play_arrow

keyboard_arrow_right

skip_previous play_arrow skip_next
00:00 00:00
playlist_play chevron_left
chevron_left
  • cover play_arrow

    Atlantic 195 Atlantic 195

News

Why Tracking Putin’s Wealth Is So Difficult

todayApril 6, 2022

Background
share close

And sometimes the Russian government itself is the beneficiary.

Leaked files known as the Paradise Papers, from the Appleby law firm in Bermuda, revealed offshore projects on behalf of several enterprises controlled by the Russian state, including VTB Capital, an investment bank, and Gazprom. Another involved the $53.9 million purchase of a Bombardier Global 6000 private jet by an obscure Cyprus company, Genetechma Finance Ltd.

Appleby’s records show that Genetechma was operating, ultimately, on behalf of VEB, a state-owned economic development bank with ties to Russian intelligence. VEB, whose chairman has reportedly used private jets, controlled the Cyprus-based Genetechma through a Luxembourg subsidiary.

A different Cyprus company surfaced in the ownership chain of the Olympia yacht, whose connection to Mr. Putin appeared in the British court documents. The litigation involved convoluted allegations of self-dealing among executives at several Russian shipping companies, including Sovcomflot, whose majority owner is the Russian government.

In a decision by a London court in 2010, Justice Andrew Smith described how various players involved attributed their positions of influence to having “a good relationship” with Mr. Putin, and in one instance, recalled a meeting at the Lipp Brasserie in Geneva where the gift of the Olympia to him was mentioned. The yacht, estimated to cost $35 million to $50 million in 2002 and reportedly outfitted with marble baths, extensive gilding and a Jacuzzi, was said to be “managed by Unicom,” a Cyprus-based company.

Corporation records in Cyprus, which in recent years has become more rigorous about requiring transparency of ownership, show that Unicom was owned by a Bermuda company, whose “ultimate parent corporation” was a state-owned shipping company in Russia.

The Olympia, which sails under a Cayman Islands registration, was last known to be in the Baltic Sea near St. Petersburg.

Original story from https://www.nytimes.com

Written by: admin

Rate it

Previous post

News

More British Airways services disrupted at Heathrow

British Airways has cancelled 78 flights scheduled to or from Heathrow Airport on Wednesday as coronavirus-related staff shortages continue to hit the aviation industry. The total includes flights axed due to last month’s decision by the airline to reduce its schedule until the end of May to boost reliability, as well as routes suspended for several months because of the coronavirus pandemic. It follows almost 100 flights to or from […]

todayApril 6, 2022


Similar posts

News

Gunman kills two during Oslo Pride festival

A gunman opened fire in Oslo’s nightlife district early on Saturday, killing two people and leaving more than 20 wounded in what the Norwegian security service called an “Islamist terror act” during the capital’s annual LGBTQ Pride festival. Investigators said the suspect, identified as a 42-year-old Norwegian citizen originally from […]

todayJune 25, 2022


0%