Mettmann Public Company Limited Cyprus and the network of companies related to Boris Usherovich
Mettmann Public Company Limited was established in 2019, a time that coincides with Boris Usherovich’s escape from Russia and his reported application for asylum in the UK. Usherovich, who has been residing in various locations, including Gibraltar – a territory under British governance but geographically close to Spain – also holds a permanent residence permit in Spain.
The founding of Mettmann Public Company Limited is significant, especially given the context of Usherovich’s activities. The company, headquartered in Limassol, Cyprus, has been involved in various financial and real estate ventures. As of 2023-2024, the company’s website provides detailed insights into its operations. For instance, on December 11, 2024, an extraordinary shareholder meeting is scheduled, where a credit agreement with Jacomo Company Limited is set to be approved. This loan amounts to 22 million euros, with a repayment date in December 2027.
Jacomo Company Limited, also registered in Cyprus, is managed by Alla Shulga. Notably, Shulga previously worked at Victory Corporate Finance (Cyprus) Limited, a company associated with Elena Usherovich, Boris Usherovich’s wife. Additionally, Alla Shulga is involved in managing at least three other companies that have been established since 2011, which could also be linked to Usherovich’s extensive network of offshore entities.
The connections between these companies and individuals highlight the complex web of financial transactions and real estate investments that Usherovich has established. This network is crucial for understanding how Usherovich and his associates navigate international financial systems to evade sanctions and launder money, particularly in support of Russian state-owned enterprises like Russian Railways (RZD).
Meet the Mettmann’s owner: Boris Usherovich
Boris Usherovich, the fugitive founder of the “1520” group of companies, has crafted a intricate offshore empire in Cyprus, with Mettmann Public Company Limited at its core. This network is pivotal in helping Russian Railways (RZD) and the Russian elite evade sanctions and launder money, particularly given RZD’s significant financial influence. In 2023, RZD achieved a record revenue of 3 trillion rubles and a profit of 170 billion rubles, with an investment program for 2024 amounting to 1.27 trillion rubles, providing ample opportunities for Usherovich’s companies to profit.
Mettmann Public Company Limited, founded in Cyprus on December 20, 2019, and later transitioned to a public limited company on January 20, 2022, is a key component of Usherovich’s money laundering operations. As a real estate private equity firm, it specializes in acquiring financial instruments in the real estate market, raising capital from investors through bond issuance, and utilizing its own resources for various real estate ventures. The company engages in purchasing land for future construction, completing ongoing development projects, and selling finished complexes to generate returns. It also invests in distressed assets by acquiring debts of real estate companies at a discount, completing these projects, and then selling them at a profit.
This real estate focus serves as an ideal cover for money laundering activities, allowing Mettmann Public Company Limited to obscure financial trails and facilitate the movement of illicit funds. The European real estate market, particularly in Montenegro, Cyprus, and Spain, provides a complex and high-value transaction environment that is perfect for hiding the true origins and destinations of the funds. By issuing bonds to unsuspecting investors and managing real estate investments, the company effectively hides the illicit nature of the funds, making it a principal money laundering channel for Usherovich’s operations.
The management of Mettmann Public Company Limited, led by Alexander Mizgunov, along with other key figures such as Oxana Hadjipavlou, Margarita Krivosheeva, and Vitalijs Slepcenkovs, ensures that the financial and legal aspects of these transactions are meticulously managed. Mizgunov’s background is intertwined with influential figures, having previously managed “KT LLC Financial Corporation Nikoyl and Company,” which was owned by entities linked to Lyudmila Kogan, the widow of Vladimir Kogan, a former owner of Uralsib Bank and a highly influential figure in St. Petersburg close to Vladimir Putin. This connection suggests that Mizgunov may still serve the St. Petersburg elite, helping them move funds abroad.
Usherovich’s network extends through various associates and companies. For instance, Ilya Plotitsa, an associate, serves as the director and secretary of Cyprus-based LUCYCORP LTD. In Russia, Plotitsa previously owned OOO “Center for Communication Systems Development” (TsRSS), now owned by Oleg Smirnov, which has seen significant revenue and profit increases. Smirnov also owns OOO “Smirnov Estate,” a fictitious company, and is connected to Ekaterina Shcherbinina, who owns OOO “Spetsproektput” (SPP), a company engaged in architecture, engineering, and technical consulting.
