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| Properties and private jets from London to Hong Kong: How did a dictator's daughter amass a multi-million dollar fortune? |
A recent report revealed that the dictator's daughter spent $240 million buying properties from London to Hong Kong while working as a pop star and diplomat.
According to research by Freedom for Eurasia, Gulnara Karimova used UK companies to buy a house and a jet plane with funds obtained through bribery and corruption.
The report added that accounting firms in London and the British Virgin Islands acted for the British companies involved in the deal.
The story raises fresh doubts about Britain's efforts to tackle illicit wealth.
British authorities have long been accused of not doing enough to stop overseas criminals from using money laundering to buy property in the UK.
The report said the ease with which Gulnara Karimova acquired the property in the UK was "worrying".
There is also no indication that those working for the companies linked to him were aware of any connection with him, nor was the source of the funds suspicious. Gulnara has not been investigated or fined by any company providing services in the UK.
For a time, Gulnara Karimova was tipped to succeed her father, Islam Karimov, who ruled as president of the Central Asian nation of Uzbekistan from 1989 until he died in 2016. Gulnara appeared in pop videos under the name 'Gogosha'. He also owned a jewelry company and served as ambassador to Spain.
But then in the year 2014, she disappeared from the public eye. It was later revealed that he was detained on corruption charges during his father's regime and sentenced in December 2017. In 2019, he was sent to prison for violating the terms of his detention.
Prosecutors accused him of being part of a group involved in criminal activities. The group controlled more than $1 billion in assets in 12 countries, including the United Kingdom, Russia, and the United Arab Emirates.
Tom May, a research fellow at the University of Oxford, and one of the researchers on the Freedom for Eurasia report says Gulnar Karimova's case is one of the biggest bribery and corruption cases of all time.
However, Gulnara Karimova and her accomplices had already sold some of the properties allegedly obtained from the corrupt funds.
Freedom for Eurasia researched property and land registry records to identify at least 14 properties and properties in the UK, Switzerland, France, Dubai, and Hong Kong that allegedly came from suspicious funds before Gulnara's arrest. were purchased.
The report, published on Tuesday, March 14, is titled 'Who Enabled the Uzbek Princess'. It focuses on five properties bought in and around London and is estimated to be worth £50m.
The five properties include three flats in Belgravia, just west of Buckingham Palace, a house in Mayfair, and an £ 18 million manor house in Surrey with a private boating lake.
Two Belgravia flats were sold in 2013 before Karimova was taken into custody. In 2017, the Mayfair house, the Surrey mansion, and a third flat in Belgravia were frozen by the Serious Fraud Office.
The Freedom for Eurasia report also names firms in London and the British Virgin Islands that it claims Karimova or her associates used the proceeds of crime to buy real estate as well as private jetliners.
Karimova's boyfriend, Rustam Madomarov, and others, now accused of being her accomplices, are listed in official documents as 'beneficial owners' (a legal term) of companies based in the UK, Gibraltar, and the British Virgin Islands. (which is used for the person who has control over the property) is listed as
However, the report states that they were only proxies of Karimova, who used these firms to launder millions of dollars.
Penali Limited and Odenton Management Limited, two UK companies linked to Karimova, were provided with accountancy services by SH Lands LLP, formerly of London's New Oxford Street.
In late July 2010 SH Lands attempted to register or acquire another company. His aim was to buy a private jet for around $40 million, and it was claimed to be owned by Mudumarouf. But according to the report, Karimova was actually behind the purchase.
When asked about the source of his funds, SH Lands replied: 'We believe that the question of his personal wealth is not relevant in this situation. This was apparently because the money to buy the jet was not provided by Madumaroof from his personal funds.
The London-based firm later said Madomarov's wealth came partly from Azdunrubita, a mobile phone company based in Uzbekistan. Questions had already been raised about the company's possible links to Karimova.
A 2004 Moscow Times article alleged that Karimova had siphoned off nearly $20 million from Uzdonrobita through forged invoices. A former adviser had also accused Karimova of 'racketeering'.
, As this was a large transaction linked to Uzbekistan, a high-risk country, the report argues that SH Lands had to ensure that the source of the funds was legitimate and not derived from criminal activity. He should have exercised 'more diligence'.
SH Lands also submitted financial statements for the year 2012 for Panelli Limited. They were signed by Gayane Avakian, a close associate of Karimova, in September 2013, the report said. Gayane was 30 years old at that time.
Last year, the BBC published a report that Avakian was the beneficial owner of Gibraltar-registered company Takelent and that the company was at the center of "multi-million dollar fraud and corruption" in Uzbekistan.
In a statement, Steven Lands told the BBC that SH Lands LLP has never had any connection with Gulnara Karimova. SH Lands LLP acted for Rustam Madomarov.
"SH Lands LLP has closely monitored all of its clients and has informed and kept them informed of the relevant regulatory authorities."
Freedom for Eurasia's Tom Man said the ease with which Karimova was able to buy so much property in the UK was a cause for concern.
He added: "It took until 2017 for the authorities to do anything while other countries had already frozen their bank accounts and assets for years."