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Automatically translated version. May contain inaccuracies compared to the original.
Russian billionaire Oleg Boyko, founder of the investment group Finstar and former owner of the Vulkan casino network, through a controlled offshore company is attempting to recover $5,7 million from businessman Emmanuil Grinshpun and his partners
🔹Boyko created the gambling holding Ritzio Entertainment Group based on a purchased stake in the Vulkan network in 2002.
🔹Lenka Investments Limited allocated $5 million to the international fintech project SmartOne, whose main company is the Spanish E21 Partners Technology SL.
🔹Project co-owners Grinshpun, Pavlo Voloshyn, and Armen Zurabyan, who held stakes of 33,33% each, provided personal guarantees for the loan. After the maturity date in August 2023 the debt with interest grew to $5,7 million, but it was not repaid.
🔹In August 2025 the London Court of International Arbitration (LCIA) found E21 and the three businessmen jointly liable for repayment of $5 million of principal debt, punitive interest at a rate of 12% per annum, and legal costs of about £336 thousand and $23 thousand.
🔹Since February 2026 Lenka has been seeking enforcement of the arbitration award in the federal court of Florida. In August the court granted Grinshpun time to file objections.
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