Zhe Zhang (China-based entrepreneur, founder & CEO of SIFT Capital Partners Limited in Hong Kong) served as delegated external portfolio manager for Halcon Innovation Fund (a sub-fund of Halcon Investment SICAV, managed by ONE Funds AG in Liechtenstein) until March 2023. This fund held significant economic exposure to AMIO Bank (Armenia), with indirect 75% ownership via complex structures.
Zhe Zhang is also Chairman & CEO of Alpha Star Acquisition Corporation (a US-listed SPAC, ticker ALSAF), where Konstantin Sokolov (Russian/Swiss-linked investor, founder of Gotthard Investment AG) served as an independent director from incorporation (2021) until his resignation in October 2022.
Patrick Swint (US/UK-based, private equity and military background) joined Alpha Star Acquisition as an independent director in October 2022 (replacing Sokolov in some contexts) and has served as a non-executive Board Member of AMIO Bank CJSC (Armenia) since June 2022.
Interconnections summary:
SIFT / Zhe Zhang → Managed Halcon Innovation Fund (exposure to AMIO Bank) pre-2023.
Zhe Zhang + Konstantin Sokolov → Linked through Alpha Star Acquisition (Zhang as CEO, Sokolov as early director; both tied to acquisition/investment deals).
Zhe Zhang + Konstantin Sokolov → linked through ownership of Fedilco Group Limited, shareholder of VIVA Armenia
Patrick Swint → Bridges Alpha Star (director) and AMIO Bank (board member since 2022), overlapping with Halcon’s economic interest in the same bank.
These connections form a web of delegated management, SPAC governance, and board-level involvement in Armenian banking and alternative investments — a classic “all for one” network across jurisdictions (Liechtenstein, Hong Kong, US, Armenia, Switzerland). No single joint entity or transaction binds all three directly, but their paths cross through Alpha Star and AMIO/Halcon interests.
Since May 2013, Dr. Zhang has been the Founder and CEO of SIFT Capital, an asset manager licensed by the Securities and Futures Commission of Hong Kong (HKSFC) (No. BBE413) and Asset Management Association of China (AMAC) (No. P1018039). Prior to that, from January 2010 to April 2013, he was an Executive Director at Goldman Sachs, where he was a member of the Supervisory Board of Goldman’s Beijing Office and led multiple outbound and inbound asset/share acquisitions on behalf of clients.
Dr. Zhang is licensed as a Responsible Officer for Asset Management by HKSFC, and to practice as a professional financier by regulators in China, the UK, and the UAE.
Dr. Zhang earned a Ph.D in International Law from University of International Business and Economics (LL.D.), two master degrees in Law respectively from Peking University and Oxford University, and a bachelor degree from Shanghai Institute of Foreign Trade. He was both China Oxford Scholar and China Chevening Scholar.
Public records and corporate disclosures indicate that Zhe Zhang and Konstantin Sokolov have intersected in at least three major business ventures:
Viva Armenia (formerly MTS Armenia): Both are named as the ultimate beneficiaries of Fedilco Group Limited, the Cyprus-based company that acquired Armenia’s leading telecommunications operator from the Russian MTS Group .
Alpha Star Acquisition Corporation (SPAC): Sokolov served as a director on the board of this Nasdaq-listed special purpose acquisition company, where Zhe Zhang is the Chief Executive Officer and Chairman.
Armbusinessbank (AMIO Bank): The bank was acquired via an investment fund whose legal structure does not require disclosure of its unitholders. Zhe Zhang’s companies acted as the fund’s manager. Konstantin Sokolov is not recorded as a direct beneficiary in official filings, but his name appears in connection with the bank via appointed representatives and earlier affiliated projects.
Armenian companies are helping Russia bypass the Western embargo on the gold trade, The Insider and Hetq have discovered. Backed by prominent Armenian politicians and business figures, these companies have facilitated the import of billions of dollars’ worth of gold into Armenia since 2022. But the precious metal doesn’t stay there, as gold exports to the UAE have reached record levels. At the same time, cash and securities are reportedly flowing in the other direction — from the UAE to Armenia. Russian businesses are capitalizing on trading gold via Armenia, as the country does not apply export duties. Meanwhile, conducting transactions through private entities facilitates the evasion of sanctions.
Gold flows from West to East
Gold was one of the first Russian export commodities to fall under an embargo following Moscow’s full-scale invasion of Ukraine in February 2022. In June 2022, the U.S. banned the purchase of the precious metal from Russia, calling it the “country’s biggest non-energy export.”
