Financial Crime World

Seychelles Cracks Down on Alpha Consulting Amidst Allegations of Aiding Russian Elite in Financial Crimes

In the aftermath of a new investigation by the media partners of the International Consortium of Investigative Journalists (ICIJ), Seychelles authorities took swift action against Alpha Consulting, a Seychelles-based offshore financial service provider accused of exploiting U.K. secrecy loopholes to aid companies linked to the Russian elite.

Alpha Consulting: A Seychelles-Based Offshore Financial Service Provider

  • Founded in 2008 by Russian businesswoman Victoria Valkovskaya and her ex-husband Roy Delcy
  • One of 14 offshore services providers implicated in the Pandora Papers investigation
  • Created more than 900 U.K.-registered firms through nominee directors

Implications in Russian Elite’s Financial Dealings

connections to Yevgeny Prigozhin

  • Nominee director implicated in the report provided services to Beratex Group Ltd, a company owned by Prigozhin
  • Prigozhin identified as the CEO of the Wagner Group, a Russian paramilitary organization
  • U.S. sanctioned the company in 2019
  • Involved in the creation of a company for Leonid Reiman
  • Reiman, a close friend of President Putin and former Russian communications minister
  • Alpha defends its actions, stating they conducted proper checks on Reiman

Valkovskaya’s Defense

  • Claimed nominee directors’ use not illegal
  • Arguing limited partnerships used exempted them from U.K. transparency rules

Controversial Activities Tied to Alpha-linked U.K. Firms

  • Reportedly tied to allegations of corruption schemes, unlicensed pharmaceutical sales, and a fugitive oligarch
  • No evidence suggests Alpha or nominee directors had involvement in management of these companies

The Fallout

Raids on Alpha Consulting’s Offices

  • Seychelles police and financial regulators conducted a raid on Alpha’s offices in Victoria
  • Valkovskaya stating full cooperation with the investigation
  • Seized documents and hard drives taken for examination

Notable Russian Clients

  • Previously had notable Russian clients, including Roman Avdeev, a Kremlin ally
  • In 2019, approximately 75% of Alpha’s customers were Russian

Past Scrutiny

  • Almost a thousand Russian clients were added to the Offshore Leaks Database as part of the leak in 2019