17 May, 08:55 PM
$420 million of Russian oligarch’s Ukrainian assets frozen by court order
Over UAH 12.4 billion ($420 million) worth in assets were frozen, including accounts of a Cyprus holding company that owns 40% of Alfa-Bank.
“The investigation established that the Russian oligarch (Fridman) and his business partners were using Cyprus-registered companies and their bank to launder assets of these companies, worth UAH 1.1 billion ($37 million), both before and during Russia’s invasion of Ukraine,” the bureau’s mes-sage said.
According to law enforcement, Fridman and his partners were attempting to evade sanctions and save their assets from nationalization. ESBU said that a portion of their Ukrainian banking assets were effectively taken out of the country.
ESBU investigators also have grounds to suspect that the relationship between Fridman’s Cyprus-registered shell company and Alfa-Bank could be fraudulent, based on securities manipulation via a series of fictitious con-tracts.
Based on collected evidence, the court ordered a freeze on Fridman-related shell company assets.
Meanwhile, Alfa-Bank Ukraine said that one of the bank’s major shareholders – ABHU holding company, which owns 42.4% of Alfa-Bank – has had its accounts frozen.
ABHU’s assets were frozen by the National Securities Commission of Ukraine.
Alfa-Bank reassured its clients that these asset freezes will not impact them, since its shareholders don’t currently play a role in Alfa-Bank’s operations.