The law firm Mossack Fonseca, the leaked documents which formed the basis of a report by the International consortium of investigative journalism (ICIJ) “the Panama document”, has registered the required offshore company Xitrans Finance Ltd, which Russian billionaire Dmitry Rybolovlev, according to the ICIJ investigation, was used during the property division with your former spouse.
ICIJ calls Xitrans Finance Ltd, registered in the British virgin Islands in 2002, “mini-Louvre”. According to the consortium company was owned paintings by Picasso, Modigliani, van Gogh, Monet and Degas, as well as exclusive pieces of furniture. The authors of the investigation with reference to e-mails received Mossack Fonseca wrote that during the divorce of Dmitry Rybolovlev and his wife Elena in 2009, the businessman used Xitrans Finance Ltd “to bring these luxury items from Switzerland to Singapore and London beyond its reach.” As noted by ICIJ, the lawyer Elena Rybolovleva in court papers argued that the offshore company controlled by key location, use and storage of works of art total cost of $650 million.
Dmitry Rybolovlev and Elena Rybolovlev refused to comment on the report, says ICIJ.
The representative of the billionaire said Monday that it is about “official offshore companies” whose information is in the public domain. “The company was officially involved in the different transactions”, — said the representative of Dmitry Rybolovlev. He rejected suggestions that the businessman used these offshore accounts to hide the picture from his ex-wife. “It’s all there in the history of the divorce,” he said.
Sunday ICIJ began publishing the investigation, “the Panama document”, based on the resulting leakage 11.5 million documents of the company Mossack Fonseca. This company, according to journalists, is engaged in the creation of front companies and corporate structures to conceal the ultimate beneficiaries of the assets. The investigation included data about the transactions and the offshore 12 current and former world leaders, data of 128 politicians and officials and 29 billionaires on the Forbes list. In the ICIJ report, in particular, argues that people “from the inner circle” of Russian President Vladimir Putin was transferred through offshore companies at least $2 billion in addition, journalists write that he found the offshore accounts abroad 12 officials of Russia. According to the investigation, many offshore companies were left after the ban on their possession.
Elena rybolovleva filed for divorce in 2008 after more than 20 years of marriage and later initiated legal proceedings on the division of property. Rybolovleva accused her ex-husband that he used “numerous third parties” to create a network of offshore holding companies and trusts to asset allocation, including works of art from his collection. In 2013, Bloomberg wrote that some of them, including paintings by van Gogh, Monet and Picasso, owned Xitrans Finance Ltd, registered in the British virgin Islands, and is located in Singapore. As reported by the Financial Times, Xitrans Finance Ltd acted on behalf of a Cyprus trust, the beneficiaries of which are specified Rybolovleva daughter Catherine.
In 2014, the Geneva court ordered Rybolovlev to pay his former wife half of his fortune (then this amount was estimated at $4.5 billion). The billionaire challenged this decision, and in June 2015, the court reduced the amount of payment in favor of Elena Rybolovleva to $604 million In October of 2015 Rybolovleva reported reaching agreement on the terms of divorce. The ex-wife agreed to withdraw all claims to each other. Financial terms of the agreement were not disclosed.