Originally Syndicated on April 11, 2023 @ 10:11 am
Table of Contents
Trusts for kids, not toys
The British edition of The Guardian said that Roman Abramovich, a Russian billionaire whose wealth is estimated by Bloomberg to be $7.9 billion and by Forbes to be $8.7 billion, is no longer the ultimate beneficiary of ten trust funds that control assets worth billions of dollars.
Based on the documents journalists had access to, the publication said that in 2022, a businessman’s children would take over control of his trusts. At the same time, the transfer process began in the first few days of February, a few weeks before Russia started a special military operation in Ukraine.
The changes that were made to the trust documents at the time, according to The Guardian, put Abramovich’s seven children in charge of trusts with assets worth at least $4 billion. But the whole amount could be a lot more. Experts The Guardian talked to people who think that the changes could make it harder for Western governments to freeze assets that were once thought to belong to Abramovich, who is on the EU’s, UK’s, and some other countries’ lists of people who should be punished.
So, the Canadian government said that in December 2022, they will start the process of taking $26 million from Roman Abramovich’s company, Granite Capital Holdings Ltd., which is registered in the British Virgin Islands. But new documents show that Roman Abramovich stopped being the beneficiary of HF Trust, which owns Granite Capital, in February 2022. Instead, his children took his place.
In another case, the children of a billionaire got a trust that owns an airplane worth about $400 million, which is why they were arrested in the United States in the middle of 2022.
A federal judge in New York signed a warrant that gave the Justice Department permission to take Roman Abramovich’s two planes. CNBC says that court records back up what they say. Authorities in the United States think that Abramovich broke U.S. export rules by sending a Boeing 787-8 Dreamliner and a Gulfstream G650ER to Russia.
Before the Manhattan District Court made its decision, the Bureau of Industry in the Department of Commerce took Roman Abramovich to an administrative hearing. Documents filed with the court say that Abramovich’s planes are Boeing 787-8 Dreamliners and Gulfstream G650ERs. The Ministry of Commerce wants a Russian billionaire who broke US rules about exporting aircraft to pay a fine. The court records show that Boeing, which is worth $350 million, is now in Dubai, United Arab Emirates, and Gulfstream is in Russia. An FBI agent said under oath that Abramovich “owned and/or controlled Gulfstream and Boeing through a series of shell companies.
The documents say that Roman Abramovich is the one who gets the money from the Cyprus Europa Settlement Trust. She owns and runs the Jersey company Wotten Overseas Holdings. Gulfstream is owned by Clear Skies Flights, which is owned by Wotten, while Boeing is owned by Wenham Overseas, which is situated in the British Virgin Islands. In April, the government of Jersey frozen more than $7 billion worth of Abramovich’s assets. Jersey is a self-governing country that is part of the Channel Islands. The Channel Islands are off the coast of Normandy, France. The island is protected by the military of Great Britain.
Another trust owned a £90 million London mansion, but Roman Abramovich was the only person who could use the money until February 2022. After the reorganization, the children now run the trust.
According to documents looked at by The Guardian, Roman Abramovich was the only person who got money from at least ten trusts that were set up in Cyprus and Jersey at the beginning of 2022. But on February 4, the trust documents started to be changed. As a result, Abramovich’s share was either greatly reduced or completely canceled, and his children’s shares went up to 51% or 100% in some cases.
According to the publication, hackers from a group called Freaky Crew are said to have attacked the company and leaked its documents, which were then given to journalists by a third party. Leaked documents say that Abramovich’s children were the beneficiaries of the Europa Trust, HF Trust, Grano Trust, Zeus Trust, Erm Trust, Zephros Trust, Proteus Trust, KPG Trust, Perseus Trust, and Sara Trust. The article says that they have assets worth at least $4 billion, like shares in big Russian companies and property like a mansion in London and the yacht Eclipse.
Forbes asked a representative of Roman Abramovich for something. The Guardian asked MeritServus managing partner Demetris Ioannidis for a comment, but he didn’t answer because the company can’t give information to a third party.
The Guardian says that this kind of reorganization could make it much harder to seize and take away assets.
RBC asked Abramovich’s agent for something.
Giving out secrets
The Guardian said it had access to the documents of the Cypriot company MeritServus, which specializes in creating and managing trust funds. Anonymously given to The Guardian, the documents include an email archive that may have been taken from MeritServus by a group of hackers called the Freaky crew. The Guardian made it clear that they only publish information based on leaks when it is in the public interest to do so.
Demetris Ioannidis, Chairman and Managing Partner of MeritServus, did not answer The Guardian’s request because he is not legally allowed to give information to third parties.
Bloomberg says that Russian businessman Roman Abramovich’s wealth has gone down by more than 50%, to $7.8 billion in 2022. About a year ago, his wealth was thought to be $18 billion. Abramovich (260th) lost more money from the Bloomberg Billionaires Index than any other Russian billionaire. This year, their total wealth has gone down by almost $95 billion. Forbes’ list of Russian billionaires puts Abramovich at number 17 with a $6.9 billion fortune.
At the end of May, Abramovich was no longer the owner of the Chelsea club in London. He sold it to a group that includes American businessmen Todd Boeli and Mark Walter, Swiss billionaire Hansjorg Wyss, and investment company Clearlake Capital. Also, the billionaire’s four superyachts are in Turkey. This is because sanctions have been put on the yachts of Russian businessmen all over the world.
