Cypriot-Spanish business of wanted Russian businessman Boris Usherovich

The wanted Russian businessman Boris Usherovich, who is suspected of laundering billions from contracts for the «Russian Railways», is actively developing a business in the trade of elite real estate in Cyprus and Spain.

Journalists have found companies and projects managed by people close to Usherovich. In particular, one of Usherovich’s wife’s companies is «registered» at a villa in Marbella, valued at over 6 million euros.

Boris Usherovich is one of the leaders of the Russian group of companies «1520», which for a long time was considered the main contractor for «Russian Railways». Its founders also included Aleksey Krapivin and Valery Markelov. The former currently remains in the management of «1520» and has simultaneously headed a company close to the Russian oligarch Arkady Rotenberg. The latter died in 2023 from cancer but managed to testify against his partners in «1520» in a case involving bribery of the leadership of the Russian Ministry of Internal Affairs, given for «protection» in large-scale embezzlement.

This case was actively discussed in 2018-2019, and during that time, Boris Usherovich, along with some business partners, managed to escape to Europe. The media previously reported that Usherovich began preparing a backup plan in advance and opened dozens of companies in Cyprus and Luxembourg. It is known that he and his family have Cypriot passports, and his daughters studied at a private school in Limassol.

It turned out that it was specifically Cypriot companies that could have become the source of money laundering from Russian state contracts, and now they are actively being legalized through real estate transactions in Cyprus and Spain.

The core of the multi-layered scheme of companies involved by Usherovich in the real estate sector is Mettmann public company limited. It is managed by two Russians – Aleksandr Mizgunov and Oksana Khadzipavlou.

On Mizgunov’s LinkedIn page, it is indicated that he graduated from Moscow State University named after Lomonosov and worked for a long time in the finance sector. In 2015-2016, he worked in the «1520» group of companies of Boris Usherovich. However, this information was only preserved in a screenshot, as Mizgunov’s profile now states that during this period he worked in an unknown industrial group.

Oksana Khadzipavlou was also born in Russia and studied at Kuban State University. She has been living in Cyprus at least since 2007.

Mettmann public company limited was founded in 2019, right after Usherovich’s escape from Russia and around the same time he reportedly applied for asylum in the UK, reportedly residing in Gibraltar. It’s important to remember this island as it is under the governance of the British government, although geographically located near Spain.

The Mettmann public company limited website contains a lot of interesting information, particularly for the years 2023-2024. On December 11, 2024, extraordinary shareholder meetings are planned, during which, among other things, a credit agreement is planned to be approved, with Jacomo company limited indicated as the creditor. The loan amount is 22 million euros with a repayment date in December 2027.

Jacomo company limited is registered in Cyprus and is managed by Alla Shulga, who previously worked in the company of Usherovich’s wife, Elena - Victory corporate finance (Cyprus) limited. Alla Shulga also manages at least three other companies that have been created since 2011 and could also be associated with the Russian runaway businessman.

In June 2024, Mettmann public company limited held another shareholder meeting where a decision was made regarding a loan for the aforementioned Jacomo company limited in the amount of 10 million euros. Essentially, Usherovich is transferring money from one of his companies to another.

Among other news on the Mettmann public company limited website, the implementation of the previous business plan is published. The first point is particularly interesting: the company successfully implemented the Sword Dragon S.L. project (Spanish real estate).

Sword Dragon S.L. is a Spanish company which, according to registries, is currently under the administration of the director of Usherovich’s Cypriot firms – Oksana Khadzipavlou. However, since 2015, this Spanish company has been managed personally by Usherovich. The firm is located in Malaga, Marbella region, Spain.

This firm is not the only one in Marbella associated with the Usherovichs. Elena Usherovich, the businessman’s wife, has been managing Avalon inversiones sl since 2013. Its official registration is in the gated community of Cascada de Camojan, where the most elite villas in the region are located.

Here’s how this place is described by a Spanish real estate website: «Small, discreet, and very exclusive, Cascada de Camojan is an area dominated by impressive villas on large plots with sprawling grounds. Among them are some of the most stunning mansions on the Costa del Sol with incredible panoramas. It’s no wonder that the density of development is low, with plenty of space and greenery. Quiet cul-de-sacs create a sense of tranquility and privacy, with roads serving only local residents».

If you look at this area on Google Maps in satellite mode, you can clearly see the sizes of the houses with huge pools and terraces. The property values in the area range from 6 million euros and higher. In the screenshot, you can see the street where Boris Usherovich’s wife’s company is registered.

Returning to the Cypriot firm’s Mettmann public company limited website, there is information about events in which its employees participate. Notably, the presence of the President of Cyprus at one of them indicates a high level of importance.

Boris Usherovich could have, in some way, secured the support of the Cypriot authorities by injecting millions of dollars into the country’s economy. However, these millions were stolen from his homeland, according to the Russian investigation.

At the same time, the funds are also being legitimized through investment in real estate in Spain.

It is worth reminding that one of Usherovich’s business partners in Russia, Aleksey Krapivin, has been working since 2023 in a company close to Putin’s oligarch, Arkady Rotenberg. Furthermore, the «1520» group of companies even announced joint projects with the Rotenbergs. Here Usherovich should be anxious, wondering if he genuinely needs a «protection» in the form of such oligarchs. After all, in October 2022 it became known that the Spanish authorities arrested the luxury villa of Arkady Rotenberg’s brother, Boris. He had kept it hidden for a long time, but thanks to a leak of information from the International Consortium of Investigative Journalists, this property was found. A Spanish land registry extract states that the villa is «linked to an individual subject to EU sanctions in connection with Russia’s invasion of Ukraine», which is the reason for its arrest.

Is Boris Usherovich not afraid of also losing his assets in Spain, considering the closeness to the Rotenbergs and the continuation of active business in Russia? Or perhaps it was this fear that prompted him to travel just 80 km from Marbella to the British Overseas Territory of Gibraltar to apply for asylum? Especially since he had already placed investments in the UK in advance.

Grace Cooper