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Russian tycoon that once preoccupied Cyprus under the scrutiny of the British Authorities

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Cypriot Authorities are on alert following US pressure over Russian oligarchs

While the Cypriot supervisory authorities and the government are on alert to convince the US authorities that Cyprus fully implements the law on money laundering and the economic sanctions against Russian oligarchs, another case implicating our island has been making the headlines internationally.

At the centre of it all is yet again Russian tycoon Alexander Shchukin, whose activities, along with those of other of his compatriots, are under the scrutiny of the British parliament. The case involving Shchukin and the methods he uses to place Siberia’s coal mines under his control recently occupied the international and Cypriot press.

Based on many of the cases under investigation, Shchukin allegedly gained control of coal mines under controversial circumstances; some of these were transferred to Cypriot companies. The media also reported about millions of euros being moved from Russia to the UK, via Cyprus. The Russian oligarch has been under house arrest for the past year and a half, in connection with bribing a state official with a luxury Jeep with the aim of taking control of a coal mine.

The developments have raised the alarm with the Cypriot authorities. The statements by the Securities and Exchange Commission, the Central Bank and the Institute of Certified Public Accountants of Cyprus (ICPAC), are confirmation of how alert the supervisory authorities, bank sector and government are. It is stressed, however, that Cyprus has carried out checks and signed agreements with foreign organisations for the best possible handling of the phenomena of tax evasion and money laundering.

According to the news site Report News Today, the British Parliament recently launched a probe into corruption cases involving Russian oligarchs active in the UK. Specifically, the Foreign Affairs Committee appears to be seeking ways to avert incidents of corruption and suspicious business activities with Russian involvement. The website claims that “British companies, public and government officials, can no longer ignore the matter, and remain at the mercy of Russian oligarchs”.

In its report, Report News Today refers to the legal dispute and the compensation British investment group Lehram is seeking from Shchukin, with the former saying the latter illegally gained control over a coal mine, which it wants back. It also mentions that the British director of the coal mine was arrested with the excuse that his passport had expired. He remained in custody for 24 days under extremely dire conditions and was told he would face court with charges that provided a five-year prison sentence. As the man himself stated to British newspaper Guardian, they “said I could be released under the condition that I sign over control of the coal mines”. He added: “I did it because I wanted to be released from prison.” The Guardian article mentions that when the coal mine then passed into the ownership of Shchukin, it was transferred through an offshore company in Cyprus.

Financial Times also reported on the same case recently. According to the FT, the Lehram group is demanding $500 billion from Russia, accusing the country of corporate theft with the state’s blessing. “We are convinced that the Russian Federation will restore the serious injustice that occurred at the expense of the company,” said Daniel Rodriguez, Lehram shareholder, who called on Russia to reassure international investors that the behaviour exhibited by the district Authorities will not be tolerated.

According to Report News Today, many of Shchukin’s close friends and relatives are rumoured to have acquired British citizenship, by acquiring the international insurance company 3E International. Even though officially the company belongs to a share company, the British Supreme Court ruled that its ownership belongs to IldarUzbekov, husband of Shchukin’s daughter Elena.

It is noted that Uzbekov is the director of many companies in the UK and a Board member of a company in Cyprus, along with his wife Elena and his father in law, Alexander Shchukin.

According to the Guardian, Elena Uzbekov owns a gallery worth €3m in Mayfair and a €14m mansion in Highgate.

It concludes that Uzbekov and his partner Dmitry Chetkov managed to transfer massive sums from Russia to the UK, via offshore companies registered in Cyprus.

 

Cypriot authorities on alert

The constant press reports and shadows over Cyprus’ banking system continue to burden the sector and damage the country’s image. The Cypriot authorities’ concerns are intensifying.

In a circular, the Securities and Exchange Commission calls on the entities it supervises to pay special attention to the latest revision of the list of US sanctions on persons from Russia.

The Institute of Certified Public Accountants of Cyprus (ICPAC), also draws the attention of its members to transactions with individuals or entities that are on the US sanctions list, which was issued over a month ago. In its circular, ICPAC draws its members’ attention to the Specially Designated Nationals List – SDEN, which was issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAF) on 6 April, 2018.

At the same time, the Central Bank notes that even though the Cypriot authorities do not have a contractual obligation to implement the US sanctions, the local banks have taken relevant measures. The credit institutions have proceeded to take measures, implementing the sanctions against individuals included in the OFAF list.

Officials say that Cyprus has carried out checks and reached agreements with foreign organisations for the best possible handling of the phenomenon of tax evasion and money laundering, stressing that “we will do whatever we can to clear our name, which has been weighed down by practices of the past”.



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