Latest news with #ChelseaFootballClub
Miami Herald
3 days ago
- Business
- Miami Herald
Britain threatens to sue Roman Abramivich over Chelsea sale funds
June 3 (UPI) -- The British government threatened to sue Russian billionaire Roman Abramovich to ensure the proceeds from his sale of Chelsea Football Club benefit aid efforts in Ukraine. The government seeks to direct the $3.4 billion Abramavoch received when he sold the Premier League club in March 2022 to funds to humanitarian aid. "The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Foreign Secretary David Lammy and British Chancellor Rachel Reeves said in a joint statement. Abramovich, however, has stated he would like the proceeds to benefit "all victims of the war in Ukraine," including those in Russia. He has retained legal control of the funds have remained frozen in a British bank account since the sale as Abramovich was sanctioned in February 2022 following Russia and the government said Tuesday it would take legal action to gain control of where the funds are sent. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr. Abramovich so far," Lammy and Reeves said. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible." Abramovich was granted a special license to sell Chelsea, as long as he could prove he would not benefit financially from the transaction. He sold the team to an American-led group two months later for over $3.3 billion, and those proceeds have since remained frozen in a British bank. U.K. officials released a statement Monday that said it's "fully prepared" to take legal action against Abramovich. Copyright 2025 UPI News Corporation. All Rights Reserved.
Euronews
3 days ago
- Business
- Euronews
Key figure in Germany's largest tax fraud case avoids jail time
Kai-Uwe Steck, a key figure in a massive tax fraud scheme that plagued Germany until 2012, has been convicted for his role in the scandal. Steck, who has cooperated with the authorities in recent years, received a suspended jail sentence of one year and 10 months, far less than the three years and eight months demanded by the prosecution. The former lawyer was also ordered to repay €24 million, €11 million of which has already been returned. As a "central figure" in the fraud scheme Steck contributed to losses of more than €428 million to the German tax authorities, according to the presiding judge in the case at Bonn Regional Court. The 53-year-old was a tax lawyer who worked alongside Hanno Berger, the so-called "mastermind" of the scandal that became known in Germany as "Cum-Ex". Like Berger, Steck was accused of designing and implementing complex share transactions that allowed multiple parties to claim illegitimate tax refunds on dividend payments. Despite the significant role he played in the scandal between 2007 and 2011, Steck's cooperation with authorities and his role as a whistleblower in the case meant he avoided a stricter sentence. His former colleague Berger was convicted to eight years in prison in 2022. The "Cum-Ex" scandal — considered to be the biggest tax fraud case in German history — prompted an avalanche of lawsuits and cast a shadow on politicians, including former German Chancellor Olaf Scholz. Scholz was accused of protecting a local bank — during his time as the mayor of Hamburg — that was found guilty of participating in the scheme. The former German leader has always denied any wrongdoing, with prosecutors deciding to drop the case against him due to insufficient evidence. German authorities have so far recovered approximately €3.4 billion through several convictions and court cases. However, tens of billions of euros are still missing. Other investigations into the remaining lost funds are ongoing. The British government has threatened legal action against Russian oligarch Roman Abramovich to ensure that the £2.5 billion (€2.97bn) proceeds from his sale of Chelsea Football Club reach Ukrainian victims of Russia's all-out war, now in its fourth year. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement on Tuesday. 'We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far,' they added. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.' Abramovich, who has denied allegations that he is a close associate of Russian President Vladimir Putin, was sanctioned in the wake of Moscow's full-scale invasion of Ukraine in February 2022. The oil and gas tycoon sold Chelsea in May 2022 to a consortium led by US investor Todd Boehly and Clearlake Capital, after the British government allowed him to part with the club as long as he did not personally benefit from the deal. The £2.5bn net proceeds have been frozen ever since, but still legally belong to Abramovich. They cannot be moved without a licence from the UK Office of Financial Sanctions Implementation. Three years after Abramovich sold the London-based club, the UK government has threatened to sue him amid an ongoing dispute about how the money should be spent. While the British government insists that all the money must go to humanitarian causes in Ukraine, Abramovich has said it should be 'for the benefit of all victims of the war in Ukraine', including people in Russia. Since Putin's full-scale invasion of Ukraine, the UK has been one of Kyiv's closest allies. In January, London pledged to give it an extra £4.5bn (€5.34bn) in military support.