Officially, this embargo only applies to imports into the United States. However, if a third country purchases gold linked to Russia, it becomes ineligible for sale in the U.S., effectively barring banks from using it for investment or trading. This means that, unlike restrictions on most other imports, the American embargo on “bank gold” effectively has global implications.
The Great Golden Road or from Russians to Armenians
Following the imposition of international sanctions against Russia, countries and companies began seeking ways to circumvent these restrictions, particularly in the gold trade. Armenia, Hong Kong, and the UAE have become key players in the scheme through which Russian gold continues to leave the country and enter international markets, despite the embargo.
Following the US ban on Russian gold imports in 2022, the flow shifted to countries not party to the sanctions. Armenia, thanks to the absence of export duties and its favorable geographic location, has become an important link for the re-export of Russian gold. (Pashinyan is a friend among strangers, a stranger among friends.) Since 2022, billions of dollars of “dirty” gold have been shipped from Russia to Armenia, from where it was then exported to the UAE, Hong Kong, and China.
The corporate history of fiduciary and trust service providers often reveals interesting connections. One such example is Athos Trustees (Switzerland) GmbH in Baar, a company with a distinct lineage.
Before it was Athos, this entity operated under a series of previous names that place it firmly within the ecosystem of international citizenship and residency planning:
Henley Trust (Switzerland) AG (until December 2015)
H & P Trust Company (Switzerland) AG (until January 2014)
Navigator Consultancy Services AG (until December 2005)
The key person long associated with the firm is Cornelis Jan Quirijns, Partner/CEO of Athos Equity Holdings Switzerland. His career includes a notable connection to MFM Global Invest AG, the Swiss fund linked to significant investments in Armenia’s Amio Bank.
Quirijns served as a member of the board of MFM Global Invest AG from November 2021 until July 2022, when he was succeeded by Gerard Hofmann. During this period, MFM also established its domicile at the same Baar address as Athos Trustees.
In a major development for the group, Bolder Group announced the successful acquisition of Athos Group in June 2024, following the necessary regulatory approvals obtained in May 2024. Beginning 1 June, Athos Group officially became part of Bolder Group. This marks a significant step in Bolder’s growth strategy, establishing a dedicated, experienced team providing Private Wealth and Family Office Services across multiple jurisdictions.
Sükrü Evrengün, CEO of Bolder Group, commented on the acquisition: “The combined expertise and resources of Bolder and Athos allow us to strengthen and diversify our service offerings to a broader range of clients.”
Importantly, Cees Jan Quirijns, CEO of Athos Group, will continue with Bolder Group as Global Head of Private Clients and Family Office. He stated: ”I am very excited about what the future holds for us and am looking forward to new adventures and achieving new milestones together with and as Bolder.” This ensures continuity of leadership and expertise within the newly expanded organization.
The purpose of the company is to finance, manage and hold holdings in companies of all kinds at home and abroad. The Company may enter into any financial transaction that is of the purpose. The Company may establish branches and subsidiaries at home and abroad and participate in other companies at home and abroad, as well as carry out any business directly or indirectly related to its purpose. The Company may acquire, charge, divest and manage real estate at home and abroad. It may also finance its own or third-party accounts, as well as provide guarantees and guarantees to subsidiaries and third parties.
Publications
19 Sept 2025 Seat: Baar, Switzerland
29 May 2024 Member of the board: Georg Murmann
23 May 2024 No longer Member of the board: Gerard Hofmann
6 Sept 2023 Auditor: SIG Fiduciaire SA
25 Jul 2022 Member of the board: Gerard Hofmann · No longer Member of the board: Cornelis J. Quirijns
18 Nov 2021 Member of the board: Cornelis J. Quirijns · Authorized signatory (ppa): Cornelis J. Quirijns · No longer Board: Alfred W. Moeckli · No longer ppa: Alfred W. Moeckli · Address · Seat: Baar, Switzerland
18 Nov 2021 Address · Seat: Baar, Switzerland
4 Feb 2021 Name: MFM Global Invest AG · Corporate Purpose
4 Dec 2019 as Humava AG Registration: 29/11/2019 · Member of the board: Alfred W. Moeckli · ppa: Alfred W. Moeckli · Address · Capital: 250,000 CHF · Seat: Zurich, Switzerland · Legal form: AG · Corporate Purpose
In the first part of this story, we touched on some details of the deal to divest the telecommunications operator, MTS Armenia. In the article, we described a Chinese man, Zhe Zhang, who claims to be the beneficial owner of the Cypriot company Fedilco Group Limited, which acquired the Armenian company from Russia’s MTS. Konstantin Sokolov is the other alleged owner.
