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. Last Updated: 07/27/2016

Link Seen Between N.Y. Bank Exec, Inkombank

A direct link between former Bank of New York senior vice president Natasha Kagalovsky and an off-shore company belonging to once-mighty Inkombank has been found in New York, a London newspaper reported.

Inkombank on Friday lambasted the Western press for printing what it called "incorrect information."

The London Times on Thursday printed details of documents allegedly transferring the power of attorney over Tetra Finance Establishment - a Liechtenstein-based off-shore company reportedly used by Inkombank to handle funds flowing from Russia and in and out of the United States - to Kagalovsky in March 1995.

The paper cited a confidential witness as telling the New York State Banking Department in testimonys last year that Tetra was part of a chain of off-shore companies Inkombank used to funnel funds from Russia to their accounts abroad. The Times said the documents transferring power of attorney bore the signatures of both Kagalovsky and Vladimir Vinogradov, the former president of Inkombank.

Inkombank said Friday that Tetra had never been included in Inkombank's register of companies. It said in a statement that none of the allegations could be confirmed with genuine documents.

Kagalovsky's attorney, Stanley Arkin, said the documents obtained by The Times were forgeries.

Inkombank is said to have been one of the Bank of New York's biggest clients, handling up to 250 transactions per day for the bank.