"The largest amount of income that OCCRP could confirm among companies connected to Novikov came from one of the Estonian companies, Treastone OÜ. It generated 997,501 euros of profit on 1,100,935 euros of revenue in 2019, and 1,199,082 euros of profit on 1,216,403 euros of revenue in 2020, accounting for more than 2 million euros of profit over two years, according to company financial statements. Novikov sold his shares in Treastone OÜ in February 2021."
"Novikov has moved to distance himself from Adeco Systems, which disappeared amid allegations of ad fraud before Jigsaw Puzzles LLC, later renamed JustMoby, was incorporated. But documentation from corporate registries shows that several companies within Novikov's network were owned or directed by employees of Adeco and JustMoby. Before it became Adeco's primary brand name, "JustMoby" was the name of a partner company in Belarus."
Novikov held stakes in two active companies named JustMoby in Russia and Estonia and in four other Estonian companies. He sat on the boards of Latvian Sia Feoni and an inactive UK JustMoby company. Estonian Treastone OÜ generated over €2.19 million profit across 2019–2020; Novikov sold his Treastone shares in February 2021. Financial records for about 20 other linked mobile-app publishers were inaccessible. Three Estonian companies removed Novikov from owner lists and changed titles. Novikov said he was affiliated only with the Russian and Estonian JustMoby companies and Jigsaw Puzzles LLC, and distanced himself from Adeco Systems; several network companies were owned or directed by Adeco and JustMoby employees.
Read at OCCRP
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