Post by : Saif
Al-Najjar
According to Alisher Usmanov's legal team, a German investigation concerning alleged violations of foreign trade law has been officially closed. This investigation gained attention due to Usmanov's status as a billionaire under sanctions from the European Union and the United States related to the ongoing conflict in Ukraine.
The scrutiny was centered on alleged payments amounting to approximately 1.5 million euros for security services at two residences located in Rottach-Egern, Bavaria, between April and September 2022. German authorities had also been looking into whether lavish items such as jewelry, art, and wine were reported as required by EU sanctions regulations.
Usmanov has categorically denied any wrongdoing. His attorneys contend that he has no affiliation with the companies involved in the disputed payments and affirmed that he does not own or manage the properties associated with the security services. The defense insisted that EU sanctions are not pertinent to the particular matters in question here.
To conserve resources for all parties, the decision to terminate the investigation was reached. The lawyers noted that their public announcement was made in coordination with German prosecutors, who are anticipated to release their own comments shortly.
As part of the resolution to end the probe, Usmanov has consented to make a payment of 10 million euros, which will be allocated between the German state budget and charitable organizations. His legal representatives emphasized that this payment should not be perceived as a fine or an admission of guilt.
With a net worth estimated at $18.8 billion, Usmanov, the founder of USM Holdings, is among the richest individuals globally according to the Bloomberg Billionaires Index. He has faced EU and U.S. sanctions, alongside a travel ban since the Ukraine conflict's commencement, hindering his business operations and travel across numerous regions.
In November 2024, a previous money laundering investigation into Usmanov was similarly dismissed under comparable terms, following a financial settlement.
The conclusion of this latest inquiry may alleviate some legal burdens for Usmanov, but ongoing international sanctions present a complex web of legal challenges. His legal counsel has stated that the German investigation is resolved, marking another chapter in Usmanov's ongoing legal battles in Europe.
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