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St. Petersburg International Legal ForumIvanyan & Partners Business BreakfastRecovery of Assets Abroad: Case Study
29 May 2015
Stephen Baker English Barrister & Jersey Advocate
Dalemont v Senatorov and Others
• Judgment debt in Moscow
• Assets hidden behind Jersey Foundation
• BVI companies
• Cypriot companies
• Russian and other Eastern European companies
2
Eurowest Financial Bulgaria
(Bulgaria)Office
premises complex in Bulgaria
RUSSIA
Kastial Trading
Ltd
Etions Consulting Ltd
BVI
Real estate agency and property management companies
Kopernik
Investment
Group CJSC
Doristel Trading
Ltd
Besant Ventures Ltd
Abrom Holding
s Ltd
Outremia
Trading Ltd
Kricon Investments Ltd
Setanna
Trading Ltd
Marconnast
Trading Ltd
Krieger Investments Ltd
Reyco Enterpr
ises Ltd
Limeno Service
s Ltd
Rigarel Trading Ltd
Romalon Investme
nts
Terasin Commerc
ial Ltd
Etilo Commerc
ial Ltd
Jerandial
Trading ltd
Prevo Holding
s Ltd
Aseria Enterpr
ises Ltd
Folisia Investments Ltd
Nicolore
Holdings Ltd
Thesanial
Commercial Ltd
Zevonal
Ventures Ltd
Torcelo Consulting Ltd
Nirellio
Trading Ltd
Zarenol
Ventures Ltd
Olfasa
Trading Ltd
Sekrinto Investment
s Ltd
Gertino
Holdings Ltd
Ikostia Consulting Ltd
Zerofia
Trading Ltd
Vistarol
Ventures Ltd
Serlex Consul
ting Ltd
Hiortal Investments Ltd
Koumelia
Trading Ltd
Orpheus LLC
(Croatia)
Villas in
Croatia
Directly owns real estate in Moscow
Melnikov
CJSC
Ingeocom MSF LLCBuilding project in Moscow Region
Property rights over premises in
Moscow
Optima LLC
15 apartment
s in Moscow
Espresso Centre
LLCBuilding
Project in Moscow
ownership over 2
rooms in Moscow
Partner-Contact
LLC
Long lease in Moscow
Stroy-invest[now
Volda,no longer
in structure
)
Forestdale LLC
Building Project
in Moscow
No assets
MIAN CJSCReal
estate agency
Telecom 24
CJSC
No real
estate asset
s
Yakima
nka Service CJSC
(now moved out of
structure)
Real estate assets: Development projects, buildings
IGK Holdings
LLC
Non-res building and land plot in Moscow
Directly owns real
estate in Moscow
Centuri
on CJSC
Apartments and
parking spaces in Moscow
Terra S CJSC
(unclear if Serlex
owns this or Ikostia
does)
No assets
CYPRUS
Directly owns real estate in Moscow
and Cyprus
AGS = Alexander Gennadievich Senatorov
50%
Starfile Management Ltd
Gortillo Investments Ltd
Council of Members
HELIOS INVESTMENTS FOUNDATION (JERSEY)
JINTALEX HOLDINGS LTD (CYPRUS)
BENEFICIARY = AGS 100%
GuardianPINTOR
CONSULTING LTD (BVI)
AGS holds via nominee shareholder
Founder 1: RIGGELS ENTERPRISES LTD
(BVI)
Founder 2: SETRA VENTURES LTD (BVI)
AGS holds via nominee shareholder
= Company which directly owns real estate
Each appoints 1 Council Member
Directly owns
parking space in Moscow
JTC = Qualified Member
Personal jurisdiction over Senatorov
• Jersey Foundation (Helios) within jurisdiction
• Senatorov therefore a necessary or proper party
• Jersey injunction obtained over Foundation and shares in companies it owned
• Broad disclosure orders to police the injunction
• Injunctions in Cyprus, BVI and Russia
4
Dalemont v Senatorov and Others
• Contempt of court proceedings
• Non disclosure of documents
• Orders for cross examination of Senatorov
• Also directors of offshore companies
5
Dalemont v Senatorov and Others
• Threat of imprisonment and being prohibited from defending claim
• Russian travel ban
• Pierce the veil of the Foundation
• Judgment for Dalemont
6
Paulo Maluf
7
The Fraud
“Chanani”“Chanani”
Doleiros Dollar Account
Doleiros Dollar Account
Durant International Corp.
Durant International Corp.
Kildare Finance Limited Kildare Finance Limited
EucatexEucatex
The Oryx Fund
The Oryx Fund
Latin America
Infrastructure Fund
Latin America
Infrastructure Fund
Mercosurian Challenge
Fund
Mercosurian Challenge
Fund
Latinvest Fund
Latinvest Fund
Brazilian Value Fund
Brazilian Value Fund
Foundland Investments
Fund
Foundland Investments
Fund
EMURBEMURB
Mendes JuniorMendes Junior
SubcontractorsSubcontractors
Paulo MalufPaulo Maluf
Venus/ Lespan/ Otalan/ Bigs/
Minister
Venus/ Lespan/ Otalan/ Bigs/
Minister
Brazil
New York
Jersey
BVI
Federal Republic of Brazil v Durant International Corporation and
Kildare Limited• Sue the BVI companies which held assets
in Jersey
• Co ordination of criminal and civil recovery
• Criminal investigations in USA leading to criminal charge
• Also in Brazil and Jersey resulting in information sharing
9
Federal Republic of Brazil v Durant International Corporation and
Kildare Limited• Civil proceedings in Jersey
• Trial
• Maluf fails to give evidence
• Judgment for Brazil
10
Stephen BakerEnglish Barrister & Jersey AdvocateJersey Representative of FraudNet
Tel: +44 (0) 1534 766254Fax: +44 (0) 1534 737355
Email: [email protected]
