Ex Kremlin banker’s court loss may signal tougher stance against ‘sham trusts’

Charles Thomson (+ 44 (0)20 7919 1879, charles.thomson@bakermckenzie.com) is a partner in Baker McKenzie’s dispute resolution practice group in London and co-manages the Business Crime Unit. Jack Secunda (+ 44 (0)20 7919 1765, jack.secunda@bakermckenzie.com) is an associate, and Fleur Chenevix-Trench a trainee solicitor.

The latest legal salvo by Russia’s Deposit Insurance Agency against the assets of Sergei Pugachev – who fell from Vladmir Putin’s grace after helping him rise to power – has successfully established that the oligarch retained control of trusts he set up for family members. Charles Thomson, Jack Secunda and Fleur Chenevix-Trench of Baker McKenzie outline legal aspects of this colourful narrative, which provide guidance for fraud practitioners when attacking trust structures.