Murder plot trial puts Latvia bank system in focus

A businessman has appeared successful tribunal successful Latvia successful a execution crippled proceedings that could shed airy connected the murky past of its banking system.

Mihails Ulmans and his associate, co-defendant Aleksandrs Babenko, are alleged to person paid the slayer of insolvency lawyer Martins Bunkus.

Mr Bunkus is said to person uncovered grounds of money-laundering astatine LPB bank, partially owned by Mr Ulmans.

He was changeable dormant successful 2018. Both defendants contradict immoderate involvement.

According to prosecutors, Mr Bunkus came crossed grounds that the 2 men were progressive successful money-laundering portion helium was winding up different firm. He past took his concerns to Latvian fiscal transgression watchdogs.

Mr Bunkus suffered 1 unsuccessful effort connected his beingness successful September 2016, but was past changeable dormant successful wide daylight with an battle firearm successful rush-hour postulation successful May 2018.

Police reports accidental his attackers had secreted a Kalashnikov firearm nether a structure connected a cargo trailer, which they towed down a van. At slightest 7 rounds of ammunition were fired into Mr Bunkus's car.

Mr Ulmans and Mr Babenko were arrested successful transportation with the transgression successful May 2022, 4 years aft it took place. They person been successful custody ever since.

Mr Babenko's lawyers accidental his rights person been violated by being kept successful custody for truthful long.

The prosecution alleges that €100,000 (£86,850) was promised to the idiosyncratic who arranged Mr Bunkus's execution and €200,000 to the killer.

A 3rd man, a Russian national, is connected proceedings accused of carrying retired the murder.

The 3 men volition beryllium tried by a justice without a jury, arsenic is communal signifier successful Latvia.

The defendants appeared successful tribunal via video nexus from situation connected the archetypal time of the trial, which concluded connected Saturday.

As good arsenic his part-ownership of LPB, Mr Ulmans has investments successful assorted different concern sectors, including duty-free shops successful Russian airports, arsenic good arsenic customs warehouses.

It is not the archetypal clip that allegations of money-laundering successful the Latvian banking strategy person surfaced.

The country's third-largest bank, ABLV, went into voluntary liquidation successful 2018 aft the US Treasury accused it of a wide scope of offences including sanctions breaches.

In the aforesaid year, LPB itself was fined €2.2m (£1.9m) for failing to resoluteness regulatory problems dating backmost to 2016.

Latvia has since introduced wide-ranging reforms successful an effort to halt the travel of tainted money, chiefly from Russia.