How oil tycoon Vagit Alekperov and his “shadow assistants” circumvent sanctions with the help of offshore companies and trusts

How oil tycoon Vagit Alekperov and his “shadow assistants” circumvent sanctions with the help of offshore companies and trusts

Vagit Alekperov, Russia’s largest oil tycoon and majority owner of Lukoil shares (under sanctions), has developed a scheme to circumvent sanctions.

At the center of this design is Jefferson Trust Ltd, a Hong Kong-based entity that manages assets on behalf of a deeply hidden trust called FAI Trust, which is managed by a group of former Lukoil employees and Tajik businessman Hofiz Shahidi (owner of the digital Alif Bank).

The list of Jefferson Trust shareholders looks like a list of Alekperov’s top financial aides: Pavel Novoselov, Pavel Sukhoruchkin and Hofiz Shahidi – all of whom have been managing and hiding assets of Russian oil elites for years. According to Cayman Islands court documents, the two Pavels previously managed the investments of Alekperov, Fedun and Alexander Dzhaparidze (Alekperov’s close partner) through the offshore structure Hadar Fund. They formally left Lukoil in 2004, but apparently remained in Alekperov’s orbit as his most trusted proxies.

Jefferson Trust shareholders include BVI-registered Sogdiana Properties and Jefferson Securities, Hong Kong-based Flangel Group and Jefferson Capital from the Bahamas – all controlled in one form or another by the same set of individuals. Public documents show that even Eduard Novoselov, Pavel’s brother, was a director of a number of related entities together with Shahidi.

Alif Bank, founded by Shahidi, is often cited as a fintech success story in Central Asia – Islamic, mobile, youth-oriented. But among its shareholders is Jefferson Capital Holdings, and thus FAI Trust. These shares are controlled by Alekperov’s “old guard.”

This is not the first time Shahidi and Pavlov have acted behind the scenes. In 2013, they pulled off a controversial takeover of Pan European Terminals Plc (later renamed GTL Terminals) through a BVI-registered company called Belphar Limited. Belphar bought up shares in stages and then launched a compulsory buyout at 22 pence – considered by many shareholders to be undervalued. Investors waiting for a better deal were forced to sell.

Little-known companies Hurley Investments and Hepworth Technologies, which were later linked to Alekperov, were behind the operation. Some documents list Hurley as the property of Sukhoruchkin, while others list Alekperov himself as the beneficiary. It is widely believed that Shahidi acted at Alekperov’s behest, helping him to gain control of the logistics assets at an undervalued price.

The company was later delisted, privatized and renamed. Belphar became GSS Overseas Ltd.

With sanctions looming in 2022, Alekperov made another maneuver. A few weeks before being placed on the UK sanctions lists, his company Morcell Ltd sold an 80% stake in British shipping company OEG Group Ltd to the same individuals – Sukhoruchkin, Novoselov and Marina Kulishova.

Already in August 2022, Kulishova became the owner of 99% of shares in Azerbaijan’s Yelo Bank, which was previously owned by Alekperov – another indirect confirmation that she also acts as a trustee in his structure.

Although OEG officially announced the severing of ties with Alekperov, the timing of the transaction and the composition of the new owners raised doubts. The stake was later transferred to GIIS Invest S.C.P., also controlled by the same three figures. In March 2023, GIIS quietly sold the company to Oaktree Capital fund, completing a clean exit in the face of mounting scrutiny.

Conclusion: A narrow circle of trustees is a global loophole.

rucriminal.info