The former Senator Pugachev will take a Villa in the Caribbean in favor of Russia
High court of justice of England and Wales satisfied the requirements of the Russian Agency on insurance of contributions (ASV) against ex-Senator and former head of Mezhprombank Sergey Pugachev. About the decision of the British court said in a release DIA.
We are talking about assets that was managed through discretionary trusts (a form of trust management when managing assets independently from the real owner, therefore, to establish the ultimate beneficiary is not possible), two properties in London and a Villa on an island in the Caribbean sea.
In the verdict it is noted that new Zealand trusts, which were recorded assets actually were not discretionary, and the ultimate beneficiary was the Pugachev.
Thus, ex-Senator used them to hide their assets.
In Russia, Pugachev is accused of misappropriation or embezzlement of funds in especially large size, abuse of authority and deliberate bankruptcy of the Bank.
According to investigators, Mezhprombank issued about 120 non-performing loans in the amount of 64 billion companies Joe. Also, ex-Senator accused of embezzlement 28 billion rubles of unsecured loans from the Central Bank.
In 2014 a British court agreed with the position of the DIA and decided to begin to withdraw the assets of Pugachev in Russia’s favor, however, the decision did not apply to assets that were recorded on discretionary trusts. At the moment, Pugachev is located in France for failure to execute the decision of the British court, he was sentenced to two years imprisonment in the UK. The Russian side in March 2017 has sent a request to French authorities for extradition of former head of Mezhprombank. Then, it was reported that the DIA was able to sell the English estate of a former Senator.