Fall from grace for Roman Abramovich

[MenInG]

Companies controlled by Chelsea owner Roman Abramovich donated tens of millions of pounds to a highly controversial Israeli settler group accused of displacing Palestinian families from Jerusalem, according to leaked documents seen by BBC News Arabic.

The billionaire Russian oligarch, who was granted Israeli citizenship in 2018, has been an avid philanthropist in Israel, donating huge sums to research and development projects and investing in local firms.

However, four companies he either owns or controls in the British Virgin Islands have contributed more than $100m (£74m) to Elad, a group that supports settlements in the Palestinian neighbourhood of occupied East Jerusalem called Silwan, BBC News Arabic reported.

Those figures would mean the British football club owner was the biggest single donor over the past 15 years to Elad, a Hebrew word which means “God’s eternal faith”, it added.

The group, which also receives backing from the Israeli government, has sought to strengthen the Jewish presence in the neighbourhood of Silwan at the expense of its Arab residents.

Elad runs an archaeological site in Silwan called the City of David that has become a huge tourist attraction. The dig has been criticised by European Union diplomats as seeking to ignore the ancient city’s diverse history in favour of “an exclusively Jewish narrative, while detaching the place from its Palestinian surroundings”.

The City of David website said it is “committed to continuing King David’s legacy as well as revealing and connecting people to ancient Jerusalem’s glorious past through four key initiatives: archaeological excavation, tourism development, educational programming and residential revitalization”.

Elad, similar to other settler organisations, has expanded by buying Palestinian houses and using controversial Israeli laws that allow the state to take over Palestinian property. Approximately 450 settlers now live alongside almost 10,000 Palestinians in Silwan.

BBC News Arabic discovered the Abramovich donations while trawling through thousands of leaked documents detailing $2tn (£1.55tn) of potentially corrupt transactions that were washed through the US financial system.

More than 2,000 suspicious activity reports (SARs) filed with the US government’s Financial Crimes Enforcement Network (FinCEN) were leaked to Buzzfeed News, which shared them with the International Consortium of Investigative Journalists, of which the BBC is a member.

Banks and other financial institutions file SARs when they believe a client is using their services for potential criminal activity. While a SAR in itself does not oblige a bank to cease doing business with the client in question, they point to contentious actions hidden in the financial world.

The leaks, dubbed the FinCEN Files, have already rocked the financial sector, with allegations of dirty money flowing freely around the world. Shares in the banking sector fell on Monday. Other high-profile figures, such as Trump’s former political strategist, Paul Manafort, has also been identified in a SAR.

The BBC report did not say whether the Abramovich companies or the donations were included in an SAR, or accuse Abramovich or the firms of breaking the law in any country. Abramovich had been the subject of a 2016 SAR regarding offshore shell companies related to his football business.

In its report, aired on its flagship Panorama programme, BBC Arabic cited Elad as saying they abide by all Israeli non-profit organisation regulations but that they would not confirm if Abramovich was a donor.

The news channel quoted a spokesman for Abramovich as saying: “[he] is a committed and generous supporter of Israeli and Jewish civil society, and over the past 20 years he has donated over five hundred million dollars to support healthcare, science, education and Jewish communities in Israel and around the world.”

Settlement activity on occupied land is considered illegal under international law. Israel argues all of Jerusalem as its sovereign territory, although that claim is largely unrecognised.

Donald Trump’s recognition of Jerusalem as Israel’s capital has emboldened the Israeli government and powerful settler movement. The US ambassador to Israel and vocal supporter of settlements, David Friedman, took part in an opening ceremony at the City of David.

https://www.theguardian.com/world/2...owner-abramovich-funded-israeli-settler-group

 

[SpiritOf1903]

Media too busy scrutinising Arab owners

 

[Hassaan HS]

Russian Billionaire Jets, Superyachts Roam Free Amid Attack

For all the talk of sanctions on Russia and its elite, the status symbols of the billionaire class remain free to roam the skies and the seas.

Russia's ultra-rich are among the biggest owners of private jets and superyachts, two of the most opulent displays of massive wealth.

So far, even as the U.S. and U.K. have ramped up sanctions on more than 100 Russian individuals and entities, these assets of the country's elite -- which can be worth hundreds of millions of dollars each -- have avoided any direct hit. So too have their high-end real estate holdings, which in London range from Chelsea penthouses to Highgate mansions.

One of the most high-profile status symbols in the U.K. is drawing attention lately: Russian billionaire Roman Abramovich's ownership of the prized English football club Chelsea FC. It's one of Europe's most successful teams and valued at about 1.9 billion euros ($2.1 billion). Prime Minister Boris Johnson mistakenly said on Tuesday that Abramovich had already been sanctioned.

As tensions in the region escalate, some U.K. lawmakers are pressing to widen the scope of those subject to harsh penalties for Russian President Vladimir Putin's decision to invade Ukraine, even as he signals a potential willingness to talk.

"Surely Mr. Abramovich should no longer be able to own a football club in this country," Labour MP Chris Bryant said on Thursday. "Surely we should be looking at seizing some of his assets, including his 152 million pound home, and making sure that other people who have had Tier 1 visas like this are not engaged in malign activity."

Abramovich is not currently on the U.K.'s sanctions list.

Aircraft Activity

Aircraft controlled by Abramovich, as well as Dmitry Mazepin and Alexey Mordashov, landed in Moscow on Thursday, according to flight data website ADS-B Exchange. Abramovich's Boeing 787-8 Dreamliner took off from an airport near Monaco, while Mazepin's Gulfstream G650 flew from the New York area. Mordashov's Bombardier Global 6000 traveled from the Seychelles region in the western Indian Ocean, according to the data, which didn't include details of passengers on the flights.

Putin had invited executives and owners of major Russian businesses to a meeting on Thursday at the Kremlin. Mazepin was there, as was Mordashov. So was Vladimir Potanin, Russia's wealthiest person in the Bloomberg Billionaires Index with a $26.1 billion fortune.

The aircraft owned by Mordashov, Russia's second-richest person with a net worth of $23 billion, then flew back to the Seychelles region on Thursday, the flight data show. Mordashov's yacht Nord, completed in 2020 at an estimated cost of $500 million, has been sailing in the island nation for 10 days.

Representatives for Mazepin, 53, and Mordashov, 56, declined to comment, while a representative for Abramovich, 55, didn't respond immediately to a request for comment.

Billionaire Comforts

Assets like planes or yachts could be targeted by a round of sanctions, according to Andrew Lohsen, a fellow in the Europe, Russia and Eurasia program at the Center for Strategic and International Studies. The challenge is they could be held through shell companies, complicating the ownership chain.

Imposing sanctions on Russian's ultra-rich "is important, but I recognize that it is complex," Natalie Jaresko, Ukraine's former finance minister, said in a telephone interview. "It takes time, but you have to take away their comforts."

The U.K. took the additional step late Friday of banning all private Russian aircraft from the nation's airspace. However, most of the billionaires have registered their jets in other jurisdictions, raising questions about the measure's effectiveness.

Meanwhile, public backlash is mounting against Abramovich due to his Chelsea FC ownership. Sports investors and private equity firms, including some from the U.S., have began to draw up potential takeover offers for the football club in case sanctions force the Russian billionaire to sell, people familiar with the matter told Bloomberg News. Chelsea has already fielded an enquiry this month, one of the people said.

