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Corporate records filed in the UK Companies House reveal how assets tied to a former Russian banker were transferred through shell firms registered in Cyprus and the British Virgin Islands despite ongoing asset freezes.

Background and Context

The transactions relate to the 2015 collapse of a Moscow-based investment bank accused of moving billions in client funds offshore. Reports from The Financial Times and public filings suggest that much of the money remains untraced.

Key Figures and Entities

Records reviewed by journalists connect the companies to relatives of the bank's former chairman, who continues to contest extradition in the UK. He is currently seeking legal protection through the British court system.

Legal and Financial Mechanisms

Investigators say the use of offshore intermediaries has allowed disputed assets to circulate through European markets largely unchecked. Newly unsealed documents in UK civil proceedings describe how ownership chains were repeatedly restructured to obscure beneficial control.

International Implications and Policy Response

The case underscores weaknesses in international efforts to enforce transparency rules. Lawmakers in Brussels and London have since debated proposals requiring disclosure of cross‑border trust beneficiaries.

Sources

This report draws on UK company registries, Reuters investigations, and official court filings between 2019 and 2024.