Offshore empire of Rostec’s “wallet”: how Albert Avdolyan used BBR Bank and Cypriot shell companies to move profits abroad and avoid taxes
Media outlets have discovered that a ruling has appeared on the Moscow Arbitration Court’s website that reveals the offshore network of Albert Avdolyan, a longtime friend and "wallet" of Rostec CEO Sergey Chemezov. BBR Bank, whose co-owner Dmitry Gordovich was arrested for money laundering, has decided to challenge the additional tax assessment. The ruling concludes that BBR is Albert Avdolyan ’s private bank, with profits from Avdolyan’s companies (Scartel, Yota, etc.) being funneled offshore, and that Avdolyan himself is implicated in numerous dubious cases, including tax evasion. In 2012, BBR Bank entered into subordinated loan agreements worth tens of millions of dollars with the Cypriot companies Globalone Holding Limited ($10 million + €10 million) and Racast Investments Limited (€10 million). In 2014, the bank transferred over 100 million rubles in interest to the Cypriot companies. The bank did not pay taxes in Russia, as Russia had a double taxati...