One of Abramovich's yachts, the Solaris, is in Barcelona, while the other, the Eclipse, is in Saint Martin in the Caribbean.

Russian billionaires crave the legitimacy afforded from places frequented by high-net-worth individuals, such as New York, London and Singapore, said Raj Bhala, a professor at the University of Kansas Law School who specializes in international trade.

"To then be denied that access or to be shunned from those sorts of places does hurt them," he said. "I wouldn't underestimate that."

Family Risk

If the U.S. imposes sanctions on Russia's ultra-wealthy individuals, penalties could extend to family members as well, said Rachel Fiorill, a lawyer for Paul Weiss and former enforcement section chief at the Treasury Department.

If sanctions were a risk, "you would want to remove all of your assets from the United States," she said in an interview. "That would include financial assets as well as physical assets."

A broadside against Russia's billionaire class isn't so simple for most countries. Neither is penalizing a head of state, though the U.S. plans to join the European Union and the U.K. in sanctioning Putin, people familiar with the matter told Bloomberg News on Friday, with the announcement of the symbolic step expected soon.

Meanwhile, Putin is rolling out a domestic response to sanctions that will initially focus on assisting lenders hit with penalties, people familiar with the matter told Bloomberg News, which may soften any economic blow in the coming weeks. The country's richest lost $39 billion on Thursday alone, according to the Bloomberg wealth index.Still, many of the billionaires are enjoying global travels. At least four of their superyachts remained anchored in Barcelona. Two were last parked along the Florida coast, in Miami and Palm Beach.

https://www.ndtv.com/world-news/rus...mid-attack-2790731#pfrom=home-ndtv_topstories

 

[Cpt. Rishwat]

I had no idea Abramovich was a jew to be honest, although I suppose his application for Israeli citizenship should have been a clue.

 

[SpiritOf1903]

I had no idea Abramovich was a jew to be honest, although I suppose his application for Israeli citizenship should have been a clue.

Abram is also a clue

 

[Ahmad-GERMANFC]

I had no idea Abramovich was a jew to be honest, although I suppose his application for Israeli citizenship should have been a clue.

Abraham..

 

[Cpt. Rishwat]

Abraham..

It's not Abraham though, it's Abramovich which is somewhat misleading. It sounds Russian.

 

[MenInG]

Love the way he is protecting his assets - UK Gov is blind it seems.

 

[SpiritOf1903]

It's not Abraham though, it's Abramovich which is somewhat misleading. It sounds Russian.

Ovic being a Slavic suffix

 

[Itachi]

Abraham..

That's his father, not him.

 

[Technics 1210]

Abramovich has played a blinder. He remains in control of Chelsea, but is now immune to UK sanctions. So much so, Boris had to apologise to Abramovich for falsely stating he was on the sanction list.

They tried to block Abramovich from entering the UK before, he came back to the UK with an Isreali passport.

Poor Boris, couldn’t block him from entering the UK as it would mean upsetting his Zionist masters.

All Abramovich has to do is to ‘demand’ for his £2 Billion, or else Chelsea is in the sticks.

 

[MenInG]

Chelsea owner Roman Abramovich has been asked by Ukraine to help support their attempts to reach a "peaceful resolution" with Russia.

The Russian billionaire's spokesperson said Abramovich was contacted by Ukrainian officials and "has been trying to help ever since".

Ukraine has called for a ceasefire before peace talks in Belarus.

Russian President Vladimir Putin launched a military invasion of neighbouring Ukraine on Thursday.

Ukraine's health ministry said on Sunday that 352 civilians, including 14 children, had been killed since Russia's invasion began.

Abramovich announced on Saturday that "stewardship and care" of the club was being given to trustees of Chelsea's charitable foundation.

The 55-year-old is one of Russia's richest people and is believed to be close to Russian President Putin.

Ukrainian film director and producer Alexander Rodnyansky confirmed the Chelsea owner's involvement in attempts to reach a peaceful resolution, but added he is unsure of the impact it will have.

"I can confirm that the Ukrainian side have been trying to find someone in Russia willing to help them in finding a peaceful resolution," said Rodnyansky.

"They are connected to Roman Abramovich through the Jewish community and reached out to him for help. Abramovich has been trying to mobilize support for a peaceful resolution ever since.

"Although Abramovich's influence is limited, he is the only one who responded and taken it upon himself to try.

"If this will have an impact or not, I don't know, but I am in contact with [Ukraine President Volodymyr] Zelensky's staff myself, and know that they are grateful for his genuine efforts."

It is not known yet if Abramovich will be sanctioned as part of the UK government's measures against Russia, and the trustees of Chelsea's charitable foundation have not yet agreed to take control of the club.

Members of the charitable foundation met on Sunday to discuss the situation, but some have concerns over whether Charity Commission rules would allow them to run the club and the foundation's lawyers are exploring what can be done.

'Russia must be excluded from World Cup'

Football's world governing body Fifa has ruled that Russia must complete their upcoming games in neutral territory, under the title Football Union of Russia, and without their flag and anthem.

However, Scotland have joined several nations, including England and Wales, as well as Poland, the Czech Republic and Sweden, in refusing to play Russia.

On Monday, Scottish FA president Rod Petrie wrote to his Ukrainian counterpart "to send a message of support, friendship and unity", with those two nations due to meet in their World Cup play-off semi-final on 24 March.

Russia are scheduled to face Poland in the play-offs on the same day, followed by a final meeting with the Czech Republic or Sweden on 29 March should they win.

The British Shadow Secretary of State for Culture, Media and Sport, Lucy Powell, told BBC Breakfast that Fifa must exclude Russia from major tournaments.

"I think fans across the UK, Europe and the world are united in saying it should be totally inconceivable that Russia could take part in the World Cup, or that the women's team could take part in the women's Euro finals here in July," Powell said.

"Fifa really need to step up here. Make it clear that Russia should be excluded from the World Cup - they cannot take part in that - and that should apply across all international sporting bodies.

"While they undertake such a barbaric and illegal invasion in Ukraine they will become the pariah state when it comes to sporting and cultural events."

https://www.bbc.com/sport/football/60552754

 

[MenInG]

Chelsea owner Roman Abramovich has been asked by Ukraine to help support their attempts to reach a "peaceful resolution" with Russia, the billionaire's spokesperson says.

They added Abramovich was contacted by Ukrainian officials and "has been trying to help ever since".

Ukraine has called for a ceasefire before peace talks in Belarus.

Russian President Vladimir Putin launched a military invasion of neighbouring Ukraine on Thursday.

Ukraine's health ministry said on Sunday that 352 civilians, including 14 children, had been killed since Russia's invasion began.

Abramovich announced on Saturday that "stewardship and care" of the club was being given to trustees of Chelsea's charitable foundation.

Abramovich - who remains Chelsea's owner with £1.5bn loaned to the club - did not reference Russia's invasion of Ukraine in his statement.

The 55-year-old is one of Russia's richest people and is believed to be close to Russian President Putin.

The spokesperson added: "Considering what is at stake, we would ask for your understanding as to why we have not commented on neither the situation as such nor his involvement."

Ukrainian film director and producer Alexander Rodnyansky confirmed the Chelsea owner's involvement in attempts to reach a peaceful resolution, but added he is unsure of the impact it will have.

