The Billion Dollar Payoff

Corruptistan: Uzbekistan
Investigation

Gulnara Karimova squeezed more than US$1 billion worth of payments and ownership shares out of international telecom-related companies. TeliaSonera paid US$381 million and promised an additional US$75 million; VimpelCom and its mother company Alfa Telecom paid US$176 million; MTS shelled out out US$350 million. She also received nearly US$90 million from two other companies that ran fiber optic lines and provided WiMAX and WIFI services in Uzbekistan. This is likely just tip of an iceberg as not all records are available.

March 21st, 2015

Detailed financial flows

Source: Mannheimer Swartling Report on TeliaSonera , Dutch Request for Legal Assistance, US Securities and Exchange Commission, other financial documents obtained by OCCRP. All amounts in US dollars.

VimpelCom

Payments by Gulnara Karimova to telecommunications companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

June 12, 2007

Takilant Limited

Aizkraukles Banka, Latvia

Dutch Request for Legal Assistance

 

Description: for purchase of 33.3% of shares in Freevale Enterprises Inc. (7% of Unitel)

Payments by telecommunications companies to proxy companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Jan. 20, 2006

Aqute Holdings & Investments Inc.

Takilant Limited

$19.000.000

Aizkraukles Banka, Latvia

Dutch Request for Legal Assistance

Nov. 8, 2007

Watertrail Industries Inc.

Takilant Limited

$10.000.000

Parex Bank, Latvia

OCCRP Dutch Request for Legal Assistance

 

Description: for UMTS frequencies

Nov. 12, 2007

Watertrail Industries Inc.

Takilant Limited

$15.000.000

Parex Bank, Latvia

OCCRP Dutch Request for Legal Assistance

 

Description: for UMTS frequencies

4Q 2007

Unknown

Unknown

$43.000.000

VimpelCom Form 6-K

 

Description: for 3G license and numbering capacity (might be part of $25 million paid in Nov. 2007)

Aug. 8, 2008

VimpelCom

Takilant Limited

$2.000.000

Parex Bank, Latvia

Dutch Request for Legal Assistance

Sept. 23, 2009

Unknown

Takilant Limited

$57.500.000

Standard Chartered Bank, Hong Kong

Dutch Request for Legal Assistance

 

Description: for repurchase of 33.3% of shares in Freevale Enterprises Inc. (7% of Unitel)

Oct. 19, 2011

Watertrail Industries Inc.

Takilant Limited

$30.000.000

Bank Lombard Odier, Switzerland

Dutch Request for Legal Assistance

Merkony

Payments by Gulnara Karimova to telecommunications companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Sept. 19, 2007

Merkony Investment Group Limited

Takilant Lmited

Parex Bank, Latvia

OCCRP

 

Description: loan

Payments by telecommunications companies to proxy companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Feb. 17, 2006

Merkony Investment Group Limited

Takilant Lmited

$300.000

Parex Bank, Latvia

OCCRP

May 5, 2006

Merkony Investment Group Limited

Takilant Lmited

$1.953.500

Parex Bank, Latvia

OCCRP

May 19, 2006

Merkony Investment Group Limited

Takilant Lmited

$865.785

Parex Bank, Latvia

OCCRP

June 7, 2006

Merkony Investment Group Limited

Takilant Lmited

$1.087.715

Parex Bank, Latvia

OCCRP

Sept. 21, 2006

Merkony Investment Group Limited

Takilant Lmited

$107.000

Parex Bank, Latvia

OCCRP

Oct. 19, 2006

Merkony Investment Group Limited

Takilant Lmited

$1.226.000

Parex Bank, Latvia

OCCRP

Nov. 3, 2006

Merkony Investment Group Limited

Takilant Lmited

$774.000

Parex Bank, Latvia

OCCRP

Nov. 21, 2006

Merkony Investment Group Limited

Takilant Lmited

$500.000

Parex Bank, Latvia

OCCRP

Jan. 30, 2007

Merkony Investment Group Limited

Takilant Lmited

$2.116.500

Parex Bank, Latvia

OCCRP

Feb. 7, 2007

Merkony Investment Group Limited

Takilant Lmited

$1.185.000

Parex Bank, Latvia

OCCRP

 

