33.2 C
Saturday, March 25, 2023

Jersey Royal Court freezes $7billion worth of Roman Abramovich assets

Must read

Listen now
- Advertisement -
- Advertisement -

A Jersey Royal Court has frozen $7billion worth of assets linked to Russian Billionaire Roman Abramovich in Jersey.

Jersey Police searched premises suspected to be connected to Abramovich’s business activities on the island, Jersey Law Officers’ Department said.

Abramovich is on the UK sanctions list over Russia’s war in Ukraine.

Read Also: Roman Abramovich Sanctioned, assets frozen, including Chelsea FC

Roman Abramovich

Channel Island Jersey follows UK policy and imposes sanctions on the same people.

“The Royal Court also imposed a formal freezing order on 12 April, known as a saisie judiciaire, over assets understood to be valued more than $7billion which are suspected to be connected to Abramovich and which are either located in Jersey or owned by Jersey incorporated entities,” the Jersey Law Officers’ Department said.

Abramovich was among several wealthy Russians added last month to the UK and European Union sanctions lists over Russia’s invasion of Ukraine, and governments have since been taking action to seize yachts and other luxury assets from them.

Abramovich tried to sell Chelsea Football Club in March, but that process was taken out of his hands by the government after he was sanctioned.

Earlier this month, the Caribbean nation Antigua and Barbuda said it was willing to help the UK seize yachts owned by Abramovich.

Superyachts linked to the businessman, together worth an estimated $1.2billion, have also been docked in southwest Turkey, outside the jurisdiction of the EU and the UK.

Mystery surrounds Chelsea’s investment.

And one company, in particular, will be of interest to football fans.

Camberley International Investments, based in the Jersey capital St. Helier, has loaned £1.4bn to Fordstam Ltd, the company through which Roman Abramovich owns Chelsea FC, according to its latest accounts.

That’s money that has helped to fund Chelsea’s triumphs on the pitch.

Camberley International Investments is described in the accounts as a ‘related party’ – suggesting it could also be controlled by Mr Abramovich.

We don’t know for sure if it is among the assets frozen by the Jersey court. But if it is – what will that mean for the ongoing sale of the Chelsea?

Abramovich has previously said that he won’t seek for the loan to be repaid. But if the company which made the loan were to be frozen, the decision may be out of his hands.

The Jersey Law Officers’ department gave no detail on what would happen to specific assets.

It will come under a lot of pressure to fill in some of the blanks in the coming days.

- Advertisement -
- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article