As of: February 8, 2024, 11:30 a.m
By: Klaus Wiendl
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The luxury cars were confiscated.
According to the insolvency administrator, the vehicles have lost a lot of value.
He has lodged an appeal against the seizure.
© Kw
The villa in which Alisher Usmanov temporarily lived belongs to Tegernsee (IOM) Limited.
Meeting the demands of your creditors poses a problem for the insolvency administrator.
Rottach-Egern
– Attorney Ulrich Cramer from Holzkirchen is faced with a problem.
As an insolvency administrator, he is supposed to help creditors fulfill their claims against Tegernsee (IOM) Limited.
The company is the owner of the villa on Rottacher Fischerstrasse, which is associated with Alisher Usmanov.
But since the oligarch landed on the EU sanctions list almost two years ago with Putin's attack on Ukraine, the villa has been empty.
Usmanov quickly ran away.
It wasn't just millions of dollars left behind, as Cramer reveals.
The company was also an employer
According to the lawyer, Tegernsee (IOM) Limited was also the employer.
Up to an estimated twelve employees have maintained business operations and the management of the property since around 2015.
A number of them lived across the street in a terraced house.
From there, the villa was monitored around the clock with cameras when guests were present.
Not only when Usmanov resided there, because the villa also hosted other high-ranking guests from politics and business.
Although Usmanov was never a co-owner of the villa, the tycoon rented the lakefront property for the duration of his stays.
Cramer also mentions the rental price: “77,000 euros per week.” Since the “Tegernsee resident” is said to have often stayed here for weeks, Tegernsee (IOM) Limited on the Isle of Man must have significant assets.
Tegernsee (IOM) Limited actually has bank balances, but according to Cramer, access to them is difficult “because of the numerous seizures and the EU sanctions applied to the insolvent debtor”.
Valuables taken from villa during raid
The insolvency administrator also complains that everything was taken during the raid in September 2022, even though Tegernsee (IOM) Ltd.
not sanctioned: jewelry, vases and expensive spirits.
Cramer estimates the value to be over one million euros.
The removal of the six luxury cars in October last year, which attracted media attention, was also illegal.
According to Cramer, the originally valuable vehicles belonged to a Munich company and therefore neither Usmanow nor Tegernsee (IOM) Ltd. But the ravages of time also gnawed at the luxury cars during the standstill of one and a half years.
“At the time of the raid, some of the vehicles were in poor condition and were not ready to drive.” According to Cramer, the vehicles “may only have a small portion of their original market value.”
Workers are still waiting for their money
Cramer wanted to use the proceeds from the exercise of the landlord's lien to satisfy the insolvency creditors, "i.e. not the shareholders or the alleged 'oligarchs', but, among other things, the simple employees of the insolvent debtor who have not received any money for several months, as well as various companies from Tegernsee Tal, whose bills have also been outstanding for months, as well as health insurance companies and the Bavarian tax authorities.
Cramer estimates the creditors’ claims at “several hundred thousand euros”.
Therefore, according to his own statements, the lawyer has “filed an appeal against the seizure of the vehicles”.
Because he sees his rights as an insolvency administrator and those of the insolvency creditors violated.
“In my opinion, the state measure is inappropriate and unfair from a social point of view, given its impact on the creditors affected, because I cannot utilize and distribute the assets that are basically available but have now been confiscated for the creditors.”