Post by QPR Report on Nov 3, 2008 7:36:45 GMT
From The Guardian
Excerpt re Abramovich: "...The judge said a "very large" percentage of his visits to England were connected with Chelsea which he bought in 2003, rather than any personal or professional ties. Abramovich has poured hundreds of millions into the club but Clarke described his involvement as a "hobby and a leisure interest ... It is not a business investment. The sums that Mr Abramovich has given to the club far exceed any return that could possibly be expected"."
The Guardian
Abramovich court ruling reveals world of yachts, villas and a costly football hobby• Judge lists properties from Russia to Caribbean
• Chelsea owner spent just 57 days in the UK last year Matthew Taylor The Guardian, Monday November 3 2008
From a small fleet of luxury yachts to mansions and chateaux scattered among the world's most exclusive resorts, the opulent lifestyle of Russian billionaire Roman Abramovich has been laid bare.
In a 134-page ruling at the Royal Courts of Justice in London, Mr Justice Christopher Clarke gave an intriguing glimpse into the lives of the super-rich, revealing a wealth of detail - from the Chelsea owner's labyrinthine business holdings to his intercontinental property portfolio and even the number of days he spent in the UK last year: 57.
"Abramovich is a billionaire," said Clarke. "His overall wealth is said to be such that the £30m that he spent on [property in Knightsbridge] represents less than 0.5% of his estimated net worth."
The judgment came in the latest of a series of cases in English courts that have explored the opaque dealings of the billionaire Russian oligarchs who divide their time between London, Moscow and continental Europe.
Abramovich, 42, was facing claims by the energy company Yugraneft that it was cheated out of its 50% stake in an oilfield in Siberia. Abramovich successfully fought off the £2.5bn claim after the high court ruled that he was neither "resident" nor "domiciled" in Britain and therefore the case could not be heard here.
"He spends more time in Russia than anywhere else and his business and personal interests are focused on Russia," said the judge. "Virtually all of the business associates with whom he is said to have dealt in these proceedings are Russian."
To underpin the detailed legal argument the judge delved into the tycoon's private life, listing a host of multimillion-pound properties, yachts and planes to demonstrate the global nature of his business empire.
Clarke said that seven years ago Abramovich had owned "a chateau in France, some real estate in England and, elsewhere, a yacht, a plane and a helicopter".
Fast-forward to 2008 and his empire has expanded, according to the ruling delivered last week. "[His assets are now] worth hundreds of millions of dollars, with properties acquired and renovated in the UK, France, Sardinia, the US and St Barts in the Caribbean, and Chelsea FC."
Among his homes, three of four multimillion-pound properties in the UK were given to his ex-wife, Irina, as part of their divorce settlement last year.
At one address in Lowndes Square, Knightsbridge, the court heard that the Russian has bought "eight or nine flats" which he reportedly plans to turn into a £150m house with bullet- and blast-proof windows and separate housing for staff and bodyguards. But the oligarch's English homes are just the tip of his international estate. The ruling revealed that outside the UK Abramovich also owns:
• Two ski chalets in Colorado
• A villa in St Barts
• A French chateau
• "A grand historic house" rented from the Russian government
• Leonid Brezhnev's former home in Moscow
Abramovich has a hectic schedule, flitting between Russia, the UK and Europe. In 2007, the court heard, he spent an average of just over a day and a half at a time in the UK, with his longest stay stretching 11 days, during which he attended four football matches. "Such visits are not the sort that suggest an intention to make England one's usual or settled place of abode," noted the judge. "In 2007 he spent only 57 full days here, virtually all in connection with football matches."
The judge said a "very large" percentage of his visits to England were connected with Chelsea which he bought in 2003, rather than any personal or professional ties. Abramovich has poured hundreds of millions into the club but Clarke described his involvement as a "hobby and a leisure interest ... It is not a business investment. The sums that Mr Abramovich has given to the club far exceed any return that could possibly be expected".
To facilitate his globetrotting trips between Stamford Bridge, Russia and the Caribbean, Abramovich makes use of private jets, helicopters and supercars. The court ruling said that he "charters several yachts" and "leases aircraft for use when he is in England".
And according to press reports, his latest extravagance is entering its final phase in a German shipyard. For now, it simply goes by its codename, Project M-147, but when the covers come off the Eclipse in a few months' time, the 550ft-long, 12,000-tonne vessel is expected to be the world's largest privately-owned.
The road to riches
Roman Abramovich, who came to public attention in Britain when he bought Chelsea in 2003, made his fortune in post-Soviet Russia. He became involved in oil export deals and in 1995 entered the ranks of the super-rich when with Boris Berezovsky he took over oil company Sibneft for a fraction of its market value. Abramovich gained increasing control over the business and got most of the money when it was sold in 2005 for £7.5bn. More recent acquisitions include stakes in Russian steelmaker Evraz Group and a piece of the UK mining company Highland Gold. Since buying Chelsea, in a deal worth £140m, he is thought to have invested £578m in the club. He has an interest in art and was revealed as the buyer of Lucian Freud's Benefits Supervisor Sleeping (£17m) and Francis Bacon's Triptych (£43m). He is 15th in the Forbes rich list, with £14.6bn.
