[15] In 2001, after Commerzbank through its First National Holding SA ended its share of Telecominvest, Galmond had several companies including IPOC International Growth Fund which was established in 2000 in Bermuda and Lapal Ltd., Albany Invest Ltd., and Mercury Import Ltd. in the British Virgin Islands (BVI) acquire the telecom holdings of Commerzbank's former interests.
IPOC International Growth Fund even launched a RICO suit in the United States against Alfa Group and its associates.
[37] In March 2004 on a tip from Alfa Group that IPOC International Growth Fund was involved in money laundering activities, Paula Cox, the Bermuda Minister of Finance, hired Michael Morrison and Malcolm Butterfield of KPMG to independently investigate the IPOC International Growth Fund and eleven other associated companies for any improper activities.
[11][24][38] On 9 March 2005, TeliaSonera, TeleComInvest, and IPOC International Growth Fund signed a shareholders' agreement in which they would actively pursue MegaFon's public listing.
[39] From the spring to October of 2005, Richard Burt's Due Diligence[d] performed Project Yucca for BGR[e] in which the auditing firm KPMG was infiltrated for Alfa Group's benefit by Due Diligence in order to obtain information about KPMG's audit of the IPOC International Growth Fund.
[42][43] In November 2005, The Financial Times reported that Jeffrey Galmond established through court documents that Leonid Reiman is the sole beneficiary of the Fiduciare Commerce Trust which indirectly controls OAO Telecominvest.
[11][21][45][46][47][48] In February 2007, Galmond was accused by the Bermuda Minister of Finance, Paula Cox of minor infringements of local business requirements.
[62] In June 2010, Svyaz-Bank sued Tigran Nersisyan's (Russian: Тигран Нерсисян) Borodino Group for failure to repay a 5.8 billion rubles loan.
[63] Galmond has also worked as a lawyer for companies associated with Jón Ásgeir Jóhannesson's Icelandic conglomerate Baugur Group.
[64][65] In April 2012 the Prosecutor in the German city of Frankfurt withdrew charges against Galmond and four former employees of Commerzbank AG of money laundering.
[citation needed] Danish tabloid newspaper BT, on its front page of 24 December 2012, claimed that Galmond had committed tax evasion and fraud with the IPOC shares.
FNH was formed on 11 May 1995 and was previously known as the Selz & Turban Holding SA, which was headed by a Luxembourg attorney and was owned by two shell companies located in Panama.
In 2008, The Frankfurt court determined that Reiman was the beneficiary of Danco Finans which Galmond claimed ownership and through which trust agreements were held by Commerzbank.