Yahoo
3 days ago
- Business
- Yahoo
Britain threatens to sue Roman Abramivich over Chelsea sale funds
June 3 (UPI) -- The British government threatened to sue Russian billionaire Roman Abramovich to ensure the proceeds from his sale of Chelsea Football Club benefit aid efforts in Ukraine. The government seeks to direct the $3.4 billion Abramavoch received when he sold the Premier League club in March 2022 to funds to humanitarian aid. "The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Foreign Secretary David Lammy and British Chancellor Rachel Reeves said in a joint statement. Abramovich, however, has stated he would like the proceeds to benefit "all victims of the war in Ukraine," including those in Russia. He has retained legal control of the funds have remained frozen in a British bank account since the sale as Abramovich was sanctioned in February 2022 following Russia and the government said Tuesday it would take legal action to gain control of where the funds are sent. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr. Abramovich so far," Lammy and Reeves said. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible." Abramovich was granted a special license to sell Chelsea, as long as he could prove he would not benefit financially from the transaction. He sold the team to an American-led group two months later for over $3.3 billion, and those proceeds have since remained frozen in a British bank. U.K. officials released a statement Monday that said it's "fully prepared" to take legal action against Abramovich.
UPI
3 days ago
- Business
- UPI
Britain threatens to sue Roman Abramivich over Chelsea sale funds
June 3 (UPI) -- The British government threatened to sue Russian billionaire Roman Abramovich to ensure the proceeds from his sale of Chelsea Football Club benefit aid efforts in Ukraine. The government seeks to direct the $3.4 billion Abramavoch received when he sold the Premier League club in March 2022 to funds to humanitarian aid. "The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Foreign Secretary David Lammy and British Chancellor Rachel Reeves said in a joint statement. Abramovich, however, has stated he would like the proceeds to benefit "all victims of the war in Ukraine," including those in Russia. He has retained legal control of the funds have remained frozen in a British bank account since the sale as Abramovich was sanctioned in February 2022 following Russia and the government said Tuesday it would take legal action to gain control of where the funds are sent. "We are deeply frustrated that it has not been possible to reach agreement on this with Mr. Abramovich so far," Lammy and Reeves said. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible." Abramovich was granted a special license to sell Chelsea, as long as he could prove he would not benefit financially from the transaction. He sold the team to an American-led group two months later for over $3.3 billion, and those proceeds have since remained frozen in a British bank. U.K. officials released a statement Monday that said it's "fully prepared" to take legal action against Abramovich.
Euronews
3 days ago
- Business
- Euronews
UK demands Abramovich's Chelsea sale funds go to Ukraine war victims
The British government has threatened legal action against Russian oligarch Roman Abramovich to ensure that the £2.5 billion (€2.97bn) proceeds from his sale of Chelsea Football Club reach Ukrainian victims of Russia's all-out war, now in its fourth year. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement on Tuesday. 'We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far,' they added. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.' Abramovich, who has denied allegations that he is a close associate of Russian President Vladimir Putin, was sanctioned in the wake of Moscow's full-scale invasion of Ukraine in February 2022. The oil and gas tycoon sold Chelsea in May 2022 to a consortium led by US investor Todd Boehly and Clearlake Capital, after the British government allowed him to part with the club as long as he did not personally benefit from the deal. The £2.5bn net proceeds have been frozen ever since, but still legally belong to Abramovich. They cannot be moved without a licence from the UK Office of Financial Sanctions Implementation. Three years after Abramovich sold the London-based club, the UK government has threatened to sue him amid an ongoing dispute about how the money should be spent. While the British government insists that all the money must go to humanitarian causes in Ukraine, Abramovich has said it should be 'for the benefit of all victims of the war in Ukraine', including people in Russia. Since Putin's full-scale invasion of Ukraine, the UK has been one of Kyiv's closest allies. In January, London pledged to give it an extra £4.5bn (€5.34bn) in military support.
