Court of the US state of Connecticut closed the criminal case against Russian businessman Shalva Chigirinsky. Businessman accused of committing "illegal acts" in relation to a 16yo person with possible bodily harm. The prosecution withdrew the accusation.
While the US Supreme Court considered this serious accusation, Shalva Chigirinsky was busy in court, too, but only in Cyprus. Apparently, the courts on two fronts were too much for the businessman, since he lost the last round of the Cyprus lawsuit. It should be noted that Shalva Chigirinsky asked the Cypriot court to arrest the property for a total amount of USD 90 million belonging to the head of Magnitogorsk Iron and Steel Works Viktor Rashnikov and his partner Nader Nader. It is about selling a stake in Chigirinsky's Russia Tower in the "Moscow City": the businessman argues that the transaction was carried out at a lower price.
First, the requirement was satisfied, however, the respondent party was not called to the court: this practice is common in Cyprus. But when Rashnikov's side presented their evidence, it was found out that the previous decision to arrest the head of MMK's assets was made on the basis of distorted information. Experts believe that the businessman in dire need of funds, and is just trying to "tear off money" from Rashnikov and Nader, using all available methods. But to defend his innocence in a US court and try to win back a large sum, for the Cypriot court it was not easy.
In January this year the Court of Limassol considered that the demand of Shalva Chigirinsky had no ground and, moreover, an application for seizure of property contained a lot of errors. The arrest of Rashnikov's assets was removed. Persons familiar with the situation believe that Chigirinsky intends to focus on "squeezing" of money from the head of MMK. But first it was necessary to cover the high-profile case on charges of illegal sexual acts against a minor.
It is possible that it was completed by agreement of the former spouses. The scandal initially looked like an attempt of Shalva Chigirinsky and his ex-wife Tatiana Panchenkova, who divorced in 2009, to divide the family assets upon divorce. The case featured two older daughters of the former spouses. It is curious as to why the prosecutor's office, on finding Chigirinsky not guildty, at the same time withdrew the charge in respect of Panchenkova? The woman was accused of committing acts "entailed the risk of harm to minors and their moral decay." The prosecution believes that Tatiana Panchenkova deliberately manipulated daughters, with the aim to stir up hatred for their father.
But on the same day when the prosecution against Chigirinsky was withdrawn, the prosecution against Panchenkova also ended. Persons familiar with the situation reminded that the former spouses had been dividing their assets for eight years after the divorce. During it, both parties showered each other with mutual recriminations. In particular, Chigirinsky accused Panchenkova of stealing jewels worth $100 million, and the ex-wife tried to prove in a Moscow court that she never recieved 354 million rubles promised her at the divorce. The same sources make the assumption that the former spouses decided to conclude a peace treaty, in a sense. What were the conditions, if the assumption is correct, we can only guess. But it is believed that the businessman had to abandon the judicial war on two fronts because he started to lose one.
"Robin Hood" saves himself
If the famous Robin Hood took away valuables from the rich and gave to the poor, than Shalva Chigirinsky as the evil tongues say, is making every effort to take away quite a fortune from the rich for his own self. Not that back in time, Shalva Chigirinsky and Victor Rashnikov on parity started to build an ambitious project, Russia Tower, a Moscow skyscraper, which was to become the capital's tallest building. However Chigirinsky faced serious financial problems. The businessman sold the property and moved to the United States. He could not for a long time sell his share in the Tower, as nobody wanted to buy it because the skyscraper, then as now, existed only on paper.
Finally, the share of Chigirinsky was bought by Viktor Rashnikov. Experts say that the seller for a not very liquid asset received the highest possible price. But the seller claimed that the head of MMK actually paid very little. For the sake of extortion of money from Nader and Rashnikov, Shalva Chigirinsky as the evil tongues say, even reconciled with his younger brother, Alexander Chigirinsky, if money can be regarded as the goal of reconciliation.
The problem is that Chigirinsky Jr is also unlucky in the courts.
The Chigirinsky brothers against Rashnikov
Last fall Chigirinsky brothers, who had not contacted each other for a long time before, suddenly hit Rashnikov with lawsuits. But if the claim of Chigirinsky Sr. concerned the Moscow-City Russia skyscraper which was never built, his younger brother was planning to cash in on a ready object. Initially, Evolution skyscraper in Moscow-City were to be built by Snegiri belonging to Alexander Chigirinsky and Inteko belonging to the wife of former Moscow Mayor Yuri Luzhkov, Elena Baturina. However, in 2010 the businesswoman decided to leave the project.
In the same year Baturina sold 50 per cent stake in the project to Viktor Rashnikov for 37 million dollars. For the construction of Evolution, the MMK owner took out a loan, the project was finished and sold. According to rumors, the price amounted to a billion dollars. Net profit amounted to 267 million dollars, of which 50% came to the accounts of the Chigirinsky's entities, while the other half was transferred to City Palace, which Rashnikov and Chigirinsky Jr. owned jointly.
Representative of Rashnikov, Snapbox Holdings, appealed to the Russian arbitration, but the case was lost. Surprisingly, the Cyprus court, which Rashnikov addressed with the same demands, immediately arrested Rashnikov's assets worth $170 million as the claim security. However, Chigirinsky Jr. filed a lawsuit, too. He argues that during the deal with Inteko, the price of 37 million dollars, was strongly undervalued and demanded US $127 million.
However, in the autumn of last year, Alexander Chigirinsky withdrew his claims. Those familiar with the situation say that the claim was withdrawn because of its apparent unreasonableness.
But actually it changes nothing: Chigirinsky Sr. was "plucked" by the former wife, and the last asset that remained from the former business empire of brothers is Snegiri, which is now owned by Chigirinsky Jr., may soon go to the new owner. and after all the debts of the company all this time only grew: the parent company of Snegiri registered in Cyprus, ceased to disclose its accounts after 2013. Even then, the debt burden of the asset was estimated at $470 million.
However, the brothers' plans to capitalize on Viktor Rashnikov failed. One barely escaped 30 years in prison on charges of "sexual activities" in relation to a minor, the other is about to lose his last asset. It is possible that Shalva Chigirinsky will make a last attempt "to live beautifully" at the expense of the head of MMK. However, this option may also fail miserably.