Description: for the right to use software system

Feb. 19, 2007

Merkony Investment Group Limited

Takilant Lmited

$490.414

Parex Bank, Latvia

OCCRP

April 27, 2007

Merkony Investment Group Limited

Takilant Lmited

$2.116.500

Parex Bank, Latvia

OCCRP

May 23, 2007

Merkony Investment Group Limited

Takilant Lmited

$1.000.000

Parex Bank, Latvia

OCCRP

July 30, 2007

Merkony Investment Group Limited

Takilant Lmited

$1.882.000

Parex Bank, Latvia

OCCRP

 

Description: for laying of fiber optic cables

Aug. 2, 2007

Merkony Investment Group Limited

Takilant Lmited

$3.780.000

Parex Bank, Latvia

OCCRP

 

Description: for laying of fiber optic cables

Aug. 3, 2007

Merkony Investment Group Limited

Finex Limited

$3.000.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for design and installation of tele-monitoring system and control

Aug. 15, 2007

Merkony Investment Group Limited

Takilant Lmited

$2.183.700

Parex Bank, Latvia

OCCRP

 

Description: for outsourcing services

Aug. 23,2007

Merkony Investment Group Limited

Takilant Lmited

$398.000

Parex Bank, Latvia

OCCRP

 

Description: for laying of fiber optic cables

Aug. 23, 2007

Merkony Investment Group Limited

Takilant Lmited

$1.110.000

Parex Bank, Latvia

OCCRP

 

Description: for laying of fiber optic cables

Sept. 7, 2007

Merkony Investment Group Limited

Takilant Lmited

$407.100

Parex Bank, Latvia

OCCRP

 

Description: for outsourcing services

Sept. 21, 2007

Merkony Investment Group Limited

Takilant Lmited

$620.000

Parex Bank, Latvia

OCCRP

 

Description: repayment of loan

Oct. 2, 2007

Merkony Investment Group Limited

Takilant Lmited

$350.000

Parex Bank, Latvia

OCCRP

 

Description: repayment of loan

Oct. 11, 2007

Merkony Investment Group Limited

Takilant Lmited

$951.000

Parex Bank, Latvia

OCCRP

 

Description: for laying of fiber optic cables

Nov. 21, 2007

Merkony Investment Group Limited

Takilant Lmited

$814.200

Parex Bank, Latvia

OCCRP

 

Description: for outsourcing services

No. 21, 2007

Merkony Investment Group Limited

Finex Limited

$760.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for telecommunication services

Dec. 6, 2007

Merkony Investment Group Limited

Finex Limited

$1.453.300

Parex Bank, Latvia

OCCRP

 

Description: for development of telephone network system

Dec. 6, 2007

Merkony Investment Group Limited

Finex Limited

$1.339.100

Parex Bank, Latvia

OCCRP

 

Description: for development of information quality control systems

Dec. 6, 2007

Merkony Investment Group Limited

Takilant Lmited

$407.100

Parex Bank, Latvia

OCCRP

 

Description: for outsourcing services

Dec. 18, 2007

Merkony Investment Group Limited

Takilant Lmited

$1.990.240

Parex Bank, Latvia

OCCRP

 

Description: for programing suite for ERP system installation, mounting, launch

Dec. 18, 2007

Merkony Investment Group Limited

Finex Limited

$678.700

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for telecommunication services

Dec. 19, 2007

Merkony Investment Group Limited

Takilant Lmited

$2.037.980

Parex Bank, Latvia

OCCRP

 

Description: for construction of wireless infrastructure for WIMAX technology

Dec. 26, 2007

Merkony Investment Group Limited

Takilant Lmited

$2.045.000

Parex Bank, Latvia

OCCRP

 

Description: for construction of wireless infrastructure for WIFI technology

Dec. 26, 2007

Merkony Investment Group Limited

Finex Limited

$2.934.300

Parex Bank, Latvia

OCCRP

 

Description: for development of IT security system

Jan. 3, 2008

Merkony Investment Group Limited

Takilant Lmited

$852.960

Parex Bank, Latvia

OCCRP

 

Description: for transfer of user rights for the software system

Jan. 3, 2008

Merkony Investment Group Limited

Takilant Lmited

$407.100

Parex Bank, Latvia

OCCRP

 