We recall MTS Armenia CJSC’s statement that the new owners are “professional investors with extensive experience in telecommunications, finance, energy, and asset management.” However, based on the information we received and the results of our research, we concluded that in this case, as in many other transactions, Zhang and Sokolov are merely managers, while the real owners or investors behind them remain in the shadows and, for one reason or another, maintain confidentiality.
According to marketscreener.com, 49-year-old Konstantin Anatolyevich Sokolov graduated from St. Petersburg State University (he is apparently a native of St. Petersburg), after which he received a master’s degree in management from the University of Chicago. According to the same source, Sokolov’s name is associated with American and British companies, where he primarily holds (or held) director positions. At two of these companies, Sokolov and Zhe Zhang serve (or served) on the board of directors.
Sokolov’s company is involved in a dispute with an investor and a lawsuit
Konstantin Sokolov figures in the story of a Canadian investor who, according to the Cypriot press, became the victim of a fraud amounting to over $2.5 million.
In 2018, the Cypriot publication 24h.com.cy reported on a lawsuit pending in a Cypriot court by a Canadian investor seeking the liquidation of a local company, Posparon Investments Limited, so that the amount of money embezzled from him through fraud could be clarified. According to the publication, Posparon directors Olga Igorevna Katorajchik and Ilya Vyacheslavovich Sokolov (both Russian citizens) persuaded the Canadian investor to invest $2.5 million through a Liechtenstein-based fund in the Russian joint-stock company Kompressor Kompleks (KK), which specialized in the production of pumps and compressors. This was a leading mechanical engineering company in St. Petersburg.
According to 24h.com.cy, an agreement was signed as part of the investment deal stating that Posparon Investments Limited owned 80% of KK. However, the lawsuit emphasized that Posparon was a shareholder not of the Russian company, but of the Cypriot Wellinom Holdings Limited , where the directors were none other than Olga Katorajchik and Ilya Sokolov. In reality, according to Cypriot and Russian registries, Posparon had no direct connection to either KK or Wellinom Holdings. Nevertheless, Posparon was at the top of the pyramid (the other companies were presented as its subsidiaries). The Canadian became a shareholder in this particular company and subsequently sued Posparon.
Officially, since 2012, about 80% of KK has belonged to another Russian company, Argo LLC , which in turn belonged to Wellinom Holdings Limited until 2016.
According to the documents, Wellinom’s owners are Cypriot companies providing investment services, both owned by the same person. This is a very convenient and common way to conceal the true beneficial owner. The same can be said of Posparon, about 70% of which, as can be seen in the diagram below, was owned by two Cypriot companies providing consulting and business management services, which again reveals nothing about the true owners.
The ownership structure of the Compressor Complex as of 2016, when the company was acquired by SBK Premier. The following countries are color-coded: Russia – green, blue; Cyprus – purple; Malta – brown.
According to this diagram, Ilya Sokolov was a member of the board of directors of KK (according to his LinkedIn page , he also served as chairman of the board from 2011 to 2017), as was Konstantin Sokolov (from 2011 to 2014). Furthermore, K. Sokolov was a participant in KK with a 0.0042% stake.
Let’s return to the lawsuit against Posparon. It states that directors O. Katorajczyk and I. Sokolov later informed a Canadian investor of $2.5 million that an $8 million adjustment to the reasonable value of the investment had been made, but they failed to provide the financial statements of the aforementioned Posparon subsidiaries to justify the increased investment. Instead, the Canadian was presented with a report from a Cypriot audit firm stating that the adjustment to the investment amount was due to an alleged increase in the net asset value of a Posparon subsidiary (presumably “KK”).
In any case, in 2014, I. Sokolov sent documents to the Canadian investor and his lawyers, but the arguments for increasing the investment amount did not satisfy the Canadian. The directors, however, reported that the Russian company had taken out a $35 million loan from a local bank, which had increased the value of the underlying Cypriot company. Ultimately, the investor demanded a meeting not only with Olga Katorajchik and Ilya Sokolov, but also with Konstantin Sokolov, the ostensible owner and ultimate beneficiary of Posparon (and, of course, its subordinate “KK”). Sokolov assured the Canadian that he would henceforth receive the most up-to-date information about the investment from him personally.
