JAILED RUSSIAN FORMER SENATOR LOSES LEGAL CHALLENGE IN ISLE OF MAN TO THE CONFISCATION OF ASSETS

Isle of Man Today on 26th June reported that former Russian Senator Aleksandr Vitalyevich Sabadash was found guilty in 2015 of attempting to embezzle 1.8bn roubles of public funds through a fraudulent VAT refund scheme.  In January, the High Court in the Isle of Man granted the Russian VTB Bank an injunction to freeze assets linked to Sabadash in the Island, including 2 Manx-registered corporate jets valued at €9.25 million.  His challenge to the court’s order has been rejected.  The 2 Gulfstream business jets were owned by Isle of Man companies which were in turn owned by a third company of which Sabadash was the sole shareholder.

http://www.iomtoday.co.im/article.cfm?id=41425&headline=Jailed%20Russian%27s%20legal%20challenge&sectionIs=news&searchyear=2018

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s