Cyprus Conspiracy: Unraveling the Money Laundering Web Behind Mannol Product Dumping

Aug 30, 2024

3 min read

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Cyprus Conspiracy: Unraveling the Money Laundering Web Behind Product Dumping

Exploring the shadowy world of Mannol Holdings has recently led us to Cyprus, where Erik Sudheimer, the majority shareholder of Mannol Holdings in the UK and nephew of SCT Group owner Juri Sudheimer, is now at the helm of a Cyprus-registered company called DIONEK Ltd.

DIONEK Ltd, established in 2017, was originally set up for aircraft-related activities, including jet-type aircraft. However, the company does not have a website, adding to its enigmatic nature, though it remains active.

Further investigation into DIONEK Ltd reveals Svetlana Bokova as a current Director. Her Eastern European name, combined with the Sudheimer family's connections to Kazakhstan, Belorus, Lithuania and Russia, prompted a deeper look. This enquiry uncovered that both Svetlana and DIONEK Ltd are also associated with FANLO Holdings Ltd, with both of them listed as Directors of this company.

Not another Sudheimer Money Laundering Investigation?!

FANLO Holdings is currently under investigation for its alleged role in a conspiracy involving "Karpatnaftokhim" and other entities, including Lukoil (Russian Federation) and LUKOIL INVESTMENTS CYPRUS LTD. The allegations centre around tax evasion and money laundering, with claims that funds were channelled through offshore accounts and companies like FANLO Holdings and LUKOIL INVESTMENTS CYPRUS LTD.

FANLO Holdings is reported to have played a crucial role in facilitating these financial transactions, which are now being scrutinised by Ukrainian authorities. An investigation is underway on the fact of tax evasion in the amount of about UAH 2.2 billion (approx £40.4 million) and money laundering to determine the full extent of FANLO Holdings' involvement in these illicit activities.

An analytical study of Karpatneftekhim LLC's financial activities and several offshore entities, including FANLO HOLDINGS LIMITED and LUKOIL INVESTMENTS CYPRUS LTD, confirmed violations such as money laundering, terrorism financing, and other crimes from January 1, 2015, to May 31, 2022.

So far, the probe into Karpatneftekhim LLC has resulted in asset seizures however the case is still under criminal proceedings, with significant assets now managed by ARMA. The investigation continues, focusing on the roles of various companies in these financial crimes, but no final verdict has been announced.

Further links to Russia and Tax Evasion…

Returning to Svetlana Bokova, her busy schedule includes directorships in four companies (DIONEK, FANLO, Olderia Trading Ltd, and T. TRANSPORTICA REEFER TRADING LTD), all of which share the same address and company secretary.

The company secretary, Lexline Ltd, is also based at this shared address and offers a range of legal and corporate services. Lexline Ltd highlights its close partnerships with law firms in the EU, UK, and UAE, which is particularly relevant given Erik Sudheimer's connections to product dumping from Lithuania and the UAE into the UK. Lexline’s website mentions its employees are lawyers with diplomas from Moscow, St. Petersburg, and London law schools, reinforcing links to Russia.

Lexline Ltd also emphasises its corporate and tax planning expertise, noting that its approach involves streamlining economic and financial activities in line with tax legislation and enterprise development strategies. This includes assessing financial decisions in light of tax implications, whether they involve investments, legal reorganisations, market expansions, or business partnerships.

Draw your own conclusion…

Given the complex web of connections, financial dealings, and ongoing investigations, it’s fair to question the legitimacy of the products being dumped into the UK.

Are these products part of legitimate business operations, or are they intertwined with the darker world of money laundering and organised crime?

The mounting evidence suggests a need for further scrutiny to determine whether these imports are merely a facade for more sinister activities.