However, according to 24h.com.cy, the Canadian investor had not received any important information by 2017, and although his lawyers periodically tried to clarify the situation, Posparon directors Katoraychuk and Sokolov convened a general meeting of the company to re-approve the audited financial statements for 2013-2014, without explaining why this was necessary.
In January 2018, a lawsuit seeking the liquidation of Posparon Investments Limited was filed by a company owned by Canadian investor Wastendo, which held 6.3% of its shares. According to the Cyprus state registry, Wastendo’s sole owner is Glenn Smith, a resident of Calgary, Canada. Smith is, in fact, the investor mentioned by 24h.com.cy or his representative.
In addition to demanding Posparon’s liquidation, Wastendo requested the court to compel other shareholders (Norfin Management Limited, Norfin Holdings Limited, and Yarton Investments BV) to purchase its 6.3% stake for $2.5 million. Essentially, the Canadian investor wants his money back from the remaining Posparon shareholders, who were essentially operating under K. Sokolov’s control. The lawsuit stated that, according to the Canadian investor, the company exhibited serious signs of poor management and malfeasance by the board of directors, and that the company’s operations were carried out fraudulently, facilitated by a Cypriot audit firm. However, the opposing party filed a counterclaim requesting the dismissal of Wastendo’s claims, which the Nicosia court upheld in December 2018.
It turns out that the Canadian investor failed not only in concluding a deal with Posparon, but also in defending his interests in court.
However, Posparon, a company founded in 2008, was struck off from the Cyprus state register in July 2022.
Regarding the Compressor Complex, which is at the center of the investment dispute, in 2016, SBK Premier, a company belonging to the Sberbank Group, became the new owner of Argo, which held 80% of the enterprise (presumably, the bank acquired a controlling stake in the engineering company in exchange for a loan). This meant that KK was no longer controlled by the Cypriot Posparon. In 2017, Argo was transferred to another Russian company, Grossmann Rus, part of the engineering company Grossmann Group. The latter works with major oil and gas companies. However, in 2020, KK was declared bankrupt, and in 2022, Grossmann Rus will suffer the same fate.
As noted above, Posparon directors O. Katorajczyk and I. Sokolov convinced a Canadian investor to invest $2.5 million in Kompressorny Kompleks through a fund operating in Liechtenstein. It is difficult to determine the precise connection between this fund and Posparon and its subsidiaries. It is noteworthy, however, that from 2011 to 2020, Ilya Sokolov, according to his LinkedIn page, served as an external advisor to the Liechtenstein-registered Gotthard Umbrella Fund, which invested primarily in the Russian real estate market. Furthermore, the Russian newspaper Kommersant reported that the Gotthard Umbrella Fund’s 2018 report included Kompressorny Kompleks in the fund’s portfolio. The fund ceased to exist at the end of 2019 .
The failure of an investment project to restore a landmark building in St. Petersburg.
K. Sokolov and his partners were involved in another project, which, however, failed. In May 2010, the St. Petersburg government, at a closed meeting, decided to alienate three buildings designated as federal landmarks to private investors, who were to convert them into luxury or five-star hotels. However, no auction was announced for the acquisition of these buildings; they were sold directly as part of a single package.
According to Russian media reports , the two buildings were purchased by two companies affiliated with the billionaire twin brothers Boris and Mikhail Zingarevich . The buyers paid 30 and 20 million rubles, respectively. However, in addition to these amounts, they committed to investing specific amounts.
A third building, the home of Mikhail Vavelberg, a banker well known in the Russian Empire, was sold in a similar manner. It was purchased for 111 million rubles by the St. Petersburg company IFG-Bazis-Proekt . Its general director told Russian media that they have no connection to the Zingarevichs.
The Zingarevich brothers are known primarily for their timber business (they are sometimes called the “forest brothers”). In the 1990s, their partner was Dmitry Medvedev, a native of St. Petersburg who later became President of the Russian Federation. Today, the brothers’ partner is another billionaire and also a native of St. Petersburg, Zakhar Smushkin, about whom we have previously written .
