Roman Abramovich to become a law-abiding Londoner

Roman Abramovich has transferred the ownership of some of his ¸60m ($120 million) property portfolio in London and Sussex from offshore companies into his own name. According to the Telegraph, the oligarch’s flat in Lowndes Square, Knightsbridge, and his ¸20m country estate in Fyning Hill, Sussex – together worth a total of ¸30 million ($60 million) – will no longer be officially registered in Caribbean offshore companies but in Abramovich’s own name. The explanation for this move by the governor of the Far Eastern Chukotka region, real estate experts believe, is linked to his tax obligations.

The businessman now owns six flats and a house in London, some of which are officially owned by offshore companies.

("Gazeta", 07.08.2007)