Malcolm Nance says if it were him, he would cop a plea.

[pnwmom]

21. Here's how.

http://mobile.reuters.com/article/idUSKBN1582OH

Like many large deals, the Rosneft privatization uses a structure of shell companies owning shell companies, commonly referred to in Russia as a "matryoshka", after the wooden nesting dolls that open to reveal a smaller doll inside.

Following the trail of ownership leads to a Glencore UK subsidiary and a company that shares addresses with the Qatari Investment Authority, but also to a firm registered in the Cayman Islands, which does not require companies to record publicly who owns them.

The Singapore-registered investment vehicle that holds the newly privatized 19.5 percent stake in Rosneft is called QHG Shares. It is owned by a London-registered limited liability partnership, QHG Investments, which in turn lists as one of its two owners another London-registered limited liability partnership, QHG Holding, created on Dec. 5.

One of the partners in QHG Holding is QHG Cayman Limited, registered at an address of the Cayman Islands office of Walkers, an international law firm.