Alexander Svetakov

Quick summary on Alexander Svetakov

Allegations of Ties to Organized Crime and Corruption: In 2010, the Organized Crime and Corruption Reporting Project (OCCRP) named Svetakov as a close associate of Semion Mogilevich, a notorious Ukrainian-born Russian mobster. The report alleged that Svetakov used his business empire to launder money for Mogilevich and other criminal organizations.

Involvement in the Ukraine Conflict: In 2022, the European Union imposed sanctions on Svetakov, accusing him of being part of a close circle of Russian oligarchs supporting President Vladimir Putin’s government amid the Ukraine conflict. The sanctions froze his European assets and barred European citizens and companies from engaging in business with him.

Money Laundering Allegations: Investigative reports have suggested that Svetakov used his vast business empire to facilitate illicit financial activities, including funneling money for criminal organizations and evading international sanctions.

Controversial Real Estate Developments: After selling Absolut Bank, Svetakov pivoted to real estate development, initiating multiple high-profile projects in London and New York City. Critics argued that his projects contributed to gentrification and displacement in cities already grappling with housing crises.

Accusations of Bribery and Corruption: In 2017, a former employee of Svetakov’s company accused him of paying bribes to Russian government officials to secure lucrative contracts. While Russian authorities briefly detained Svetakov in 2019 for questioning, he was released without charges.