Wagner founder Prigozhin employs Western banks
Date
9/29/2024 12:37:00 AM
(MENAFN) The late Evgeny Prigozhin, founder of the Wagner private military company, allegedly employed Western banks to channel funds supporting his activities in Africa, according to a report from the financial Times. This revelation is based on leaked documents obtained by the Washington-based Center for Advanced Defense Studies.
The report details that in 2017, a Sudanese mining firm closely associated with Wagner, known as Meroe Gold, transferred money from a local bank account to a Chinese vendor through JPMorgan Chase. That same year, Meroe Gold purchased diesel generators and spare parts from a Chinese company using a bank affiliated with the British banking giant HSBC. Importantly, the Financial Times indicated that there is no evidence to suggest that either HSBC or JPMorgan were aware that these transactions were indirectly benefitting Wagner.
At the time of these transactions, Meroe Gold was not subject to U.S. sanctions. However, the company was blacklisted in 2018 as an entity “owned or controlled by Prigozhin,” with the US government alleging that it played a role in helping him exploit Sudan's natural resources for personal enrichment. Wagner has faced multiple accusations from the U.S. of exacerbating conflicts in Africa and committing various human rights violations.
Prigozhin himself had been sanctioned by the U.S. as early as 2016, while Wagner faced restrictions starting in 2017. Over the years, the US has also targeted additional companies linked to Prigozhin and Wagner with sanctions.
In response to the report, HSBC declined to comment on the specific transactions but reaffirmed its commitment to combating financial crime. Meanwhile, JPMorgan stated that it could not locate any records related to the transactions mentioned in the leaked documents.
This new information raises questions about the financial networks utilized by Prigozhin and the extent of Wagner's operations in Africa, highlighting the ongoing challenges of regulating and monitoring financial transactions that may support paramilitary activities abroad.
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