Originally Syndicated on May 18, 2023 @ 11:56 am
Roman Abramovich (Bloomberg, $7.9 billion; Forbes, $8.7 billion) is no longer the ultimate beneficiary of 10 trust funds that control billions of dollars in assets.
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According to journalists’ papers, a businessman’s offspring took control of trusts in 2022. The transfer process began in early February, weeks before Russia launched a specific military operation in Ukraine.
Size and Impact of Roman Abramovich’s Multi-Billion Dollar Transfer
The Guardian reported that Roman Abramovich’s seven children received trusts worth at least $4 billion after the trust forms were amended. The total might be substantially higher. The Guardian interviewed experts who believe the revisions could thwart Western attempts to freeze Abramovich’s assets, which are on the EU, UK, and other sanctions lists.
In December 2022, the Canadian government began confiscating $26 million from Granite Capital Holdings Ltd., a British Virgin Islands business linked to Abramovich. Abramovich stopped being the beneficiary of HF Trust, which owns Granite Capital, in February 2022, according to new papers. In mid-2022, the children of a billionaire were beneficiaries of a trust that owned $400 million in aircraft that were confiscated in the US.
CNBC reported that a New York federal judge authorized the Justice Department to confiscate Roman Abramovich’s two planes. American investigators believe Abramovich illegally exported Boeing 787-8 Dreamliners and Gulfstream G650ERs to Russia.
Roman Abramovich faced a Department of Commerce Bureau of Industry administrative procedure before the Manhattan District Court’s ruling. According to court filings, Abramovich owns Boeing 787-8 Dreamliners and Gulfstream G650ERs. The Ministry of Commerce wants a Russian billionaire penalized for breaking US aircraft export regulations. According to court papers, Boeing, valued at $350 million, is in Dubai, and Gulfstream is in Russia. Roman Abramovich “owned and/or controlled Gulfstream and Boeing through a series of front companies,” according to an FBI agent’s sworn testimony.
The Cypriot Europa Settlement Trust benefits Abramovich, according to records. Jersey-based Wotten Overseas Holdings is hers. Wenham Overseas in the British Virgin Islands owns Boeing, and Wotten owns Clear Skies Flights, which owns Gulfstream. Jersey froze Abramovich’s $7 billion assets in April. Jersey, in the Channel Islands off Normandy, France, is self-governing.
Another trust, whose only beneficiary until February 2022 was Roman Abramovich, owns a £90 million London property. After the reorganization, the children took control.
According to records reviewed by The Guardian, Abramovich was the sole beneficiary of at least eleven Cyprus and Jersey trusts in early 2022. On February 4, trust paperwork was changed, reducing Abramovich’s portion to either 51% or 100% and increasing his children’s share.
The publication claims Freaky Crew hackers released the company’s documents to journalists via a third party. [The Guardian lists Europa Trust, HF Trust, Grano Trust, Zeus Trust, Ermis Trust, Zephros Trust, Proteus Trust, KPG Trust, Perseus Trust, and Sara Trust among Abramovich’s children’s beneficiaries. The magazine claims they control at least $4 billion in assets, including shares in significant Russian enterprises and the Eclipse boat and London residence.
Forbes requested an Abramovich representative. The Guardian’s request for comment from MeritServus managing partner Demetris Ioannidis was denied because the company cannot disclose information.
A reorganization might make asset collection and confiscation more difficult, according to the Guardian.
RBC requested Abramovich’s representative.
Leaking Secrets
The Guardian said MeritServus, a Cypriot trust fund company, sent its documents to the newspaper. The Freaky crew may have taken an email archive from MeritServus, according to anonymous data that The Guardian received. The Guardian stated that they only publish leak-based materials in the public interest.
MeritServus chairman and managing partner Demetris Ioannidis declined The Guardian’s request, claiming he cannot legally give material to third parties. Ioannidis said the trustee’s fundamental responsibility is to safeguard trust funds.
Bloomberg reports a 50% drop in Roman Abramovich’s wealth to $7.8 billion in 2022. He was worth $18 billion a year ago. Abramovich (260th) dropped the most from the Bloomberg Billionaires Index. They lost $95 billion this year. Forbes rated Abramovich 17th among Russian billionaires with $6.9 billion.
