Finance
Alfa Bank
Russian private bank with alleged connections to organized crime
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Overview
Alfa Bank is one of the largest private banks in Russia, part of the Alfa Group Consortium.
Controversies
Norex Petroleum filed a lawsuit against an extensive illegal system in which Alfa Bank played a central role. The system was operated by American and Russian businessmen, including the Alfa Group Consortium.
Key Points
- Goal was to control large parts of the Russian oil industry
- Used bribery, money laundering, and fraudulent practices
- European Bank for Reconstruction and Development (EBRD) put Alfa Bank on a "black list" in 2001