Tell me about Abramovich please?

[PyongyangKipperbang]

Not a footie fan at all but I do know that he is Russian and v rich (obviously). But I dont know why he would hand over stewardship of Chelsea FC to the trustess (he still retain ownership as I understand it), unless it is simply because of a backlash over his nationality, or because he is supportive of the invasion.

Sorry if I sound thick, its because I am about football and wondered why him running the club is relevant to the Ukraine situation.

Abramovich has always been a useful olig-idiot to Putin for all sorts of reasons. Can't stand him. He doesn't give a fuck about breaching international law.

Interestingly I did hear that Reece-Mogg sold all his shares in Bank Of Russia 2 weeks ago with a huge (44 million) profit - anyone would think - as a minister - he may have had some insider knowledge!

There are no depths that man won't sink to. WTF is a government minister doing investing that sort of money in a Russian bank anyway? Even if, as I suspect, he's done it through his complex network of family trusts etc, it's still totally disreputable.

It would be nice to think he'd make up for it by putting some of that profit into, say, not evading tax. But it's never going to happen, is it?

Is he also protecting himself? I imagine there’s some unwritten agreement that when this has died down in a few months or years the “stewardship” will hand it all back to him. So he’s protecting his assets by putting them in someone else’s name?

@ghostyslovesheets

They may stop him having access to his money due to sanctions - so if it's in the hands of trustees they can't come after the clubs funds - just his personal income is my understanding - he is Russian - his money is all tied up in Russian banks - those banks have seen shares drop dramatically and if Putin bankrupts the county going to war (15 billion a day is the estimated cost) his money will go poof - so again it's protecting the club. Interestingly I did hear that Reece-Mogg sold all his shares in Bank Of Russia 2 weeks ago with a huge (44 million) profit - anyone would think - as a minister - he may have had some insider knowledge!

Hadn’t heard about Mogg, what a classic scumbag!

His money is safe but wants good PR

@LostThePot

It was Sofia who posted - not sure if Putin is her godfather or not.

I'm sure I heard on talk radio on Friday that Putin is godfather to some of Abramovich's children by someone who digs into Russian corruption. However I can't find anything online that backs this up.

All the reports just mention that Putin has several godchildren and that when you ask him, if he doesn't say 'No' then he is accepting your request.

He's got quite strong political links so he's just protecting himself from any potential backlash

@CovidCorvid

Is he also protecting himself? I imagine there’s some unwritten agreement that when this has died down in a few months or years the “stewardship” will hand it all back to him. So he’s protecting his assets by putting them in someone else’s name?

I suspect so. If the club is now in trust he could have his wife/kids etc as trustees.

I think we should look into Russian funding of the government rather than a football club!

You have all fallen for Abramovitch’s nonsense PR. Don’t feel bad - so have the press. Idiots. There is no such thing legally as “stewardship and care” and the trustees of a charity can’t suddenly start managing the assets of an unrelated company. He has done nothing. If he still owns the assets then sanctions can bite on them and if he does not he wouldn’t be able to dictate who will “care” for them. This is nonsense, with no legal effect, put out to try and avoid sanctions. Note Johnson has already wrongly stated, in the House, that Abramovitch had been sanctioned. Not by the uk he hasn’t. Now Johnson can say there is no need because of this nonsense PR-drafted statement.
Why everyone consistently falls for this kind of crap is beyond me. Critical thinking seems to be entirely absent from public discourse.

What's so ridiculous is that "we" cosied up to these oligarchs despite many of them gaining huge wealth by questionable means whilst millions of Russians live in poverty. We condoned it.

If you mean Sherbank instead of "Bank of Russia", Somerset Capital Management sold their shares in Sberbank in autumn of 2021... so not particularly recently.
There is no such bank as "Bank of Russia"
But don't let the truth get in the way of bog standard Tory/Rees-Mogg bashing because it suits your narrative

@Delphigirl exactly it's just PR

Doh, bloody spelling, it's Sberbankn not Sherbank

It is a meaningless PR stunt - "stewardship" is not a recognised legal concept and he still owns the shares.
The charity to which "stewardship" has been given is headed by Abramovich's American lawyer, Bruce Buck.

Does anyone like the look of him?

@gasty

His money is safe but wants good PR

Exactly

This is a good point of view on it
davidallengreen.com/2022/02/the-chelsea-fc-statement-that-is-not-what-it-seems/

I think it is to protect the club. I would not be surprised if Liverpool fans this afternoon at Wembley (when they play Chelsea) make their views on Mr Putin and Mr Abramovitch known.

@CryingAtTheDiscotheque
@Delphigirl.

Exactly this. Stewardship does not means ownership. He is still the owner of Chelsea FC and pays his taxes or launders his losses through the club.

Some of the world’s biggest financial firms are invested in Russian banks and companies, if your pension fund holds BP, for example, you have indirectly invested in Russia, as BP owns a chunk of Russian energy.
If you are invested in emerging markets, ditto.
Firms like Blackrock, Vanguard etc.