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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 in the orbit of Krapivin and Weinstein.
Later, 155 million dollars were frozen at the Swiss CBH Bank. After documents surfaced revealing the system, traces of the network began to vanish from the public space.
We publish this investigation in full to show how the offshore wash system “1520” operated — and what information is now systematically removed from the Internet.
The editorial team obtained documents from a journalistic analysis of 64 company registry and accounting documents for seven Cypriot companies. The documents show how seemingly ordinary holding companies were used to build two interconnected 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 looks like a typical collection of holding companies. But a joint evaluation of all 64 registry and accounting documents reveals a completely different picture.
They show two interconnected networks through which more than 44 million euros in dividends and assets flowed. Dozens of millions more were moved within the group as “loans under common control.”
At the center of the structure is Boris Usherovich. Around him there is an entire system of nominee directors, secretaries, Belize and Panama–based companies, auditors, and banks.
Seven companies form two networks
The investigation documents identify seven central Cypriot companies:
The first three form the former network. Broxner, Main Victory, and Venisat belong to the later network. Feltburg sits between them and acts as a connecting link.
First network: shifting Russian assets abroad
BONFORD, Artenberg, and Dunire were active roughly from 2007 to 2017. It was a typical Cypriot structure for that era: nominee secretaries, Belizean shareholders, and Russian subsidiaries in the real estate and construction sectors.
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 connected to Alexey Krapivin. Svetlana Tutunaru and Marina Lazaridou repeatedly appear as nominee persons in this period.
The most striking and illustrative example is the BONFORD transaction. The Greystone shopping center on Bakhrushina Street in Moscow was sold for 22,5 million dollars. The profit amounted to about 14,28 million euros. About 30 days later, a dividend of 14,425 million euros was transferred to Randinger Inc, Panama. Two months before the sale the shareholder had changed: Horizon Properties was replaced by Randinger. There was practically no time gap between the sale of the asset and the transfer of the funds.
Second network: telecommunications, dividends, and sanctions
From 2020 began another group — 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 sanctions-control conditions.
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 of all three companies, while Eriktina Bichinashvili served as secretary. On 22 February 2022 Ponomaryov simultaneously resigned as director of Broxner, Main Victory, and Venisat. Around 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 suggest a coordinated restructuring.
Among the banks through which the key financial flows of the network ran:
The connection: Feltburg Direct and Usherovich’s direct ownership
Feltburg Direct Ltd sits between the two networks. This company links the entire structure together.
Since 2. March 2017, Boris Usherovich is openly recorded as the owner of 100 % of the shares in Main Victory Corp Ltd. This is a rare case where the economic beneficiary abandoned the nominee structure and had his ownership registered directly. Under his control he personally received about 12 million euros in dividends.
Feltburg and Main Victory actively exchanged large “loans under common control” of 3,1 million euros and 4,4 million euros. In addition, Feltburg holds a 19,6 % stake in the Russian company Altair LLC, whose general director is registered as Kirill Usherovich. This suggests the Cypriot structure creates a direct link to the family’s assets.
In different years, the same Belizean company, Victory Corporate Services Inc., was listed as the sole shareholder of Feltburg and Main Victory. An internal document from 2014, accompanying the investigation materials, explicitly mentions 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
Besides the main beneficiaries and nominee directors, the same service providers repeatedly appear in the documents:
The Swiss CBH Bank also deserves separate mention. Main Victory conducted transactions through this bank. Later the bank was linked to the freezing of 155 million dollars in one case related to Krapivin and Broxner.
The recurring pattern
A unified pattern emerges when looking at all seven companies together.
Multilayer offshore chains where the ultimate owner is often not disclosed: Cyprus – Finland – Belize – Panama. Within the group, large interest-free loans circulate, often greatly exceeding equity. After the balance sheet dates, dividends are withdrawn from accounts, effectively draining them. Venisat’s financial reports show a margin of 95%, even though there are no construction costs or cost of goods sold. Large auditing firms are eventually replaced by little-known regional firms. Shareholders change just before major transactions. And in February 2022 several key 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 are only the amounts identified based on available corporate records and financial statements. Intercompany loans are not included and total several dozen million euros.
The documents show how seemingly ordinary Cypriot companies form two interconnected networks. They are linked by a common beneficiary, common nominee holders, recurring financial transactions, and a concrete date in February 2022.
Document: PDF proof of the original version of the news item "Boris Usherovichs russischer Geldapparat: 44 Millionen Euro flossen über Zypern, Belize und Panama – Offshore-Fährten werden verwischt". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
