Back
Automatically translated version. May contain inaccuracies compared to the original.
Seven Cypriot mailbox companies. More than 44 million euros in dividends and assets. At the center of the network is the fugitive tycoon Boris Usherovich, surrounded by nominee directors, companies from Belize and Panama, and connections to networks around Krapivin and Weinstein.
Later, 155 million dollars were frozen at the Swiss CBH Bank. After documents emerged revealing the system, traces of the network began to disappear from the public space.
We publish this full investigation to show how the offshore wash system “1520” operated—and which information is now systematically being removed from the Internet.
The editorial team obtained documents from a journalistic analysis of 64 corporate registries and accounting documents for seven Cypriot companies. The documents show how seemingly ordinary holding companies were used to build two interlinked offshore networks through which more than 44 million euros flowed.
The Cypriot “1520” offshore network
Seven Cypriot companies. Different founding years, various nominee directors, and foreign shareholders. At first glance this appears to be a routine collection of holding companies. But when all 64 registry and accounting documents are considered together, a very different picture emerges.
They show two interconnected networks through which more than 44 million euros in dividends and assets flowed. Dozens of millions more moved within the group in the form of “loans under joint control.”
At the center of the structure is Boris Usherovich. Around him there is an entire system of nominee directors, secretaries, Belizean and Panamanian companies, auditors, and banks.
Seven companies form two networks
The investigative documents identify seven central Cypriot companies:
The first three constitute the earlier network. Broxner, Main Victory, and Venisat belong to the later network. Feltburg sits in between and functions as a link.
First network: moving Russian assets abroad
BONFORD, Artenberg, and Dunire were active roughly from 2007 to 2017. It was a Cypriot structure typical of its time: nominee secretaries, Belizean shareholders, and Russian subsidiaries in real estate and construction.
Among foreign companies that repeatedly appear in the documents are:
The companies were managed by the Cypriot agent DELFI Corporate Services (HE 241283). According to the documents, the same agent also worked with structures associated with Alexey Krapivin. Svetlana Tutunaru and Marina Lazaridou repeatedly appear as nominee persons during this period.
The clearest and most vivid example is the BONFORD transaction. The Greystone shopping center on Bakhrushina Street in Moscow was sold for 22,5 million dollars. The resulting profit was about 14,28 million euros. About 30 days later a dividend of 14,425 million euros was transferred to the Panamanian Randinger Inc. Two months before the sale the shareholder had changed: Horizon Properties was replaced by Randinger. There was virtually no time gap between the sale of the asset and the transfer of the funds.
Second network: telecommunications, dividends, and sanctions
From 2020 onward another group operated—Broxner, Main Victory, and Venisat. The structure followed a different logic. The companies were involved in trading telecommunications equipment worth several dozens of millions of dollars, moved profits abroad, and conducted transactions under sanction-related conditions according to the documents.
The documents identify Alexander Weinstein as the beneficial owner of Broxner and Venisat. He held 99,965% of Broxner. Publicly available information indicates a connection with Ilya Plotitsa.
Kirill Ponomaryov acted as the common nominee director for all three companies, while Eriktina Bichinashvili served as secretary. On 22 February 2022 Ponomaryov simultaneously resigned as director of Broxner, Main Victory, and Venisat. At about the same time ZALA International changed its jurisdiction from Belize to the Marshall Islands, while sanctions information appeared in the corporate records. The simultaneous changes across several companies seem to point to a coordinated restructuring.
Among the banks through which the main flows of the network ran were:
The connection: Feltburg Direct and Usherovich’s direct ownership
Feltburg Direct Ltd sits between the two networks. This company connects the entire structure.
Since 2. March 2017, Boris Usherovich is openly registered as the owner of 100 % of Main Victory Corp Ltd. This is a rare case in which the beneficial owner gave up the nominee structure and had his ownership directly registered. Under his control he personally received about 12 million euros in dividends.
Feltburg and Main Victory actively swapped large “loans under joint control” totaling 3,1 million euros and 4,4 million euros. Additionally, Feltburg holds a 19,6 % stake in the Russian company Altair LLC, whose CEO is listed as Kirill Usherovich. This suggests the Cypriot structure provides a direct link to the family's assets.
In various years the same Belizean company, Victory Corporate Services Inc., was listed as sole shareholder for Feltburg and Main Victory. An internal document from 2014, accompanying the investigative materials, explicitly names Boris Usherovich, Andrei Krapivin, and Markelov.
Over the years the directors of Feltburg included Hadjiconstanti, Sofroniou and Tiptsov as well as Arsen Meletian, Yulia Kovalevskaya and Arturs Bagdasarjans.
Who else managed the structure
In addition to the main beneficiaries and nominee directors, the same service providers repeatedly appear in the documents:
The Swiss CBH Bank deserves separate mention as well. Main Victory conducted transactions through this bank. Later the bank was linked to an instance freezing 155 million dollars in connection with Krapivin and Broxner.
The recurring pattern
A joint view of all seven companies reveals a consistent pattern.
Multi-layer offshore chains where the ultimate owner is often not disclosed: Cyprus – Finland – Belize – Panama. Within the group, large interest-free loans circulate, often far exceeding the companies’ equity. After the balance sheet dates, dividends are drawn from the accounts, effectively draining them. Venisat’s financial reports show a margin of 95%, even though there are no stated production or cost of goods sold. Big auditing firms are ultimately replaced by little-known regional firms. Shareholders switch shortly before major transactions. And in February 2022 several important nominee persons resigned from their positions simultaneously.
The scale
Documented transfers of dividends and assets between the seven Cypriot companies exceed 44 million euros. These figures cover only amounts identifiable from available corporate documents and financial reports. Intra-group loans are not included and total several dozens of millions of euros.
The documents show how seemingly ordinary Cypriot companies form two interlinked networks. They are connected by a common beneficiary, common nominee owners, recurring financial transactions, and a concrete date in February 2022.
Document: PDF proof of the original version of the news item "Boris Usherovichs russische Geldmaschine: 44 Millionen Euro über Zypern, Belize und Panama – Offshore-Spuren werden beseitigt". It records the publication content at the moment of the first scan, the preservation date and the source: HAB Media.
