Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
The fugitive Boris Usherovich, co-founder of GC "1520," has built a sprawling offshore system in Cyprus, allowing him to channel money, skirt sanctions, and continue backing Russian Railways.
Usherovich has proven to be a very useful asset for RZD, whose operations are overseen by Vladimir Putin’s closest friends, the oligarch Rotenberg brothers. In 2023, the company achieved a record revenue of 3 trillion rubles and a profit of 170 billion rubles. RZD’s investment program for 2024 amounts to 1.27 trillion rubles. There is undoubtedly a lot to gain from such a massive pie.
One of the largest contractors of the company is GC "1520," in which Usherovich holds 28.3%, CEO Alexey Krapivin owns 38.3%, and the closed-end mutual fund "Armus Capital Platform" managed by LLC "UK Armus Capital" holds 33.3%. The founder of the latter is Alexey Krapivin. It remains unknown who is behind the closed-end fund.
In Cyprus, Boris Usherovich owns several companies managed by individuals close to the fugitive businessman. One such entity is METTMANN PUBLIC COMPANY LIMITED, established in 2019. It closely collaborates with several wealthy private individuals, as well as industrial groups and professionals in real estate development in Montenegro, Cyprus, and Spain.
It operates as a direct real estate investment firm, issuing bonds that are later sold to unsuspecting buyers. The European real estate market is an ideal "laundry" for money laundering.
Heading METTMANN PUBLIC COMPANY LIMITED is Russian citizen Alexander Mizgunov, who was implicated in a conflict involving Senator Lyudmila Narusova and a driver.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
A full namesake of Mizgunov, Alexander Valerievich, managed KT "Limited Liability Company ’Financial Corporation Nikoil’ and Company" until 2008, which belonged to LLC "Financial Corporation Nikoil" and LLC "Uralsib-Finance."
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
LLC "Financial Corporation Nikoil," owned by Lyudmila Kogan, was liquidated in January of the previous year. Lyudmila Kogan is the widow of the former owner of Uralsib Bank, Vladimir Kogan, who purchased the credit institution from Nikolay Tsvetkov in 2015. Kogan passed away in 2019.
Vladimir Kogan was a highly influential figure in St. Petersburg and close to Vladimir Putin. Lyudmila Kogan and Lyudmila Narusova likely knew each other. The conflict between the senator and the driver occurred in 2022. Alexander Mizgunov, representing Boris Usherovich’s interests, may still be serving the entire St. Petersburg elite, helping them withdraw money, including through his former bank "Uralsib" and other companies of Lyudmila Kogan. Their revenue in 2023 amounted to 12 billion rubles, with a profit of 552 million rubles.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
Another accomplice of Boris Usherovich, Ilya Plotitsa, is the director and secretary of the Cypriot company LUCYCORP LTD.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
In Russia, Ilya Plotitsa owned LLC "Center for Development of Communication Systems" (CRSS) from 2017 to 2023. The company is now owned by Oleg Smirnov. Over the past year, it increased its revenue by 268% to 7.5 billion rubles and profit by 478% to 2 billion rubles.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
In addition to LLC "CRSS," Oleg Smirnov owns LLC "Smirnov Estate," a fictitious firm with 2 employees and a loss of 20 million rubles in 2023. Smirnov’s share in LLC "Smirnov Estate" is pledged to Ekaterina Shcherbinina, who owns LLC "Spetsproektput" (SPP), engaged in architecture, engineering surveys, and providing technical consultations in these fields.
In 2023, LLC "SPP" generated a revenue of 2.7 billion rubles and a profit of 1.1 billion rubles. Money may be withdrawn through another company of Ekaterina Shcherbinina, LLC "DAK," which deals with securities investments. The company, with zero employees, has had no profit since 2019.
