Roman Abramovich transferred million-dollar business to Chelsea pal

March 19, 2022 admin CHELSEA 1

 

Roman Abramovich transferred a company he controlled with tens of millions of dollars of investments to a director of Chelsea football club on the day Russia invaded Ukraine, UK corporate filings show.

It was the second time Abramovich, 55, moved assets to a close associate before Britain and the European Union imposed sanctions on him this month. The Chelsea owner became one of Russia’s most powerful entrepreneurs – mostly from oil and aluminium – during the aftermath of the break-up of the Soviet Union. Forbes last month put his net worth at £10billion.

Britain and the EU imposed sanctions, such as asset freezes, on Abramovich and hundreds of Russian individuals and entities accused of propping up Russian president Vladimir Putin.

Abramovich has denied having close to links to the Russian leader. Analysis of corporate filings in London and Amsterdam showed Abramovich was previously listed as the “beneficial owner” of Cyprus-based Ervington Investments Limited.

The company has made investments in at least eight firms, including in Russia’s top search engine Yandex, the filings showed.

On February 24, Chelsea director Eugene Tenenbaum, who was borni n the Ukraine and is described on the club website as one of Abramovich’s “closest associates”, took full control of Ervington, according to the London Stock Exchange.

Neither Britain, the EU nor the US has placed sanctions on Tenenbaum. He said in a statement that his purchase was in compliance with laws and regulations. Mr Tenenbaum declined to say how much he paid. He added: “It is my hope that the unjust measures imposed on Mr Abramovich will be reassessed.