The leaked papers of a sanctioned Russian oligarch have revealed how easy it is to hide properties and other assets in shell companies.
Suleiman Kerimov conducted £525m of secret transfers using offshore shell companies, according to the financial records obtained by the International Consortium of Investigative Journalists and the BBC.
The documents, known as the Pandora Papers, show that a Swiss accountant and businessman, named Alexander Studhalter, posed as the owner of properties in London and France that are in fact owned by Kerimov. Studhalter denied this and said his signature was forged.
Kerimov was the secret owner of several French villas and a London mansion that sold in 2013 for a reported £80m, according to BBC analysis of the documents.
But even though the true identity of the owner is known, it casts doubt on the ability of governments to seize the assets of those who have been targeted as a result of Russia’s war in Ukraine.
