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27 февраля, 2024
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A Kazakhstani Figure Accused of Money Laundering Finds New Role in Litigation Finance

A recent revelation involving Ilyas Khrapunov, a Kazakhstani individual accused of orchestrating hundreds of millions of dollars laundering from the largest city in Kazakhstan and a central bank, has sparked controversy as he aligns himself with his brother’s litigation finance startup. According to records from the Swiss business registry and a court affidavit, Ilyas Khrapunov has assumed the consultant position at Litigation Partners, SA, founded by his brother Daniel Khrapunov in February.

Shady Past And Current Endeavors

Money Laundering And Exile

Ilyas Khrapunov, previously accused by a federal judge of establishing shell companies exclusively for money laundering purposes, has now positioned himself as an external advisor to Litigation Partners. The litigation finance firm, based in Geneva, specializes in complex litigation, mainly focusing on disputes related to former Soviet Union countries.

Litigation Partners: A Controversial Venture

The Industry Landscape

Litigation finance, a decade-old industry boasting approximately $13.5 billion in assets under management, involves investors funding lawsuits in exchange for a portion of the award if the case succeeds. Although major markets for this industry include the US, UK, and Australia, Switzerland has seen the presence of notable firms like Burford Capital and Omni Bridgeway.

Lack Of Transparency And Regulation

The industry’s growth can partly be attributed to the minimal regulation and transparency surrounding funders. While some US courts have started advocating for more disclosure, Switzerland, where Litigation Partners operates, has yet to see significant regulatory pushes.

Funding Origins And Controversial Figures

Litigation Partners’ capital sources and the extent of its funding remain undisclosed in the public domain. Daniel Khrapunov claims that the startup funds were derived from a 2020 sale of Swiss-based real estate initially purchased by his mother in 2004. His parents, Viktor and Leyla Khrapunov are in exile in Switzerland after being convicted in absentia in 2018 of defrauding Almaty, Kazakhstan’s largest city, of at least $300 million.

Источ­ник: JDJournal

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