"I can confirm that the Ukrainian side have been trying to find someone in Russia willing to help them in finding a peaceful resolution," said Rodnyansky.

"They are connected to Roman Abramovich through the Jewish community and reached out to him for help. Abramovich has been trying to mobilize support for a peaceful resolution ever since.

"Although Abramovich's influence is limited, he is the only one who responded and taken it upon himself to try.

"If this will have an impact or not, I don't know, but I am in contact with [Ukraine President Volodymyr] Zelensky's staff myself, and know that they are grateful for his genuine efforts."

It is not known yet if Abramovich will be sanctioned as part of the UK government's measures against Russia, and the trustees of Chelsea's charitable foundation have not yet agreed to take control of the club.

Members of the charitable foundation met on Sunday to discuss the situation, but some have concerns over whether Charity Commission rules would allow them to run the club and the foundation's lawyers are exploring what can be done.

 

[James]

Chelsea owner Roman Abramovich has been asked by Ukraine to help support their attempts to reach a "peaceful resolution" with Russia, the billionaire's spokesperson says.

They added Abramovich was contacted by Ukrainian officials and "has been trying to help ever since”.

Seems a bit odd?

 

[JaDed]

IMO he was an excellent owner, will be remembered by fans for a long time.
I remember watching Chelsea play during my school / college days when he had taken over and he always kept it a top team, eventhough always chopped Coaches quickly.

 

[Saj]

Roman Abramovich has begun a 'fire sale' of his sprawling London portfolio as he tries to offload Chelsea FC for £3billion and £200million worth of properties - with an MP claiming the Russian billionaire is acting quickly to stop his assets being frozen.

Labour's Chris Bryant, using parliamentary privilege to avoid legal action, alleged the tycoon is selling his home and an apartment because he is 'terrified of being sanctioned', adding that he feared the government will soon run out of time to act.

Abramovich is worth 10.4bn ($12.5bn), according to Forbes, and owns a £150m Kensington mansion, a £22m penthouse, and more than £1.2bn of yachts, private jets, helicopters and supercars based in Britain and around the world.

Today, Labour Leader Sir Keir Starmer pressed the Prime Minister on why Abramovich has not been sanctioned, claiming he had 'links to the Russian state' and 'public association with corrupt activity and practices'.

Mr Johnson said it is not 'appropriate' for him to comment on individual cases. Foreign Secretary Liz Truss has previously said she has a 'hit list' of oligarchs they are targeting, but has not named all of them.

Kremlin-linked billionaires are also facing fresh threats of asset seizures from the US, with Joe Biden using his State of the Union address to say America was coming to 'seize your yachts, your luxury apartments, your private jets'.

Abramovich has never held UK citizenship, and made his fortune selling assets purchased from the state when the USSR broke up. He vehemently denies being close to the Kremlin or doing anything that would merit sanctions.

Immigration officials are reportedly under instructions to make it impossible for him to base himself in the UK. Scrutiny from MPs, and his status as the Britain's best known Russian oligarch, makes him all the more vulnerable.

Abramovich has seven children from two of his ex-wives. The eldest, Anna, 29, is a Columbia University philosophy graduate who lives in New York, while Arkadiy, 27, is an industrial tycoon with substantial oil and gas investments.

Sofia, 26, lives in London and the 'wild child' 'of the family, recently posted a message on Instagram attacking Vladimir Putin for his invasion of Ukraine. Less is known about Arina, 20, and Ilya, 18, or Aaron, 11 and Leah Lou, 7, who were both born in New York to his third wife, Dasha.

Abramovich's current location is unknown, but he has recently been in Belarus 'trying to help' negotiate an end to Russia's war against Ukraine following its illegal invasion of the country.

The conflict entered its seventh day today, with Ukrainian president Volodymyr Zelensky warning Russia was seeking to erase Ukraine and its people after officials said 2,000 civilians had been killed.

As pressure grows to punish anyone seen having aided Putin's regime, here is a round-up of Abramovich's assets in Britain, as well as yachts, cars and planes that are strewn across the world.

https://www.dailymail.co.uk/news/ar...Abramovich-starts-firesale-London-assets.html

 

[Saj]

I guess we'll see a lot of Russian money head out of the UK very quickly before it becomes difficult for them to get rid of their assets.

 

[MenInG]

Legal threats will have no impact on our ability to sanction oligarchs, says Truss after Ambramovich newspaper report
Speaking from Lithuania, Foreign Secretary Liz Truss has said the UK is "absolutely determined" to impose sanctions on Russian oligarchs.

She said about 100 individuals and organisations have been sanctioned already and there is a further list being worked through.

Ms Truss pledged the UK "will do more" on the issue but said "we need to make sure we have the right evidence".

Responding to reports the government is dealing with legal threats from some oligarchs, she said: "Legal threats will have no impact on our ability to sanction oligarchs."

Earlier, we mentioned a report in The Times that some Russian oligarchs such as Chelsea owner Roman Abramovich may not be sanctioned for months after the government was unable to build a case against them.

Ms Truss added that a meeting of G7 ministers tomorrow will discuss what further sanctions could be put in place.

SKY

 

[MenInG]

Chelsea FC owner Roman Abramovich has been sanctioned by the UK government as part of its response to Russia's invasion of Ukraine.

He is one of seven oligarchs to be hit with fresh sanctions, including asset freezes and travel bans.

The list also includes billionaires Igor Sechin and Oleg Deripaska, both seen as allies of Vladimir Putin.

Prime Minister Boris Johnson said "there can be no safe havens" for those who have supported the invasion.

"Today's sanctions are the latest step in the UK's unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies," Mr Johnson said.

The government had come under pressure to sanction Mr Abramovich, who said he had made the "difficult decision" to sell Chelsea FC earlier this month.

Abramovich, 55, is alleged to have strong ties to Russian President Vladimir Putin, which he has denied.

The government says Mr Abramovich, who has an estimated net worth of £9.4bn, is "one of the few oligarchs from the 1990s to maintain prominence under Putin".

https://www.bbc.com/news/uk-politics-60690362

 

[JaDed]

I think this is really unfair, just my opinion. targeting Russian individuals that way sets a wrong precedent.

 

[silentkiller187]

I think this is really unfair, just my opinion. targeting Russian individuals that way sets a wrong precedent.

Yes something about it doesnt feel right, especially given the fact that UK is still importing Russian gas and will continue to do so until the end of 2022 atleast, seems hypocritical. If anything they should have allowed Abramovich some time to find a buyer and sell up.

 

[Bewal Express]

Never liked Chelsea, I just hope City go the same way.

 

[MenInG]

Why has Roman Abramovich been personally targeted?

The UK government had deemed that Russian oligarch Roman Abramovich has obtained "a financial benefit or other material benefits from Putin and the government of Russia".

Those benefits include "tax breaks received by companies linked to him, buying and selling shares from and to the state at favourable rates, and the contracts received in the run-up to the Fifa 2018 World Cup".

He has also been targeted for his associations through "close business relationships and mutual assistance" with already sanctioned Igor Shuvalov, a former Russian deputy prime minister and general director of Russian gas giant Gazprom.

 

[Technics 1210]

RA should freeze funding to Chelsea, stop paying players their wages, and sit tight until someone buys Chelsea.

