• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 23 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 11 days Wind droughts
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South

U.S. Arrests Senior Russian LNG Executive For Tax Fraud

The U.S. Department of Justice has arrested the chief financial officer of Novatek, Russia’s largest private gas company and biggest LNG exporter, on charges of tax fraud.

In a statement, the DoJ said that Mark Gyetvay had engaged in a scheme to defraud the United States by hiding his ownership of sizeable offshore assets—a sum of about $93 million—and had also failed to file tax returns and pay taxes “on millions of dollars of income.”

According to the DoJ, Gyetvay engaged in the concealment practice after he became the chief financial officer of Novatek, upon which he was allegedly presented with “lucrative stock options and/or stock-based compensation”.

Gyetvay then proceeded to set up two Swiss bank accounts, according to the DoJ allegations, where he put these assets and then removed himself as the owner of the accounts by transferring ownership to his then-wife, who was a Russian citizen.

In addition to this asset concealment, Gyetvay also “allegedly did not timely file his U.S. tax returns, nor did he file all of the required Reports of Foreign Bank and Financial Accounts (FBARs) forms certain U.S. taxpayers are required to file annually that disclose their control over assets maintained in foreign bank accounts.”

On top of that, according to the allegations, some of the taxes that Gyetvay did file were false. He also allegedly submitted a false offshore compliance form with the U.S. tax authorities, saying that his former failure to submit the forms relevant to holdings in foreign banks had not been wilful.

According to a report in the Financial Times, Mark Gyetvay, who helped expand Novatek into the LNG export major it is today, is one of the most popular business executives in Russia and internationally in the oil and gas industry. If found guilty, he faces decades in prison.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News