Romanov is in clear over tax scam

HEARTS owner Vladimir Romanov has been cleared of involvement in an eastern European tax scam, the Evening News can reveal.

The Lithuanian had been accused of fiddling the books at a Bosnian aluminium ore plant, described as one of the "jewels" in his business empire in a recent BBC Frontline Scotland programme.

However, he has been cleared of all charges levelled at the firm in the documentary.

Within the last few days, company officials have received documentation from the Financial Ministry of Respublika Srpska which confirms that Birac AD, Zvornik, has paid all taxes due by the organisation. Romanov, who recently upped his stake in Hearts to 80 per cent, has always argued his innocence in the matter and was today celebrating after an official probe found nothing untoward in his business dealings.

The documentation confirms that, following an official investigation into Birac, activities were performed in accordance with all relevant legislation.

It certified that no substantial breaches were identified, that all payment both of wages and wage taxes occurred in a timely and correct manner and that the company concerned had paid all the taxes it was due to pay.

Birac spokeswoman Alnija Brusokiene confirmed that the company had co-operated fully with the inspection and also intimated that any further public questioning of the company's activities would be looked upon in a dim light.

"Since there are no more additional obligations which the company might have, and all possible checking and investigations have already been performed, we can confirm that any further public questioning of the legality of the company's activities or avoidance of payment of taxes to the Government, can and will be treated as political speculation," she said.

Various media outlets were granted a special viewing of the documentary before it was transmitted last Wednesday and Romanov was left fuming after the BBC refused his request to grant him similar access.

Romanov's UBIG Investment Group now either owns or controls or has received valid acceptances in respect of a total of 10,108,718 Hearts shares, representing approximately 80.01 per cent of the club.

His share offer remains open for acceptance until Friday, December 16.

Taken from the Scotsman