 

[James]

With the Roman sanctions coming in, Chelsea off the field are in a highly precarious position now.

The next few days will be fascinating.

 

[MenInG]

The Premier League has disqualified Chelsea owner Roman Abramovich as a director of the club after the oligarch was sanctioned by the UK government.

Abramovich had his British assets - including Chelsea - frozen on Thursday as part of the government's response to Russia's invasion of Ukraine.

The move put the Russian's prospective sale of the club on hold.

The Premier League said Abramovich's disqualification would "not impact on the club's ability to train and play".

Removing an owner from a board would usually trigger the sale of the shares, a process that Abramovich had instigated on 2 March after after the threat of sanctions was raised in Parliament.

He had instructed American investment firm Raine Group to seek £3bn for the club, but finance experts believe that price could drop given the current uncertainty around Chelsea.

Raine Group temporarily halted the sale process on Thursday while answers were sought from the government about the implications of the sanctions.

The government is open to considering an addition to the special licence it granted the club that would allow a sale to go ahead.

A condition for that to happen, however, would be that Abramovich - one of Russia's richest people and believed to be close to the country's president, Vladimir Putin - receives none of the proceeds.

The special licence granted by the government will allow fixtures to be fulfilled, staff to be paid and existing ticket-holders to attend matches.

Chelsea, however, cannot receive money for match tickets which have not already been sold, future gate receipts for FA Cup games or money from merchandise sold via the club shop.

The European champions will also be unable to buy or sell players, or offer new contracts, while the sanctions are in place on Abramovich and he still owns the club.

An amendment to the licence has been granted by the government, allowing Chelsea to spend up to £900,000 on costs for home games, up from the £500,000 set on Thursday.

The allowable away costs of travel, however, remain at £20,000 per game.

A statement from the Digital, Culture, Media and Sport (DCMS) select committee confirming the changes to the licence also welcomed the league's move to disqualify Abramovich as a club director.

"The government has made clear that we need to hold to account those who have enabled the Putin regime," the DCMS statement said.

BBC

 

[Technics 1210]

Sanctions on RA are a joke. To find him guilty by association is a joke. So what if his steel company provides steel for Russian tanks? British defence companies provide bombs for Saudis that are dropped on Yemen.

West has exposed itself, and I hope Chelsea fans take a stand or they face bankruptcy.

 

[Cpt. Rishwat]

Sanctions on RA are a joke. To find him guilty by association is a joke. So what if his steel company provides steel for Russian tanks? British defence companies provide bombs for Saudis that are dropped on Yemen.

West has exposed itself, and I hope Chelsea fans take a stand or they face bankruptcy.

Chelsea fans have had it good to be honest, they have had 19 years of winning trophies which they could only have dreamed of before the Russian roubles started pouring in. They were a mid-table club with a relatively small fan base when Ken Bates was the owner. I guess they'll go back to being what they were at some point, at least they have a massive worldwide fan base now thanks to their Russian benefactors.

 

[Zaz]

Sanctions on RA are a joke. To find him guilty by association is a joke. So what if his steel company provides steel for Russian tanks? British defence companies provide bombs for Saudis that are dropped on Yemen.

West has exposed itself, and I hope Chelsea fans take a stand or they face bankruptcy.

Yes a total joke The double standards are pathetic

Youve got the saudi govt investing in newcastle but thats fine Romans owned the club for years And now all of a sudden hes persona no grata through the actions of someone else

Disgraceful hypocritical behaviour from the govt who are fine to look the other way when it suits their interests

 

[cricketjoshila]

What stupidity is this? Close down a shop and arrest its owner because his close friend bought a hammer from the shop and then used it to kill someone. This is ridiculous.

 

[PakLFC]

I have always hated Chelsea. Now that this Israel lover that is corrupt Roman has been put in his place it would be awesome to see Chelsea nosedive from here on. Poor Roman can't even sell the club either. Who ever said the world was fair??

 

[dildilpak]

Wrong to target individuals - what is next? Deporting Russian students ? The hypocrisy is astounding especially when you are continuing to buy Russian gas & are refusing sanctions on Russian petroleum relating transactions. If Nato has the guts, why not impose a no fly zone over Ukraine?

 

[MenInG]

A BBC investigation has uncovered new evidence about the corrupt deals that made Roman Abramovich's fortune.

The Chelsea owner made billions after buying an oil company from the Russian government in a rigged auction in 1995.

Mr Abramovich paid around $250m (£190m) for Sibneft, before selling it back to the Russian government for $13bn in 2005.

His lawyers say there is no basis for alleging he has amassed very substantial wealth through criminality.

The Russian billionaire was sanctioned by the UK government last week because of his links to Russian President Vladimir Putin.

Mr Abramovich's assets have been frozen and he has been disqualified as a director of Chelsea Football Club.

The Russian billionaire has already admitted in a UK court that he made corrupt payments to help get the Sibneft deal off the ground.

He was being sued in London by his former business associate Boris Berezovsky in 2012.

Mr Abramovich won the case, but he described in court how the original Sibneft auction was rigged in his favour and how he gave Mr Berezovsky $10m to pay off a Kremlin official.

BBC Panorama has obtained a document that is thought to have been smuggled out of Russia.

The information was given to the programme by a confidential source, who says it was secretly copied from files held on Mr Abramovich by Russian law enforcement agencies.

The BBC cannot verify that, but checks with other sources in Russia have backed up many of the details in the five-page document.

The document says that the Russian government was cheated out of $2.7bn in the Sibneft deal - a claim supported by a 1997 Russian parliamentary investigation. The document also says that the Russian authorities wanted to charge Mr Abramovich with fraud.

It says: "The Dept. of Economic Crimes investigators came to the conclusion that if Abramovich could be brought to trial he would have faced accusations of fraud… by an organised criminal group."

Panorama tracked down Russia's former chief prosecutor, who investigated the deal in the 1990s.

Yuri Skuratov did not know about the secret document, but he independently confirmed many of the details about the Sibneft sale.

Mr Skuratov told the programme: "Basically, it was a fraudulent scheme, where those who took part in the privatisation formed one criminal group that allowed Abramovich and Berezovsky to trick the government and not pay the money that this company was really worth."

The document also suggests Mr Abramovich was protected by former Russian President Boris Yeltsin.

It says law enforcement files on Mr Abramovich were moved to the Kremlin and that an investigation by Mr Skuratov was stopped by the president.

The document says: "Skuratov was preparing a criminal case for the confiscation of Sibneft on the basis of the investigation of its privatisation. The investigation was stopped by President Yeltsin … Skuratov was dismissed from his office."

Mr Skuratov was sacked after the release of a sex tape in 1999. He says it was a stitch-up to discredit him and his investigation.

He said: "This whole thing was obviously political, because in my investigations I came very close to the family of Boris Yeltsin, including via this investigation of the Sibneft privatisation."

Mr Abramovich remained in the Kremlin inner circle when Vladimir Putin came to power in 2000.

The document contains details of another rigged auction two years later, involving a Russian oil company called Slavneft.

Mr Abramovich formed a partnership with another firm to buy Slavneft, but a rival Chinese company was planning to bid almost twice as much.

Many powerful people - from the Kremlin to the Russian parliament - would have stood to lose out if the Chinese won the auction

The document says that a member of the Chinese delegation was kidnapped when they arrived in Moscow for the auction.