Description: for outsourcing services

Jan. 24, 2008

Merkony Investment Group Limited

Takilant Lmited

$1.000.000

Parex Bank, Latvia

OCCRP

 

Description: for telecommunication services

Feb. 4, 2008

Merkony Investment Group Limited

Finex Limited

$1.071.950

Parex Bank, Latvia

OCCRP

 

Description: for development of IT security system

Feb. 4, 2008

Merkony Investment Group Limited

Takilant Lmited

$744.450

Parex Bank, Latvia

OCCRP

 

Description: for construction of wireless infrastructure

Feb. 5, 2008

Merkony Investment Group Limited

Takilant Lmited

$567.900

Parex Bank, Latvia

OCCRP

 

Description: for construction of wireless infrastructure for WIFI technology

Feb. 22, 2008

Merkony Investment Group Limited

Takilant Lmited

$407.100

Aizkraukles Banka, Latvia

OCCRP

 

Description: for outsourcing services

Feb. 25, 2008

Merkony Investment Group Limited

Takilant Lmited

$319.050

Aizkraukles Banka, Latvia

OCCRP

 

Description: for construction of wireless infrastructure for WIFI technology

Feb. 25, 2008

Merkony Investment Group Limited

Finex Limited

$1.071.950

Parex Bank, Latvia

OCCRP

 

Description: for development of information quality control systems

Feb. 25, 2008

Merkony Investment Group Limited

Takilant Lmited

$2.425.000

Aizkraukles Banka, Latvia

OCCRP

 

Description: for programing suite for ERP system installation, mounting, launch

Mar. 5, 2008

Merkony Investment Group Limited

Finex Limited

$3.458.000

Parex Bank, Latvia

OCCRP

 

Description: for development of IT security system

Mar. 6, 2008

Merkony Investment Group Limited

Finex Limited

$1.203.200

Parex Bank, Latvia

OCCRP

 

Description: for development of IT security system

Mar. 6, 2008

Merkony Investment Group Limited

Takilant Lmited

$302.400

Aizkraukles Banka, Latvia

OCCRP

 

Description: for outsourcing services

Mar. 6, 2008

Merkony Investment Group Limited

Takilant Lmited

$873.420

Aizkraukles Banka, Latvia

OCCRP

 

Description: for construction of wireless infrastructure for WIMAX technology

Mar. 28, 2008

Merkony Investment Group Limited

Finex Limited

$1.838.700

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Mar. 28, 2008

Merkony Investment Group Limited

Finex Limited

$595.400

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Mar. 28, 2008

Merkony Investment Group Limited

Finex Limited

$4.890.500

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development and implementation of IT systems

Apr. 15, 2008

Merkony Investment Group Limited

Finex Limited

$1.956.200

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development and implementation of IT systems

Apr. 15, 2008

Merkony Investment Group Limited

Finex Limited

$1.502.450

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Apr. 17, 2008

Merkony Investment Group Limited

Finex Limited

$917.300

Parex Bank, Latvia

OCCRP

 

Description: for development of trunking system

Apr. 17, 2008

Merkony Investment Group Limited

Finex Limited

$1.535.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Apr. 25, 2008

Merkony Investment Group Limited

Finex Limited

$772.500

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

May 6, 2008

Merkony Investment Group Limited

Takilant Lmited

$3.419.351

Parex Bank, Latvia

OCCRP

 

Description: interest

May 7, 2008

Merkony Investment Group Limited

Finex Limited

$1.502.450

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

May 28, 2008

Merkony Investment Group Limited

Finex Limited

$1.190.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

May 29, 2008

Merkony Investment Group Limited

Finex Limited

$1.189.900

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Jul. 15, 2008

Merkony Investment Group Limited

Finex Limited

$300.730

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Jul. 15, 2008

Merkony Investment Group Limited

Takilant Lmited

$2.550.766

Parex Bank, Latvia

OCCRP

 

Description: interest

Sep. 11, 2008

Merkony Investment Group Limited

Takilant Lmited

$677.047

Parex Bank, Latvia

OCCRP

 

Description: interest

Oct. 29, 2008

Merkony Investment Group Limited

Takilant Lmited

$781.302

Parex Bank, Latvia

OCCRP

 

Description: interest

Oct. 29, 2008

Merkony Investment Group Limited

Finex Limited

$878.780

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for development of IT security system

