more.
Early this month there has been fresh investigation of Pinchuk’s money links with the Clintons, owing to the start of Ukrainian government inquiries into the theft of billions of dollars of International Monetary Fund (IMF) loans to Ukraine – money then transferred to Ukrainian commercial banks including Pinchuk’s Credit Dnepr bank, and then loaned to offshore entities controlled by Pinchuk but apparently not repaid. Theft of the IMF money was first reported here in connection with Igor Kolomoisky’s operation of Privat Bank.
Credit Dnepr’s [Pinchuk] takings were reported here. Also on the receiving end was the IMF’s Kiev representative, Jerome Vacher. For the reporting of his relationship with Pinchuk, read this. Vacher was recently replaced in Kiev. He and the IMF management decline to explain why.
Last week, in an investigation of Pinchuk, Credit Dnepr, and the Clintons, a group known as CyberBerkut published what it says were emails hacked from the files of Pinchuk operative, Thomas Weihe. He is currently listed as head of the Pinchuk Foundation board and chief executive. Read the emails here.
The BBC’s Ukrainian service reports that CyberBerkut is a “staunchly anti-Western group which takes its name from the riot police used against protesters during the unrest in Kiev that led to the ousting of President Viktor Yanukovych. The group’s declared goal is thwarting Ukraine’s military plans and thus stopping the “genocide” that it accuses Kiev of unleashing at America’s behest. Its motto is ‘We won’t forgive or forget’, and its rhetoric closely resembles that of Russian state media.”
The Wikipedia entry for CyberBerkut calls it “a modern organized group of pro-Russian hacktivists”, with a long list of cyber operations starting in March 2014. For details, read. On July 13, Wikileaks tweeted the CyberBerkut report but qualified its conclusions, calling them “alleged”.
Russian press pick-up has yet to reach the mainstream Moscow media, or the English-language outlets run by Dmitry Peskov, the Kremlin press head. If it did, they might correct factual errors in the CyberBerkut report, such as the linking of Pinchuk to the Ukrainian Delta Bank. Before its collapse in March 2015, Delta was owned by Nikolai Lagun. Graham Stack’s investigation of Lagun’s looting of Delta Bank reveals plenty of crime, but no trace of Pinchuk.
This is how CyberBerkut charts the relationship between the Pinchuk outlays and Clinton receipts:
The evidence of the movement of IMF money through Credit Dnepr into the offshores, and from Pinchuk pockets into Clinton pockets, has yet to be corroborated. What is revealed for the first time are emails between Clinton and Pinchuk operatives during the second half of 2014. These confirm the investigations, reported here three years ago, of what Pinchuk was doing to promote his steel-pipe trade with the US and his anti-Russian agenda, with the Clintons and the Obama Administration. At the same time, Pinchuk was using the demonstration of support he was procuring from them in order to boost his political power in Kiev and financial favour from the National Bank of Ukraine.
Read the emails, commencing in July of 2014:
Douglas Schoen, Pinchuk’s lobbyist in the US, does not respond to queries. Nor does Weihe, the Pinchuk Foundation apparatchik. They have made no statement challenging the authenticity of these emails. Nor have the Clinton Foundation officials who sent or received the emails, and who have been working to manage Clinton’s relationship with Pinchuk and satisfy his requests.
The three Clinton operatives, who remain at work at the foundation, are Amitabh Desai (pictured below, left), Robert Harrison (centre), and Craig Minassian (right).
Desai, according to the Clinton website, “has been with the Clinton Foundation for more than 10 years. As foreign policy adviser, Ami guides international strategy and relationships and plays a central role in shaping and executing President Clinton’s vision. This includes managing relationships with heads of state, business leaders, philanthropists, and NGOs around the globe” Before taking his job at the foundation, Desai worked for Clinton when she was a US senator, and before that, for Senator Edward Kennedy.
Last week’s report isn’t the first disclosure that in Desai’s emails he was selling access to Clinton for foreign money. More of them can be found here. Among the excerpts already published by US investigators, mainly from Freedom of Information Act pursuit of State Department files, there is no reference to Pinchuk or Ukraine. The US archive on reports of fraud at the Clinton Foundation is very large and can be combed through here. Fraud involving Pinchuk isn’t reported in this database.
(…) On November 3, the week before the election, AP broke the news that the Federal Bureau of Investigation (FBI) had been pursuing an investigation of Clinton’s government favours for foundation donations, but that the Justice Department stopped it. “Though agents believed they had grounds to move forward with an investigation, Justice Department lawyers were more skeptical. The lawyers did not direct the FBI to stop looking into the matter during the meeting, but public-corruption prosecutors in Washington expressed disinterest in a Clinton Foundation-related investigation based on the information presented.”