"CNPC, Chinese company, a very strong competitor, had to withdraw from the auction after one of its representatives was kidnapped upon arrival at Moscow Airport and was released only after the company declared its withdrawal."

The kidnapping story is backed up by independent sources who did not know about the document.

Vladimir Milov was Russia's deputy energy minister in the run up to the Slavneft sale. He didn't comment on the kidnapping story, but he said senior political figures had already decided that Mr Abramovich's partnership would win the auction.

"I said, look, the Chinese want to come in and they want to pay a much bigger price. They say it doesn't matter, shut up, none of your business. It's already decided. Slavneft goes to Abramovich, the price is agreed. The Chinese will be dragged out somehow."

There is no suggestion that Mr Abramovich knew anything about the kidnapping plot, or played any part in it.

His lawyers told the BBC the kidnap claim "is entirely unsubstantiated" and he has "no knowledge of such incident".

Different factions had been fighting for control of Slavneft and there was widespread opposition to the Chinese bid.

Whatever the reason for the Chinese withdrawal, Mr Abramovich's partnership had the only bid left on the table. And they bought Slavneft at a knockdown price.

Mr Abramovich's lawyers say allegations of corruption in the Slavneft and Sibneft deals are false, and he denies he was protected by Mr Yeltsin.

BBC

 

[Technics 1210]

Ha! As if Western businessmen and politicians have never been involved in corrupt deals.

 

[Bewal Express]

The Israeli govt will look after him. Afterall he funded settlers in the occupied territories

 

[MenInG]

Russian oligarch Roman Abramovich and Ukrainian peace negotiators have suffered symptoms of suspected "chemical weapons" poisoning, according to reports.

Symptoms reportedly included "piercing pain in the eyes" but the dosage and type of toxin was likely insufficient to cause life-threatening damage and "most likely was intended to scare", according to investigative website Bellingcat.

Bellingcat tweeted: "Bellingcat can confirm that three members of the delegation attending the peace talks between Ukraine and Russia on the night of 3 to 4 March 2022 experienced symptoms consistent with poisoning with chemical weapons.

"One of victims was Russian entrepreneur Roman Abramovich."

Mr Abramovich has reportedly travelled between Moscow and Kyiv during the several rounds of negotiations amid the war.

The billionaire and at least two senior members of the Ukrainian team developed symptoms that included red eyes, constant and painful tearing, and peeling skin on their faces and hands, the Wall Street Journal reported.

The health conditions of the trio, who include Crimean Tatar politician Rustem Umerov, have since improved and their lives are not in danger, the publication added.

In a series of tweets, Bellingcat added more details, saying: "Abramovich, along with another Russian entrepreneur, had taken part in the negotiations alongside Ukraine's MP Rustem Umerov. The negotiation round on the afternoon of 3 March took place on Ukrainian territory, and lasted until about 10pm.

"Three members of the negotiating team retreated to an apartment in Kyiv later that night and felt initial symptoms - including eye and skin inflammation and piercing pain in the eyes - later that night. The symptoms did not abate until the morning.

"The next day the group of negotiators drove from Kyiv to Lviv on the way to Poland and then Istanbul, to continue informal negotiations with the Russian side. A Bellingcat investigator was asked to help provide an examination by chemical weapons specialists.

"Based on remote and on-site examinations, the experts concluded that the symptoms are most likely the result of intentional poisoning with an undefined chemical weapon.

"An alternative less likely hypothesis was use of microwave irradiation. The symptoms gradually subsided in the course of the following week."

https://news.sky.com/story/roman-ab...emical-weapons-poisoning-after-talks-12576989

 

[MenInG]

Roman Abramovich is 'fine' after reportedly suffering symptoms of suspected 'chemical weapons' poisoning and is continuing peace talks over Russia's invasion of Ukraine.

 

[James]

Russian billionaire Roman Abramovich suffered symptoms of suspected poisoning at talks in Kyiv earlier this month, sources close to him confirm.

He has since recovered but experienced symptoms including peeling skin, red eyes, and constant tearing, the Wall Street Journal reports.

 

[MenInG]

A US official has cast doubt on claims that sanctioned Russian oligarch Roman Abramovich and Ukrainian peace negotiators were victims of a poisoning earlier this month.

Three men including Mr Abramovich suffered symptoms including red eyes, constant and painful tearing, and peeling skin on their hands and faces, a source confirmed to Sky News, after a meeting on Ukrainian territory reportedly on 3 March.

Mr Abramovich lost his sight for several hours, according to a person close to the matter.

Investigative website Bellingcat said the symptoms were "consistent with poisoning with chemical weapons".

However a US official said on Monday that the "intelligence highly suggests" the cause was environmental, "not poisoning".

Meanwhile the Foreign, Commonwealth and Development Office (FCDO) described the reports as "very concerning" while Ukraine's Foreign Minister said he advised "anyone going for negotiations with the Russian Federation not to eat or drink anything. And, preferably, avoid touching any surface".

A Ukrainian negotiator said all members of the team are working normally, while it is understood the Chelsea FC owner is fine and continues to work on the negotiations.

Bellingcat said the dosage and type of toxin was likely insufficient to cause life-threatening damage and "most likely was intended to scare".

It tweeted: "Bellingcat can confirm that three members of the delegation attending the peace talks between Ukraine and Russia on the night of 3 to 4 March 2022 experienced symptoms consistent with poisoning with chemical weapons.

"One of victims was Russian entrepreneur Roman Abramovich."

Mr Abramovich has reportedly travelled between Moscow and Kyiv during the several rounds of negotiations amid the war.

'Piercing pain in the eyes'

The billionaire and at least two senior members of the Ukrainian team developed symptoms that included red eyes, constant and painful tearing, and peeling skin on their faces and hands.

The health conditions of the victims, who include Crimean Tatar politician Rustem Umerov, have since improved and their lives are not in danger.

In a series of tweets, Bellingcat added more details, saying: "Abramovich, along with another Russian entrepreneur, had taken part in the negotiations alongside Ukraine's MP Rustem Umerov.

"The negotiation round on the afternoon of 3 March took place on Ukrainian territory, and lasted until about 10pm."

Later that night, back at an apartment in Kyiv, the three people felt initial symptoms - including eye and skin inflammation and "piercing pain in the eyes" which did not abate until the morning, according to Bellingcat.

The investigative website said it consulted with chemical weapons experts, who concluded the symptoms "are most likely the result of intentional poisoning with an undefined chemical weapon".

Bellingcat added: "An alternative less likely hypothesis was use of microwave irradiation. The symptoms gradually subsided in the course of the following week.

"The experts said the dosage and type of toxin used was likely insufficient to cause life-threatening damage, and most likely was intended to scare the victims as opposed to cause permanent damage."

A person close to Mr Abramovich did not speculate on who was behind the attack.

The three men had reportedly only consumed chocolate and water in the hours before their symptoms appeared, while a fourth member of the team who had consumed the same things did not experience symptoms.

However, a US official said: "The intelligence highly suggests this was environmental," adding: "E.g., not poisoning."

The official, who spoke on condition of anonymity, declined to elaborate.

Mr Abramovich previously said he was invited to be involved in peace talks by the Ukrainian side.

The exact nature of his role has been unclear but his spokesperson said his influence was "limited".

