BILLIONAIRE’S MALTA ASSETS UNDER WORLDWIDE FREEZING ORDER AFTER TURKEY COUP ARREST

On 26 August, Malta Today carried a feature about shipping mogul Mübariz Mansimov, arrested in March over the Turkey coup and alleged Gulen links, and who has a shipping empire – the Palmali group – based in tax-friendly Malta.  In May, the High Court in London issued a worldwide freezing order against Palmali Holding Company. The injunction was sought by Sberbank of Russia on all Malta companies, as well as some $261 million in assets that Mansimov holds in the UK.  However, in 2017, leaks indicated that the group’s ultimate beneficial owner was President Erdogan’s family and Erdogan had used shell companies in Malta and the Isle of Man to own or control shipping.

https://www.maltatoday.com.mt/news/national/104338/billionaires_malta_assets_under_worldwide_freezing_order_after_turkey_coup_arrest#.X0Zr2n6SmM8

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

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