This section provides background on the successful recovery of a helicopter and a private jet.
In 2014, Farkhad purchased a Eurocopter EC155 helicopter and a Bombardier Global 6000 aircraft in his own name, before transferring his interest in these assets to offshore companies.1 The Jet was assigned to Carolina Ltd, and the Helicopter to Lucy Ltd, both of which were registered in the Isle of Man.2
In March 2015, he sought to transfer the interests in those companies into the Akhmedov Trust.3
In the 15 December 2016 judgment, Haddon-Cave J concluded that “it is clear that [Farkhad] was attempting to hide [the companies] in an offshore trust because he was faced with W’s imminent claims in these proceedings.”4 He set aside the transfers, declaring that the true owner of each of these assets was still Farkhad.
Tatiana’s enforcement proceedings in the Isle of Man against these entities have successfully recovered these assets:
- Tatiana registered the Judgment against Farkhad in the Isle of Man on 3rd August 2017. She also obtained a freezing injunction and disclosure orders, which revealed that three Isle of Man companies that held the helicopter and the jet – namely Carolina Limited, Lucy Limited, and Tiffany Limited – were, in fact, held by nominees for H’s sole benefit.
- This was met by an allegation that the Manx holding companies owe substantial sums of money to Farkhad, Cotor Investments SA and Avenger. Third party debt orders were obtained in the Isle of Man against those entities, following which orders were obtained for sale of the Helicopter and the Jet.
- In October 2017, the Helicopter was seized by bailiffs in Turkey and sold, with proceeds of £4.5 million recovered and applied against Farkhad’s ongoing interest obligation.