In 2010, the Russian press reported that IFG-Basis-Proekt belonged to the Cypriot company Applerson Holdings Limited , whose beneficial owners were unknown. Danat Bulavko, then CEO of IFG-Basis-Proekt, said that it was an international investment fund. Applerson’s intention to invest in a St. Petersburg hotel complex was reported back in 2009. At the time, it was also noted that this company was a division of the Cypriot investment fund IFG-Basis. According to Russian media reports, the fund was created to invest in real estate in Eastern Europe, Russia, China, and the Persian Gulf. As of 2009, the fund included approximately 100 properties, and its financial partners included Austria’s Erste Bank, Italy’s Generali Group, and Switzerland’s Bank Julius Baer & Co.
It should be noted, however, that according to the Cyprus state registry, an investment fund named IFG-Basis is not registered in the country. Conversely, according to the Cyprus registry, the owners of Applerson Holdings Limited, which existed from 2009 to 2014, never had such an entity. Applerson’s last owner was Crest Wave Investments Limited, a company registered in the British Virgin Islands, and Konstantin Sokolov was a member of Applerson’s board of directors.
Thus, in 2010, when the Russian company IFG-Bazis-Proekt purchased the Vavelberg house with the intention of converting it into a hotel, the company’s owner was Applerson Holdings Limited, with which K. Sokolov was directly associated. It is also known that from 2013 to 2016, the Russian company belonged to the Moscow-registered LLC “Innovative Development Company,” which was 50-50 owned by the Cypriot company Wellinom Investments Limited and the VBO-registered Wellinom Properties Limited. Our research revealed that K. Sokolov was again behind various companies bearing the Wellinom name. Another question is whether he was the actual owner or merely assumed that he was.
The ownership structure of IFG-Basis-Project as of 2016, when the company had not yet been transferred to SBK Premier, looked like this: Russia – green, blue Cyprus – purple Offshore zones (BVI, Anguilla) – brown.
From 2010 to 2017, Ilya Sokolov, a partner of K. Sokolov, served as the CEO of IFG-Basis-Proekt. In 2013, Sokolov signed an agreement with the Arab company Jumeirah Group, which was to assume management of the hotel being built on the site of the Vavelberg House. However, this project never came to fruition.
In 2019, the Russian newspaper Kommersant, citing its sources, reported that Konstantin Sokolov, businessman Yevgeny Tonkachev (who denied his involvement), and the Liechtenstein-registered Gotthard Umbrella Fund were involved in the IFG-Bazis-Proekt hotel project. According to the newspaper, in 2018, the Vavelberg House, along with the Kompressorny Kompleks enterprise, was included in the fund’s list of assets. However, in 2019, the fund completed the alienation of the historic building. As noted above, Gotthard Umbrella Fund was liquidated at the end of 2019.
In fact, just as the machine-building enterprise “Kompressor Komplex” was controlled until 2016 by the Cypriot company Posparon Investments Limited, whose beneficial owner was Konstantin Sokolov, so the company “IFG-Basis-Proekt” was under the control of companies affiliated with Sokolov until 2016.
Sokolov and his partners never managed to implement the project of converting M. Vavelberg’s house into a hotel, although it was planned to open in 2015, that is, five years after the sale of the historic building.
In 2016, Sberbank subsidiary SBK Premier became the sole owner of IFG-Basis-Project. In 2017, this company was replaced by the Russian company Project 5-7, which was in turn jointly owned by Sberbank and billionaire entrepreneur Nikolai Buinov .
In 2019, Sberbank left, after which Project 5-7 and its subsidiary, IFG-Bazis-Proekt, were completely transferred to Buinov’s control. It was under his leadership that the transformation of the Wawelberg House, which had been underway for over 10 years, was completed in 2021. The 5-star Wawelberg Hotel opened there in April 2021.
K. Sokolov’s mother founded a similar company in Cyprus.
In December 2023, a company called IFG Basis Capital (CY) Limited was founded in Cyprus, with Bronislava Gorelik as its sole shareholder and director . According to a Hetq.am source, B. Gorelik is Konstantin Sokolov’s mother. She is also involved as a shareholder in other Cypriot companies . According to the Cyprus State Registry, Bronislava Gorelik is registered in Malta but holds Israeli citizenship. It can be assumed that K. Sokolov is actually behind the companies registered in her mother’s name.
Hetq.am continues to identify the real beneficial owners of MTS Armenia. We received identical information about the real buyers of this telecom operator from two different sources. More on that in the next article.
The original English text of the article on Hetq.am has been removed. Today, only the Russian-language editorial version remains available.
