Roman Abramovich, theโข Russian billionaire,โ has denounced a probe by the Jersey Financial Services Commission (JFSC) as baseless โขand unlawful, according to a statement released on Wednesday. Abramovich claims โthe examination, wichโฃ began in Februaryโข 2022, is a politically motivatedโ attempt to damage his reputation and โis a violation of โฃhis human โrights.
Theโค dispute centers around allegations of improper โคfinancial dealings linked toโ Abramovichโค prior to and following Russia’sโค invasion of ukraine. The JFSC sought to determine โฃif Abramovich was theโ beneficial owner of companies subject to sanctions, and whether thereโค had โฃbeen breachesโค of โขJersey’s financial regulations.โค This case highlights the increasing scrutiny faced by Russian โoligarchs as governments worldwide seek to enforce โคsanctions and crack down on assets potentiallyโ linked to the Kremlin, with notable implications for international finance and asset management.
Abramovich’s legal team asserts the JFSC’s investigation relied โon flawed intelligence andโค failed to provide him with a fair opportunity to respond to โขthe allegations.They argue the commission exceeded itsโ statutory powersโ and acted in a discriminatoryโข manner. The statement details that the โJFSC’s requests for information were overly broad and intrusive, seeking details about โAbramovich’sโข personal โขlife and business dealings unrelatedโฃ to any legitimate investigation.
The JFSC initially froze assets believed to be under Abramovich’sโค control in Jersey, includingโฃ a $90 million chalet in โthe exclusive resort of St. Brelade. These โassetsโ have as been released, but Abramovich is seeking a formal declaration from the Royal Courtโค of Jersey thatโ the investigation was unlawfulโ and โคan infringement of his rightsโฃ under the European Convention โขon Human Rights.
“The investigation was conducted in a manner that was unfair, unreasonable, and disproportionate,” a spokesperson for Abramovich said. “Mr.โ Abramovich is โconfident that the Royal Court will recognise the seriousโ flaws in theโค JFSC’s process and uphold hisโค rights.”
The case is โbeing โคclosely watched by legal experts and financial institutions, as โit couldโฃ set a โคprecedent for futureโ investigations into sanctioned individuals and โthe scope of regulatory powers in offshore financial centers. A hearingโ is scheduled in Jersey’s Royal โฃCourt โคlater this โyear.