Ex-Rosneft CEO Says Rothschild Drained His Funds Via Kickbacks
Sergei Bogdanchikov in 2006.
Photographer: Dmitry Beliakov/Bloomberg
This article is for subscribers only.
A former chief executive of Russian oil company Rosneft has accused one of Europe’s oldest banks of conspiring with New York brokers in a kickback scheme that caused him to lose more than half of his $150 million investment portfolio.
Sergei Bogdanchikov accused banking group Edmond de Rothschild of steering his funds to a pair of New York firms that he says lost money on bad investments and charged inflated fees to kick commissions back to the bank. The bank also used the now-defunct Panamanian law firm Mossack Fonseca to form shell companies to hide the scheme, according to a lawsuit Bogdanchikov filed in New York state court on Wednesday.