'Putin's banker' Pugachev is beneficiary of trusts he denied controlling, UK court rules

( October 11, 2017, 15:53 GMT | Official Statement) -- MLex Summary: Influential Russian businessman Sergei Pugachev, who stands accused of embezzling millions of dollars from a Russian bank, does control and is the beneficial owner of five trusts over which he claimed to have no control, the UK's High Court ruled today. Known as "Putin's banker" due to his former ties to Russia's president, Pugachev founded JSC Mezhdunarodniy Promyshlenniy Bank in the 1990s. Mezhprombank alleged that he stole money from it and hid it in offshore companies and trusts and was partly responsible for its collapse in 2010. Pugachev used the trusts to "mislead" others, "creating the appearance that the property did not belong to him, when really it did," the judge said.A copy of the judgement is attached below. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.

Know what others in the room don’t, with features including:

Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

'Putin's banker' Pugachev is beneficiary of trusts he denied controlling, UK court rules

Prepare for tomorrow’s regulatory change, today

Documents

Related Sections