In all the email evidence which US media investigations pursued to expose Clinton’s foreign favour trading, there was no focus on the Pinchuk emails and the flow of Pinchuk money. Conflict of interest was the Clinton offence the US investigators were after. But in the Pinchuk case, there was another potential offence, and that was reported on February 17, 2014. Pinchuk had looted his Moscow-based Rossiya Insurance Company of up to $200 million, according to investigations by Russian insurance regulators and prosecutors, before the company’s licence was cancelled in October 2013.
The subsequent question was: did that money find its way through Pinchuk’s foundation into Clinton’s foundation, to be traded for political and personal favours?
The release of the CyberBerkut emails last week provides fresh evidence of this trading, but CyperBerkut doesn’t mention the Rossiya Insurance Company crime. As well-known as the crime was in 2013 and 2014, no US media investigator, nor any Russian government investigation has reported pursuing the Rossiya money-trail through Pinchuk’s accounts into Clinton’s. So the big question for the FBI and the Department of Justice — what check did the Clinton Foundation carry out of the legality of the money it took from Pinchuk? – has never been asked. Or if the US Government did ask the question, the Clinton answer has been concealed.
Note: Thomas Weihe comments: “First, it is obviously a lie that I don’t respond to queries. Every more or less professional and honest journalist gets an answer from me quickly, and I reply honestly. Second, the whole story is completely wrong. It is so wrong that individual corrections cannot improve it. Everything is invented. There is no truth to anything you say. The so-called evidence proves absolutely none of the claims you make. You should be ashamed of publishing such crap.” (Read more: John Helmer, 7/17/2017)
(Timeline editor’s note: We are excited to have received permission to republish some of Mr Helmer’s well-sourced work on Ukraine, the Clintons and Victor Pinchuk. Please be sure to read his entire article at the link provided. According to Mr. Helmer’s bio, he is the “longest continuously serving foreign correspondent in Russia, and the only western journalist to direct his own bureau independent of single national or commercial ties.”)
- Amitabh Desai
- Bill Clinton
- Chelsea Clinton
- Clinton Global Initiative (CGI)
- Craig Minassian
- Credit Dnipr Bank
- Cyber Berkut
- Department of Justice
- Donald Trump
- Doug Schoen
- Federal Bureau of Investigations (FBI)
- Hillary Clinton
- Igor Kolomoisky
- International Monetary Fund (IMF)
- Jerome Vacher
- Margaret Steenburg
- National Bank of Ukraine (NBU)
- pay to play
- Petro Poroshenko
- Robert Harrison
- Rossiya Insurance Company
- Russian hacktivists
- Thomas Weihe
- Victor Pinchuk
- Victor Pinchuk Foundation
- Viktor Yanukovych
January 2014 – Clintons take $13 million, Pinchuk admits to giving millions less, as Russia opens a fraud investigation into $186 million missing from Pinchuk’s auto insurance company
Bill Clinton and Hillary Clinton, the former and wannabe presidents of the US, say they have accepted more than $13 million from Ukrainian pipemaker Victor Pinchuk since 2006. But Pinchuk says he’s given the Clinton Foundation only $7.6 million.
It won’t help to employ accountants to ask where the missing $5.4 million was originally trousered, if not the Pinchuk Foundation, then which branch of Pinchuk’s business. That’s because the Clinton Foundation’s auditors – an Arkansas firm called BKD – have turned up this much money in revenues, and also in expenditures, which the Foundation’s annual report inexplicably fails to report and regularly understates. The Pinchuk Foundation also refuses to answer questions about discrepancies in its annual accounts, whose auditors are reported by Pinchuk’s organization to be Ernst & Young. Their signature is reproduced in the Pinchuk Foundation annual reports, although no copy of their financial reports and notes has been published.
The question of the missing money is a criminal case in Moscow for Russian prosecutors. This is because they are investigating how and where Pinchuk trousered the sum of Rb6.5 billion ($186 million) from his Russian auto insurance company, Rossiya Insurance Open Shareholding Company. The insurer’s licence was canceled last October 23 by the Russian Central Bank’s insurance inspectorate. At the time, the liabilities of Rossiya were reported to be Rb2.3 billion ($72 million). Over the previous twelve months, Rossiya had defaulted on Rb4.5 billion ($141 million) in claims.
In the Moscow Arbitrazh Court hearing on Rossiya last month, the bankruptcy trustee Yevgeny Zhelnin charged that Pinchuk (left) had been using fraudulent reinsurance and other schemes to empty Rossiya’s treasury of its income from premiums, along with its reserves for payment of claims. The allegation against Rossiya and its proprietor is fraud on a grand scale. And that’s where the problem starts for Hillary Clinton (right), her husband, and daughter: have they been on the receiving end of a money-laundering operation in which the proceeds from Rossiya became the income of Pinchuk’s foundation, and were then spent on the Clinton Foundation?
