Listen to this article Putin Ally’s Daughter’s London Luxurious Apartment Worth Millions
According to documents obtained by Insider, Vladimir Gruzdev, a Putin ally and former grocery-store tycoon with a net worth of $900 million, has an 8-year-old daughter who owns a luxurious apartment worth millions of dollars in London’s exclusive Kensington borough. Notably, this ownership structure raises questions about who is actually benefiting from the property’s profits. Additionally, this is not the first instance of wealthy Russians acquiring high-value assets through seemingly opaque and dubious means.
Uncovering the Background of a Luxurious Apartment
Gruzdev started his career in politics, which earned him special recognition from Putin in 2010. In 2021, Forbes estimated his net worth to be $900 million. Transparency International, an anti-corruption nonprofit organization, provided Insider with ownership details of the property, which The Times of London initially reported on. The property was acquired for £2.3 million in 2000 through a company based in the Cayman Islands, where the tax rate is 0%. In fact, the use of offshore tax havens is a common strategy employed by wealthy individuals and companies to minimize their tax liability. However, such practices are increasingly coming under scrutiny from regulators and the public, who are concerned about their potential role in facilitating illicit financial activities and tax evasion.
Ownership of a Luxurious Apartment
The luxury apartment became the property of the 8-year-old girl, whose name has not been disclosed due to her minor status, in February 2022, according to company records. It is noteworthy that this event took place just 20 days before Russia launched its full-scale invasion of Ukraine.
Location and Value of the Luxurious Apartment
The apartment is located in Kensington, one of London’s most exclusive boroughs, and includes a parking space and a maid’s room. Within 600 yards of the property are several national embassies, the Royal Albert Hall, and the current residence of Prince William and Kate Middleton. Although one property-valuation website suggests the apartment could be worth over $10 million, its actual value on the open market remains unclear.
The nearby area, nicknamed “Red Square” due to its high concentration of Russian owners, is home to many powerful Russian oligarchs, including Roman Abramovich, who own luxurious apartment in the area.
After sharing a statement from the Association of Lawyers of Russia, whose board he chairs, in support of the war, Gruzdev faced sanctions from Ukraine. These sanctions are a clear indication of the international community’s stance on the conflict and its associated activities. However, it is worth noting that no other countries are currently imposing sanctions on him. This disparity in responses raises questions about the effectiveness and consistency of global sanctions regimes and the importance of coordinated efforts to address illicit activities.
The ownership of the multimillion-dollar apartment by an 8-year-old child of a Putin ally has raised questions and sparked concerns about possible illicit financial activities and corruption. Specifically, this case raises questions about the acquisition of such assets and who ultimately benefits from them. In light of this, the case highlights the importance of transparency and accountability in financial dealings and property ownership. Such transparency and accountability measures are crucial for preventing the exploitation of legal loopholes and promoting fair and ethical business practices.