Seven children of Roman Abramovich: Here’s what they look like and what they do
Roman Abramovich was able to build a family and grow his business at the same time. He now has seven children. What do we know about the billionaire’s kids right now? Let’s talk about what’s really important.
Roman Abramovich, who is 54 years old, not only has assets worth 9.3 billion pounds (or about 935 billion rubles), but he also has real heirs. The businessman has seven children. He didn’t have any children from his first marriage, but he had five from his second marriage and two more from his third. But besides these dry facts, what else do we know about Abramovich’s children?
Anna Abramovich
Anna is Roman Arkadyevich’s oldest child. Irina Malandina, her mother, was married to Roman Abramovich for 16 years, from 1991 to 2007. The Muscovite was believed to be one of the most fashionable spouses of the Russian aristocracy; she had a degree from Moscow State University, worked as a flight attendant, and was always recognized for her moderation and excellent manners. Anna, Sophia, Arina, Ilya, and Arkady are the five kids that both Anna and Arkady have.
Roman Abramovich’s oldest daughter went to Columbia University and got a degree in philosophy. When the girl got engaged to her boyfriend, Nikolai Lazarev, in 2010, everyone began to talk about her. Anya was only 18 years old at the time, and her father took her to school in a helicopter or limousine. Rumor has it that Roman Arkadevich was very upset by the engagement.
Even though the couple was allowed to live in the Abramovichs’ London apartment with a view of Hyde Park, the two soon broke up. People think that Anna is the most like Abramovich out of all of his children. On the 18th birthday of his oldest child, he threw a huge party for which he spent hundreds of thousands of dollars.
She moved to the United States a long time ago and now lives in New York. After her scandalous engagement to Lazarev, they talked about her relationship with famous partygoer and TV host Calum Best. Someone says that Anya “lacks discipline,” and it’s not clear what she’s doing now.
Arkady Abramovich
Many people think that Roman Arkadyevich’s wealth will go to his oldest son, Arkady. But even if everything doesn’t work out the way it does in old English books, the young man already feels great. He started ARA Capital and owns it. Gazprom Neft’s assets, such as large blocks of shares, are taken care of by the company.
But Arkady still tries to be like his father in some ways. For instance, he is not against buying his own soccer team. The word on the street is that he tried to buy into CSKA but failed. There are rumors that the young man is interested in Copenhagen, which is a city in Denmark. At games, father and son are often seen together. We don’t know much about Arkady’s personal life except that he met Alexandra Novikov, the daughter of a restaurant owner, in 2013 and 2014. The two even lived together for a while, but they broke up in the end.
Sofia Abramovich
Sophia didn’t dye her blonde hair dark like her older sister Anna did, and she looks a lot like both her mom and dad. She did not go to a famous university. Instead, she went to London’s Holloway College and studied marketing. However, she was an expert horse rider, which is the main hobby of almost all of the daughters of the world’s richest people.
In 2021, the girl’s life has changed in a lot of ways. Sophia, who is 26 years old, got engaged right after the New Year’s holiday. The person who was chosen was not named. On the island of Saint Barthélemy in the Caribbean, where the couple was staying, the man proposed to Roman Abramovich’s daughter. Since then, Sophia has put up a lot of pictures that include a ring. She says that being in quarantine helped her write the book, and she met the author because of her sister. They live with each other in London.
Arina Abramovich
Arina, Roman Abramovich’s third daughter, is also known as a spoiled girl who always has security with her. Like Sophia, she got interested in show jumping and now competes with horses that her father spends a lot of money on. She often takes part in the well-known Windsor Horse Show. Many people like how the girl looks, but she doesn’t want to be in the spotlight. People say that Arina wants to become a zoologist and move to Australia after she graduates from college.
Ilya Abramovich
Ilya is Roman and Irina’s second son and their youngest child. The magnate was said to want to see the boy at Eton, but this never happened. Ilya soon finished high school in London and was getting ready to go to college. Nobody knows anything else about his life.
Aaron Alexander Abramovich
Roman Arkadyevich’s sixth and seventh children were born in New York, where Dasha Zhukova, a model, collector, and philanthropist, spends a lot of her time. In 2017, Daria and Roman’s relationship ends. However, they still talk to each other, and Roman’s father visits his youngest son and daughter often.
Aaron has been seen wearing a Chelsea T-shirt, so it’s clear that Roman is trying to teach his youngest son, Aaron, how much he loves football. The web likes how the baby’s hair is curly. He lives with his mother in New York and goes to a local school. In 2017, the boy was seen in his parents’ home country because Abramovich took him with him to Skolkovo to open a golf club.
Leah Lou Abramovich
Leah, who came into the world in April 2013, looks a lot like her mother. She goes to the same school as Aaron, and Dasha takes the kids to museums often to teach them what she knows about art. People say that the lives of Abramovich and Zhukova’s children are built around a strict schedule that is followed both at school and at home. Dasha said that she puts the kids to bed at about 7 o’clock every night.
For more articles, click on the link given below:
https://monitor.financescam.com/int/tax-schemes-of-the-arsib-holding/
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