Until Russia’s full-scale invasion of Ukraine, Czech Vanadium was among the European companies which clearly had Russian owners.
Since 2007, the company has been controlled through the Evraz group by Russian businessman Roman Abramovich, who is close to Russian leader Vladimir Putin.
The ferrovanadium producer was part of a chain through which vanadium ore mined in Russia reached Europe before being sent on to Abramovich’s factories in the US. Ferrovanadium is an alloy added to steel to help improve its properties. And Czech Republic accounts for six percent of global production.
But sanctions following Russia’s full-scale invasion of Ukraine in 2022 forced the oligarch to sell up.
Evraz, the holding company in which Abramovich is the largest shareholder, supplied the Russian army, according to media reports. But Evraz denied this.
In 2024, the Abu Dhabi-based company Metco (now ‘Metco Holding’) became the sole shareholder in the Czech factory, but it is not clear who controls it.
Czech authorities and police suspect the transfer of the vanadium factory to a new parent company in the UAE may conceal the true owner. They are seeking to establish who is really behind the opaque company in the Persian Gulf, and whether it is still Roman Abramovich.
According to Deník N sources familiar with the investigation, specialists from Czech police bodies for organised crime (NCOZ) and the financial intelligence unit (FAÚ) are involved.
“Yes, we are investigating who is behind the company. There are many leads and the suspicion is clear that the company may still be backed by its former owners from Russia,” a source close to the investigation confirmed.
NCOZ spokesperson Jaroslav Ibehej declined to comment in more detail on the search for Czech Vanadium’s beneficial owner. “As a rule, we neither confirm nor deny what we are working on,” he said.
According to documents in the Czech judicial database, the company is formally controlled by one owner — a Dubai-based lawyer of Indian origin who provides nominee services for beneficial owners. The lawyer has been linked to money-laundering investigations in Ukraine and Moldova.
Apparent fake owner scheme
The officially declared owner of Czech Vanadium is Nikhil Skariah Kolekunnel. According to the ADGM free zone business register in the UAE, he is both the sole shareholder and director of Metco Holding.
However, the Gulf state’s database does not disclose so-called beneficiaries, who are entitled to the company’s profits and may also secretly control it.
Although the Czech judicial register lists Skariah as Czech Vanadium’s beneficial owner, this does not necessarily indicate the person exercising control in the background. For example, trustees of trust funds are also listed in the registers as beneficial owners.
The nature of Skariah Kolekunnel’s business suggests that he performs the specific role of an administrator, a so-called fiduciary — someone who accepts an ownership mandate and effectively manages another person’s assets.
He is a lawyer originally from India who founded two law firms in the UAE years ago. His companies represent large corporations and businesspeople who do not wish to publicly acknowledge ownership of a business.
“South Bridge Legal is an advisory firm for comprehensive business establishment in Dubai, Abu Dhabi and the UAE. Our highly experienced team has been active in the sector for more than 10 years, providing services tailored to the unique needs of every ambitious entrepreneur setting up companies in Dubai,” the company wrote on its website.
“We have all activities, which is tax management, tax consulting, accounting, corporate services, offshore company formation, free zone company formation…everything,” Skariah said in a recently published video on YouTube.
Metco Holding’s address in Abu Dhabi suggests it may be a shell company. And it is headquartered from a WeWork.
Moldova and Ukraine links
‘Skariah’, the name of the Indian administrator, had already emerged eight years ago in connection with the concealment of ownership structures during an investigation into the privatisation of Moldova’s national airline. At the time, Skariah appeared as the owner of the opaque company Gold Craft FZE, established in Dubai in 2015.
“On Monday 1 October 2018, one day before the privatisation agreement for Air Moldova was signed, a plane from Istanbul landed at Chișinău International Airport. One of the passengers, a 39-year-old man, was carrying nearly €2.6m in cash in his luggage. He declared the money to customs officers, which, according to the Office for the Prevention and Fight against Money Laundering, he had borrowed four days earlier from Gold Craft FZE in the United Arab Emirates,” the investigative outlet RISE Moldova reported.
