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French authorities have seized about $75 million worth of real estate and luxury cars in the French Riviera as part of a money-laundering investigation involving two Russian businessmen who hold Cypriot citizenship, according to a published report on the OCCRP.org website. The businessmen, Ruslan Goryukhin and Mikhail Opengeym, are suspected of using offshore companies to buy high-end properties in France, potentially taking advantage of Cyprus’ "golden passport" program, which grants citizenship in exchange for large investments.
Opengeym was previously named in the Pandora Papers, a major leak exposing financial secrets, while Goryukhin once led a construction company founded by Russian oligarch Arkady Rotenberg, a close ally of President Vladimir Putin. The investigation, which began in March and is being handled by France’s anti-organized crime unit, focuses on how the two men financed their real estate purchases. Between 2012 and 2014, they allegedly used loans from companies based in Cyprus and the British Virgin Islands to buy luxury properties.
While French authorities didn’t name the individuals involved, *Le Monde* traced the property purchases to Goryukhin and Opengeym through leaked data and property records. The seized assets include eight high-end properties, such as an estate in Grasse and villas in Saint-Raphael and Grimaud. Authorities also seized two luxury cars and company shares valued at nearly €2.7 million. Some of the financing came through companies located in Cyprus, Monaco, and the British Virgin Islands.
Under French law, individuals must prove that large sums of money used for such purchases came from legitimate sources. Due to the unclear origins of the funds, the French courts approved the asset seizures. Investigators believe intermediaries, including a notary and Monaco-based firms, may have helped facilitate these suspicious transactions.
Both Goryukhin and Opengeym have not publicly commented, though their lawyers have stated that Goryukhin will present his case in court, while Opengeym denies involvement in the criminal investigation.
This case underscores concerns that Cyprus' golden passport program, which has faced criticism in the past, may have been exploited by wealthy individuals for questionable financial activities.
[Source: OCCRP.org]