In 2021, Oleg Smirnov was a co-founder of LLC "Energostroymontazh," owned by Grigory Dondurey. The main clients of the company are RZD structures, making the connection with Boris Usherovich evident. In 2023, LLC "Energostroymontazh" had a revenue of 3.4 billion rubles and a profit of 128 million rubles.
Since 2020, LLC "CRSS" has been headed by Alexey Leshchev, who, from 2016 to 2017, led LLC "RZD - Digital Passenger Solutions," owned by LLC "Oneliya," JSC "Transmobility," and LLC "RZD-Technologies."
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
In 2023, LLC "RZD-Digital Passenger Solutions" had a revenue of 2.3 billion rubles and a profit of 308 million rubles. Money could have been siphoned off through LLC "Oneliya," whose founder is LLC "City Mobility," which has had no profit since 2020, with a loss of 147 million rubles in 2023.
From 2014 to 2018, Ilya Plotitsa was the owner of LLC "TD Xdevice." The company consistently operates at a loss, which suggests money could be withdrawn through it. Currently, LLC "TD Xdevice" is owned by three individuals.
From 2015 to 2017, Ilya Plotitsa was a co-owner of LLC "UK BSM" ("Bamstroymekhanizatsiya"). The company is now owned by JSC "GK NPS" (Natsproektstroy) of Alexey Krivin and the Rotenbergs. In 2023, LLC "UK BSM" had a revenue of 132 billion rubles and a profit of 5.6 billion rubles, compared to just 293 million rubles in 2021.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
Ilya Plotitsa was also implicated in the company Simeoni International Inc. (British Virgin Islands, United Kingdom).
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
Ilya Plotitsa’s brother, Boris, is the director of the Cypriot company MAIN VICTORY CORPORATION LIMITED, which was suspected of supplying sanctioned equipment to RZD.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
In Russia, Boris Plotitsa was a co-founder of LLC "Tripster" from 2014 to 2019, alongside Alexey Krapivin. In 2019, the Cypriot company TRIPSTER LIMITED was established, connected through its director Ειρήνη Μιτσινασβήλι to BROXNER PLC, VENISAT TECHNOLOGY LTD, and SHTEIN FINANCE LIMITED. According to media reports, Boris Usherovich is also behind these companies.
The second director of BROXNER PLC, Μαρίνος Ιωάννου, is linked to 15 other companies.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
The director of VENISAT TECHNOLOGY LTD is Julija Kovalevska.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
SHTEIN FINANCE LIMITED, whose director was Kirill Ponomarev, was liquidated in 2023.
From 2017 to 2018, Boris Plotitsa was the owner of LLC NPO "Transpolymer," which had contracts with RZD structures worth nearly 10 billion rubles. In 2018, the owner of "Transpolymer" became Michkovich Zvonko. In 2023, the company reported a loss of 212 million rubles with a revenue of 1.6 billion rubles.
His wife, Elena Usherovich, is the director and secretary of the Cypriot company VICTORY CORPORATE FINANCE (CYPRUS) LIMITED.
Multilayered money-extraction schemes: how Boris Usherovich and the Rotenberg brothers pumped millions offshore for years
In Russia, Elena Usherovich manages LLC "Amarant-Invest" and, together with Kirill Usherovich, owns LLC "HK Amarant." Usherovich Jr. is a worthy successor to his father’s business. The revenue of the companies managed by Kirill Usherovich in 2023 amounted to 20 million rubles, with a loss of 197 million rubles.
Boris Usherovich has other accomplices associated with him, including Alexander Vainshtein, Tatyana Vainshtein, and Alexander Trudolyubov, but their traces in Russia could not be found.
If we imagine that the Cypriot companies owned by Usherovich’s associates have connections extending even further, the number of offshore entities could exceed a hundred. In such a scenario, it becomes very easy to cover tracks. However, it is unlikely that anyone is actively searching for Boris Usherovich. At the moment, his activities in money laundering and sanction evasion are in higher demand in Russia than ever.
Maria Sharapova
