Page 9 - GLNG Week 40 2021

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Gyetvay was formerly
CFO of Novatek, and
played an instrumental
role in arranging
financing for the
company’s first LNG
export project.

Prosecutors push for delay in Gyetvay case

PROJECTS & US prosecutors are pushing for a delay in a tax provided evidence, but they are still awaiting
COMPANIES fraud case involving the deputy chairman of information from the UK and Switzerland, and
Russian gas producer Novatek, Mark Gyetvay, securing that could take “several months if not
arguing that they need more time to gather longer.”
evidence. Prosecutors had pressed for Gyetvay to be
Florida businessman Gyetvay was arrested denied bail, arguing that he posed a flight risk
in the US on September 24 on charges of hiding given that he holds passports from the US, Rus-
$93mn in offshore accounts and failing to pay tax sia and Italy. At a hearing on September 30, a After the charges
on $40mn of income. He was given bail and was judge relaxed the bail terms, stating that Gyetvay
released with GPS monitoring and house arrest, no longer needed to be held under house arrest, were first
while also having to surrender his passports. but must remain under GPS monitoring and a
According to Bloomberg, prosecutors have curfew at night. announced,
filed a request to push back the November 1 trial After the charges were first announced, Gvet-
date by at least six months. Despite this, they vay took to Twitter to deny the allegations. Gvetvay took to
also said they had an “exceedingly strong” case “I was indicated for baseless tax charges that I Twitter to deny
already. already settled through a voluntary programme,
Under the Speedy Trial Act, US defendants and pleaded not guilty,” he said. “I will vigorously the allegations.
have a right to a trial within 70 days of their fight these charges and will continue to discuss
indictment. Although judges often do push back gas topics as normal.”
trials in complex tax cases, this is only if both Gyetvay was formerly CFO of Novatek, and
sides agree. Gyetvay, who has pleaded not guilty, played an instrumental role in arranging financ-
opposes this request. ing for the company’s first LNG export project,
“We are going to do everything we can do to the $27bn Yamal LNG development. He stepped
ensure Mr Gyetvay’s constitutional rights to have down from that role in 2014, after international
a trial occur within 70 days of the indictment,” sanctions were imposed on Novatek and other
the businessman’s attorney, Kevin Downing, told Russian oil and gas companies in retaliation for
Bloomberg. Moscow’s annexation of Crimea. But since then
Prosecutors argued that trials are often he has continued to represent Novatek in front of
delayed when other countries have not acted on the international business community, and hosts
requests for evidence. Russia and Cyprus have the company’s quarterly earnings call.™

Week 40 08•October•2021 www. NEWSBASE .com P9