Is your due diligence appropriate to the risks presented by your third parties?
Our Client ordered a low-level IntegraCheck® | Integrity Due Diligence report on a newly established Russian company with almost no media presence. The target company was in the energy sector, which according to our country expertise leads to heightened risks of sanctions and integrity issues.
Based on her experience in Russian due diligence research, Case Manager, Mayya Romanova, traced the company’s ownership and checked the media profile of the parent company. Even though the company had an obscure ownership structure, Mayya found that it ultimately led to an offshore jurisdiction. Research further revealed that the company’s group was associated with a Russian oligarch on the OFAC and the European Union sanctions lists. The sanctioned individual also had political connections on the highest levels of the Russian Government.
After these initial findings and discussion, the Client upgraded the due diligence from a low-level to a higher scope which included enhanced media review in Russian, ownership information from official and subscribed sources, as well as reputational enquires with experienced local industry experts.
Through this project, Mayya demonstrated to the Client the importance of country expertise in identifying appropriate due diligence to cover open and obscure risks presented by newly established entities.
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Mayya Romanova, Research & Analysis Team (Krakow)
With her language capabilities and country knowledge, Mayya is responsible for research in Russian-speaking countries and Bulgaria. She has led and participated in projects in information technology, pharmaceuticals, banking and energy sectors.