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.
