Putin’s banker’ Pugachev files $10 billion claim against Russian Federation

Since leaving Russia in 2011, Pugachev has accused Russian President Vladimir Putin’s allies of bringing down his business empire and picking off its best assets.

Sergei Pugachev, once dubbed “Putin’s banker” because of his influence in the Kremlin, has filed a $12 billion claim against Russian Federation after his business empire was carved up when he fell out of favour with President Vladimir Putin. “This can happen before a ruling: We are ready to do it tomorrow”.

Pugachev is now wanted internationally.

A greenback millionaire even earlier than the 1991 fall of the Soviet Union, Pugachev based Mezhprombank, or global Industrial Bank, in 1992. “I refuse to be intimidated by Russia’s tactics”.

His legal professionals stated that as a twin French-Russian citizen since 2009, he was making the arbitration claim beneath a bilateral funding treaty between the 2 nations, created to guard the rights of buyers. “Investigative or search actions, in fact, aren’t associated to the extent to which there have been pleasant or unfriendly relations”, he stated.

In July, the onetime billionaire fled London – where his wife and children live – for France, where he has citizenship, saying he feared for his life after “devices” were found attached to his auto and one used for ferrying his children.

Putin’s spokesman Dmitry Peskov stated he had “no remark” on the $ 12 billion claim however that official investigations have been underway.

She said Mr Pougachev has also filed a complaint in Paris for “extorsion and fraud in an organised gang” and that two investigating magistrates have been assigned to the case.

After a British court granted a Russian request for his assets to be frozen and ordered him to remain in the United Kingdom , he slipped out of the country, first to Paris then to the south of France.

“The reason Mr Pugachev left was that he was in real fear for his life”, said Nick Cherryman, one of Pugachev’s lawyers.

But Pugachev, who helped Putin ascend to Russia’s top office in 1999, lost favor with the Kremlin after the 2008 financial crisis.

The Russian government has alleged that Mr Pugachev conducted a series of frauds leading to the collapse of the bank, including the transfer of $700 million of Central Bank bailout money to a private account in Switzerland controlled by his son. He insisted Russia’s moves against Pugachev had nothing to do with his relationship with the Russian president.

Pugachev’s notice of arbitration was delivered to Putin and Russia’s ministers of economy, finance, justice and foreign affairs, his lawyers said.