The Kremlin also previously confirmed that Mr Abramovich played an early role in the peace talks with Ukraine.

The billionaire is among those sanctioned by the UK government over his alleged close links to Russian President Vladimir Putin, which he denies.

Last week, a superyacht linked to Mr Abramovich docked in the Turkish tourist resort of Marmaris, a day after another of his yachts arrived in Bodrum.

It was not known if Mr Abramovich was aboard the yacht or if it was moved to Turkey to avoid sanctions.

SKY

 

[MenInG]

Reuters reports that three sources say Roman Abramovich is attending the Russia-Ukraine talks in Istanbul

 

[Firebat]

Roman Abramovich: Chelsea owner resumes peace talks after 'symptoms of suspected chemical weapons poisoning'

Chelsea owner Roman Abramovich has resumed his role in Ukraine-Russia peace talks after suffering 'symptoms of suspected chemical weapons poisoning'.

Abramovich and Ukrainian peace negotiators were reportedly the victims of a poisoning earlier this month, but a US official has since raised doubts about the claims.

The Russian oligarch has travelled to Istanbul for two days of negotiations, which include Turkish president Recep Tayyip Erdoğan.

According to the investigative website Bellingcat, Abramovich and Ukrainian peace negotiators suffered symptoms including "piercing pain in the eyes", but the dosage and type of toxin was likely insufficient to cause life-threatening damage and "most likely was intended to scare".

Bellingcat tweeted: "Bellingcat can confirm that three members of the delegation attending the peace talks between Ukraine and Russia on the night of 3 to 4 March 2022 experienced symptoms consistent with poisoning with chemical weapons.

"One of the victims was Russian entrepreneur Roman Abramovich."

However, a US official said on Monday the "intelligence highly suggests" the cause was environmental, "not poisoning".

Meanwhile, the Foreign, Commonwealth and Development Office (FCDO) described the reports as "very concerning" while Ukraine's Foreign Minister said he advised "anyone going for negotiations with the Russian Federation not to eat or drink anything. And, preferably, avoid touching any surface".

Abramovich has reportedly travelled between Moscow and Kyiv during the several rounds of negotiations amid the war.

The billionaire and at least two senior members of the Ukrainian team developed symptoms that included red eyes, constant and painful tearing, and peeling skin on their faces and hands, the Wall Street Journal reported.

The health conditions of the trio, who include Crimean Tatar politician Rustem Umerov, have since improved and their lives are not in danger, the publication added.

However, a US official told Sky News: "The intelligence highly suggests this was environmental," adding: "E.g., not poisoning."

The official, who spoke on condition of anonymity, declined to elaborate.

In a series of tweets, Bellingcat added more details, saying: "Abramovich, along with another Russian entrepreneur, had taken part in the negotiations alongside Ukraine's MP Rustem Umerov. The negotiation round on the afternoon of 3 March took place on Ukrainian territory, and lasted until about 10pm.

"Three members of the negotiating team retreated to an apartment in Kyiv later that night and felt initial symptoms - including eye and skin inflammation and piercing pain in the eyes - later that night. The symptoms did not abate until the morning.

"The next day the group of negotiators drove from Kyiv to Lviv on the way to Poland and then Istanbul, to continue informal negotiations with the Russian side. A Bellingcat investigator was asked to help provide an examination by chemical weapons specialists.

"Based on remote and on-site examinations, the experts concluded that the symptoms are most likely the result of international poisoning with an undefined chemical weapon.

"An alternative less likely hypothesis was use of microwave irradiation. The symptoms gradually subsided in the course of the following week."

https://www.skysports.com/football/...ptoms-of-suspected-chemical-weapons-poisoning

 

[MenInG]

Russian oligarchs asking friends for loans - reports

Roman Abramovich as reportedly approached a range of wealthy contacts in the US asking for millions in loans to help him pay his extensive weekly staff bill.

According to the Daily Mail, the oligarch - who was cut off from his billion-pound fortune after Russia invaded Ukraine - has approached contacts including the Rothschild family and Hollywood producer Brett Ratner for loans of $1 million each.

Mr Abramovich denies this.

Meanwhile the wife of Petr Aven, a director of Russia's biggest private bank, toured London cashpoints taking out as much money as she could before sanctions hit.

SKY

 

[MenInG]

Following speculation in media in relation to the sale of Chelsea FC, we would like to clarify the following points...
Firstly, Mr Abramovich’s intentions in relation to gifting the proceeds from the Chelsea sale to charity have not changed.

Since the initial announcement, Mr Abramovich’s team has identified senior representatives from UN bodies and large global charitable organizations who have been tasked with forming a Foundation and setting out a plan for its activities. The lead independent expert has had conversations with Government representatives presenting the structure and initial plans.

Mr Abramovich has not been involved in this work and it has been managed independently by experts with years of experience working in humanitarian organizations.

Secondly, Mr Abramovich has not asked for any loan to be repaid to him – such suggestions are entirely false – as are suggestions that Mr Abramovich increased the price of the Club last minute. As part of Mr Abramovich’s objective to find a good custodian for Chelsea FC, he has however encouraged each bidder throughout this process to commit investing in the Club – including in the Academy, Women’s team, necessary redevelopment of the stadium as well as maintaining the work of Chelsea Foundation.

Following sanctions and other restrictions imposed on Mr Abramovich by the UK since announcing that the Club would be sold, the loan has also become subject to EU sanctions, requiring additional approvals. That means that the funds will be frozen and subject to a legal procedure governed by authorities. These funds are still earmarked for the Foundation. The Government are aware of these restrictions as well as the legal implications.

To be clear, Mr Abramovich has no access or control of these funds and will not have any access or control of these funds following the sale. Despite the changing circumstances since his initial announcement – he remains committed to finding a good custodian for Chelsea FC and making sure the proceeds go to good causes.

-Spokesperson for Mr Abramovich

https://www.chelseafc.com/en/news/2022/05/05/statement-on-behalf-of-mr-abramovich

 

[MenInG]

The £4.25bn takeover of Chelsea Football Club has been thrown into fresh doubt amid a renewed impasse between owner Roman Abramovich and Whitehall over the deal's terms.

Sky News understands that government officials have doubts about whether a special licence needed to approve the sale will be issued before a deadline at the end of the month.

People close to the discussions say that ministers have yet to receive the assurances they are seeking from Mr Abramovich about the destination of the £2.5bn sale proceeds.

Without a deal ahead of various footballing authority deadlines, Chelsea could be excluded from club competitions next season or even face the renewed threat of administration.

People close to the situation cautioned that it remained fluid, and a licence could yet be issued before the end of the month, ensuring Chelsea begin next season under new stewardship.

The oligarch and his advisers struck a binding deal earlier this month with a group majority-funded by Clearlake Capital, a Californian investment firm, and spearheaded by the LA Dodgers part-owner Todd Boehly.

The sale would bring the curtain down on Mr Abramovich's 19-year tenure as the owner of Chelsea, who lost to Liverpool on penalties in Saturday's FA Cup Final.

The Blues have been operating under a government licence since Mr Abramovich was sanctioned in March, prompting a quick-fire auction which attracted billionaires from around the world.

Officials at the Department for Digital, Culture, Media and Sport (DCMS) have been in talks with the club and Mr Abramovich about a new licence to non expedite the sale.

