And North Cash is a target for less than enthusiastic online reviews

And North Cash is a target for less than enthusiastic online reviews

Between 2012 and 2014 his Maltese company GMLA Trading Ltd. obtained more than three million Euro of profit from fast loans given to USA citizens. This money was also untaxed.

The amount is now four times higher than the cash he borrowed

Of course, the consumer lending itself does not just take place on payday loans in Tennessee reservations – but in most of the USA. Only exempt are military personnel, their families and ten states – Arkansas, California, Georgia, Maryland, Minnesota, Montana, New York, Pennsylvania, Virginia and West Virginia.

In the Washington State Department of Financial Institutions published complaints it received about online lenders including Northstar, based in nearby state of Montana.

“It appears that these companies may be operating as online tribal payday lending companies,” it stated. “These companies assert ownership by the Fort Belknap Indian Community, a federally-recognized Indian Tribe. These companies are not licensed by DFI and are not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.”

Oleg Boyko, the tribes and 4finance’s Malta Branch did not respond to our questions about this scheme by our deadline. Boyko’s Latvian and Russian shareholders, who received more than 100 million dollars of untaxed capital gains did not respond either to emails or phone calls.

“The undertakings of private business companies, including those with my participation and shareholder status, are supervised and audited in line with the laws of respective jurisdiction and best industry practice,” said Dupats. “Regarding your questions on holdings in other jurisdictions, the need to establish a legal entity in a particular jurisdiction arises from business requirements of its shareholders. Given the fact that the particular jurisdiction of Malta operates under the Common Law, such [a] legal structure allows [us] to secure fast and quality resolutions of any shareholder disputes.”

All these Maltese structures would not be possible without the services of Maltese-based Credence Corporate and Advisory, shortened to Credence, which is tightly connected to law company Muscat Azzopardi & Associates. The latter was founded in 1971 by former UN judge in Kosovo Godwin Muscat Azzopardi, while his sons James and Adrian Muscat Azzopardi later founded Credence with partners Andrew Cefai, Claudio Tonolla and Ivan Vella.

All these persons above mentioned were nominee directors in corporate structure owned by Boyko and his Latvian partners, who managed to funnel through Malta dozens of millions Euro without paying significant tax. Credence company and Andrew Cefai, who is nominee director of 4finance Malta Ltd and GMLA Trading Ltd did not answer our queries

Boyko: Now Flirting with Maltese Living

Oleg Boyko seems to love Malta so much, he wants to live there. Employees of his company, Finstar, have inquired about the possibility of Boyko becoming a member of Malta Global Residence Program, which offers its members 15 per cent tax on all personal income.

For this reason he rented an apartment in Malta in for 1,600 Euro monthly rent through another Bahamas based company, Vigo Trading Limited. But, according to available information, he is not listed in this program.

Whether he will succeed or not in his bid to be a Maltese resident, in the coming months Boyko’s 15 million Euro luxury villa Belgiojoso in Blevio at Lake Como awaits him. To make his holiday more pleasant, he can man his 20 million dollar yacht. Maybe Scarlett Johansson will be joining him to ride the waves and chat about storyboarding her Indie film.

Meanwhile Romanian former cancer sufferer Daniel is still working in Germany to pay back his loan to Boyko’s company, Zaplo. He has no money to contest the court decision – and has few hope his situation will improve.

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