From EUobserver · · 2m
Who Owns Czech Vanadium?
Czech Vanadium's true owner may still be Russian oligarch Abramovich despite UAE shell company takeover.
In brief
Czech Vanadium's true owner may still be Russian oligarch Abramovich despite UAE shell company takeover. Czech Vanadium, a €40m factory, is suspected to still be controlled by Russian oligarch Roman Abramovich through Dubai shell companies after sanctions. Originally reported by EUobserver.
Czech Vanadium's Russian ownership
Until Russia's full-scale invasion of Ukraine, Czech Vanadium was controlled by Russian businessman Roman Abramovich through Evraz group since 2007.
Sanctions force sale
Sanctions following Russia's full-scale invasion of Ukraine in 2022 forced Abramovich to sell Czech Vanadium to Metco Holding in 2024.
UAE shell company
Metco Holding, a Dubai-based company, became sole shareholder in Czech Vanadium but its true owner remains unclear.
Czech authorities investigate
Czech police suspect the transfer to UAE may conceal Russian ownership and are seeking to establish who truly controls the company.
Apparent fake owner
Czech judicial register lists Nikhil Skariah Kolekunnel as beneficial owner but he is a Dubai lawyer who provides nominee services.
Skariah's background
Skariah founded two law firms in UAE and represents corporations that do not wish to publicly acknowledge ownership of businesses.
Moldova money laundering
Skariah was linked to money laundering in Moldova where he helped move €2.6m in cash through a Dubai company in 2018.
Ukraine connections
Skariah's company claimed ownership of an Ilyushin aircraft in Ukraine which allegedly cost €82m in 2017.
Sergei Gushchin
Sergei Gushchin, a former Russian businessman, appears on Ukrainian sanctions lists for supporting the Russian army.
Gushchin's role
Gushchin became a senior manager at PJSC TransContainer after Evraz sold its stake and formed a joint venture with Evraz in 2019.
Czech Vanadium finances
Czech Vanadium reported €8m profits in 2024 and sent €0.6m to Dubai while retaining €12m in undistributed profits.
Russia's monopoly
Russia supplies nearly all vanadium ore needed for Czech Vanadium, which accounts for six percent of global ferrovanadium production.
Sanctions evasion risk
Analyst Jiří Skuhrovec says Abramovich may still control the entire supply chain for ferrovanadium despite the UAE shell company.
What happens next
Czech authorities are investigating whether Czech Vanadium still links to Russian oligarch Abramovich through shell companies.
In short
Czech Vanadium, a €40m factory, is suspected to still be controlled by Russian oligarch Roman Abramovich through Dubai shell companies after sanctions.
