Alexander Tugushev, placed on international wanted list

A Russian court in the Murmansk region has issued an international arrest warrant for fraud for Alexander Tugushev, one of the co-founders of Norebo Holding, reports TASS.

Tugushev is involved in a different ongoing court battle, taking place in London, UK, in which he claims Vitaly Orlov -- CEO and now sole owner of the firm -- and another co-founder of Norebo, Magnus Roth, have deliberately denied him his one-third (worth in excess of $350 million) of the company, which is valued at more than $1.5 billion.

Murmansk's Oktyabrsky District Court arrested Tugushev in absentia on March 25, "charged with fraud on a particularly large scale".

"Due to the fact that he left the Russian Federation, the accused was put on the international wanted list," TASS wrote.

According to the investigation, Tugushev -- the former deputy head of the federal fisheries agency -- misled and stole more than RUB 30m rubles from Alexander Sychev, co-founder of fishing and processing firm Vostok.

Kommersant, meanwhile, reports that Tugushev arranged to create a joint venture with Sychev, fishing coldwater shrimp in the Barents Sea. "Using his contacts at the State Agency for Fisheries, Mr. Tugushev allegedly promised not only to invest his own funds in the project but also to protect the undertaking, which would guarantee its profitability," the news site wrote.

He allegedly had Sychev put up RUB 31m (nearly $400,000) for the purchase and repair of a vessel in 2017, but after Sychev had put up his half of the capital for Voskhod, he then contacted law enforcement, fearing he had been deceived by Tugushev, Kommersant added.

Tugushev's legal team told Undercurrent News he categorically denies any allegations of criminality and wrongdoing against him. It claimed Orlov has a "well-established history of fabricating criminal complaints and fraudulent legal proceedings against Mr. Tugushev". Tugushev will appeal this decision, it said.

"There are a number of close and unusual links between Mr. Orlov and this investigation, which resulted from a criminal complaint filed by Mr. Sychev."

Orlov was in possession of a copy of Sychev’s criminal complaint long before Tugushev, his legal team claimed. "There is absolutely no reason why Mr. Orlov should be in possession of these documents, as he has no formal connection to this investigation whatsoever." Orlov has repeatedly refused to explain how he was aware of the criminal complaint at all, it said.

Further, Sychev’s lawyer in this investigation has previously appeared on a Murmansk television station to spread false rumors about Tugushev in relation to Orlov, Tugushev's team claimed.

"Mr. Orlov has well-established connections to this television station through his head of security, Mr. Prokopenko, raising questions about Mr. Orlov’s connection to Mr. Sychev’s lawyer."

Tugushev’s legal team was only provided with 24 hours’ notice before the court hearing in Murmansk, a city in which Orlov "exercises considerable influence", it added. "The fact that the court did not permit a temporary adjournment of the hearing to allow Mr. Tugushev’s legal team an opportunity to properly prepare and respond is a further indication that this is not a normal case."

It is also notable that these latest developments occurred shortly after Tugushev sent Orlov his draft amended claim in the London proceedings, increasing his claim to 45.75% of Norebo, Tugushev's team said.

"For these reasons, Mr. Tugushev strongly believes that this is yet another attempt by Mr. Orlov to interfere with his High Court claim in London through underhanded tactics.”

Orlov’s legal team told Undercurrent that neither Mr. Orlov nor Norebo was involved in this case in any way, and therefore had no comment to make. It did add, though, that it was "unsurprising that convicted fraudster Tugushev is wanted in connection with yet another fraud investigation".

Earlier this year a Murmansk court rejected attempts by Orlov to have it disregard the jurisdiction of one of England's senior courts in his dispute with Tugushev.

In a statement, Tugushev's team said the Russian court had "rejected Mr. Orlov’s attempts to hide behind the Russian legal system to avoid decisions of the London High Court".

However, a spokesperson for Orlov's legal representatives told Undercurrent the "application made to the Murmansk court was merely procedural", playing down the significance that Tugushev's team was lending it.

Then, one aspect of the legal disputes between the founders of Norebo took a new turn on Jan. 23 with a Hong Kong court's ruling that Magnus Roth should make a $35m interim payment as he buys Vitaly Orlov out of Three Towns Capital (TTC).

Last year high court judge Russell Coleman ordered Roth to buy the 50% share of Hong Kong holding fishing and transport company TTC, which is currently owned by Orlov. That came as Alexander Tugushev, the third founder of what is now Norebo, sought over $330m from Orlov in an equally bitter London legal process, claiming the latter and Roth swindled him out of it.

On Jan. 23, 2020, Coleman ordered Roth to make an interim payment "from his own assets and resources (not those of TTC or the TTC Group)", according to a ruling.