د . إAEDSRر . س

Russian Company Run By Maltese Passport Buyer Suspended From London Stock Exchange

Article Featured Image

A Russian company run by one of Malta’s many passport buyers has been suspended from trading on the London Stock Exchange in the wake of the Russian government’s invasion of Ukraine.

Pavel Grachev served as the CEO of the largest producer of gold in Russia since 2014, but in April 2022 he stepped down from his role. He has also resigned from Polyus Board of Directors at the same time.

Earlier, the LSE said it was moving to block trading in the companies, which included Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

Polyus is run by Pavel Grachev, who acquired Maltese citizenship in 2017 along with his family.

Pavel Grachev was the CEO of Polyus Gold, the largest producer of gold in Russia and one of the world’s largest gold mining companies. Almost half of his declared net worth of €42 million is derived from a single “bonus payment” of €20 million paid to him by a BVI shell company, Ninelco Investments Ltd.

According to information acquired by the Daphne Caruana Galizia Foundation, Grachev applied to buy Maltese passports for himself and his family through Henley & Partners in 2014.

To meet the 12-month residency requirement, Grachev rented a flat at Portomaso in St Julians for €2,800 per month. He spent less than ten hours in Malta in 2014.

According to an itinerary filed along with documents related to his residency status, during his 10-hour visit Grachev met officials at Identity Malta at 10am and visited a local bank to open an account 45 minutes later.

Malta suspended selling passports to Russian and Belarussians following intense public pressure.

What do you think of this?

READ NEXT: 28-Year-Old Man Stabbed By 'Sharp Object' Following Argument In Marsa

Julian is the former editor of Lovin Malta and has a particular interest in politics, the environment, social issues, and human interest stories.

You may also love

View All