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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJP Morgan Seized a Russian Superyacht in Gibraltar
JP Morgan Chase is behind the seizure of a Russian oligarch's superyacht in Gibraltar.
As Bloomberg first reported,"In one of the first public court actions by a bank to enforce on a debt against a sanctioned individual, JPMorgan won a court order authorizing Gibraltars port authority to detain the 73-meter (240-foot) yacht Axioma owned by Dmitry Pumpyansky."
Pumpyansky, a billionaire Russian businessman, was the owner and chairman of OAO TMKa Russian manufacturer of steel pipes. He recently offloaded his stake in the company and left the board of directors, as he was added to the list of Russian oligarchs sanctioned by the European Union and the United States earlier this month.
"JPMorgan is acting pursuant to its mortgage rights," a spokesperson for the Gibraltar government told Business Insider. "Her Majesty's Government of Gibraltar is exercising rights to enforce freezing sanctions also." Gibraltar is a British Overseas Territory located south of Spain.
https://www.msn.com/en-us/news/world/jp-morgan-seized-a-russian-superyacht-in-gibraltar/ar-AAVFBwN
Walleye
(30,722 posts)LakeArenal
(28,729 posts)You must have started when you were 10. Right?
Yo_Mama_Been_Loggin
(107,097 posts)Add 3 1/2 decades to that.
Celerity
(42,666 posts)Celerity
(42,666 posts)https://www.forbes.com/sites/kenrapoza/2017/04/03/russias-darth-vader-asks-putin-to-allow-for-j-p-morgan-loans/?sh=3b173a715f32
It's never good to be associated with the Russians these days. But at least one American investment bank -- J.P. Morgan -- has spent more than a decade doing business with some of the more notorious characters in Russia, like Igor Sechin, the CEO of oil giant Rosneft who is known locally as "Darth Vader." On Monday, Rosneft filed a notice with the Russian Ministry of Finance and Ministry of the Economy to allow for the company to get financing from international investment banks with subsidiaries in the country. J.P. Morgan Bank International made the cut.
Russia allowed for Rosneft to utilize foreign subsidiaries of a number of foreign banks, Kommersant newspaper reported on Monday, including banks that are sanctioned from doing business there, like BNP Paribas and HSBC. Others included Sumitomo Mitsui of Japan, Credit Agricole of France and the Bank of China to name a few.
JP Morgan is no stranger to Rosneft. In 2006, it was part of the underwriters that worked on a Rosneft public offering, splitting the lion's share of the $120 million in fees with four firms, including American bank Morgan Stanley. The IPO was highly controversial at the time, and would be a hot-button issue in today's headlines because part of the deal included the acquisition of a gas entity owned by Yukos Oil, the once great private oil firm owned by oligarch-turned-anti-Putin lobbyist Mikhail Khodorkovsky.
JP Morgan also has at least $716 million invested in Russian equity, including in the sanctioned companies, through its Hong Kong-based asset manager. All American emerging market mutual funds that track the MSCI Emerging Markets index have investments in Russian securities.
snip
JPMorgan allegedly helped Russian mafia launder funds FinCEN leak
https://www.amlintelligence.com/2020/09/jpmorgan-allegedly-helped-russian-mafia-launder-funds-fincen-leak/
J.P. MORGAN PROVIDES SBERBANK WITH TRADE FINANCE LOAN TO FACILITATE PRE-EXPORT FINANCE IN RUSSIA
JPMorgan Processed Russia Bond Payments, Sent Money to Citi
March 17, 2022
https://finance.yahoo.com/news/jpmorgan-processed-russia-bond-payments-160606696.html
Does that mean they'll give it back under their title instead?
Celerity
(42,666 posts)Last edited Wed Mar 30, 2022, 06:34 PM - Edit history (1)
edited to show the correct runestone, thank you to muriel_volestrangler for pointing out my sloppy errorThe Nävelsjö runestone
Gunnkell satti stæin þannsi æftiʀ Gunnar, faður sinn, sun Hroða. Hælgi lagði hann i stæinþro, broður sinn, a Ænglandi i Baðum.
"Gunnkell placed this stone in memory of Gunnarr, his father, Hróði's son. Helgi, his brother, laid him in a stone coffin in Bath in England."
muriel_volestrangler
(101,154 posts)at Sävsjö.
Old Norse transcription:
Vrai satti stæin þannsi æftiʀ Gunna, broður sinn. Hann vaʀ dauðr a Ænglandi.
English translation:
"Vrái placed this stone in memory of Gunni, his brother. He died in England."
https://en.wikipedia.org/wiki/England_runestones#Sm%C3%A5land
The Nävelsjö runestone is
Celerity
(42,666 posts)that has Sävsjö in it
this is why I made the mistake:
I missed the label
Sm 101 is indeed the Nävelsjö runestone, BUT that pic is of SM 77 (Sävsjö) , like you said
and here is the correct pic of the Nävelsjö runestone , like you already posted
so sorry for the confusion
Emile
(21,903 posts)Retrograde
(10,070 posts)I know nothing about running yachts this size, but many years ago I was considering buying a small sailboat, 7m or less. Used ones were going for next to nothing, probably because the costs of docking, maintenance, and insurance were staggering.
With a yacht the size oligarchs like, you'd need a full-time crew (or two, since they have to rest sometime) of a couple dozen people to sail and maintain it, plus housekeeping staff, plus insurance, plus big docking fees if you want to moor it somewhere, plus - well, you're looking at costs that probably exceed the combined incomes in several rural American towns.
2naSalit
(86,056 posts)I bet there's gonna be a whole bunch of summer jobs for people who want to work on a yacht!
All those boats need constant maintenance so if you're looking for a summer job on one of those confiscated yachts, now is a good time to start applying!
Don't forget to check USAJobs!
Indykatie
(3,691 posts)They'll be repossessed by the banks sooner or later. I never believed the seizure of these yachts would yield millions that could be used to help Ukraine. Clearly they won't.