foley v yacht management group

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Foley v. Yacht Management Group, Inc.

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Foley v. Yacht Management Group, Inc. et al

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Foley v. Yacht Management Group, Inc. et al

Judge George A. OToole, Jr: ORDER entered granting in part and denying in part 24 . (Lyness, Paul)

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FOLEY v. YACHT MANAGEMENT GROUP, INC.

James T. Foley, Plaintiff, v. Yacht Management Group, Inc., Samir Jaber, Yale Turner and Donna Turner, Defendants.

United States District Court, D. Massachusetts. https://leagle.com/images/logo.png

September 9, 2011.

MEMORANDUM AND ORDER

DENISE J. CASPER, District Judge.

I. Introduction

Plaintiff James T. Foley ("Foley") brings this action against Defendants Yale and Donna Turner ("the Turners"), Samir Jaber ("Jaber") and Yacht Management Group, Inc. ("Yacht Management") (collectively, "Defendants") alleging breach of contract, unjust enrichment and seeking specific performance with respect to the Defendants' failure to complete the sale...

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U.S. Imposes Sanctions on Yacht Company That Caters to Russian Elites

The Treasury Department also identified four yachts as being linked to President Vladimir V. Putin of Russia.

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By Julian E. Barnes and Michael Forsythe

• June 2, 2022

WASHINGTON — The U.S. government leveled sanctions against a yacht management company and its owners, describing them as part of a corrupt system that allows Russian elites and President Vladimir V. Putin to enrich themselves, the Treasury Department announced on Thursday.

Imperial Yachts, which is based in Monaco and controlled by the Moscow-born Evgeniy Kochman, caters to Russian oligarchs. The Treasury Department said Mr. Kochman and his company provide yacht-related services to “Russia’s elites, including those in President Putin’s inner circle.” Imperial Yachts, the department said , conducts business with at least one person subject to sanctions.

The Treasury Department also identified four yachts linked to Mr. Putin: the Shellest, the Nega, the Graceful and the Olympia. The department said Mr. Putin used the Nega for travel in Russia’s north, and the Shellest periodically travels to his Black Sea palace. The department said Mr. Putin has taken numerous trips in the Black Sea on the Graceful and the Olympia.

The Treasury action did not name the 459-foot Scheherazade , an Imperial Yachts-associated ship that U.S. intelligence officials say could have been built for Mr. Putin’s use.

“Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move and maintain their wealth and luxury assets,” said Brian Nelson, the under secretary for terrorism and financial intelligence at the Treasury Department.

“We will continue to enforce our sanctions and expose the corrupt systems by which President Putin and his elites enrich themselves,” he added.

The department also announced sanctions against four Russian government officials and Yury Slyusar, the president of a Russian state-owned company that supplies aircraft to Russia’s military.

The State Department separately imposed sanctions on Maria Zakharova, the spokeswoman for the Russian minister of foreign affairs, and Alexei Mordashov, a Russian billionaire. The Commerce Department announced that it was adding 71 organizations to its entity list, in an attempt to block Russia’s military from importing key technology.

Also put under sanctions was Sergei Roldugin, a Russian cellist and a longtime friend of Mr. Putin, described by the Treasury Department as “a custodian of President Putin’s offshore wealth.” Mr. Roldugin was added to the European Union’s sanctions list in late February, days after Russia’s invasion of Ukraine. He has been described as “ Putin’s wallet. ”

Mr. Kochman and Imperial Yachts were the focus of a New York Times investigation showing that the company was at the heart of what is essentially an oligarch-industrial complex, a network of companies including German shipbuilders, French designers, high-end Italian carpenters and Spanish marinas that serve Russian oligarchs and employ thousands of skilled workers.

According to a U.S. intelligence assessment, a group of investors led by one of Russia’s richest men, Gennady Timchenko, who has been under sanctions since 2014, provided the money to buy three ships: the Scheherazade, the Crescent and the Amadea, whose construction at a German shipyard was overseen by Imperial Yachts. Their combined cost of as much as $1.6 billion could have bought six new frigates for the Russian navy.

In addition to Imperial Yachts, the Treasury Department issued sanctions against four other companies owned or controlled by Mr. Kochman. Those include OOO Bilding Management, which is known as BLD Management, a company that builds and renovates villas in Russia as well as in Western Europe for oligarchs.

A lawyer for Imperial Yachts, Simon Clark, previously denied that the company had any connection to Mr. Timchenko.

In a statement released Thursday after the Treasury Department announcement, Imperial Yachts said the “accusations made against us by the U.S. government and in the press are false.”

“Imperial Yachts conducts all its business in full compliance with laws and regulations in all jurisdictions in which we operate,” the company added. “We are not involved in our clients’ financial affairs.”

But Treasury officials disputed that contention in their announcement. U.S. and international authorities have moved to seize the three yachts connected to Mr. Kochman and his company. U.S. officials are fighting a court battle in Fiji to take control of the Amadea, which they contend was sold last year to Suleiman Kerimov, a Russian oligarch who is on a U.S. sanctions list. Feizal Haniff, a lawyer for the British Virgin Islands company that controls the Amadea, said the owner is Eduard Khudainatov, who is not under any sanctions.