The company had previously entered into an agreement with the government, transferring 20% of its shares to it.
YEREVAN, March 15 — Sputnik. Armenian Prime Minister Nikol Pashinyan discussed the operations and development of MTS Armenia, a strategic telecommunications company, with Konstantin Sokolov, shareholder, and Tigran Gasparyan, Chairman of the Board of Directors. The Armenian government press service reported this.
The Russian corporation PJSC MTS previously sold its subsidiary in Armenia to Fedilco Group Limited, a company registered in Cyprus (co-owned by Konstantin Sokolov).
The company entered into an agreement with the government, transferring 20% of its shares to it.
Let us recall that the state also received shares in other large companies (Zangezur Copper-Molybdenum Plant and Lydian Armenia).
Hetq.am was able to learn the activities of Zhe Zhang and Konstantin Sokolov, who claim to be the new owners of MTS Armenia, and also uncovered some details of their previous transactions, including the sale of Armbusinessbank.
On January 24, MTS Armenia CJSC, represented in the telecommunications market by the Viva-MTS brand, announced a change in shareholder. This meant that MTS Armenia was no longer part of the Russian MTS Group. Its new shareholder was Fedilco Group Limited , a Cyprus-registered company owned, according to the operator, by European and Asian investors.
MTS Armenia has named the ultimate beneficial owners of Fedilco Group Limited as Zhe Zhang and Konstantin Sokolov, “professional investors with extensive experience in telecommunications, finance, energy, and asset management.”
Who are these people, what do they do, and what is their connection to the sale of Armbusinessbank?
It’s worth remembering that until now, MTS Armenia CJSC (known as K-Telecom from 2004 to 2017) was owned by Russia’s MTS through a number of companies. A 100% shareholder of MTS Armenia CJSC was Aramayo Investments Limited , a Cyprus-registered company , which in turn is wholly owned by Allegretto Holding Sarl, a Luxembourg-based offshore company . Allegretto Holding Sarl is a subsidiary of the Russian public joint-stock company Mobile TeleSystems. 42.085% of MTS shares are owned by Joint-Stock Financial Corporation Sistema, whose largest shareholder (49.2%) is Russian businessman and billionaire Vladimir Yevtushenkov.
This is the exact scheme presented by MTS Armenia in the declaration of real beneficiaries, approved on March 2, 2023, and posted in the state register of legal entities of the Republic of Armenia.
Why did the state reject the deal to transfer MTS Armenia in April 2023?
In January 2023, MTS Armenia CJSC applied to the Public Services Regulatory Commission (PSRC) for approval to conclude a transaction to transfer control of the company. The agreement envisaged that Allegretto Holding Sarl, a Luxembourg-registered company owned by the Russian MTS, would divest 100% of its shares in Aramayo Investments Limited, a Cypriot company (the direct owner of MTS Armenia), to Fedilco Group Limited, a Cyprus-based company.
The PSRC appealed to the Ministry of High-Tech Industry, which reviewed the matter with the National Security Service and then filed objections to the transaction. On April 12, the PSRC, based on the Ministry of High-Tech Industry’s objection, decided not to approve the transaction. The refusal was justified as follows: “Approval of the transaction may be denied if the documents and/or information submitted for approval do not comply with the requirements of the procedure established by the PSRC, as well as if, in the assessment of the competent authority (the Ministry of High-Tech Industry – Hetq.am), they cause or may cause harm to national security or state interests.” This explanation failed to explain how the transfer of Aramayo Investments Limited, the owner of MTS Armenia, to Fedilco Group Limited, could harm national security or state interests.
According to a Hetq.am source, the reason government agencies refused to approve the deal was that the real beneficiary of the transaction—that is, the real owner of the Cypriot purchasing company—was not identified, which was fraught with security risks.
Who is the founder of “ Fedilco Group Limited ” “on paper”?
Who was the official owner of Fedilco Group Limited if the RA government agencies saw risks and rejected the deal?
According to official Cypriot records, he was a citizen of that country, but not distinguished by his financial means.
Thus, “Fedilco Group Limited” was established in April 2022, nine months before the aforementioned application to the Public Regulatory Commission. The sole owner and director of the company was Manolis Tarchanidis. According to his Facebook page, this 50-year-old Cypriot citizen hails from the Russian city of Norilsk, and, as evidenced by the content of his social media pages (see here and here ), he takes a pro-Russian stance in the current geopolitical situation.