On Monday, officials said they remained concerned about the fate of a £1.5bn loan to the club's parent company from Mr Abramovich.

The government's sanctioning of Mr Abramovich means he does not currently have access to the funding required to repay a £1.54bn loan owed by the club's parent company, Fordstam, to Camberley International Investments - a vehicle associated with the oligarch.

The loan is thought to be repayable on Chelsea's sale.

Russian President Vladimir Putin meets with Chukotka region governor and owner of Chelsea soccer club Roman Abramovich in Moscow. Russian President Vladimir Putin (R) meets with Chukotka region governor and owner of Chelsea soccer club Roman Abramovich in the Moscow Kremlin, May 27, 2005. At the beginning of the meeting, Abramovich noted that the region's gross product grew by 400% and the average salary reached 19,000 rubles during his term in office.

'Crunch week' for negotiations

Prior to being placed on the sanctions list in March, Mr Abramovich said he intended to write off the £1.5bn loan to the club and hand the net proceeds from the sale to a new foundation set up to benefit the victims of the war in Ukraine.

Although he has insisted that this remains the case, officials say they have not received sufficient assurances or binding legal commitments from the current owner.

"Without those, the licence will not be issued," one said.

They added that this would be "a crunch week" for the negotiations.

The renewed risk to the sale may call on George Osborne, the former chancellor, to seek to smooth its path to completion.

The firm where Mr Osborne now works, Robey Warshaw, is advising the Boehly-Clearlake consortium.

Mr Abramovich has struck a binding deal that involves the new owners paying £2.5bn to acquire his shares, while pledging £1.75bn of future investment in its stadium, academy, and women's team.

Sky News revealed recently that the terms of the takeover would prevent Mr Boehly and his fellow investors paying dividends or taking management fees for a decade.

The measures were described as a package of 'anti-Glazer clauses' designed to avoid the controversies which have dogged Manchester United since the Glazers' takeover in 2005.

The new owners will also be prohibited from selling any shares in the club for ten years, as well as agreeing to strict limits on the level of debt that they can take on.

The Glazer family's £790m takeover of Manchester United saddled the club with expensive debt known as payment-in-kind notes, and provided a focal point for fan protests, which escalated in the wake of Sir Alex Ferguson's retirement in 2013.

Manchester United was floated on the New York Stock Exchange a decade ago, with the Glazers having extracted hundreds of millions of pounds in dividends and from the sale of shares during their ownership.

Chelsea's takeover remains subject to approval from the Premier League, and the issuance of a special licence from the government.

That is expected in the next fortnight, although people close to the deal have cautioned that it is not yet certain to take place.

Mr Abramovich is said to be determined to donate at least £2.5bn to a new foundation benefiting war victims, with a demand in the latter stages of the auction that bidders increase their offers by at least £500m.

The rivals to the Clearlake-Boehly bid were a consortium headed by Boston Celtics part-owner Steve Pagliuca and Larry Tanenbaum, the NBA chairman and Toronto Maple Leafs owner; and one led by Sir Martin Broughton, the former British Airways and Liverpool FC chairman, which would have involved Harris Blitzer Sports & Entertainment - owner of a stake in Premier League side Crystal Palace and a string of US sports teams - holding a controlling interest.

Sir Jim Ratcliffe, the Ineos Group tycoon, also made a late entry into the process, although its approach was dismissed by Mr Abramovich's advisers.

Uncertainty over the club's ownership already being blamed for the departure of key players including Antonio Rudiger, the German centre-half.

Mr Abramovich has owned Chelsea since 2003, and has turned the club into one of the top sides in Europe, with 19 major trophies having been won under him.

The DCMS declined to comment.

SKY

 

[MenInG]

Roman Abramovich has had two aircraft seized by officials in the USA as part of ongoing sanctions against the former Chelsea owner.

 

[Cricket Warrior]

Chelsea could face further scrutiny from football's authorities over reports of payments connected to the club's former owner Roman Abramovich.

The Guardian has reported that leaked files show the Russian billionaire used offshore companies to make transactions worth tens of millions of pounds to agents and associates which appear to have been for the club's benefit, and could have breached financial rules if they were not officially declared.

The revelations are likely to intensify questions over how Abramovich, who owned Chelsea for 19 years until he was sanctioned by the British government in 2022, funded a period of unprecedented success.

Both the Football Association and the Premier League are already investigating potential financial rule breaches by the club.

Chelsea were fined £8.6m by Uefa in July as part of a settlement for breaking Financial Fair Play rules as a result of "submitting incomplete financial information" between 2012 and 2019.

Those breaches were reported by the new Stamford Bridge ownership following the club's sale to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital.

Both the FA and Premier League declined to comment while their investigations were ongoing. It is unclear at this stage whether their probes relate to the information Chelsea self-reported or whether these also include the new allegations reported by the Guardian.

A Chelsea spokesperson said: "These allegations pre-date the club's current ownership. They are based on documents which the club has not been shown and do not relate to any individual who is presently at the club."

The spokesperson said during the purchase of the club the current owners became aware of "potentially incomplete financial reporting concerning historical transactions during the club's previous ownership".

They added: "Immediately following the completion of the purchase, the club proactively self-reported these matters to all applicable football regulators.

"In accordance with the club's ownership group's core principles of full compliance and transparency the club has proactively assisted the applicable regulators with their investigations and will continue to do so."

Abramovich bought Chelsea in 2003 and invested millions over almost two decades as the club went on to win the Champions League in 2012 and 2021, as well as five Premier League titles.

He was forced to sell the club last year after his assets were frozen by the government following the Russian invasion of Ukraine.

Clubs can be fined and given a points deduction if they are found guilty of breaching financial rules.

Premier League champions Manchester City were charged with more than 100 breaches of financial rules in February. The club have denied financial wrongdoing.

In May, Everton were referred to an independent commission by the Premier League over an alleged breach of FFP rules. They have also denied wrongdoing.

Earlier this week, the BBC reported leaked documents revealed a money trail linking Abramovich to two men dubbed "wallets" of President Vladimir Putin.

BBC Newsnight, BBC Verify and Panorama partnered with the Bureau of Investigative Journalism to uncover the revelations as part of Cyprus Confidential - a global investigation led by reporters at the International Consortium of Investigative Journalists (ICIJ) and Paper Trail Media.

They alleged that leaked documents from Cyprus reveal new evidence linking him to a secret £26m deal in 2010.

Abramovich has previously denied any financial relationship with the Russian leader.

He has not responded to requests for comment from the BBC.

 

[BouncerGuy]

Roman Abramovich could owe UK £1bn over tax dodge that helped bankroll Chelsea FC

Sanctioned Russian oligarch Roman Abramovich could owe the UK up to £1bn after a botched attempt to avoid tax on hedge fund investments, evidence seen by the BBC suggests.

Leaked papers reveal investments worth $6bn (£4.7bn) were routed through companies in the British Virgin Islands (BVI). But evidence suggests they were managed from the UK, so should have been taxed there.

Some of the money that funded Chelsea FC when Mr Abramovich owned it can be traced back to companies involved in the scheme, the BBC and the Bureau of Investigative Journalism (TBIJ) also found.

The oligarch's lawyers said he "always obtained independent expert professional tax and legal advice" and "acted in accordance with that advice". He denies having any knowledge or being personally responsible for any unpaid tax.

