Filenews 9 January 2023
By Giacomo Tognini
Leaked documents revealed "unknown" assets of Russian billionaire Roman Abramovich, who is under sanctions. Documents shared with the Organized Crime and Corruption Reporting Project (OCCRP) and its partners, including Forbes, show that Abramovich owns at least another 10 yachts and boats through offshore and trusts, in addition to the 6 yachts -worth at least $1 billion– that we knew until today.
The documents come from MeritServus, a Cyprus-based business development consulting firm used by Russian oligarchs, and were initially shared with the British newspaper Guardian by an anonymous sender.
According to the Guardian, records show that Abramovich transferred ownership of 10 offshore trusts – with assets worth billions of dollars, including his yachts and private jets – to his seven children in early February 2022, three weeks before the Russian invasion of Ukraine and about a month before the UK and EU imposed sanctions against the Russian tycoon. An OCCRP investigation also revealed that Abramovich had invested between 2008 and 2016 around $230 million to a large Russian forestry company – in which the Russian government also participated – and sold its stake for about €110 million a month before the war broke out in Ukraine.
Forbes identified 10 boats owned by Abramovich that had not been assigned to him so far, bringing the total number to 16. Eight of them are small vessels which, according to the leaked documents, are "used to support the activities" of Eclipse, the 162-metre-long superyacht worth $427 million that Abramovich had built in 2010. The Eclipse is currently moored in the port of Bodrum in Turkey, while three more yachts of the Russian oligarch – the Solaris, 140 metres long and worth $475 million – are now in the process of being moored. Halo, 55 metres long and worth $38 million and Garcon, 67 metres long and worth $20 million– are tied up in ports on Turkey's western Mediterranean coast. A spokesman for Abramovich did not respond to a request for comment.
In addition to the eight support vessels, leaked documents also show that Abramovich owns a 12-metre-long Bluegame motor boat named Umbra A, which is valued at around $1 million, according to a 2016 financial report. The most valuable of Abramovich's "unknown" boats is the 25-metre-long yacht Kewpie, worth about €3 million, according to VesselsValue experts. The yacht is registered in the Bermuda Islands and since the beginning of November has been in the French overseas territories of St. Barthélemy, better known as Saint-Bartz. On the same island, Abramovich still has two properties, one of which was blocked by French authorities last April.
Kewpie is also threatened with impoundment, since it is on French soil and Abramovich is subject to European sanctions – unlike his luxury yachts in Turkey, since Ankara has not adopted sanctions on Russian oligarchs. Kewpie isn't Abramovich's only boat that could be in trouble. Sussurro, 50 metres long and worth $11 million, is now in the process of being impounded has been tied up at La Ciotat on the French Riviera for about a year now. Aquamarine, 50 metres long and worth $30 million, is a major player, reportedly still in the Netherlands. The owner of Aquamarine is presented as a company based in the British Virgin Islands, which Abramovich transferred to his partner David Davidovich on February 24, 2022.
Abramovich uses a complex structure of offshore entities that pose as owners of his assets, such as yachts, 4 private jets, 6 helicopters as well as luxury homes and estates. The ownership of its 16 ships and 10 aircraft, with a total value of $1.6 billion, is now in the process of being investigated, it is shared with a number of companies registered in offshore havens, including Aruba, the British Virgin Islands, the Isle of Man and Jersey, known for their privacy regime and low taxation. The leaked documents, combined with a seizure warrant for two of Abramovich's jets filed by the U.S. Department of Justice in June, show that all of these assets – except Aquamarine – ultimately belong to the Cyprus-based Europa Settlement Trust.
Until February 4, 2022, Abramovich was the sole beneficiary of this trust. But that day, two of Abramovich's representatives—Davidovich and Tatiana Heykin—filed a document that added his seven children as beneficiaries. Four days later, Abramovich retired as a co-beneficiary, leaving the trust entirely to his children. The amendments to the trust were completed on February 24, the day Russian tanks invaded Ukraine.
Despite these changes, Forbes still includes Abramovich in the billionaires' club, since the Russian oligarch's net worth is estimated at $8.7 billion. Technically, the yachts and private jets are now owned by Abramovich's children, but he retains effective control over them. After all, on March 14, 2022, the Russian billionaire flew the Gulfstream G650 from Israel to Istanbul, to depart the next day for Moscow.
Source: Forbes
