Dubai Property of NPO Kosmos ex-head put up for sale  

Dubai Property of NPO Kosmos ex-head put up for sale
Former CEO of Kosmos Scientific Development and Production Center (NPO) Andrey Chernyakov

Dubai property of Andrey Chernyakov, wanted in Russia for embezzlement, was arrested. And his property in the UK is being sold out.

Being an affected party the Bank of Moscow has made a local court in Dubai arrest real estate of the former head of NPO Kosmos Andrey Chernyakov. Two years ago the Meshchansky District Court of Moscow recovered damaged from him as a guarantor for loans of enterprises worth more than 3 billion rubles ($51.4m). In addition, a criminal case on swindling in lending on a large scale (part 4 of Art. 159.1 of the Criminal Code) was brought against him. According to the investigation, in 2011 Chernyakov received a loan amounting to more than 11 billion rubles ($188m) from the bank under a personal guarantee to finish the construction of Alabyano-Baltic tunnel in Moscow. However, no payments or reimbursement to the bank followed. Now the total amount of debt is almost 30 billion rubles ($514m).

After the London court made Chernyakov disclose his assets around the world at the request of the Bank of Moscow a two-bedroom apartment was found in the United Arab Emirates. Its area is over 220 square meters, and it is located in a residential 23-storey building Fairooz Tower, built in 2003 in the west of Dubai. In the same area located on the coast there is one of the most luxurious marinas in the world. On January, 2 this year the city court arrested the apartment estimated at $2 million.

Дубайские аппартаменты Чернякова

Chernyakov’s Dubai apartment

According to Kommersant, on February, 27 bailiffs were able to penetrate Chernyakov’s home with no one there and to distrain all the valuable property. After that locks on the door were replaced, and the keys were handed over to the court. It is expected that soon all this along with the apartment will be auctioned off to repay the debt to the bank. The money from the accounts of UAE financial organizations of a fugitive builder will go there as well.

Late last year the Vienna Court satisfied the requirements of the Bank of Moscow by ordering Austrian bank Unicredit to transfer about 245 thousand euros from account of Chernyakov to his creditor.

Meanwhile, in the UK, where Chernyakov resides now, his property confiscated earlier has long been being sold off. On October 28, 2016 the High Court of England and Wales has recognized the right of the Bank of Moscow to recover from Chernyakov over 195 million pounds. In February his cars were sold: a Rolls-Royce and a Mercedes Viano, as well as a children's Ferrari and a three-wheeled motorcycle. Previously contractors also seized video equipment, computers, kitchenware, home furnishings, telephones and luxury items of the debtor. However, during the next New Year's raid Chernyakov, officially unemployed, managed to re-acquire expensive possessions.

At the same time lawyers of Chernyakov said that in 2014 he passed to the Bank of Moscow all the assets of NPO Kosmos, which, according to them, exceeded 30 billion rubles ($514m), as debt compensation. However, the defense says that at the time of the company's bankruptcy its cost suspiciously reduced significantly.

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