Billionaire’s Malta assets under worldwide freezing order after Turkey coup arrest
Shipping mogul Mübariz Mansimov, arrested over Turkey coup and alleged Gulen links, has shipping empire based in tax-friendly Malta
The assets of an Istanbul-based shipping conglomerate that has been based in Malta for the last 20 years, are the subject of a massive asset freeze after owner Mübariz Mansimov, an Azeri-Turkish billionaire, was imprisoned over links to coup in Turkey.
Mübariz Mansimov Gurbanoglu was arrested back in March over alleged Gulen links. He had based his shipping empire almost in entirety in Malta for its friendly tax laws for the maritime industry.
Mansimov was arrested in one of the highest-profile detentions of a crackdown against suspects linked to a network accused of carrying out an attempted coup in 2016. Chairman of the Istanbul-based Palmali group, which operates a fleet of freight vessels, the Turkish company’s business was chiefly located in Malta.
He was arrested over ties to the network of U.S.-based Muslim cleric Fethullah Gulen which President Tayyip Erdogan blames for the failed putsch in which about 250 people died.
His Malta-resident companies are dozens of ships and major holding companies such as the Palmali International Holding Company, Palmali International Holding Two, Palmali Logistics, Palocean Shipping, Paloffshore Oil Services, Palriver Shipping, Palsea Shipping, Tampal Trade, Pal Food, Palchem Holding, Palmali Dry Cargo, Palmali Voyager, Caspian Holding, Pal Air, Pal Gas Holdling, Barge Oil Services, GMM Shipping & Trading, and GMM Holding.....MORE
In May 2020, a High Court in London issued a worldwide freezing order against Palmali Holding Company, and specified that Mansimov and company secretary Joanne Spiteri would be held in contempt of the court if any assets are sold. Spiteri had already resigned her role as company secretary in April 2020. The injunction was filed by Sberbank of Russia on all Malta companies, as well as some $261 million in assets that Mansimov holds in England....