Joe Powell, a Labour MP who leads a Parliamentary group on fair taxation, called on HM Revenue and Customs to "urgently" investigate the case to recover what could be "very significant amounts of money that could be invested in public services".

At the heart of the scheme was Eugene Shvidler, a former Chelsea FC director and a billionaire businessman in his own right, who is currently challenging the UK government's decision to sanction him for his close links to Mr Abramovich.

Mr Shvidler moved to the USA after Russia's invasion of Ukraine, but from 2004 until 2022 he lived in the UK, with properties in London and Surrey.

A tax expert told the BBC that evidence Mr Shvidler had been making strategic decisions on the investments while based in the UK, and not in the BVI, was "a pretty big smoking gun", suggesting the companies should have been paying UK tax.

Lawyers for Mr Shvidler said the BBC was basing its reporting on "confidential business documents that present an incomplete picture" and had "drawn strong and erroneous conclusions as to Mr Shvidler's conduct".

They said "the structure of investments" was "the subject of very careful and detailed tax planning, undertaken and advised on by leading tax advisors".

The scheme involving Mr Abramovich's hedge fund investments was revealed in a huge leak of data that the BBC and the Bureau of Investigative Journalism have been examining for over a year - thousands of files and emails from a Cyprus-based company that administered Mr Abramovich's global empire.

The BBC and its media partners, including The Guardian, have been reporting on the leaked files since 2023 as part of the International Consortium of Investigative Journalists' Cyprus Confidential investigation. On Tuesday, we revealed how Mr Abramovich had dodged millions in VAT on the running costs of his yacht fleet.

The leaked data shows how Mr Abramovich invested a large part of the wealth he acquired in the 1990s through a corrupt deal - ploughing it into a company in the BVI called Keygrove Holdings Ltd.

A network of British Virgin Islands companies owned by Keygrove invested this money - up to $6bn (£4.8bn) between the late 1990s and early 2020s - into Western hedge funds, according to the leaked files.

These investments made the oligarch an estimated $3.8bn (£3.1bn) in profits over almost two decades. By making the investments through companies in the BVI, which does not levy tax on corporate profits, the scheme appears to be set up to ensure as little tax as possible was paid.

'Full power to do anything'

It is not unusual for businesses to legally avoid paying tax on their profits by making their investments from companies in tax havens. But the companies involved must be managed and controlled offshore where they are incorporated.

If an offshore company's strategic decisions are being taken by someone in the UK, its profits could be taxed as if it were a UK company.

The leaked documents show how the directors of the BVI investment companies handed sweeping powers over them to Mr Shvidler, who was living in the UK and gained British citizenship in 2010.

The BBC has seen "general power of attorney" documents dated between 2004 and 2008, that gave him the "broadest possible powers" and "full power to do everything and anything" to investment companies in the BVI.

From 2008, Mr Shvidler appears to have acquired the power to direct the investments of Keygrove, which owned the BVI companies, through another company.

Millennium Capital Ventures Ltd, which was owned indirectly by Mr Shvidler's wife and appointed him as a director in 2000, became Keygrove's investment manager. It was assigned "full power and authority to supervise and direct" the investment of the assets, "all without prior consultation with client".

'Strong evidence'

Further evidence of Mr Shvidler's crucial role in the investment decisions of the BVI companies emerged in a court case brought in September 2023 by the US Securities and Exchange Commission (SEC) against a New York firm called Concord Management.

The SEC filing says that Concord had only one client, since identified as Mr Abramovich. The company advised on investment decisions for the oligarch's BVI companies.

It identifies a "longtime close associate" of Mr Abramovich, referred to as "Person B", who "made investment decisions" for Mr Abramovich.

It says he was "the point of contact for receiving investment advice" and "for either deciding or communicating the decision whether to go forward with recommended transactions".

Using the leaked documents, the BBC was able to identify "Person B" as Eugene Shvidler.

The evidence suggests Mr Shvidler was making the decisions described by the SEC, managing and controlling Mr Abramovich's investments, from the UK rather than the BVI.

Tax expert Rita de le Feria told the BBC that evidence a UK resident, such as Mr Shvidler, was taking "strategic big decisions" on the hedge fund investments was a "clear indication" the huge profits should have been taxed by the UK.

"I think this is a pretty big smoking gun. That would be, again, strong evidence that the effective management of the company was not taking place in the BVI," she said.

Mr Shvidler's lawyers said there can be "no question of Mr Shvidler, either knowingly or negligently, being involved in an unlawful scheme to avoid paying tax".

Lawyers for Mr Abramovich said that in addition to the advice he obtained over his tax affairs, he "expects that similar advice was sought" by those with responsibility for running companies related to him.

The leaked documents also reveal how large amounts of the untaxed profits from Mr Abramovich's hedge fund investments passed through a network of the oligarch's companies before flowing into Chelsea FC.

The hedge fund investments flowed back into his companies in the BVI and then into Keygrove, their parent company.

Keygrove then loaned out money to other companies in Mr Abramovich's network, which in turn lent money to Camberley International Investments Ltd - a company set up to bankroll Chelsea FC.

By 2021, when Chelsea won the Champions League, Club World Cup and UEFA Super Cup, hundreds of millions of dollars in loans to the club could be traced back to companies benefiting from Mr Abramovich's untaxed hedge fund investments.

How we calculated the bill

If HMRC were to investigate, how much could Mr Abramovich or the companies concerned owe?

We have assessed the profits made by the investment companies in the BVI from 1999 to 2018.

The leaked documents only contain complete accounts for the companies investing in hedge funds from 2013 to 2018.

But we can estimate how much money the companies involved were likely to have made over the entire period by looking at their "revenue reserves". These are profits kept in the businesses, rather than being paid out to shareholders. By the end of 2018 this amounted to $3.8bn.

Applying historical UK corporation tax and currency conversion rates to the revenue reserves up to 2012, and the yearly profits to 2018, amounts to a potential tax bill of more than £500m owed to HMRC.

But in the event of an enquiry into unpaid tax, HMRC can also impose late payment interest and penalties for failure to notify the authorities.

If tax has gone unpaid, then depending on whether an investigation concluded those responsible knew but did not tell HMRC, or whether they did not know, the total amount due could range from almost £700m to over £1bn.

There is a possibility that some tax on the profits could not be recovered, as HMRC investigations can only go back a maximum of 20 years.

However, our calculations are also likely to be an underestimate, because we have applied the lowest rate of corporation tax that existed between 1999 and 2012, and it is possible profits had been extracted from the companies in that period that we have not included in our sums.

In any event, Mr Abramovich's tax bill could dwarf the £653m bill imposed on Formula One boss Bernie Ecclestone in 2023.

Frozen funds

Following Russia's full-scale invasion of Ukraine, the British government allowed Roman Abramovich to sell Chelsea FC to Todd Boehly. It did so on the condition that £2.5bn from the proceeds would be donated to charities supporting victims of the war in Ukraine.

Nearly three years later, the money still sits in a frozen Barclays bank account, reportedly due to disagreement over how it should be spent, with Mr Abramovich wanting the money to go to "all the victims" of the war, and the UK government insisting it should be spent solely on humanitarian aid in Ukraine.

The BBC's investigation suggests that, just as Ukrainians are waiting for money from the former Chelsea boss, so is the British taxpayer.

BBC