The Transylvania Times -

Taylor Disputes Bank Claim

 

April 8, 2019



Former Republican Congressman Charles Taylor disputes a reported claim that he owns a Russian bank that is currently being accused of breaking anti-money laundering regulations.

Taylor, a Transylvania Count native, represented North Carolina’s 11th congressional district in the House of Representatives from 1991 to 2007.

According to a Central Bank of the Russian Federation’s (CBRF) press release, the license of the Commercial Bank of Ivanovo (CBI) was revoked on April 5 based on a report that the CBI “made numerous violations . . . in the area of countering the legalization (laundering) of criminal proceeds and the financing of terrorism.

“The credit institution submitted to the authorized body incomplete and unreliable information.”

Ivanoho is located roughly 150 miles northeast of Moscow.

The report goes on to state that the bank “systematically under-estimated the amount of required reserves formation, as well as overestimated the value of the property in order to improve financial performance and conceal its real financial position” and “performed ‘schematic’ operations for artificially maintaining capital for the formal compliance with mandatory standards.”

The Associated Press and Bloomberg media reports released Friday linked Taylor to CBI, stating he owns 80 percent of CBI.

In a statement to The Transylvania Times, Taylor refutes owning the bank and said he no longer owns stock.

“While I bought stock in the Bank of Ivanovo several years ago, I have never been an officer in the bank or director of the bank,” Taylor said. “Further, the bank has never paid any dividends, fees or other monies to me. To my knowledge, the Central Bank has audited the bank at least once every year and never reported any money laundering or any other alleged illegal activities at the bank in all the years I have owned that stock.

“Last year, the other stockholders were in contact with several people trying to buy the bank. At the request of the shareholders, I agreed some months ago to sell my stock in the Bank of Ivanovo and entered a binding contract to do so. Other than signing the contract to sell, I never had any kind of contact with the people buying the bank. I first learned of the bank’s license being revoked by (Friday’s) news reports. However, no news media representatives from Bloomberg or any other news outlets have tried to reach me, although I have had the same telephone number in Brevard for over 50 years.”

In the Russian International Press, it was reported that Taylor bought an 80 percent stake in CBI for an “undisclosed sum” in 2003.

Taylor was chairman and owner of the Financial Guaranty Corp., a holding company that owns Blue Ridge Savings Bank (BRSB), which was in Asheville, but closed in October 2011.

In 2005, Charles “Chig” Cagle, a former district Republican chairman, and Hayes Martin, who was Taylor’s campaign manager and president of BRSB, founded and owned by Charles Taylor, were sentenced to conspiracy to commit bank fraud and conspiracy to commit money laundering from the bank, though authorities never targeted Taylor.

Taylor testified under oath that he did not have involvement, though Martin stated in court that Taylor knew of the fraud. The loans Cagle took out from the bank totaled $1.3 million.

In the CBRF’s press release on Friday, Taylor is not named in connection with the CBI, and by press time they did not answer if Taylor still owns stock in the bank.

 
 

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