U.S. probes firm linked with Abramovich over hedge fund investments – NYT
(Reuters) – U.S. federal authorities are investigating funding advisory agency Harmony Administration, which oversaw hedge fund investments price billions of {dollars} for Russian billionaire Roman Abramovich, the New York Occasions reported on Tuesday.
The investigation, being performed by the Securities and Change Fee (SEC) and the Federal Bureau of Investigation (FBI), is partly centered on how Abramovich’s associates used a number of offshore shell corporations to take a position $8 billion in hedge funds and personal fairness companies, the report added, citing individuals near the agency.
The authorities are searching for details about the circulate of cash to and from greater than a dozen shell corporations based mostly in havens just like the British Virgin Islands and the Isle of Jersey, the NYT report stated.
Earlier in June, a U.S. courtroom issued warrants for the seizure of two luxurious planes owned by Abramovich.
The U.S. Division of Justice can also be searching for broader authority from Congress to grab Russian oligarchs’ property as a method to strain Moscow over its invasion of Ukraine, a prosecutor stated in July.
In March, a KleptoCapture process power was launched to boost the USA’ capability to punish rich Russians whom Washington accuses of enabling Russian President Vladimir Putin to invade Ukraine.
The SEC, the FBI, and Harmony Administration didn’t instantly reply to Reuters’ requests for remark.
(Reporting by Rishabh Jaiswal in Bengaluru)
