This section summarises the known transfer of monetary assets out of the Liechtenstein trust structure between 2017 and 2018.
The following transfers out of the Liechtenstein trust structure are known to have been made:
- Between 15 May 2018 and 4 October 2018, a total of US$100 million was transferred to an account in Farkhad’s name with Pasha Bank in Baku, Azerbaijan.1
- Between 21 March 2018 and 2 October 2018, a total of US$232 million was transferred to an account in Farkhad’s name with ALFA Bank, Russia in Farkhad’s name.2
- Between 18 January and 12 June 2017 eight transfers totalling US$37.7 million were made from an LGT account held in the name of the Arbaj Trust to an account held in Farkhad’s name at UBS in Switzerland.3
- On 7 March 2017, US$350,000 was transferred from Arbaj Trust’s LGT account to SDE Consulting Services Limited in London. SDE Consulting Services is a company registered at the offices of Kerman & Co, of which Sebastian Devlin (a former partner of Kerman & Co) was the sole shareholder and director. Kerman & Co were the advisors who played a central role in implementing the Husband’s asset protection strategy. It seems that this payment was likely to be for further asset protection advice to Farkhad’s benefit.4
- On 13 July 2017 one transfer of US$7 million was made from a Bendura account held in the name of Counselor Trust Reg. as trustee of the Ladybird Trust to an account held in Farkhad’s name at UBS in Switzerland.5
- On 22 December 2017 a transfer of US$4 million was made from Counselor as trustee of the Ladybird Trust to a company (Y.CO) which manages the Luna, presumably for its operating expenses.6
- On 7 February 2018 a transfer of US$1,530 was made from the Ladybird Trust’s Bendura account to Global Corporate Consultants Inc in Panama bearing the description “BY ORDER OF: STE CAPITAL CORP.S.A INVOICE NO. 789005”. STE Capital is Farkhad’s sons’ company, STE being their initials.7
The above does not represent a complete record of all transfers involving entities associated with Farkhad, as it would not record any transfers within or between Liechtenstein banks or any transfers in currencies other than US dollars.8