An unexpected downturn with major player of Kyrgyz economy, MGN-Kyrgyzstan ran by American citizen, Eugene Gourevitch ( see here http://www.turkishweekly.ne t/news/99210/italian-court- seeks-arrest-of-kyrgyz-pres ident-39-s-top-financial-ad viser.html ) opened up a huge credibility hole in Kyrgyz President's administration that's caused developing public anger. Questionable handling of Kyrgyzstan's financial wealth brought thunderous public attention to the surrounding of the President Kurmanbek Bakiev and his son, Maxim Bakiev, head of the State Development and Innovation Agency which overlooks strategic sectors of economy.

Asiaunivesralbank (AUB),the Board of Directors of which represented by two former US senators, Bob Dole and J. Bennett Johnston along with six other members (http://www.asiauniversalban k.com/en/about/rukovodstvo/ sovet_direktorov/), surfaced immediately after recent scandal with MGN-Kyrgyzstan. Russian newspaper Vedomosti (www.vedomosti.ru issue 02/14/2006) reported that Russia's State Centrobank issued alert for Asiauniversalbank, suspected in money laundering in the amount of 170 billion rubles (over USD 5 billion) for six months of 2006 alone while under International Financial Reporting Standards (IFRS), Asiauniversalbank's active assets shown for $ 107.6 million with capital  of $10.1 million. According to the bank, none of its shareholders owns more than 5 %. However, experts believe the Chairman of Asiauniversalbank's Board of Directors, Mikhail Nadel is the only owner of Kyrgyzstan's biggest commercial institution.

Vedomosti further reported that Russia's Centrobank posted a letter on its official website (www.cbr.ru) to the Russian commercial banks dealing with Kyrgyz AUB, strongly cautioning them to use sanctions against AUB's suspected financial transactions. Centrobank of Russia turned its eye on Kyrgyz bank due to the huge volume of payments of AUB's foreign customers in favor of Russian corporations: in January - July of 2005, the foreign payments amounted more than 170 billion rubles.These payments were in settlement of transactions, allegedly linked to the sale of goods by foreign companies (AUB customers) in Russia. Central Bank summary stated that "The scale of financial operations and their permanent nature suggest direct connection with gray imports"

RFE/RL Kyrgyz branch Azattyk (http://www.azattyk.org/cont ent/article/1940999.html) reports that some of the business projects associated with AUB's president, Mikhail Nadel, such as Fininfor (www.fininfor.ru) and its manager Alexander Chesnokov have been under investigation by Russian Law enforcement agencies for taxivation and illegal business activity, in June 2009. Further report states that a loan given by Russian Government in the amount of $300 million (first part of planned $1.7 billion) to Kyrgyzstan with a purpose of building KambarAta 1 Hydro Electric Station has been misused by AUB with approval of the Kyrgyz Government, in different commercial operations including partial funds allocated for 2009 Kyrgyz presidential elections.
Prime-Minister of Russia, Vladimir Putin expressed dissapointment in the meeting with Kyrgyz officials over the fact of misuse which wasn't agreed for by the Kremlin, Azattyk reports.

Notably, already wanted by Italian law enforcement agencies, Eugene Gourevitch whose credentials popped up a few days ago in the biggest fraud case in Italy, had made a contribution to former US senator Bob Dole's wife, Elizabeth Dole's political campaign in 2008. ( see contributions list http://herndon1.sdrdc.com/c gi-bin/com_ind/C00369140/2/ G/ )

Meanwhile, critics of the current President Bakiev and opposition leaders have been protesting against financial tactics of Kyrgyz Government closely operating with AUB. Officially, AUB serves one third of the Kyrgyz financial market system but many politicians in Kyrgyzstan believe that AUB controls major assets of the strategic sectors of economy including country's energy industry and telecommunications.