Family of ex-Deputy Prime Minister Shuvalov owns $8mn luxurious villa in Dubai
It turned out that the elite real estate was acquired through offshore firms.
The family of ex-Deputy Prime Minister and Head of Vnesheconombank Igor Shuvalov owns luxury housing worth about $8 million on the shores of the Persian Gulf. The Center for the Study of Corruption and Organized Crime (OCCRP) published this information the other day. It turned out that the elite real estate was acquired through offshore firms.
The luxury villa on the shores of the palm tree island is located in the Persian Gulf. It is reported that this building has an area of 650 sq. m and a private beach. Neighbors of the Shuvalov family is the youngest son of the former emir of Dubai, the son of Azerbaijani President Ilham Aliyev, and Russian billionaire Dmitry Rybolovlev.
Initially, the ownership of the building was obtained through Regional Property Developments Ltd. (RPDL), which is owned by the daughter of Shuvalov Maria, as well as several other companies. Among the companies is Severin Enterprises Inc., which was founded by Shuvalov’s wife, Olga. In spite of this, the villa appears as a leased property in the tax return for 2011 and 2012. The Shuvalov family representative, Aleksandr Machevsky, has already commented on the situation, declaring that “there is no cheating in leasing the property that your own company rents out.”
Examples of villas for sale and lease on the Palm Jumeirah
It is reported that until 2013, the villa belonged to Shuvalov’s son, Yevgeny, and then was transferred to the company Marine Fortune Investment Ltd. The property was re-registered after a law obliging officials to report on the foreign assets of their minor children was introduced. In last April, the villa was given to Maria Shuvalova as soon as she turned 18.
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