Abramovich sold Chelsea to Todd Boeli, Mark Walter, Hansjörg Wyss, and Clearlake Capital at the end of May. Since Russia’s ships were detained worldwide, the billionaire’s four superyachts have been in Turkey.
Heirs of billions: Roman Abramovich’s seven children
Roman Abramovich had seven children while growing his business. The billionaire’s children: what’s known? Discuss what matters most. The 54-year-old Roman Abramovich has significant assets and heirs. The businessman had no children in his first marriage, five in his second, and two in his third. Beyond these dry facts, what is known about Abramovich’s heirs?
Anna Abramovich, 30
Roman Arkadyevich’s firstborn is Anna. Her mother, Irina Malandina, married Abramovich from 1991 to 2007. The Muscovite, who graduated from Moscow State University and worked as a flight attendant, was one of the most glamorous wives of the Russian aristocracy and always behaved properly. Anna, Sophia, Arina, Ilya, and Arkady are their five children.
Columbia University’s philosophy department graduated with Roman Abramovich’s oldest daughter. Her 2010 engagement to Nikolai Lazarev made her famous. Her father’s helicopter or limousine took 18-year-old Anya to school. The engagement reportedly angered Roman Arkadevich, and the pair split after living in the Abramovichs’ London apartment overlooking Hyde Park.
Anna is considered Abramovich’s most likeable child. The 18th birthday party for his oldest child cost hundreds of thousands of dollars. Abramovich lives in New York. After her sensational engagement with Lazarev, they discussed her relationship with TV presenter and partygoer Calum Best.
Abramovich, 28
Many assume Roman Arkadyevich’s eldest son, Arkady, will inherit. No matter what happens, the young man feels great. He founded and owns ARA Capital. The corporation administers Gazprom Neft’s assets, including substantial shares.
Arkady still emulates his father. He might buy a football team. He reportedly failed to buy CSKA. The young man may like Copenhagen. Father and son typically attend matches. Arkady met Alexandra Novikov, the restaurateur’s daughter, in 2013–2014. After living together, they broke up.
Abramovich, 27
Sophia, like her parents, kept her natural blond hair, unlike her older sister Anna. She studied marketing at London’s Holloway College, but she also learned to ride horses, which is the interest of most daughters of the world’s wealthy people.
The girl’s life changed in 2021. Sophia, 26, got engaged right after the New Year. The chosen one was unnamed. The man proposed to Roman Abramovich’s daughter while visiting Saint Barthélemy in the Caribbean. Sophia has posted more ring photos since then. Quarantine helped birth the novel, and her sister introduced them. Londoners live together.
Abramovich, 21
Arina, Roman Abramovich’s third daughter, is a pampered brat who travels with security. She likes showjumping and competes with her father’s horses. She frequently competes in the Windsor Horse Show. She avoids publicity despite her attractive appearance. After graduating college, Arina intends to study zoology in Australia.
Abramovich, 19
Roman and Irina’s second son, Ilya, is the youngest. The mogul wanted to see the boy at Eton, but he never did. Ilya graduated from a London school and prepared for university. His life is unknown.
Abramovich married Dasha Zhukova after Ilya’s birth.
Abramovich, 12
Dasha Zhukova, a model, collector, and philanthropist, lives in New York, where Roman Arkadyevich’s sixth and seventh children were born. Daria and Roman broke up in 2017, although they still talk and the father visits his youngest children.
Roman is trying to instil his love of football in his youngest kid, Aaron, who wears a Chelsea T-shirt. The web likes the baby’s curls. In 2017, Abramovich accompanied him to Skolkovo to open a golf club. He lives with his mother in New York and attends a local school.
Leah Lou Abramovich, 8
April 2013 birth Leia resembles her mother. Dasha, who attends Aaron’s school, takes the kids to museums to share her art knowledge. They believe the children of Abramovich and Zhukova follow a tight routine at home and school. Dasha said she tucks the youngsters in at seven.