Pinchuk first acquired a 25% blocking stake in Rossiya through his EastOne holding company in 2007. In 2009 he bought another 25% plus one share to become the controlling shareholder, and by the end of that year, he had taken 100% of Rossiya.
In a single-page summary of its annual balance sheets, purportedly endorsed by Ernst & Young, the Pinchuk Foundation reveals that 2007 was a bonanza year. The money box started with a cash balance of just $63,947. It then filled up with what Ernst & Young calls “contributions and charitable donations” totaling $15.7 million. The Foundation refuses to clarify the source of its donations.
The balance-sheet claims the foundation spent $1.1 million on Pinchuk’s lobbying group for Ukrainian membership of the European Union, called Yalta European Strategy. Another half a million dollars went to a Washington, DC, lobbyist called Anders Aslund at the Peterson Institute for International Economics, and another $250,000 to the Brookings Institution, also a Washington think-tank lobbying for Pinchuk’s causes in the Ukraine.
The Clintons claim to have collected $132.5 million in 2007, but they won’t say how much was from Pinchuk. Pinchuk won’t say if he gave them a penny that year. Pinchuk’s accountants don’t start revealing their spending on the Clintons until 2009 when the Pinchuk organization reports that $4 million was despatched and received. In the meantime, the motor and third-party liability insurance premiums rolled into Rossiya in Moscow – and the philanthropy was booming at the Pinchuk Foundation in Kiev. According to Ernst & Young, Pinchuk’s donations in 2008 jumped 68% to $26.3 million.
In 2009, as EastOne took over Rossiya entirely, the Russian economy was in trade-induced recession, car sales dropped, along with premium revenues at Rossiya. Pinchuk’s generosity dropped to $13.8 million, according to the foundation balance-sheet. Aslund’s stipend was cut by half to $100,000 for the year.
Annus horribilis it might have been for philanthropy, but Pinchuk’s foundation paid itself $1.5 million in “administrative expenses” in 2009 – up from $1.4 million in 2008, and four times the $307,265 which running the show cost in 2007. Bill Clinton was paid to speak in January 2009 at what Pinchuk called his Davos Philanthropic Roundtable.
In 2010, Pinchuk said he gave $1.1 million to the Clinton Foundation; Clinton claims the amount was between $5 million and $10 million. In 2012, the Pinchuk Foundation says it gave $1 million; according to the Clinton Foundation that year the amount donated was between $5 and $10 million.
The Clinton Foundation’s problems of accounting for its money are legion. Although it has been taking in about a quarter of a billion dollars per annum, it overspent its income in 2007 by $11.1 million; in 2008 the overspend was $13.8 million. In 2013 BBB, the American philanthropy watchdog, warned public donors that the Clinton operation failed to meet the required standard for public accountability and independent supervision; make that avoidance of conflict of interest, since most of the foundation’s staff have also been involved in the presidential campaigning of Mrs. Clinton.
The foundation claims to operate a New York City headquarters at 1271 Avenue of the Americas, according to the website; 55 West 125th Street, according to the telephone answering machine. Its press department is headed by Valerie Alexander, who ran the press operation for Mrs Clinton’s abortive presidential campaign in 2007; the organization identifies her deputy as Betsy Feuerstein. Neither answers the telephone; both refuse to answer email requests for clarification of the $13 million in receipts from Pinchuk. On February 12, a New York newspaper claimed the total was “roughly $13.1 million”, but failed to cite a source. The reporter, who did not check Pinchuk’s financial reports and court claim records, refused to answer questions. The newspaper reported a statement in support of Pinchuk by Aslund and the Peterson Institute without identification of more than a million dollars Pinchuk has paid the two of them.
A cryptic note in the Pinchuk Foundation report for 2010 concedes that from “2009; all funding [for Clinton] was transferred through the accounts of the Foundation.” Open this link and go to page 61. That implies there was an agreement between Pinchuk and the Clintons, their foundations, and their lawyers that whatever conduit he had been using to pay them should appear from then on to be a channel between the two charities.” (Read more: John Helmer, 2/17/2014)
(Republished in part, with permission)
- Anders Aslund
- Bill Clinton
- BKD auditors
- Brookings Institute
- Clinton Foundation donor
- Davos Philanthropic Roundtable
- Ernst & Young
- Hillary Clinton
- January 2014
- missing money
- Peterson Institute for International Economics
- Rossiya Insurance Company
- Victor Pinchuk
- Victor Pinchuk Foundation
- Yalta European Strategy