**Russian Billionaire Owes UK £1 Billion in Taxes**
Roman Abramovich, a Russian billionaire, owes up to £1 billion ($1.2 billion) to the United Kingdom after trying to avoid paying taxes on his investments in hedge funds.
**Abramovich’s Wealth and Chelsea Football Club**
Abramovich made a lot of money investing in Keygrove Holdings Ltd, a company based in the British Virgin Islands. He invested about $6 billion between 1990 and 2020. At the same time, another network of companies owned by Keygrove invested the money in Western hedge funds.
**Tax Evasion Scheme**
Abramovich’s team used a scheme to avoid paying taxes on his investments. They made huge profits from the hedge fund investments, but most of it was not taxed. The central figure in this scheme was Eugene Shvidler, who is currently under sanctions due to his ties to Abramovich.
**Money Flowed Through Companies**
Significant amounts of tax-free profits flowed through a network of companies before ending up at FC Chelsea, the football club owned by Abramovich. This means that Abramovich made £3.8 billion from the investments without paying taxes on most of it.
**Abramovich’s Current Situation**
Abramovich is currently facing sanctions due to his connections with Russian President Vladimir Putin. He was forced to sell Chelsea Football Club and banned from entering the UK in 2022. His net worth is estimated to be around $9 billion, and he now resides between Tel Aviv, Istanbul, and Sochi, Russia.
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