Know your UBO% or else - A Swiss company has filed a complaint against Deutsche Bank
15/10/2019
A Swiss company, Aluminium Silicon Mill Products (ASMP), has filed a complaint against 2 of Deutsche Bank’s American divisions in the Southern District of New York District Court. Deutsche Bank froze a $212m transfer in a US correspondent account, which was due to be transferred from ASMP to Kamensk-Uralsky Metallurgical Plant (KUMZ), a Russian aluminium company.
Deutsche Bank informed ASMP that it blocked the funds because KUMZ’s bank (Metcombank) is beneficially owned by Viktor Vekselberg, designated under E.O. 13662, pursuant to OFAC’s Countering America’s Adversaries Act ‘CAATSA’, which targets Russian oligarchs
ASMP claims Vekselberg held only a 9.9% ownership of the bank at the time of the transaction, and therefore the transaction should not be blocked as Vekselberg does not own more than 50% of the bank, as required under the E.O.. Deutsche Bank have until 1 November to respond to the complaint.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.