Varvara Manturova

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Key Points

• Identity and Role: Varvara Manturova, formerly Varvara Skoch, is a prominent Russian businesswoman and shareholder in USM Holding, linked to influential figures in Russian politics and business.
• Family Connections: Daughter of State Duma deputy Andrei Skoch and daughter-in-law of First Deputy Prime Minister Denis Manturov, tying her to significant political and criminal networks.
• Alleged Criminal Ties: Associated with the Solntsevskaya organized crime group through her father, with reported links to shadow financial schemes.
• Sanctions and Offshore Activities: Subject to sanctions since April 2023, with connections to offshore entities and potential sanction evasion schemes.
• Business Ventures: Owns LLC “Aymark” and LLC “Recreation Center Gornaya Rechka,” with allegations of using these for financial misconduct.
• Legal Issues: Involved in a 2023 lawsuit related to USM Holding, with unclear outcomes due to closed court sessions.
• Reputational Risks: Her associations with controversial figures and sanctioned entities pose significant reputational and legal risks.

Overview

Varvara Manturova, previously known as Varvara Skoch, is a wealthy Russian businesswoman with significant ties to both political and business elites in Russia. She is the daughter of Andrei Skoch, a State Duma deputy with a reported net worth in the billions, and the daughter-in-law of Denis Manturov, Russia’s First Deputy Prime Minister. Manturova is a shareholder in USM Holding, a major conglomerate owned by oligarch Alisher Usmanov, which operates in metallurgy, mining, and telecommunications. Her business activities include ownership of LLC “Aymark,” a software development company, and LLC “Recreation Center Gornaya Rechka,” a leisure facility in Sochi. Despite her official exit from USM Holding in April 2023, following Western sanctions, there are indications she may still control assets through offshore entities. Her wealth and connections place her at the center of Russia’s elite, but her associations with controversial figures and alleged criminal networks raise significant concerns.

Manturova’s public profile is relatively low, but her business dealings and family connections have drawn scrutiny from investigative journalists. Her marriage to Evgeny Manturov, son of Denis Manturov, further ties her to Russia’s political establishment. Reports suggest she enjoys a luxurious lifestyle, frequently traveling to destinations like Switzerland, the UAE, Seychelles, and Sri Lanka. Her business ventures, particularly those linked to government contracts, have raised questions about transparency and potential misuse of public funds.

Allegations and Concerns

Several serious allegations surround Varvara Manturova, primarily related to her business dealings and family connections:

• Organized Crime Connections: Manturova’s father, Andrei Skoch, is allegedly linked to the Solntsevskaya organized crime group, one of Russia’s most notorious criminal organizations. Reports claim Skoch has ties to figures like Shakro Molodoy, a prominent Russian crime boss, which indirectly implicates Manturova in these networks.
• Shadow Financial Schemes: Investigative reports allege that Manturova oversees billions through USM Holding and other entities on behalf of Alisher Usmanov and the owner of Finam, an investment company. These schemes reportedly involve offshore entities to bypass sanctions and siphon money from Russia, possibly through Uzbekistan.
• Government Contract Fraud: LLC “Aymark,” owned by Manturova, received 643 million rubles from the Ministry of Industry and Trade in 2021, during Denis Manturov’s tenure as its head. This has raised concerns about nepotism and potential misuse of government funds.
• Sanction Evasion: Despite her official exit from USM Holding in April 2023, after being sanctioned, reports suggest Manturova may still control shares through offshore entities like MERESOL INVESTMENTS LIMITED, which holds a 4.9% stake in USM and was notably excluded from a 2023 lawsuit against foreign shareholders.
• Opaque Business Practices: The lack of transparency in her business dealings, particularly with LLC “Aymark” and offshore entities, fuels suspicions of money laundering and other illicit activities.

Customer Feedback

As Varvara Manturova is primarily a shareholder and business owner rather than a consumer-facing entity, there is limited direct customer feedback available. However, her business ventures, such as LLC “Recreation Center Gornaya Rechka,” have not been associated with public reviews or complaints in the provided sources. Similarly, LLC “Aymark” has no reported revenue, suggesting it may not engage directly with customers, possibly serving as a vehicle for financial transactions rather than active operations. The absence of customer feedback could indicate either a low public profile or a focus on non-consumer-facing activities. No specific positive or negative reviews were found in the sources, which is consistent with her role as a behind-the-scenes investor rather than a public-facing business operator.

