NEWS

Cyprus Court Freezes Russian Tycoon's Business Assets

23 September 2010

A court in Cyprus has frozen the assets of Russian businessman and senator Suleiman Kerimov, including his stakes in Uralkali and Polyus Gold following a $2bn suits filed in London and Cyprus by Russian MP Ashot Egiazaryan and his partners. The decision was handed down on September 13 and is set for a return hearing on September 27.

Mr Egiazaryan claims that Mr Kerimov conspired with Moscow Mayor Yuri Luzhkov and others to take control of his 25% stake in a multi-billion dollar project to rebuild the Moskva Hotel, a prime piece of Moscow property adjacent to Red Square and the Russian Parliament, and to sign over the entirety of his $253m investment in the project. Egiazaryan states he was threatened with criminal prosecution if he did not agree.

Drew Holiner, a dual qualified member of the English and Russian Bars, is acting for the claimants.

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