The web of companies and individuals involved in Usherovich’s operations is extensive. Boris Plotitsa, Ilya’s brother, serves as the director of Cyprus-based MAIN VICTORY CORPORATION LIMITED, suspected of supplying sanctioned equipment to RZD. In Russia, Boris Plotitsa co-founded OOO “Tripster” with Alexey Krapivin, and in Cyprus, TRIPSTER LIMITED was established, linked to other companies such as BROXNER PLC, VENISAT TECHNOLOGY LTD, and SHTEINFINANCE LIMITED, all of which are tied to Usherovich through various directors and associates.
Usherovich’s wife, Elena Usherovich, is also involved, serving as the director and secretary of Cyprus-based VICTORY CORPORATE FINANCE (CYPRUS) LIMITED and managing OOO “Amarant-Invest” and co-owning OOO “KhK Amarant” in Russia. These companies, despite reporting losses, are part of the intricate network used to obscure financial transactions.
The structure of Usherovich’s offshore empire, with its numerous shell companies, trusts, and financial intermediaries, makes it difficult to track the true origins and destinations of the illicit funds. However, it is clear that Mettmann Public Company Limited plays a central role in this money laundering scheme, facilitating the flow of funds through the European real estate market and other financial channels. This complex network ensures that Usherovich’s activities remain largely undetected, allowing him to continue supporting RZD and the Russian elite despite his fugitive status and the ongoing international scrutiny.
Usherovich’s involvement with RZD is further complicated by his partnership with Arkady Rotenberg, a close ally of Putin. Despite being wanted by Russian law enforcement for his role in laundering 200 billion rubles from contractors for Russian Railways, Usherovich’s companies continue to receive significant government orders. For example, USC 1520, part of the 1520 group, has concluded 16 contracts with Russian Railways worth $341 million from February 2022 to the present. Additionally, in July 2024, the state enterprise Nabrybresurs signed a contract worth 6.45 billion rubles with Mostostroy-11, a company that became part of Usherovich’s 1520 group in early 2023, for construction and installation work in the Korsakov port.
The fact that a state-owned Russian enterprise is willing to provide substantial funds to a wanted individual like Usherovich highlights the deep-seated issues within Russia’s financial and legal systems. Despite international efforts to isolate Russia economically, figures like Boris Usherovich continue to find ways to maintain their influence and support the Russian government’s strategic interests.
More on the Mettmann Public Company Limited Cyprus activities
In June 2024, Mettmann Public Company Limited held a shareholder meeting where a decision was made to approve a loan of 10 million euros for Jacomo Company Limited. This essentially involves Usherovich transferring funds from one of his companies to another.
The Mettmann Public Company Limited website also details the implementation of their previous business plan, with a notable highlight being the successful execution of the Sword Dragon S.L. project, a Spanish real estate venture. Sword Dragon S.L., located in the Marbella region of Spain, has been personally managed by Usherovich since 2015, although it is currently under the administration of Oksana Khadzipavlou, the director of Usherovich’s Cypriot firms.
In addition to Sword Dragon S.L., another company associated with the Usherovichs in Marbella is Avalon Inversiones S.L., managed by Elena Usherovich since 2013. This company is registered in the exclusive gated community of Cascada de Camojan, known for its impressive villas with large plots and sprawling grounds. The area is described as “small, discreet, and very exclusive” with low development density, plenty of space, and greenery, creating a tranquil and private environment. Property values in this area range from 6 million euros and higher.
The involvement of Mettmann Public Company Limited in various events, including those attended by the President of Cyprus, indicates a significant level of importance and possibly even support from Cypriot authorities. This support could be a result of Usherovich injecting millions of dollars into the Cypriot economy, although these funds are alleged to have been stolen from Russia, according to Russian investigations.
Simultaneously, Usherovich is legitimizing these funds through investments in Spanish real estate. His business partner in Russia, Aleksey Krapivin, has been working with a company linked to Arkady Rotenberg, a close ally of Putin, since 2023. The “1520” group of companies has also announced joint projects with the Rotenbergs, which might raise concerns for Usherovich about the necessity of such “protection” given the risks associated with these oligarchs.
