Russian billionaire under investigation in France

Jerome Frank
November 24, 2017

Kerimov sold Anzhi past year.

Russian billionaire and lawmaker Suleiman Kerimov has been placed under formal investigation by a judge in Nice on suspicion of tax fraud in France, local media reported on Thursday. Thursday, November 23, the court chose to release Karimov, if he will pay the bail of five million euros.

Kerimov was detained upon arrival at the airport on Monday, where he faced two days of questioning over alleged tax evasion involving the purchase of luxury properties.

"The senator status and the fact that he is a Russian citizen is a guarantee that we will, of course, put in all possible efforts to defend his lawful interests", Kremlin spokesman Dmitry Peskov said on November 22.

Businessman Alexander Stuhldhalter said there was pressure exerted on Senator Suleiman Kerimov by the French authorities.

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Shares in Polyus, Russia's biggest gold producer which is controlled by Kerimov's family, fell on the news of his detention.

The source added Kerimov would be held in custody for at least another 24 hours.

The controversial 51-year-old oligarch, who made a fortune by investing in struggling companies, represents the Caucasian Republic of Dagestan — where he was born — in the Council of the Russian Federation, the upper house of Parliament.

If charged and convicted, Kerimov, who is worth an estimated $7.4 billion according to Forbes magazine, might face up to 10 years in prison.

Other reports by Guamnewswatch

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