The Middlemen Helping Russian Oligarchs Get Superyachts and Villas - The New York Times - 0 views
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On Feb. 24, as Russian troops poured into Ukraine on Day 1 of the invasion, an employee of a yacht management company sent an email to the captain of the Amadea, a $325 million superyacht: “Importance: High.”
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At Imperial Yachts, no detail is too small to sweat. Based in Monaco, with a staff of about 100 — plus 1,200 to 1,500 crew members aboard yachts — the company caters to oligarchs whose fortunes turn on the decisions of President Vladimir V. Putin. Imperial Yachts and its Moscow-born founder, Evgeniy Kochman, have prospered by fulfilling their clients’ desires to own massive luxury ships.
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Imperial’s rise has benefited an array of businesses across Europe, including German shipbuilders, Italian carpenters, French interior design firms and Spanish marinas, which together employ thousands of people. Imperial Yachts is at the center of what is essentially an oligarch-industrial complex, overseeing the flow of billions of dollars from politically connected Russians to that network of companies, according to interviews, court documents and intelligence reports.
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Andrew Adams, a federal prosecutor leading the task force, said in an interview that “targeting people who make their living by providing a means for money laundering is a key priority.”
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Along with the Amadea, Imperial Yachts oversaw the construction of the Scheherazade, a $700 million superyacht that U.S. officials say is linked to Mr. Putin, and the Crescent, which the Spanish police believe is owned by Igor Sechin, chairman of the state-owned oil giant Rosneft.
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Mr. Timchenko and his partners designed the Scheherazade — seized in early May by the Italian police — as a gift for Mr. Putin’s use, according to the assessment. Together, the three vessels may have cost as much as $1.6 billion, enough to buy six new frigates for the Russian navy.
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But U.S. officials are not buying such explanations. Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said it was the responsibility of people in the yacht services industry to avoid doing business with people under sanctions.“And if you do,” she said, “you yourself will be subject to sanctions.”
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Mr. Kochman, 41, got his start in the yacht business in Russia in 2001, the year after Mr. Putin took power, selling Italian-made yachts.
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“The client may be fully immersed in the project, he might not be,” he said in a phone interview. “I channel everything through Mr. Kochman.”
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“We are not currently working with anyone on the sanctions list and we have shared all requested information with the authorities, with whom we continue to work,” the spokesman said in an email.
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But according to U.S. investigators, Imperial Yachts brokered the sale of the Amadea late last year to Suleiman Kerimov, a Russian government official and billionaire investor who has been on the U.S. sanctions list since 2018. He was among a group of seven oligarchs who the American officials said “benefit from the Putin regime and play a key role in advancing Russia’s malign activities.”
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Mr. Clark, the lawyer for Imperial Yachts, said the company “would never knowingly create structures to hide or conceal ownership, nor would we knowingly broker deals to sanctioned individuals.”
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One thing is clear, according to the U.S. task force: Members of Mr. Kerimov’s family were on board the Amadea earlier this year, based on investigators’ interviews with crew members, reviews of emails between the ship and Imperial, and other documents from the superyacht including copies of passports.
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The cast of characters restoring Villa Altachiara to its former glory is familiar. Mr. Kochman’s BLD Management is supervising the project. Mr. Gey is helping to oversee the local and international artisans restoring the interior of the mansion. Yachtline 1618, an Italian high-end carpentry company that has worked on Imperial Yachts projects, is also involved.
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Locals have never seen Mr. Khudainatov. Mariangela Canale, owner of the town’s 111-year-old bakery, said she was worried that Portofino would become a place where the homes were mere investments, owned by wealthy people who rarely visited, and the community would lose its soul. “Even the richest residents have always come for a chat or to buy my focaccia bread with their children, or have dinner in the piazza,” she said. “They live with us.”
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“Everything is under very strict nondisclosure agreements,” Mr. Gey said. “It’s a standard in the industry.”He added, “It’s not like there is something to hide.”