It finds that Andrei Ianovici brought cash from Dubai, equivalent to tens of millions of Czech crowns. Later that day, he deposited the money in a bank, and it ended up in the accounts of Civil Aviation Group SRL. That company privatised Air Moldova, and Ianovici was one of its partners.
The true origin of the money was never established, leading local investigators to suspect that the money had not been earned legally. No charges were brought, however.
According to court records, Skariah was also involved in disputes in Ukraine, where Gold Craft FZE claimed ownership of an Ilyushin aircraft which the company allegedly purchased in 2017.
Skariah’s Russian-linked empire
However, the UAE-based lawyer was not the only individual to have emerged as an administrator of Czech Vanadium. Another is Sergei Gushchin.
A man of this name was formerly a prominent Russian businessman in rail freight transport and, although he withdrew from Russia three years ago, he appears on Ukrainian sanctions lists for supporting the Russian army.
Gushchin became a senior manager at PJSC TransContainer, a Russian rail freight carrier, after Evraz sold its stake. In the past, a quarter of the company was owned by the holding company of Abramovich.
Meanwhile another of Gushchin’s companies, Rail Service, formed a joint venture with Evraz in 2019 focused on the production of railway wheels.
According to a UAE register, Gushchin was a director and shareholder of Metco, which became Czech Vanadium’s parent company from 2022-23.
US credit-rating agency Moody’s shared data with Deník N that listed Gushchin as a recent beneficiary of Metco Holding and as the company’s director.
Russia’s ferrovanadium monopoly
Czech Vanadium’s revenues regularly exceed €81m, and in 2024 the company reported profits of more than €8m. This summer, the company sent over €0.6m of that sum to the Dubai company, the remaining funds staying in its retained earnings account.
Last year, the company recorded a modest €0.2m loss. Its accounts retained more than €12m in undistributed profits in total.
Czech Vanadium’s business remains closely tied to Russia. Last year alone, vanadium oxides or hydroxides worth nearly €82m were imported into the Czech Republic from the Russian Federation. Russia is effectively the sole supplier of the raw materials needed to produce ferrovanadium. According to the statistical office database, exports mainly go to the United States, as well as Germany and Taiwan.
Czech Vanadium did not reply to requests for comment or an explanation of its ownership structure.
It also did not answer the question of how a Dubai lawyer had bought the Czech company, which, according to some estimates, is worth more than €40m.
Company representatives have not responded to questions about its owners since 2024, when the company left the Evraz group structure.
Fake owner model in US
Jiří Skuhrovec, an analyst at Datlab, specialises in the global vetting of business partners. He says Abramovich uses a similar model for concealing ownership in the United States.
Sanctions also forced the Russian oligarch, who became better known through his former ownership of the British football club Chelsea, to withdraw from US companies. But Skuhrovec concluded that they were probably still controlled by people linked to Abramovich just like the factory in Czech Republic.
“We mapped the entire chain, from the Russian ore supplier through the Czech smelter to the final recipient: the US company Strategic Alloys LLC. Until recently, all three companies officially belonged to Abramovich, and all three are now controlled by people with links to his Evraz group. Abramovich may therefore still secretly control the entire supply chain for this strategic raw material. This would be a textbook case of sanctions circumvention, as well as an obvious security risk,” Skuhrovec said.
Findings led Datlab and Transparency International to submit a complaint to police. “We believe that the 16m Czech crowns (around €655,000) in distributed profit may have gone to Abramovich, who is on a sanctions list. That would constitute a criminal offence,” the analyst explained.
In brief:
- Czech Vanadium, owned by Russian oligarch Roman Abramovich’s holding company until 2024, was taken over by Dubai-based company Metco Holding.
- The company is opaque, and Czech authorities are investigating who actually owns the Czech factory. It is suspected it is still linked with former owner.
- This would amount to circumventing sanctions imposed by the European Union.
- Deník N and Datlab analyst Jiří Skuhrovec found that the company is backed by lawyer Nikhil Skariah Kolekunnel and Sergei Gushchin, who conduct business with Abramovich’s Evraz group.
- Skariah has been linked to money laundering in Moldova and Ukraine. He has long covered for companies that are in fact owned by someone else.
