"German prosecutors say they will drop an investigation of Russian oligarch Alisher Usmanov, a close ally of President Vladimir Putin, over possible breaches of sanctions and money laundering rules after he agreed to pay a 10 million euro (about $11.8 million) fine. The Uzbekistan-born Russian billionaire and metals magnate, who was reelected as the president of the International Fencing Federation last year, has been facing European Union sanctions imposed after Russia's full-scale invasion of Ukraine in 2022."
"The Munich prosecutors office said Tuesday the probe of Usmanov, which prompted police raids of dozens of properties in Germany linked to him three years ago, will be dropped upon receipt of payment of the fine. Some funds and assets linked to Usmanov had been frozen under the EU sanctions. Prosecutors said Usmanov was suspected of transferring about 1.5 million euros through foreign-based companies for management of two properties in the lakeside town of Rottach-Egern south of Munich, in the months after the sanctions were imposed."
"He was also alleged to have failed to declare valuables including jewelry, paintings and wines to authorities. Usmanov's defense team had challenged the allegations about his ties to the companies and valuables and the applicability of EU law in the case. The prosecutors said the discontinuation of the investigation upon payment of a fine was authorized under German criminal law."
German prosecutors will discontinue the probe into Alisher Usmanov once he pays a 10 million euro fine. The probe prompted police raids of dozens of properties linked to him in Germany three years ago. Usmanov faced European Union sanctions imposed after Russia's 2022 invasion of Ukraine, and some of his funds and assets had been frozen. Prosecutors suspected transfers of about 1.5 million euros through foreign-based companies to manage two properties in Rottach-Egern and alleged failure to declare valuables including jewelry, paintings and wines. His defense challenged the allegations and the applicability of EU law. The discontinuation was authorized under German criminal law upon payment.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]