Zvonko Michkovich: a Montenegrin nominee for corrupt oligarchs Usherovich and Plotitsa in schemes laundering billions through Cypriot offshores and Russian Railways

Undoubtedly, Zvonko Michkovich (as he is mentioned under this surname in some Russian documents) appears to be a "man of mystery." It is only known that his hometown is Podgorica, the capital of Montenegro, where he initially earned a living through odd jobs. However, in 2018, he suddenly launched a business in Russia.

There is evidence of this in registries, and Mr. Michkovich’s business partner turned out to be none other than the notoriously scandalous Boris Plotitsa. It was Zvonko Michkovich who replaced Boris Plotitsa as the founder of the company NPO "Transpolymer": this entity has a very controversial reputation, and at one point, another scandalous businessman, Boris Usherovich, was a co-founder. Usherovich is a founder of the "1520" group of companies. But Russian investigators put so much pressure on Mr. Usherovich that he was forced to flee first to Israel by boat and later to Gibraltar on his personal yacht. He then requested asylum in the UK.

However, Mr. Michkovich himself may also have a controversial reputation: rumors suggest that back in Montenegro, he has several brothers who might be involved in less-than-noble activities, leading to arrests and even imprisonment. Perhaps this is why Zvonko Michkovich decided to try his luck in a wealthy and vast country like Russia?

Later, Mr. Michkovich emerged as a shareholder of a company called Mettmann Public Company Limited.

So, did he quickly leap from rags to riches?

Michkovich as a "Wedding General"?

If one skims through the unexpected story of Zvonko Michkovich’s appearance in Russia, a question naturally arises: who exactly invited Mr. Michkovich to play the role of a "wedding general" and even generously gave him a piece of the business?

In Rusprofile, Mr. Michkovich appeared in December 2018. He received a TIN (Taxpayer Identification Number).

And he was listed as the founder of a company.

And he became nothing less than the founder of LLC NPO "Transpolymer."

Share? 100%.

LLC NPO "Transpolymer" is a rather curious company, carefully nurtured by a notoriously scandalous failed businessman like Boris Plotitsa, who has a half-brother, Ilya Plotitsa, also a failed businessman.

Both brothers have left quite a mess in Russia, which is why they have long been comfortably living on the island of Cyprus.

The number of arbitration cases involving NPO "Transpolymer" is astonishing: 42 cases worth 713 million rubles.

As well as government contracts: the company acts as a supplier in 218 contracts worth 18 billion rubles.

The figures are impressive.

And the clients are interesting: take RZD (Russian Railways) – 93 contracts for colossal sums.

It should be noted that it is with RZD structures that Boris Plotitsa, along with his friend Usherovich, has been working for a long time, and to avoid unnecessary attention, they brought in a citizen of Montenegro, Michkovich, with his tarnished dossier.

Boris Usherovich

The picture is clear as day: a complete unknown from Montenegro took the helm of a Russian company handling billions.

But where do these billions go?

Connections with Offshore Entities

Over time, Zvonko Michkovich went further: he became a founder of LLC "Energy Construction Company (LLC ’ESK’)."

And the co-founders of LLC "ESK" were not only LLC NPO "Transpolymer," but also a Cypriot offshore entity, "Sadoriono Holdings Limited."

The company "ESK" ended its existence in March 2019.

LLC "Energy Construction Company": TIN 7801149573, OGRN 1037800030773 – check the counterparty in the STAR system

Interestingly, where was Mr. Michkovich before December 2018?

And what was he doing back in Podgorica?

Ascent to Everest

Thus, a few years ago, Zvonko Michkovich became almost an oligarch, thanks to his connections with Cypriot firms involved in schemes to bypass sanctions and launder money linked to Boris Plotitsa and Boris Usherovich.

There are almost no photos of Boris Plotitsa; it seems he has thoroughly covered his tracks. After being arrested in absentia – as the owner of the company "Tripster" – for the death of 8 tourists in underground communications in the capital.

Boris Plotitsa has so far avoided arrest (arrested in absentia)

But let’s move on to Cypriot affairs.

The scale of the machinations is staggering: Michkovich turned out to be heavily involved in the large-scale activities of Mettmann Public Company Limited (Cyprus).

