Now that the findings of the audit made by the Estonian central bank about the VEB Fund prove that the bank forged documentation, the key question is who prepared the document which was used to take money out of Vneshekonombank.
Ardo Hansson, current governor of Bank of Estonia, apologized yesterday on behalf of the central bank, and said that while the letter was created in the bank, no harm to the state was done.
The bank’s internal probe showed that in 1995, the Bank of Estonia deliberately had prepared a document falsely stating that a Russian company named TSL International had $32 million worth of claims against Vneshekonombank, while its actual claim was several times lower.
Internal auditors said they were unable to determine who was to blame for preparing the letter which appeared to be part of an orchestrated effort to recover funds frozen in VEB.
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