Jeffrey Galmond
Encyclopedia
Jeffrey Peter Galmond is a Danish
lawyer
and businessman. He is the owner of the law firm J. P. Galmond & Co. He owns large portions of the holding companies
that own the Russian mobile telecommunications operator Megafon
. One of these portions is currently contested. Galmond has been accused of not being the true owner of the Russian assets, but of acting as a front to Russian minister of telecommunications Leonid Reiman
. These claims are vigorously denied by Galmond.
Galmond's disputed share in Megafon is currently held by Alfa Group, the company fronted by Russian Oligarch Mikhail Fridman. Alfa Group is at the centre of many disputes involved disputed ownership of telecommunitions operations. These companies include Telenor, Teliasonera, Turkcell and others. IPOC has recently launched a RICO suit in the United States against Alfa Group and its associates.
In February 2007, Galmond was accused by the Bermuda
minister of finance, Paula Cox
of minor infringements of local business requirements. She has asked the supreme court to wind up IPOC International Growth Fund, a company run by Galmond, along with several other companies associated with Galmond. Galmond and IPOC worked to solve the issue. One step taken was for IPOC to fund a report by KPMG into its operations. KPMG’s report, which cost its client(s) US$13 million, found no evidence that JPG was not the beneficial owner of the MegaFon stake, or Alfa’s claim that money going into IPOC funds was the proceeds of money laundering.
In January 2007 Finance Minister Paula Cox instructed the Registrar of Companies to file the petition to wind-up IPOC and eight related companies. The move was aimed at protecting Bermuda's reputation as a jurisdiction. Bermuda also received around $22.5 million as its share of $45 million confiscated from IPOC in a criminal prosecution in the British Virgin Islands, where three IPOC-owned companies were domiciled.
Galmond has also worked as a lawyer for companies associated with the Icelandic conglomerate Baugur.
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
lawyer
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
and businessman. He is the owner of the law firm J. P. Galmond & Co. He owns large portions of the holding companies
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
that own the Russian mobile telecommunications operator Megafon
MegaFon
MegaFon ,previously known as North-West GSM, is the second largest mobile phone operator in Russia. It works in the GSM and UMTS standard. Its main competitors are Bee Line GSM and Mobile TeleSystems ....
. One of these portions is currently contested. Galmond has been accused of not being the true owner of the Russian assets, but of acting as a front to Russian minister of telecommunications Leonid Reiman
Leonid Reiman
Leonid Dododzhonovich Reiman, in Russian: Леонид Дододжонович Рейман; born July 12, 1957 in Leningrad is a Russian businessman and government official, former Minister of Communications and Information Technologies of the Russian Federation...
. These claims are vigorously denied by Galmond.
Galmond's disputed share in Megafon is currently held by Alfa Group, the company fronted by Russian Oligarch Mikhail Fridman. Alfa Group is at the centre of many disputes involved disputed ownership of telecommunitions operations. These companies include Telenor, Teliasonera, Turkcell and others. IPOC has recently launched a RICO suit in the United States against Alfa Group and its associates.
In February 2007, Galmond was accused by the Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
minister of finance, Paula Cox
Paula Cox
Paula Cox is the current Premier of Bermuda, and leader of the Bermuda Progressive Labour Party . The Hon. Paula A. Cox JP, MP was elected as Leader of the Progressive Labour Party on Thursday, 28 October 2010...
of minor infringements of local business requirements. She has asked the supreme court to wind up IPOC International Growth Fund, a company run by Galmond, along with several other companies associated with Galmond. Galmond and IPOC worked to solve the issue. One step taken was for IPOC to fund a report by KPMG into its operations. KPMG’s report, which cost its client(s) US$13 million, found no evidence that JPG was not the beneficial owner of the MegaFon stake, or Alfa’s claim that money going into IPOC funds was the proceeds of money laundering.
In January 2007 Finance Minister Paula Cox instructed the Registrar of Companies to file the petition to wind-up IPOC and eight related companies. The move was aimed at protecting Bermuda's reputation as a jurisdiction. Bermuda also received around $22.5 million as its share of $45 million confiscated from IPOC in a criminal prosecution in the British Virgin Islands, where three IPOC-owned companies were domiciled.
Galmond has also worked as a lawyer for companies associated with the Icelandic conglomerate Baugur.
External links
- J. P. Galmond & Co
- Official IPOC site
- RICO suit - Alfa Group Accused of Bribing to Buy MegaFon June 13, 2006
- Dane battles for Russian mobile company at The Copenhagen postThe Copenhagen PostThe Copenhagen Post is a weekly newspaper providing Danish news in English both nationally and internationally; it is the only English-language newspaper published in Denmark. Founded in November 1997 by San Shepherd, The Copenhagen Post has a weekly circulation of between 12,000 and 15,000...
online - Russia at Heart of German Probe - Moscow Times July 26, 2005
- European Commission to investigate TeliaSonera deals in Russia - Helsingin SanomatHelsingin SanomatHelsingin Sanomat is the largest subscription newspaper in Finland and the Nordic countries, owned by Sanoma. Except after certain holidays, it is published daily. In 2008, its daily circulation was 412,421 on weekdays and 468,505 on Sundays...
March 28, 2006 - Royal Gazette: Cox moves to wind up IPOC
- Danish financial newspaper, Børsen, on allegations of money laundering February 7 2007
- Danish tabloid newspaper, Ekstrabladet, on the connections between Baugur and Galmond October 29 2006
- http://www.royalgazette.com/siftology.royalgazette/Article/article.jsp?sectionId=65&articleId=7d88eb330030011 August 29 2008