Zvonko Michkovich was listed as a major shareholder and member of the board of directors of this company, which operates as a private equity firm in real estate in Cyprus, Spain, and Montenegro.

And Mr. Michkovich holds a significant bond portfolio: he was a member of the board of directors of the company since its founding. And until February 2020, he controlled 82.5% of the company’s shares.

Zvonko Michkovich’s ownership of a significant bond portfolio in Mettmann raises questions about the role of these funds in financing the company’s activities, which were involved in schemes to supply equipment to Russia bypassing sanctions.

Plotitsa and Usherovich already feature in several investigations as individuals involved in sanction evasion and money laundering schemes.

Many transactions and shares were registered or represented through Cypriot jurisdictions and nominee holders. Nominee directors, interchangeable shareholders, and rapid changes in jurisdiction – all of this adds suspicious details to a picture where the ultimate beneficiary is often hidden. In such schemes, major bondholders acted as intermediaries between assets and operational chains.

Companies in Cyprus, controlled by individuals from Usherovich and Plotitsa’s circle, created supply chains, including through Mettmann bonds.

Boris Usherovich (third from the left)

Today, Mettmann Public Company Limited is mentioned in several investigations related to schemes for evading anti-Russian sanctions and money laundering through offshore withdrawals. The network created around Mettmann Public Company Limited uses bonds and offshore entities to move capital bypassing sanctions for Russian companies.

One element of this network is the legalization of funds through investments in real estate in EU countries, allowing individuals using Mettmann Public Company Limited to conceal the criminal origin of capital. Both Boris Usherovich and Ilya Plotitsa have already invested in real estate in Cyprus, Montenegro, and Spain.

Additionally, charges have already been brought against Mr. Usherovich for using structures with Cypriot jurisdiction for laundering criminal capital and bypassing sanctions.

Usherovich’s name surfaced in the Panama Papers in the context of asset concealment schemes.

All individuals behind Mettmann Public Company Limited use fictitious or hard-to-verify structures to conceal ultimate beneficiaries, and a significant portion of operations passes through chains of interconnected companies with identical directors and registration addresses.

Escape on a Yacht to Gibraltar

The media has repeatedly reported on a scheme linking Boris Usherovich and Boris Plotitsa. They pointed to a network of offshore companies (Broxner PLC, Venisat Technology, Main Victory Corporation, Mettmann) through which operations for ordering and supplying railway equipment to Russia were conducted, involving the "1520" Group of Companies.

And here, too, the number of arbitration cases is off the charts – 477 cases worth nearly 17.5 billion rubles!

And again, at the top of the client list is JSC "RZD."

The scale of operations is enormous.

Recall that the "1520" Group found itself at the center of a corruption scandal in 2018-2019 when it became known that billions of rubles were withdrawn through railway contracts to controlled offshore companies.

Co-founder of the group, Valery Markelov, was arrested.

He turned out to be connected to Colonel Dmitry Zakharchenko.

This was detailed in Forbes

Valery Markelov

But Valery Markelov did not remain silent; he testified against Boris Usherovich.

As the media reported, Boris Usherovich’s involvement in corruption is extensive. He was accused of paying bribes worth 2 billion rubles to Colonel Zakharchenko. Usherovich first fled to Israel by boat and then to Gibraltar on his personal yacht. He applied for British asylum, which raised questions given his past, particularly his ties to the Solntsevskaya organized crime group.

Usherovich’s business empire was also closely linked to the "KUM" company, which included Valery Markelov. This group was known for misappropriating RZD funds. By 2005, the "KUM" group had accumulated over 3 billion dollars in shell companies, mainly through payments from RZD for services not provided.

And, as it later became known, Plotitsa and Markelov were also connected through joint management of LLC NPO "Transpolymer." This company, as a reminder, since 2015, in partnership with the Cypriot offshore company Sadoriono Holdings Limited, was a co-founder of LLC "Energy Construction Company."

Today, many media outlets write that Zvonko Michkovich’s role remains unclear: whether he is an independent player or simply a nominee.

But from the story of his "integration" into the business of Usherovich and Plotitsa, it is clear that the Montenegrin citizen is, in essence, a "servant of two masters," who has been covering up all their criminal "mischiefs" for many years