Holly Bentley
Excerpt re Abramovich: "...The judge said a "very large" percentage of his visits to England were connected with Chelsea which he bought in 2003, rather than any personal or professional ties. Abramovich has poured hundreds of millions into the club but Clarke described his involvement as a "hobby and a leisure interest ... It is not a business investment. The sums that Mr Abramovich has given to the club far exceed any return that could possibly be expected"."
The Guardian
Abramovich court ruling reveals world of yachts, villas and a costly football hobby• Judge lists properties from Russia to Caribbean
• Chelsea owner spent just 57 days in the UK last year Matthew Taylor The Guardian, Monday November 3 2008
From a small fleet of luxury yachts to mansions and chateaux scattered among the world's most exclusive resorts, the opulent lifestyle of Russian billionaire Roman Abramovich has been laid bare.
In a 134-page ruling at the Royal Courts of Justice in London, Mr Justice Christopher Clarke gave an intriguing glimpse into the lives of the super-rich, revealing a wealth of detail - from the Chelsea owner's labyrinthine business holdings to his intercontinental property portfolio and even the number of days he spent in the UK last year: 57.
"Abramovich is a billionaire," said Clarke. "His overall wealth is said to be such that the £30m that he spent on [property in Knightsbridge] represents less than 0.5% of his estimated net worth."
The judgment came in the latest of a series of cases in English courts that have explored the opaque dealings of the billionaire Russian oligarchs who divide their time between London, Moscow and continental Europe.
Abramovich, 42, was facing claims by the energy company Yugraneft that it was cheated out of its 50% stake in an oilfield in Siberia. Abramovich successfully fought off the £2.5bn claim after the high court ruled that he was neither "resident" nor "domiciled" in Britain and therefore the case could not be heard here.
"He spends more time in Russia than anywhere else and his business and personal interests are focused on Russia," said the judge. "Virtually all of the business associates with whom he is said to have dealt in these proceedings are Russian."
To underpin the detailed legal argument the judge delved into the tycoon's private life, listing a host of multimillion-pound properties, yachts and planes to demonstrate the global nature of his business empire.
Clarke said that seven years ago Abramovich had owned "a chateau in France, some real estate in England and, elsewhere, a yacht, a plane and a helicopter".
Fast-forward to 2008 and his empire has expanded, according to the ruling delivered last week. "[His assets are now] worth hundreds of millions of dollars, with properties acquired and renovated in the UK, France, Sardinia, the US and St Barts in the Caribbean, and Chelsea FC."
Among his homes, three of four multimillion-pound properties in the UK were given to his ex-wife, Irina, as part of their divorce settlement last year.
At one address in Lowndes Square, Knightsbridge, the court heard that the Russian has bought "eight or nine flats" which he reportedly plans to turn into a £150m house with bullet- and blast-proof windows and separate housing for staff and bodyguards. But the oligarch's English homes are just the tip of his international estate. The ruling revealed that outside the UK Abramovich also owns:
• Two ski chalets in Colorado
• A villa in St Barts
• A French chateau
• "A grand historic house" rented from the Russian government
• Leonid Brezhnev's former home in Moscow
Abramovich has a hectic schedule, flitting between Russia, the UK and Europe. In 2007, the court heard, he spent an average of just over a day and a half at a time in the UK, with his longest stay stretching 11 days, during which he attended four football matches. "Such visits are not the sort that suggest an intention to make England one's usual or settled place of abode," noted the judge. "In 2007 he spent only 57 full days here, virtually all in connection with football matches."
The judge said a "very large" percentage of his visits to England were connected with Chelsea which he bought in 2003, rather than any personal or professional ties. Abramovich has poured hundreds of millions into the club but Clarke described his involvement as a "hobby and a leisure interest ... It is not a business investment. The sums that Mr Abramovich has given to the club far exceed any return that could possibly be expected".
To facilitate his globetrotting trips between Stamford Bridge, Russia and the Caribbean, Abramovich makes use of private jets, helicopters and supercars. The court ruling said that he "charters several yachts" and "leases aircraft for use when he is in England".
And according to press reports, his latest extravagance is entering its final phase in a German shipyard. For now, it simply goes by its codename, Project M-147, but when the covers come off the Eclipse in a few months' time, the 550ft-long, 12,000-tonne vessel is expected to be the world's largest privately-owned.
The road to riches
Roman Abramovich, who came to public attention in Britain when he bought Chelsea in 2003, made his fortune in post-Soviet Russia. He became involved in oil export deals and in 1995 entered the ranks of the super-rich when with Boris Berezovsky he took over oil company Sibneft for a fraction of its market value. Abramovich gained increasing control over the business and got most of the money when it was sold in 2005 for £7.5bn. More recent acquisitions include stakes in Russian steelmaker Evraz Group and a piece of the UK mining company Highland Gold. Since buying Chelsea, in a deal worth £140m, he is thought to have invested £578m in the club. He has an interest in art and was revealed as the buyer of Lucian Freud's Benefits Supervisor Sleeping (£17m) and Francis Bacon's Triptych (£43m). He is 15th in the Forbes rich list, with £14.6bn.
Holly Bentley
