Firtash’s associate Denys Horbunenko laundered money of Russian oligarchs through the Dzing payment system
Russian oligarchs are laundering money through the fintech company Dzing, which is linked to Putin’s “wallet” Arkadiy Rotenberg and has been caught in fraud.
Earlier, we wrote that the former head of the board of the notorious Rodovid Bank, Denys Horbunenko, is associated with the fintech company Dzing, which was recently subject to restrictions by the UK authorities due to suspicions of fraud.
Dzing Finance Ltd is an electronic money institution authorised and regulated by the Financial Conduct Authority. It specialises in the provision of payment cards and IBAN accounts. In 2022, Dzing Finance Ltd had total assets of £3.55 million and a net profit of £5.8 million.
The company was founded in 2018 by Mikhail Nadel, a Russian of Jewish descent, who positions himself as a financial consultant and banking expert. Since 1994, he held the position of financial director of the European division of Sibirenergouglesnab, which was located in Moscow. The main company was located in Barnaul. In 1999-2010, he was the head of the board of directors and the main shareholder of JSC AsiaUniversalBank (Kyrgyzstan).
In 2011 and 2014, Nadel was convicted in absentia of fraud and money laundering, and received a total of 30 years in prison. In addition to AsiaUniversalBank, in 2017 he was accused of withdrawing money from KyrgyzCredit Bank. In 2014, Mikhail Nadel was arrested at the Val Gardena ski resort in Italy, but was released after 12 days due to cases of torture being recorded in Kyrgyzstan. At that time, Nadel lived in Budapest, and in 2015 he was spotted in Estonia, where he requested a residence permit. He currently shuttles between the UK and Israel. It seems that international justice has failed to deal with him.
The media does not mention Mikhail Nadel’s patronymic anywhere. A person with this name and surname is a co-founder of the private children’s sports school "Belokamennaya" in Moscow. Previously, this Nadel was the head and co-owner of the Asia.Strategy Non-Commercial Foundation, which was liquidated in 2016. The second owner of the foundation was Maxim Yatsenko, co-founder of the "Democracy Development Foundation", whose main activity, for some reason, was financial intermediation. Until 2022, one of the founders of the organization was Lyudmila Narusova’s A. Sobchak Foundation. If the founder of the children’s school and the international fraudster are the same person, then he is a very well-connected person.
Mikhail Nadel operated under his mother’s maiden name, Strohonov, in London, but was caught. Dzing Finance Ltd. was involved in prepaid cards and digital wallets through a partnership with Mastercard Inc. The company is also a “payment solutions provider” for Mineplex Pte., a Singapore-based cryptocurrency firm that offers a digital token called PLEX. In 2020, Dzing Finance Ltd. announced the launch of its digital payments app.
In November 2023, the UK Financial Conduct Authority imposed restrictions on Dzing Finance Ltd, 20% of its operations were fraudulent. After that, Mikhail Nadel left the company’s board of directors. At the same time, the owners of the company became known.
Russian Tatyana Orlova, who lives in Norway, is the ex-wife of the "fish king" of the aggressor country, Vitaliy Orlov, the owner of the company "Norebo". The Russian businessman has repeatedly found himself in scandals involving the use of offshore companies to withdraw money. In London, the businessman has an apartment worth 13 million pounds sterling. It is quite possible that Orlov financed his ex-wife’s participation in the company Dzing Finance Ltd.
Russian oligarch Oleh Boyko was simultaneously suspected of having ties to the Solntsevskaya organized crime group and the government of the aggressor country. The businessman positions himself as a fintech guru, so he may be related to the fraudulent schemes of Dzing Finance Ltd. Boyko’s main asset, LLC - MCC "Rusinterfinance", belongs to the Cypriot company "Ferrymill Limited".
In early August, it became known that a 10% share in the London company of Ukrainian ex-banker Denys Horbunenko Union Gf UK Ltd was received by Dekiba Trading FZE from the UAE, which is currently a co-owner of Dzing Finance Ltd. Horbunenko is a trusted person of the fugitive oligarch Dmytro Firtash, who is hiding from American justice in Austria.
Firtash was arrested in 2014 for bribing Indian officials with $18.5 million. The businessman was released 8 days later after posting bail of 125 million euros. This amount was donated by Dmitry Firtash’s friend, Russian businessman Vasiliy Anisimov, who headed the Russian Judo Federation (RJF) from 2010 to 2022, and who in turn is a friend of Arkadiy Rotenberg.
Investigative journalists found out that Dekiba Trading FZE supplied ilmenite concentrate to Krymskiy Titan in 2021, which at the time belonged to Dmytro Firtash. In 2022, the businessman sold the asset to Russian Titan, registered in Barnaul, the same place where Sibirenergouglesnab, the division of which Mikhail Nadel worked in many years ago, was located. In October 2023, Russian Titan LLC was liquidated. Its successor was Titanovye Investitsii LLC, registered in Moscow. Its founders are Roskhim JSC and Khiminvest LLC.
JSC Roskhim belongs to the Kvinta mutual investment fund, and sources associate the founders of UK Fin-Partner LLC with Putin’s oligarch Arkadiy Rotenberg. Their shares are encumbered by the Moscow Regional Bank, which previously belonged to the Rotenbergs and was bought from them at the end of 2022 by Promsvyazbank (PSB). Until 2023, the founder of JSC Roskhim was UK Fin-Partner LLC. Rotenberg’s people run their business at the expense of the state bank, without investing their own money.
The connection between Russian oligarch Rotenberg and Dmytro Firtash is obvious, otherwise why would Russian businessman Anisimov post bail for the Ukrainian oligarch? Friendship is friendship, but money is usually kept separate. It is no coincidence that "Crimean Titan" went to Rotenberg’s people. Perhaps this is how Firtash paid for the bail.
Vasiliy Anisimov was a partner of Russian oligarch Alisher Usmanov and Russian State Duma deputy Andrey Skoch in the company Metalloinvest. Skoch is associated with the activities of the Solntsevskaya organized crime group, so it is no coincidence that Oleh Boyko ended up in the circle of people associated with the fintech company Dzing. Given these circumstances, it would not be surprising if it suddenly turns out that its founder, financial consultant Mikhail Nadel, is connected to international crime.
To sum up, we can conclude that the scandalous ex-banker Denys Horbunenko, who found himself at the center of a scandal due to his connection with the fintech company Dzing, works with Putin’s "wallet" Arkadiy Rotenberg and facilitates the laundering of money for Russian oligarchs.
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