“Alfa’s statement about the BVI unsurprisingly fails to acknowledge the fact that they lost their action in the BVI this week. Far from being vindicated, Alfa’s demand for additional security for costs was rebuffed by the BVI courts. This has cleared the way for IPOC’s appeal to be heard.

“The judge made clear that IPOC had presented substantial evidence to rebut Alfa’s allegations of money laundering. Alfa’s witnesses for their case consisted of two men they had paid millions of dollars to provide testimony, a senior Alfa Telecom employee and one of their lawyers – hardly an independent bunch.

“This result is the last thing our opponents wanted. They have been desperately trying to delay hearings to avoid dealing with the issues at the heart of this case.

“We look forward to the hearings on the substance of our case in the BVI and to presenting detailed evidence of Alfa and LV Finance’s attempts to pull off one of the biggest corporate frauds in recent years.

© Media Strategy in behalf of IPOC International Growth Fund Limited