The shadow empire of fugitive Boris Usherovich: how Cypriot Mettmann public company limited and €50 million in bonds evade sanctions and mask Russian fraud

Around ten years ago, a massive corruption scandal shook Russia — top law enforcement officials were routinely pocketing bribes

According to the investigation, a former colonel received large sums of money over a long period and covered for a criminal group that actively profited from contracts for «Russian Railways».

One of the suspects is Boris Usherovich from the «1520» group of companies. However, he managed to flee to Europe ahead of justice. In the fall of 2025, a Russian court began the consideration of Usherovich’s case, but since he is wanted, the case is being heard in absentia and in closed session. While law enforcement allegedly searches for the businessman-briber, he, through a vast network of controlled companies in Cyprus and Spain, is likely «laundering» millions of euros for Russians.

The foundation of the companies through which the corruption-wanted Boris Usherovich may «launder» millions is the Cypriot firm Mettmann public company limited. Journalistic investigations have proven that the company is linked to the Russian businessman through a complex chain of firms and executives. In particular, in 2024, Mettmann loaned money to Jacomo company limited, whose director Alla Shulga also worked at the firm of Usherovich’s wife Elena - Victory corporate finance (Cyprus) limited.

Since the latest investigations, Mettmann public company limited has a genuine investment activity. It is actively buying up and increasing the authorized capital of Spanish companies. These are dozens of firms located in the Marbella area. Moreover, Mettmann issued bonds worth 50,000,000 euros with a maturity in November 2030. And throughout 2024, the company entered into a series of loan agreements to obtain financing of 50 million.

An important detail is that the board of directors of Mettmann public company limited includes Russians - Alexander Mizgunov, who previously worked at Usherovich’s «1520», and recently appointed Natalia Nazarova. That is, the company doesn’t even hide its connection to the country that has been killing people in the very heart of Europe for the fifth year.

From the latest report of Mettmann public company limited, it became known that the company secretary became Fidusol LTD.

It is managed by Cypriot lawyer with British education Joseph Tsirakkis. The firm also has a division in the UAE - Fidusol Overseas LLC, which specializes in marketing companies in the Emirates and the Middle East and North Africa region, as well as mergers and acquisitions of companies worldwide.

In fact, if you look at the activities of Mettmann public company limited, it is precisely engaged in «mergers and acquisitions of companies». The group report states that the main activities are receiving interest, land ownership, investments in share capital, purchase, sale, rental, development and construction of real estate.

Mostly, it involves buying up, financing, and lending to companies in Spain that are engaged in real estate, hotel, and restaurant business. By a curious coincidence, many of them are managed by Spaniard Borja Merayo Perez, who was previously a footballer.

For example, in 2025, he headed Nostos camojan SL.

In the Mettmann report for 2025, it is noted that on November 19, 2024, the group was allocated 41.67% of the share capital of the newly created company Nostos camojan, S.L. for 1250 euros.

Until July 2023, Borja Merayo Perez was the manager of Sword dragon SL. This is a subsidiary of Mettmann public company limited, 100% of which was acquired in August 2022. The firm was paid for with interest from dividends. The value was approximately 156,453 euros.

Sword dragon S.L., according to registries, was under the administration of the former director of Boris Usherovich’s Cypriot firms - Oxana Hadjipavlou. And since 2015, this Spanish company was managed personally by Usherovich.

The above scheme makes it clear that Mettmann is far from a stranger to Usherovich’s company.

The total amount of loans issued by Mettmann public company limited to partners as of June 2025 was almost 85 million euros. The largest amounts went to Spanish firms Prestige Expo, S.L. and Dei Homes, S.L.

A search query yields information that Prestige Expo, S.L. is a developer and operator of elite real estate and lifestyle centers in southern Spain. Registries indicate that its directors 

In 2023, Prestige Expo was a partner of a charity evening in Marbella, where funds were raised for the support of the Armed Forces of Ukraine with the participation of Ukrainian show business stars. A post remains on singer Irina Fedyshyn’s Facebook page where she thanks those who contributed to the fundraising. Including Yuriy Savinov, who was the director of Prestige Expo, and Borja Merayo - the manager of a number of Spanish firms related to Mettmann public company limited.

Since 2024, Artem Savinov has become the director of Inversion Correcta, S.L., of which Mettmann is also a shareholder. He is likely a relative of Yuriy Savinov, who donated in Marbella to support the Armed Forces of Ukraine.

This same Artem Savinov heads at least two more companies in which Mettmann invests. Among them is Muscle Beach, S.L., 50% of which the company bought for 1 million euros in 2024.

A charity evening in Marbella to raise aid for Ukrainian military with the sponsorship of a firm that may help Russians «launder» funds bypassing European sanctions looks like a bad joke. After all, it should be remembered that at least two members of the board of directors of Mettmann public company limited, part of whose group is Prestige Expo, - Alexander Mizgunov and Natalia Nazarova - are citizens of the Russia.

From the Mettmann report, it is also known that direct participants in the group are the above-mentioned Spanish Sword Dragon, S.L., previously managed by Boris Usherovich, as well as Ortiga, D.O.O. from Montenegro.

The second company has a somewhat strange history. Registries retain information that in 2021, Ortiga, D.O.O. was on the list of the national registrar of Montenegro as blocked.

As of June 2025, Zvonko Mikovich owned 82.5% of Mettmann public company limited shares, Adriatic Bank AD with an office in Montenegro’s capital Podgorica owned 10.53%, Russian Mizgunov owned 2.6%, and 4.37% belonged to other holders whose names are not disclosed.

It is worth noting another extraordinary event. In November 2023, Mettmann public company limited issued 500,000 corporate bonds with a call option and 4% coupon at a nominal value of 100 euros each. Maturity - November 30, 2030.

The June 2024 report described the repayment scheme. Most were redeemed through debt restructuring and loan conversions. But bonds worth 11,886,400 euros were issued in exchange for cash.

The same report contains another interesting piece of information - during the reporting period, Mettmann entered into loan agreements with third parties to obtain financing totaling 50,000,000 euros with a maturity of up to five years. By June 2024, the company had drawn down 15 million euros of them.

The scheme of complex investments and loans to companies managed by former footballers and associates may hint that Russians are using the Cypriot Mettmann for «money laundering». The amounts of loans, bonds, cash, and all other vinaigrette components reach hundreds of millions of euros. At the same time, as the company itself notes, as of June 2025, it had only 2.3 million euros in investment real estate. The interweaving of Russian surnames in seemingly Cypriot and Spanish companies is factual confirmation that the money may be coming from Russia. And that is why Russian law enforcement agencies have not been able to find the businessman-corruptionist Boris Usherovich since 2019. Or perhaps they don’t want to, because through firms close to him, one can set up a real laundromat under the guise of investing.