Nov. 12, 2008

Merkony Investment Group Limited

Finex Limited

$50.000

Parex Bank, Latvia

OCCRP

 

Description: for project

Nov. 12, 2008

Merkony Investment Group Limited

Finex Limited

$560.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for project

Nov. 13, 2008

Merkony Investment Group Limited

Finex Limited

$983.000

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for project

Dec. 29, 2008

Merkony Investment Group Limited

Finex Limited

$58.700

Standard Chartered Bank, Hong Kong

OCCRP

 

Description: for project

MTS

Payments by telecommunications companies to proxy companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Jul. 2002

FE Uzdunrobita Ltd.

REVI Holding FZE

$330.000

 

Description: for consultation services

Jul. 2004

MTS

Unknown

$100.000.000

 

Description: for purchase of majority stake in Uzdunrobita

Jun. 2007

MTS

Swissdorn Limited

$250.000.000

 

Description: for purchase of remaining 26 percent stake in Uzdunrobita

TeliaSonera

Payments by Gulnara Karimova to telecommunications companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Dec. 28, 2007

TeliaSonera UTA Holding B.V.

Takilant Limited

Parex Bank, Latvia

OCCRP Mannheimer Swartling Dutch Request for Legal Assistance

 

Description: for purchase of 26 percent of shares of TeliaSonera Uzbek Telecom Holding B.V.

Payments by telecommunications companies to proxy companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

Autumn 2007

FE Coscom LLC

Teleson Mobile LLC

$2.025.000

Mannheimer Swartling

 

Description: loan

Dec. 28, 2007

TeliaSonera AB

Takilant Limited

$80.000.000

Parex Bank, Latvia

OCCRP Mannheimer Swartling Dutch Request for Legal Assistance

 

Description: for acquisition of 1800 MHz/UMTS frequencies and numbering block

Sept. 16, 2008

TeliaSonera Uzbek Telecom Holding B.V.

Takilant Limited

$9.200.000

Parex Bank, Latvia

Mannheimer Swartling Dutch Request for Legal Assistance

 

Description: for acquisition of one million numbers and a network code

Feb. 2, 2010

TeliaSonera via the trust account of Notariaat Hauthoff

Takilant Limited

$220.000.000

Standard Chartered Bank, Hong Kong

Mannheimer Swartling Dutch Request for Legal Assistance

 

Description: for repurchase of 20 percent of shares of TeliaSonera Uzbek Telecom Holding B.V.

Jun. 15, 2010

TeliaSonera Uzbek Holding B.V.

Zeromax GmbH)

$15.000.000

Mannheimer Swartling

 

Description: for acquisition of additional spectrum for 4G use in Uzbekistan

Dec. 16, 2010

TeliaSonera Uzbek Holding B.V.

Takilant Limited

$55.000.000

Lombard Odier, Switzerland

Mannheimer Swartling

 

Description: for acquisition of 700 MHz/LTE frequencies and long lease agreement of STM/Ethernet channels

Unknown

Takilant Limited

$75.000.000

Mannheimer Swartling

 

Description: provision for remaining 6 percent

Eastwell

Payments by telecommunications companies to proxy companies

Date

Company

Karimova's Proxy

Amount

Bank

Source

June 13, 2006

Eastwell S.A. LLC

Finex Limited

$245.500

Parex Bank, Latvia

OCCRP

 

Description: for technical support and consulting services (SDH network analysis)

June 14, 2006

Eastwell S.A. LLC

Finex Limited

$103.820

Parex Bank, Latvia

OCCRP

 

Description: for technical support and consulting services (market research)

June 15, 2006

Eastwell S.A. LLC

Finex Limited

$250.680

Parex Bank, Latvia

OCCRP

 

Description: for technical support and consulting services (management services)

July 3, 2006

Eastwell S.A. LLC

Finex Limited

$98.020

Parex Bank, Latvia

OCCRP

 

Description: for technical support and consulting services

July 6, 2006

Eastwell S.A. LLC

Finex Limited

$151.973

Parex Bank, Latvia

OCCRP

 

Description: for technical support and consulting services

Dec. 5, 2007

Eastwell Invest Holding S.A.

Takilant Lmited

$3.000.000

Parex Bank, Latvia

OCCRP

 

Description: for services