Russia's Polyus shares down on Kerimov's detention

Kristopher Drake
November 24, 2017

Tycoon Suleiman Kerimov watches a soccer match between Anzhi and Spartak in Moscow on April 22, 2012.

"We will apply all efforts, maximum of efforts, to defend his legal interests", a Kremlin spokesman said.

He has now been released under strict conditions including handing over his passport and posting bail of five million euros.

Moscow is taking "all necessary steps" to protect Russian upper house lawmaker Suleiman Kerimov and will continue to do so, Kremlin spokesman Dmitry Peskov said, adding that the Senator is also "protecting his interests himself". However, the French Ministry of Foreign Affairs stated that Kerimov's diplomatic immunity affects only his direct official powers.

In the past, he has held shares in the world's largest potash producer Uralkali and controlled Dagestani football club Anzhi Makhachkala but later sold most of his shares.

Listed by Forbes magazine as Russia's 21st richest person with an estimated net worth of $6.3 billion (5.4 billion euros), Kerimov made his fortune during the privatisations that followed the break-up of the Soviet Union.

Mr Kerimov did not include any property in southern France on his asset declaration as a senator this year and his representative has denied that he owned properties there.

A source said the investigation centres on the purchase of several luxury residences on the French Riviera via shell companies, something that would have enabled Kerimov to reduce taxes owed to the French State.

Other reports by Ligue1talk

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