ASHEVILLE, N.C. -- A former North Carolina congressman says he had begun selling shares in a Russian bank before it lost its license.
Last week, Russia's central bank accused Commercial Bank of Ivanovo of breaching anti-money laundering rules by providing incomplete or unreliable transaction information. Central bank records on Friday showed Rep. Charles Taylor owned more than 80 percent of the bank, which the Republican bought with a former KGB agent as his business partner.
Taylor issued a statement to WLOS-TV and The Citizen-Times saying he bought the stock years ago but wasn't a bank officer and knew of no wrongdoing. His statement said he signed a contract to sell his shares; it didn't say whether the transaction was complete.
A man who answered a phone listing for Taylor Tuesday declined to talk.