2 Russian billionaires invest money in Caribbean resort, UK: Doc
- Roman Abramovich’s business partners invested in luxury across the world, documents show.
- These include a Caribbean island resort, a London church and a Greek hotel, The Guardian reported.
- He added that the investments are managed by a company in the British Virgin Islands – a tax haven.
The portfolios of two of Roman Abramovich’s Russian business partners include investments in luxury resorts, churches, markets and golf courses around the world, according to documents seen by The Guardian.
What the three businessmen have in common is to hold shares in the Russian steelmaker Evraz.
The Guardian reported that Evraz co-founder Alexander Abramov and Evraz CEO Aleksandr Frolov hold a combined 29% stake in the company – of which Abramovich is the largest shareholder, holding 28.6%.
Abramov and Frolov’s wealth has filtered through multiple investments, managed by investment firm Vollin Holdings Ltd, based in the British Virgin Islands and also a tax haven, The Guardian reported.
An investment includes the development of the Caribbean island West Caicos into a luxury resort island, according to documents seen by The Guardian. High-end hotels, a marina village, a golf course and mooring spaces for superyachts were among the features included in plans for the island, the documents show, according to the outlet.
Documents reportedly showed another investment by the pair was the redevelopment of a central London church into offices, but this was rejected.
Abramov and Frolov also pumped money into a golf course community in Prague, Czech Republic, providing housing, a hotel and a spa, the documents show.
Additionally, documents showed the couple had invested in a hotel in Mykonos, Greece, as well as offices in major UK cities and London’s Shepherd’s Bush market.
Abramov and Frolov’s property investments in the UK total more than $130 million, the documents show.
Abramov has an estimated net worth of $6.4 billion, while Frolov’s net worth is around $2.6 billion, according to Forbes.
Unlike Abramovich, the two billionaires were not placed on any sanctions list following the Russian invasion of Ukraine. In March, the British government froze Abramovich’s assets in the country, banned him from visiting, and barred citizens and businesses from doing business with him.