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U.S. prosecutors argue that the Amadea is owned by sanctioned Russian oligarch Kerimov

The U.S. government has argued in an evidentiary hearing in New York that the sanctioned Russian oligarch Suleiman Kerimov was the owner of the 'Amadea', making it subject to forfeiture. The federal prosecutors stated last week that the yacht is owned and controlled by the Russian billionaire and that his use and improvements of the vessel violated the sanctions that were imposed on him in 2018 by the U.S. Treasury Department, in consultation with the Department of State. It had imposed sanctions on seven Russian oligarchs, 12 companies they owned or controlled, 17 senior Russian government officials, a state-owned Russian weapons trading company and its subsidiary and a Russian bank. Suleiman Kerimov was included in these sanctions for his role as an official of the Russian Federation and a member of the Russian Federation Council. He was alleged to have moved hundreds of millions of euros into France, in addition to conducting standard fund transfers without disclosing the money to French tax authorities. In 2023, Damian Williams, the United States Attorney for the Southern District of New York and Michael Khoo and David Lim, Co-Directors of Task Force KleptoCapture, announced the filing of a civil forfeiture complaint against the 'Amadea'. It was alleged that Suleiman Kerimov had improved and maintained the yacht in violation to the sanctions imposed on him. The complaint alleged that the 'Amadea' was therefore forfeitable, based on violations of U.S. law, including the International Emergency Economic Powers Act (“IEEPA”) and money laundering violations. Despite the allegations against Kerimov, another Russian businessman, Eduard Khudainatov, claimed ownership of the 'Amadea' and was seeking to reclaim it. While Khudainatov is not under U.S. sanctions, he was blacklisted by the European Union in June 2022. At the closing arguments of an evidentiary hearing in New York, the prosecutors asserted that Khudainatov had sold the yacht to Kerimov in Sept 2021, while retaining the title to act as its straw owner. In contrast, Khudainatov's legal team insisted the yacht was never sold and argued that simply the holding title was sufficient to establish standing in the case. On Feb 5 the U.S. Justice Department announced that it was shutting down Task Force KleptoCapture, a key initiative launched in response to Russia's invasion of Ukraine to enforce sanctions and seize the assets of oligarchs close to the Kremlin. Adam Ford, a lawyer for Khudainatov, criticised the dissolution of the task force, asserting that closing arguments further reinforced Khudainatov’s claim to ownership. The Task Force KleptoCapture was instrumental in prosecuting Russian oligarchs and seizing their assets as part of a wider strategy to isolate Moscow from global financial markets. Since its inception, the task force led to the seizure of yachts belonging to sanctioned oligarchs, including Suleiman Kerimov and Viktor Vekselberg. While ongoing cases initiated by the task force will continue, its dissolution means the work will no longer be coordinated from Justice Department headquarters.

Court to decide about ownership of conficated yacht

The USA are going to court to prove that sanctioned billionaire Suleiman Kerimov is the real owner of the 'Amadea'. The yacht, which costs US taxpayers almost $750,000 a month to maintain and insure, is being held in custody in San Diego while the legal proceedings are ongoing. The legal battle stems from the work of the Justice Department's KleptoCapture task force, which targets assets including yachts, planes, and luxury real estate of wealthy Russians who have been sanctioned over the invasion of Ukraine. The US, UK, and EU have imposed sanctions on oligarchs and others accused of helping the Kremlin. The United States claims that Amadea is owned by Kerimov, the 17th richest man in Russia, with a net worth of about $9.3 billion. But Eduard Khudainatov, the former head of Russia's oil producer Rosneft, claims he is the real owner. Lawyers for Khudainatov and his Millemarin Investments claimed that he spent $232 million to build the yacht and that it has belonged to him all along. The Ministry of Justice argues that Khudainatov is only a fake owner designed to conceal Kerimov's ownership of the yacht and has no legal grounds to complain about what is happening to it. The US District Judge Dale Ho is holding a hearing this week on the Khudainatov case and the question of who owns the yacht. In the government's opening statement, Justice Department lawyer Rachel Dowd told that the evidence would show that Khudainatov ordered the 'Amadea' and then sold it in 2021 to Kerimov through intermediaries, after which the Kerimov family used the yacht exclusively. The crew recognized the Kerimovs as the owners and the family had plans to refit the vessel. If the United States fails to confiscate the yacht, the cost of its maintenance will be lost. So far, the government has not been able to get court approval to sell the ship and avoid financial risk. Adding the $5.6 million in dry-dock repairs that the US planned to carry out last year, the total cost to taxpayers was about $20 million, according to a US statement in 2024, and is now closer to $30 million. The costs represent only a small fraction of its value and are not unusual for such a yacht. When the 'Amadea' was arrested, the US estimated its value at $300 million or more. An independent appraiser estimated its fair market value at $230 million.

Motion to sell arrested yacht denied by judge

The motion to sell the arrested 'Amadea' has been denied by US district judge Dale Ho. On Feb 9, 2024, federal prosecutors in Manhattan filed a statement urging the judge to press ahead with an auction amid excessive carrying costs, estimated at $743,750 a month. The argument has now been rejected by the court: "The court is wary of relying solely on maintenance costs to justify sale, when those costs represent a small fraction of the value of the res and do not appear to be atypical for property of this type." The 'Amadea' was arrested in May 2022 after its UBO (ultimate beneficiary owner) was allegedly sanctioned following the start of the Russian war against Ukraine. US authorities detained the vessel and subsequently moved it from Fiji to San Diego, where she remains to date. In October 2023, the DOJ filed a civil forfeiture complaint which could allow the US government to take ownership of the 'Amadea'. The complaint alleged that maintenance and other works were carried out in violation of US law, including allegations of money laundering. The filing was submitted in federal court in New York and further alleged the existence of "a chain of shell companies designed to conceal the identity of the true owner of the yacht" in corporate documents. "The burden to prove forfeitability in a civil forfeiture proceeding is upon the government, and proceedings involving this property and its claimants remain ongoing. The yacht could therefore be 'subject to forfeiture to the United States. A civil forfeiture complaint is merely an allegation that money or property was involved in or represents the proceeds of a crime".