LLC “Tandem Estate” replaces the Luxembourg founder and comes under the control of Russian billionaires

LLC “Tandem Estate”, previously managed by a company from Luxembourg, came under the control of billionaires Vladimir Pinchuk and Viktor Ignatiev.

According to Igor Gushchev, Senior Partner at Duvernoix Legal, the change of the founders of the company is connected with the general trend towards deoffshorization and transfer of business from unfriendly countries.

"The Decree of the Government of the Russian Federation No. 430-р approved the list of states and territories that commit unfriendly actions against the Russian Federation, Russian legal entities and individuals. This list includes, among others, the EU countries, one of which is Luxembourg. Accordingly, a number of transactions with legal entities registered in Luxembourg are carried out with restrictions," Igor Gushchev explains.

However, the expert noted that most of the restrictions on such companies can be lifted provided that the beneficiary is a Russian citizen, and the relevant information was disclosed to the Russian tax authorities as part of the procedure for providing information on controlled foreign companies.

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