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Automatically translated version. May contain inaccuracies compared to the original.
The editors have in hand documents from a journalistic analysis of 64 corporate registry and accounting documents for seven Cypriot companies. They reveal how seemingly ordinary holding companies formed two interwoven offshore networks through which more than 44 million euros are said to have flowed.
The Cypriot offshore cluster “1520”
Seven Cypriot companies. Different founding years, various straw-man directors, and different foreign shareholders. At first glance it appears to be a typical collection of holding companies. But when you look at all 64 registry and accounting documents together, a completely different picture emerges. They reveal two interwoven networks through which more than 44 million euros in dividends and assets were transferred. A further many millions moved within the group as loans under common control. At the center of the structure is Boris Usherovich. Around him is an entire system of straw-man directors, secretaries, Belizean and Panamanian companies, auditors, and banks.
Seven companies form two networks
The investigative documents identify seven central Cypriot entities:
The first three form the former network. Broxner, Main Victory, and Venisat belong to the later network.
ng to the later network. Feltburg sits between the two and functions as a bridge.
First network: moving Russian assets offshore
BONFORD, Artenberg, and Dunire operated roughly from 2007 to 2017. This was a classic Cyprus-based structure of that period: nominee secretaries, Belizean shareholders, and Russian subsidiaries involved in real estate and construction.
The foreign entities that repeatedly appear in the documents include:
The companies were serviced by the Cypriot agent DELFI Corporate Services (HE 241283). According to the materials, the same agent also worked with structures linked to Alexey Krapivin. Svetlana Tutunaru and Marina Lazaridou repeatedly appear among the nominee figures during this period.
The clearest and most illustrative episode is the BONFORD transaction. The Greystone shopping center on Bakhrushina Street in Moscow was sold for $22.5 million. The resulting profit amounted to approximately €14.28 million. About 30 days later, a €14.425 million dividend was transferred to Panamanian Randinger Inc. Two months before the sale, the shareholder had changed, with Horizon Properties replaced by Randinger. There was virtually no gap between the sale of the asset and the transfer of the funds.
Second network: Telecom, dividends, and sanctions
Starting in 2020, another group began operating — Broxner, Main Victory, and Venisat. The logic here was different. The companies were involved in trading telecommunications equipment worth tens of millions of dollars, moving profits offshore, and, according to the documents, conducting transactions amid sanctions restrictions.
The documents identify Alexander Weinstein as the beneficial owner of Broxner and Venisat. He held a 99.965% stake in Broxner. According to publicly available information, he is linked to Ilya Plotitsa.
Kirill Ponomaryov served as the common nominee director of all three companies, while Eriktina Bichinashvili acted as secretary. On February 22, 2022, Ponomaryov simultaneously stepped down from Broxner, Main Victory, and Venisat. Around the same time, ZALA International changed its jurisdiction from Belize to the Marshall Islands, while sanctions-related disclosures began appearing in the companies’ filings. The simultaneous changes across several entities appear to indicate a coordinated restructuring.
The banks through which the network’s main financial flows passed included:
The Bridge: Feltburg Direct and the direct ownership by Usherovich
Feltburg Direct Ltd stands as the link between the two networks. It is precisely that company that holds the entire structure together.
Since 2. March 2017 Boris Usherovich has been the official and direct owner of 100 % of the shares in Main Victory Corp Ltd. This represents one of the rare cases in which the beneficial owner gave up the concealed straw-man structure and registered his ownership directly in the registry. During the period of his direct control, he personally received dividends totaling around 12 million euros.
Feltburg and Main Victory actively swapped substantial “loans under common control” of 3,1 million euros and 4,4 million euros with each other. In addition, Feltburg holds 19,6 % of the Russian company OOO Altair, whose general director is Kirill Usherovich. The Cypriot structure thus establishes a direct ownership link to a Russian family fortune.
In various years, the same Belizean company – Victory Corporate Services Inc. – was the sole shareholder of both Feltburg and Main Victory. An internal document from the year 2014, included in the investigative materials, explicitly names Boris Usherovich, Andrei Krapivin, and Markelov.
Who else supervised the structure
Besides the main beneficiaries and straw-man directors, the documents repeatedly feature the same service providers:
The Swiss CBH Bank also deserves separate mention: Main Victory processed transactions through it. Later the bank was named in connection with the freezing of 155 million US dollars in a case concerning Krapivin and Broxner.
The recurring pattern
When considering all seven companies together, a consistent pattern emerges:
The scale
The documented transfer of dividends and assets across the seven Cypriot companies exceeds 44 million euros. These are only the amounts clearly identified from available corporate registers and financial statements. Inter-company loans add a further tens of millions of euros.
The documents show how seemingly ordinary Cypriot firms form two interwoven networks. They are connected by a common beneficiary, the same straw-man directors, recurring financial arrangements, and a specific date in February 2022.
Document: PDF proof of the original version of the news item "Geldwäsche im Megamassstab: Wie Boris Usherovich und die „1520“-Mafia 44 Millionen Euro nach Europa pumpten". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
