American officials fined venture capital firm GVA Capital the highest amount allowed under law. The company must pay $215.99 million for breaking rules about Russian billionaire Suleiman Kerimov. Officials said GVA Capital helped Kerimov move money despite sanctions against him. The Office of Foreign Assets Control found the company violated restrictions multiple times. Kerimov faces penalties from America, Europe and Japan for supporting Russian military actions.
GVA Capital works with artificial intelligence and self-driving car companies around the world. Magomed Musayev and Pavel Cherkashin started the business together several years ago. Musayev runs the Russian version of Forbes magazine for wealthy readers. The company operates from offices in San Francisco and the Cayman Islands. Three executives manage daily operations across different technology sectors.
Government investigators discovered GVA Capital managed Kerimov money until 2021 through secret deals. Company leaders flew to France twice to meet Kerimov about investing in American businesses. They agreed to put $20 million into companies through offshore accounts. Kerimov nephew Nariman Gadzhiev helped arrange the transactions as a representative. Officials froze $1.3 billion from Kerimov trust accounts during their investigation.
GVA Capital works with artificial intelligence and self-driving car companies around the world. Magomed Musayev and Pavel Cherkashin started the business together several years ago. Musayev runs the Russian version of Forbes magazine for wealthy readers. The company operates from offices in San Francisco and the Cayman Islands. Three executives manage daily operations across different technology sectors.
Government investigators discovered GVA Capital managed Kerimov money until 2021 through secret deals. Company leaders flew to France twice to meet Kerimov about investing in American businesses. They agreed to put $20 million into companies through offshore accounts. Kerimov nephew Nariman Gadzhiev helped arrange the transactions as a representative. Officials froze $1.3 billion from Kerimov trust accounts during their investigation.
