How a dictator’s daughter built a $240 million empire

Her research Freedom For Eurasia, of a non-governmental human rights organization in the Eurasia region, reveals how the Gulnara Karimovadaughter of the dictator of Uzbekistan Islam Karimovcreated a huge fortune in London, “laundering” hundreds of millions of dollars in real estate.

These funds, according to the survey amounting to approximately 240 million dollarsit was “product” of bribes and corruptionwhich raises serious doubts about Britain’s efforts to tackle illicit wealth. British authorities have long been accused of not doing enough to stop the flow of criminal capital into the country, acting as a launderer of “black money”.

In the report it is pointed out that The ease with which Karimova “entered” Britain and acquired such a large fortune was particularly worrying. Karimov’s daughter, who ruled Uzbekistan autocratically from 1990 to 2016, was initially touted as a possible successor, then went on to pursue a career as a pop singer, run a jewelry company and become the country’s ambassador to Spain.

In 2014, he suddenly disappeared from the public sphere. As it was revealed later he was under investigation for corruption. She was convicted in 2017, a year after her father’s death, and sent to prison in 2019 for violating her house arrest.

Karimova was accused of being part of a criminal group that controlled more than $1 billion in assets in 12 countries, including him United Kingdomher of Russia and of United Arab Emirates. “The Karimova case is one of the biggest bribery and corruption cases of all time,” says Tom Mayne, one of the authors of the organization’s investigation. Freedom For Eurasia and researcher at the University of Oxford.

According to the report, published on Tuesday, March 14 with the title “Who Enabled the Uzbek Princess?”at least 14 properties were identified, which were purchased before her arrest using suspect funds in countries such as the United Kingdom, Switzerland, France, Dubai and Hong Kong.

The investigation focuses on five of those bought in London and the suburbs of England’s capital. Their total value is 50 million pounds.

It’s about three apartments, in the Belgravia areawest of Buckingham, a flat in Mayfairone of the most affluent areas of London, and a mansion in Surrey, worth 18 million pounds with a private lake for boating, as the BBC writes. Two of Belgravia’s flats were sold in 2013 before her arrest. In 2017, the house in Mayfair, the mansion in Surrey and a third flat in Belgravia were seized by anti-corruption authorities.

Freedom For Eurasia’s report also presents companies in London and the British Virgin Islands, which Karimova or her associates allegedly used to be able to “launder” the money for the purchase of real estate and a private jet, costing about 40 million dollars.

Karimova presented her friends and associates as the “real beneficiaries” of the companies in question, such as Rustam Madumarov. As the report points out, these are just proxies for Karimova, who used the companies to launder hundreds of millions of dollars.

Accounting services for two UK companies linked to Karimova – Panally Ltd and Odenton Management Ltd – were provided by SH Landes LLP, a company previously located on New Oxford Street in London. Such as reports the BBCwhen asked about the source of Rustam Madumarov’s funds, SH Landes replied: “We believe that the question of his personal wealth is not relevant in this case.”

In his statement to the BBC, the head of the accounting firm said: “SH Landes LLP was never hired by Gulnara Karimova. SH Landes LLP acted for Rustam Madumarov. SH Landes LLP conducts due diligence on all of its clients and the relevant regulatory authorities have been notified and informed.”

Tom Mayne of Freedom For Eurasia said the apparent ease with which Karimova was able to buy so many properties in the UK was worrying. “It took until 2017 for the authorities to do something, many years after other countries had already frozen bank accounts and properties belonging to her.”write down.