Nicosia, Cyprus. Authorities in Cyprus have frozen luxury real estate worth more than €3 million linked to former Russian politician and businessman Mikhail Yurevich. Yurevich is a naturalised Cypriot who remains wanted internationally over allegations tied to a €35 million bribery case in Russia.
Court-approved freezing order
According to Phileleftheros, the freezing order was secured by the anti-money laundering unit (Mokas) and approved by the Nicosia district court.
Properties in Limassol
The order concerns two Limassol apartments connected to Yurevich and his father, Valeri Yurevich. One property is a luxury apartment in the ONE tower complex in Mesa Yeitonia valued at €2.62 million and registered in the name of the 57-year-old businessman. The second is an apartment in Yermasoyia’s Park Residence valued at €555,000 and linked to his father.
Assets total €3.175 million
The combined value of the frozen assets reaches €3.175 million.
Order made public
The court order was made public because authorities were reportedly unable to locate the individuals involved for service of the proceedings.
Link to the Investment Programme
The case is one of the most high-profile connected to the now defunct ‘Investment Programme’, widely known as the golden passport scheme. Yurevich obtained Cypriot citizenship in September 2016 under the investment programme despite findings later showing he had apparently not travelled to Cyprus after 2001.
Investigative committee findings
A report by the investigative committee led by former Supreme Court judge Myron Nikolatos concluded there may have been false declarations in the citizenship applications submitted by Yurevich and members of his family.
What do you think the case indicates about oversight of Cyprus’ former Investment Programme?