Risk Considerations

Varvara Manturova’s profile presents several risks across financial, reputational, and legal domains:

• Financial Risks: Her involvement in entities like LLC “Aymark,” which reportedly earned no revenue despite receiving significant government funds, suggests potential financial mismanagement or fraud. The use of offshore entities to hold USM shares raises concerns about liquidity and asset traceability, especially under sanctions.
• Reputational Risks: Manturova’s ties to the Solntsevskaya organized crime group via her father and her association with sanctioned oligarchs like Alisher Usmanov severely damage her reputation in international markets. These connections could deter legitimate business partners and attract scrutiny from global regulators.
• Legal Risks: The 2023 lawsuit involving USM Holding, where Manturova was listed as a plaintiff under her former name, Varvara Skoch, indicates ongoing legal entanglements. The closed nature of the court session obscures the outcome, but it suggests disputes over asset control or sanction compliance. Additionally, her sanctioned status limits her ability to operate in Western markets, increasing the risk of legal action for sanction evasion.
• Geopolitical Risks: Manturova’s connections to Russian political figures, including Denis Manturov, who is rumored to be a potential presidential candidate, place her in a volatile geopolitical landscape. Any political shifts in Russia could impact her business interests or expose her to further sanctions.

Business Relations and Associations

Manturova’s business and personal connections form a complex web of influential figures and entities:

• Andrei Skoch: Her father, a State Duma deputy and billionaire, is a key figure in her business network. His alleged ties to the Solntsevskaya organized crime group and friendships with figures like Shakro Molodoy link Manturova to Russia’s criminal underworld.
• Denis Manturov: As her father-in-law and First Deputy Prime Minister, Manturov’s influence in Russian politics and industry likely facilitates her access to government contracts and resources.
• Alisher Usmanov: Manturova’s role as a shareholder in USM Holding ties her to Usmanov, a pro-Kremlin oligarch. Their collaboration dates back to the 1990s, rooted in shared interests and alleged criminal networks.
• Vakhtang Kocharov: A former top manager at Metalloinvest (part of USM Holding), Kocharov is linked to Manturova through family ties to Usmanov. His move to Switzerland and involvement in export supplies suggest a role in managing offshore schemes.
• Finam Investment Company: Reports indicate Manturova oversees assets for Finam’s enigmatic owner, though specific details are scarce. This connection adds another layer of opacity to her financial dealings.
• LLC “Aymark” and LLC “Recreation Center Gornaya Rechka”: These entities, owned by Manturova, are central to her business portfolio, with “Aymark” linked to government contracts and “Gornaya Rechka” previously owned by her grandfather, Vladimir Skoch.

Legal and Financial Concerns

Manturova’s legal and financial profile is marked by several red flags:

• 2023 USM Holding Lawsuit: Manturova, listed as Varvara Skoch, was a plaintiff in a lawsuit against foreign shareholders of USM Holding. The lawsuit, filed in July 2023, addressed the exclusion of foreign companies from USM’s founding members. The closed court session obscures the outcome, but it highlights disputes over asset control and potential sanction evasion.
• Sanctions: Imposed in April 2023, sanctions against Manturova restrict her international business activities. Her alleged use of offshore entities to retain control of USM shares suggests attempts to circumvent these restrictions.
• Government Contract Concerns: LLC “Aymark” received 643 million rubles from the Ministry of Industry and Trade in 2021, raising questions about conflicts of interest given Denis Manturov’s role as the ministry’s head at the time. The company’s lack of reported revenue further fuels suspicions of financial impropriety.
• Offshore Entities: MERESOL INVESTMENTS LIMITED, holding a 4.9% stake in USM, was notably excluded from the 2023 lawsuit, suggesting it may serve as a vehicle for Manturova’s continued influence in the holding despite her official exit.
• No Bankruptcy Records: No evidence of bankruptcy or unpaid debts was found in the sources, but the lack of transparency in her financial dealings makes it difficult to confirm her fiscal health.

Risk Assessment Table

Varvara Manturova’s profile is a complex interplay of wealth, power, and controversy. On one hand, her connections to Russia’s political and business elite provide access to significant resources and influence, positioning her as a key player in USM Holding and related ventures. Her ownership of LLC “Aymark” and LLC “Recreation Center Gornaya Rechka” demonstrates her active role in managing substantial assets. However, these strengths are overshadowed by serious concerns about her business practices and associations.