In what seems to be a continuing trend, that may be accelerating from a bad economy, some Russian Oligarchs are running to the west to escape taxes and lawsuits.

Shalva Chigirinsky, a Russian businessman of Georgian origin, is hemmed on many sides by lawsuits these days, and the offices of an oil firm he controlled until recently were raided by law enforcement officers.

If reports of him having left for the US are true, Chigirinsky would join a growing list of oligarchs who have fled to the West in the face of legal problems.

Investigators descended on Oil Company Magma, a subsidiary of Sibir Energy, on August 8. According to a statement by Sibir Energy, investigators from the Interior Ministry were interested in the commercial activities of the Moscow Oil Company in 2002 and 2003 and the Moscow Oil and Gas Company in 2006. These companies were being run by Chigirinsky at the time.

Interfax reported that the inspection was related to suspected tax evasion, citing police sources.

Sibir Energy is also suing Chigirinsky. Until recently, he was a major shareholder of the company, and according to media reports, Sibir Energy is suing Chigirinsky over what it claims were unauthorized payments while he was directing the company, and has applied to the High Court of Justice in London. The claim currently stands at $328 million. (Moscow News)

There’s little doubt that many of these neo rich skirted laws on their way to making fortunes. Poorly written laws and random enforcement by a corrupt government can’t help either. If Mr. Chigirinsky is hoping to escape the latter here in the US, he may be disappointed. We have the same problem with our government, and it’s getting worse.

Share This