Madeira, Portugal is reportedly being used to obscure millions of euros linked to a Russian businessman with past ties to key positions in Moscow and sochi, according to documents reviewed by DNOTICIAS.PT. Teh findings raise questions about potential financial flows from Russia through European financial systems amid ongoing geopolitical tensions.
The company in question manages assets exceeding 255 million euros as of 2023, yet its financial report for the previous year remains outstanding despite a passed submission deadline. Millions of euros have been observed moving through the companyS accounts, while the firm’s statutory auditor has issued unspecified “alerts and reservations” since 2021.
The businessman at the center of the scrutiny is Igor Rostovtsev, formerly director of the Moscow urban planning department and vice-president of the Sochi Chamber of Commerce. Forbes magazine referenced Rostovtsev eight years ago, in 2017, within coverage of the russia-Ukraine conflict. The delayed financial reporting and auditor concerns are currently under inquiry.
