An investigation is underway in the United States into investment advisory firm Concord Management, which oversaw billions in hedge fund investments for Russian oligarch Roman Abramovich. The New York Times writes about it.
The SEC and the FBI are independently investigating. They intend to establish whether the company tried to hide participation in Abramovich's investments.
According to the NYT, due to the fact that Abramovich's investments went through offshore companies, it is not clear how many funds and companies were aware that Concord Management represented his interests. Industry officials say Concord Management's connection to the Russian billionaire has "become better known" on Wall Street in recent years.
After the Russian invasion of Ukraine, sanctions were imposed on Abramovich by the United Kingdom (March 10) and the European Union (March 15).
In June, Abramovich tried to challenge the sanctions, media reported . First, he filed a lawsuit in the European Court of Justice in Luxembourg against the EU Council because of the sanctions, and then sent documents to the "leadership" of the EU and the UK, which confirmed that he pays more taxes in Europe and the United Kingdom than in Russia.
The British Treasury explained the sanctions by saying that Abramovich is a “prominent Russian businessman and pro-Kremlin oligarch” who has been close to President Vladimir Putin for “decades” and has benefited from it.
At the same time, the US did not impose sanctions against Abramovich. The Wall Street Journal wrote that Vladimir Zelensky asked Joe Biden not to impose sanctions against Abramovich because of the participation of the billionaire in the negotiations between Kyiv and Moscow.