Mr. Khudainatov is a protégé of Igor Sechin, the chief executive of the state-controlled oil company Rosneft and a close ally of Mr. Putin.

Mr. Khudainatov is also the owner — on paper — of the Scheherazade, according to documents the United States submitted to a Fiji court. The United States contends that he is a “straw owner” of the two vessels.

Last month Italy impounded the Scheherazade , after it appeared to be readying to set sail from the port of Marina di Carrara, on the northern coast of Tuscany. In March, Spain seized the Crescent in the port of Tarragona. Spanish police told Reuters that the superyacht is believed to belong to Mr. Sechin.

The United States added the Flying Fox, another yacht managed by Imperial Yachts, to its sanctions list. The 446-foot vessel is the world’s biggest yacht available for charter , at 3 million euros ($3.2 million) a week, according to Imperial’s website. Last year, Jay-Z and Beyoncé vacationed on the yacht.

Treasury Secretary Janet Yellen and other American officials are helping lead an international effort to seize the assets of Russians who have acted as enablers of the Kremlin and its invasion of Ukraine.

In an interview Tuesday, before the new sanctions were announced, Elizabeth Rosenberg, the assistant secretary for terrorist financing and financial crimes at the Treasury Department, said that international cooperation to go after Russian oligarchs and their assets was increasing.

“It feels like we’re experiencing a sea change right now,” Ms. Rosenberg said. “It’s a huge leap forward on international cooperation for hunting assets, for freezing them and for pursuing law enforcement investigations and activity, including seizure activities.”

Treasury officials say taking action against oligarchs and the companies that help them spend their wealth will ultimately hurt the Russian government’s ability to wage war against Ukraine.

“Suddenly some of these secrecy jurisdictions around the world are no longer so secret for Russian ultrahigh-net-worth individuals to hide and move their money,” Ms. Rosenberg said. “It will constrain Russia’s ability to make money to support their war effort.”

Julian E. Barnes is a national security reporter based in Washington, covering the intelligence agencies. Before joining The Times in 2018, he wrote about security matters for The Wall Street Journal. More about Julian E. Barnes

Michael Forsythe is a reporter on the investigations team. He was previously a correspondent in Hong Kong, covering the intersection of money and politics in China. He has also worked at Bloomberg News and is a United States Navy veteran. More about Michael Forsythe

Paige M. Moscow

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Practice Areas

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• Brandeis University (B.A., cum laude, 2014)
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Paige Moscow is an associate with Foley & Lardner LLP, where she is a member of the firm’s Transactional & Securities Practice. She was a summer associate in Foley’s Boston office, where she worked in the firm’s Private Equity & Venture Capital Practice. Paige is also a member of the firm’s Associates Committee.

Prior to joining Foley, Paige was a judicial intern to The Honorable Judith G. Dein, Magistrate Judge for the United States District Court for the District of Massachusetts. She was an intern and mediator for the Cambridge Consumers’ Council, as well as a corporate divisions intern for the office of the Secretary of Commonwealth of Massachusetts.

Transactions Practice

Paige focuses her practice primarily in two areas which include emerging company and venture capital and private equity and strategic mergers and acquisitions. Paige represents emerging and start-up companies, particularly in the innovative technology space, on formation matters, day-to-day corporate matters, and early to late-stage venture capital financings. Paige also advises private equity funds and private companies on both acquisition and sale transactions, including venture backed companies that have reached an exit event and closely held or family-owned businesses. Paige often leads first-time sellers or founders through financing and sale processes.

Representative Experience

• Represented Torc Robotics, self-driving vehicle technology company and an independent subsidiary of Daimler Truck AG, in its acquisition of Algolux Inc.
• Represented Mayo Clinic in a strategic investment in Medically Home, a technology-based in-home care services company.
• Represented Symphony AI in its acquisition of TeraRecon, an AI medical viewing solutions company.
• Represented AIMI, an generative AI music platform, in a 20M Series B financing from Great Mountain Partners.
• Represented Princeton TMX, a transportation management software provider, in its acquisition by the Stephens Group.
• Represented Wasabi Technologies, a hot cloud storage company, in achieving unicorn status in a US $125m Series D equity round led by L2 Point Management.
• Represented Teikametrics, an e-commerce optimization platform, in a 40M Series B financing led by Intel.
• Represented Utilidata, an energy software company, in a 26M Series D financing from Moore Strategic Ventures (MSV), Microsoft Climate Innovation Fund and NVIDIA.
• Represented Legal Sea Foods, LLC, an iconic seafood restaurant company, in its sale to PPX Hospitality Brands.
• Represented Sverica Capital in the acquisition and divestiture of certain portfolio companies including Gryphon Networks, Gener8, Resonetics, and Dexmet.
• Represented Commonwealth Informatics, Inc., a cloud-based drug safety analytics provider in the medical research and healthcare delivery space, in its sale to Genpact Limited.
• Represented Plantgistix Holdings, LLC, a premier provider of contract packaging and resin enhancement services, in its sale to A&R Logistics, Inc., a portfolio company of Wind Point Partners.

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