Roman Abramovich, the Russian billionaire, has denounced a probe by the Jersey Financial Services Commission (JFSC) as baseless and unlawful, according to a statement released on Wednesday. Abramovich claims the examination, wich began in February 2022, is a politically motivated attempt to damage his reputation and is a violation of his human rights.
The dispute centers around allegations of improper financial dealings linked to Abramovich prior to and following Russia’s invasion of ukraine. The JFSC sought to determine if Abramovich was the beneficial owner of companies subject to sanctions, and whether there had been breaches of Jersey’s financial regulations. This case highlights the increasing scrutiny faced by Russian oligarchs as governments worldwide seek to enforce sanctions and crack down on assets potentially linked to the Kremlin, with notable implications for international finance and asset management.
Abramovich’s legal team asserts the JFSC’s investigation relied on flawed intelligence and failed to provide him with a fair opportunity to respond to the allegations.They argue the commission exceeded its statutory powers and acted in a discriminatory manner. The statement details that the JFSC’s requests for information were overly broad and intrusive, seeking details about Abramovich’s personal life and business dealings unrelated to any legitimate investigation.
The JFSC initially froze assets believed to be under Abramovich’s control in Jersey, including a $90 million chalet in the exclusive resort of St. Brelade. These assets have as been released, but Abramovich is seeking a formal declaration from the Royal Court of Jersey that the investigation was unlawful and an infringement of his rights under the European Convention on Human Rights.
“The investigation was conducted in a manner that was unfair, unreasonable, and disproportionate,” a spokesperson for Abramovich said. “Mr. Abramovich is confident that the Royal Court will recognise the serious flaws in the JFSC’s process and uphold his rights.”
The case is being closely watched by legal experts and financial institutions, as it could set a precedent for future investigations into sanctioned individuals and the scope of regulatory powers in offshore financial centers. A hearing is scheduled in Jersey’s Royal Court later this year.
