The Billion Dollar Payoff

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.

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