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Monthly spending allowance doubled for Russian fugitive

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Monthly spending allowance doubled for Russian fugitive

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A Russian oligarch who has rented an apartment in Monaco for several years, and who is wanted in Moscow to face embezzlement charges, has won a case in a London court that will double his monthly living allowance.

Georgy Bedzhamov will now be able to draw more than £161,000 a month from otherwise frozen funds, a sum that will allow him to rent a new apartment in the UK capital. A judge said that it is not the court’s role to stand in the way of his extravagant lifestyle.

Bedzhamov has been accused of master-minding a £1.3 billion banking fraud that resulted in the collapse of Vneshprombank. His sister, a co-owner of the bank has been jailed for nine years in Russia.

In 2015, Bedzhamov bought a property in Belgrave Square, London, for £15.2 million via a loan from a shell company based in the British Virgin Islands, thisismoney.co.uk reported earlier this year.

In September, London’s High Court of Justice allowed Bedzhamov to pay £250,000 of back rent for a Monaco apartment, crimerussia.com reported at the time. Bedzhamov told the court that his girlfriend and her children risked eviction if the back rent wasn’t paid.

ORIGINAL SOURCES: law360.com, crimerussia.com, thisismoney.co.uk

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