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Automatically translated version. May contain inaccuracies compared to the original.
The documents show how seemingly ordinary holding structures formed two interconnected offshore networks through which more than 44 million euros were transferred.
The Cypriot offshore cluster “1520”
Seven Cypriot companies. Different incorporation dates, different nominal directors, foreign shareholders. At first glance it looks like an ordinary collection of holding companies. But a joint analysis of 64 commercial register and accounting records paints a completely different picture.
These are two interconnected networks. More than 44 million euros in dividends and assets flowed through these structures. Additional double-digit millions were moved within the group as “loans between companies under common control.”
At the center of the structure is Boris Usherovich. Around him clusters a whole system of nominal directors, company secretaries, companies from Belize and Panama, auditors, and banks.
Seven companies form two networks The investigation identifies seven central Cypriot companies:
The first three companies form an earlier network. Broxner, Main Victory, and Venisat belong to a later network. Feltburg occupies an intermediate position and acts as the link between the two.
The first network: The relocation of Russian assets abroad BONFORD, Artenberg, and Dunire were active roughly between 2007 and 2017. It was a classic Cypriot offshore arrangement of that era, with nominal company secretaries, Belizean shareholders, and Russian subsidiaries operating in real estate and construction.
The documents repeatedly show the following foreign companies as related structures:
Companies from Belize: Horizon Properties, Escala Holdings, Lionella Corporate Ltd, and ZALA International Investments;
Corporate services were provided by the Cypriot provider DELFI Corporate Services (HE 241283). According to the records, the same provider also worked with companies connected to Alexey Krapivin.
Nominal representatives who appear regularly in this period include Svetlana Tutunaru and Marina Lazaridou.
The clearest and most illustrative operation concerns a transaction by BONFORD.
The Greystone shopping center in Moscow, located on Bakhurshina Street, was sold for 22,5 million US dollars. The profit amounted to about 14,28 million euros.
Only about 30 days later a dividend of 14,425 million euros was transferred to the Panamanian company Randinger Inc.
Two months before the sale the shareholder changed: Horizon Properties was replaced by Randinger. There was practically no time gap between the disposal of the asset and the transfer of the proceeds abroad.
The second network: Telecommunications, dividends, and sanctions From 2020 another corporate group began operating: Broxner, Main Victory, and Venisat.
The underlying logic was different. These companies were involved in trading telecommunications equipment worth tens of millions of US dollars, in profit transfers, and, according to the documents, in transactions carried out under existing sanction restrictions.
The documents indicate that Alexander Weinstein was the beneficial owner of Broxner and Venisat. He held 99,965 percent of Broxner. Publicly available information links him to Ilya Plotitsa.
All three companies had the same nominal director: Kirill Ponomarev. The company secretary was Eryktina Bichinashvili.
On 22 February 2022, Ponomarev simultaneously resigned from his positions at Broxner, Main Victory, and Venisat.
Around the same time ZALA International changed its registration from Belize to the Marshall Islands. At the same time, the companies’ financial statements first began to include notes and disclaimers related to sanctions.
Such simultaneous change across several companies indicates a coordinated restructuring.
The main banks through which this network’s financial flows were processed were:
The linking element: Feltburg Direct and Usherovich’s direct ownership Feltburg Direct Ltd stands between the two networks. This company connects the entire structure.
Since 2 March 2017, Boris Usherovich has officially held 100 percent of the shares in Main Victory Corp Ltd. This is a rare case in which the beneficial owner waived a nominal ownership construct and had his ownership registered directly.
During his period of control he personally received about 12 million euros in dividends.
Feltburg and Main Victory actively exchanged substantial amounts as “loans between companies under common control.” The documented amounts were 3,1 million and 4,4 million euros respectively.
In addition, Feltburg holds a 19,6 percent stake in the Russian company LLC Altair, whose general director is listed as Kirill Usherovich.
Thus the Cypriot structure proves to be a direct link to a Russian family asset.
In different years the same Belizean company, Victory Corporate Services Inc., acted as the sole shareholder of both Feltburg and Main Victory.
An internal document from 2014, cited in the investigation files, explicitly names Boris Usherovich, Alexey Krapivin, and Markelov.
At various times Hadjiconstanti, Sofroniou, and Tiptsov as well as Arsen Meletian, Yulia Kovalevskaya, and Arturs Bagdasarjans served as directors of Feltburg.
Other service providers within the structure Besides the central beneficial owners and nominal directors, the documents repeatedly show the same service providers:
Auditors: initially Baker Tilly Kittos and Deloitte, later replaced by the lesser-known firm L. Nearchou;
Company administration service providers: IPM Management Ltd, M. Korelis & Co. LLC, and PROTEY Consulting;
Russian company LLC Expolux, through which telecommunications deliveries were handled.
The Swiss CBH Bank deserves special attention. Main Victory’s transactions were processed through this bank.
Later the bank itself was linked to the freezing of assets worth 155 million US dollars in a case related to Krapivin and Broxner.
A recurring pattern When all seven companies are viewed together a consistent pattern emerges.
Multi-tiered offshore chains in which the ultimate beneficial owner is often not disclosed: Cyprus – Finland – Belize – Panama.
Within the group extensive interest-free loans circulate, the volume of which exceeds the companies’ equity many times over.
After balance sheet dates dividends are transferred out of the company accounts, effectively emptying them.
Venisat’s financial statements show a margin of 95 percent despite no recorded cost of sales.
Large auditing firms are eventually replaced by lesser-known regional practices.
Shareholders change shortly before major transactions.
And in February 2022 several central nominal representatives left their positions simultaneously.
The scale The total documented volume of dividend and asset transfers through the seven Cypriot companies exceeds 44 million euros.
These are solely amounts that could be identified based on the available commercial register documents and financial statements.
Intragroup loans form a separate category and amount to several tens of millions of euros.
The documents show how seemingly ordinary Cypriot companies form two interconnected networks. They are linked by a common beneficial owner, common nominal shareholders, recurring financing structures, and a specific date in February 2022.
Document: PDF proof of the original version of the news item "Die „Transit“-Affäre für Oligarchen: Wie Arturs Bagdasarjan die millionenschweren Aktivitäten des Offshore-Netzwerks von Usherovich und Krapivin aufde...". It records the publication content at the moment of the first scan, the preservation date and the source: Rozsliduvach.