Tarhanidis, who sells cars through Facebook, likely couldn’t afford to acquire MTS Armenia CJSC, one of the country’s largest taxpayers. It’s worth noting that Tarhanidis has held and continues to hold director or secretary positions in other Cypriot companies .
From its inception until early 2023, Fedilco Group Limited’s secretary was the Cypriot company GIF Capital Limited. According to its website , the company’s staff consists of highly qualified concession managers, tax consultants, lawyers, and accountants with extensive knowledge in international tax planning, asset protection, and concession management. Since February 2023, GIF Management Limited, a subsidiary of GIF Capital Limited, has served as Fedilco Group Limited’s secretary. Logic suggests that Manolis Tarhanides was the fictitious owner of Fedilco Group Limited, and GIF Capital Limited likely performs the primary functions of this company.
After the Public Services Regulatory Commission rejected MTS Armenia’s application in April 2023 and Fedilco Group Limited failed to become its indirect owner, changes took place in the Cypriot company.
Manolis Tarhanides, who was the fictitious owner of Fedilco Group Limited in October 2023, transferred his stake in this company to the Cypriot companies Nofal Holdings Limited (75%) and Ortasano Investments Limited (25%). These twin companies were founded in April 2022 on the same day, two days before the creation of Fedilco Group Limited. Perhaps unsurprisingly, the first owner and director of both companies was Tarhanides, and the secretary was GIF Capital Limited, which was later replaced by GIF Management Limited.
In July 2023, Manolis Tarhanides transferred his registered shares in Nofal and Ortasano to another Cypriot company, Wimthed Limited, which had been established the previous year. Wimthed also became the director of Nofal and Ortasano, replacing Tarhanides.
The owner of Wimthed Limited from its inception to this day is Cypriot citizen Andreas Ourris , who also serves as director and secretary of the company. In these two capacities, Andreas Ourris is a participant in many Cypriot companies affiliated with GIF Capital Limited. Furthermore, his wife, Marharyta Ourri , is an employee of GIF Capital. Marharyta Ourri’s maiden name is Romanova, and she hails from the Ukrainian city of Kherson. Marharyta Ourri, like her husband, holds management positions in various Cypriot companies . All of this suggests that Andreas Ourris, like Tarhanides, is playing a fictitious role.
Tarhanidis, who sells cars through Facebook, likely couldn’t afford to acquire MTS Armenia CJSC, one of the country’s largest taxpayers. It’s worth noting that Tarhanidis has held and continues to hold director or secretary positions in other Cypriot companies .
From its inception until early 2023, Fedilco Group Limited’s secretary was the Cypriot company GIF Capital Limited. According to its website , the company’s staff consists of highly qualified concession managers, tax consultants, lawyers, and accountants with extensive knowledge in international tax planning, asset protection, and concession management. Since February 2023, GIF Management Limited, a subsidiary of GIF Capital Limited, has served as Fedilco Group Limited’s secretary. Logic suggests that Manolis Tarhanides was the fictitious owner of Fedilco Group Limited, and GIF Capital Limited likely performs the primary functions of this company.
After the Public Services Regulatory Commission rejected MTS Armenia’s application in April 2023 and Fedilco Group Limited failed to become its indirect owner, changes took place in the Cypriot company.
Manolis Tarhanides, who was the fictitious owner of Fedilco Group Limited in October 2023, transferred his stake in this company to the Cypriot companies Nofal Holdings Limited (75%) and Ortasano Investments Limited (25%). These twin companies were founded in April 2022 on the same day, two days before the creation of Fedilco Group Limited. Perhaps unsurprisingly, the first owner and director of both companies was Tarhanides, and the secretary was GIF Capital Limited, which was later replaced by GIF Management Limited.
In July 2023, Manolis Tarhanides transferred his registered shares in Nofal and Ortasano to another Cypriot company, Wimthed Limited, which had been established the previous year. Wimthed also became the director of Nofal and Ortasano, replacing Tarhanides.
The owner of Wimthed Limited from its inception to this day is Cypriot citizen Andreas Ourris , who also serves as director and secretary of the company. In these two capacities, Andreas Ourris is a participant in many Cypriot companies affiliated with GIF Capital Limited. Furthermore, his wife, Marharyta Ourri , is an employee of GIF Capital. Marharyta Ourri’s maiden name is Romanova, and she hails from the Ukrainian city of Kherson. Marharyta Ourri, like her husband, holds management positions in various Cypriot companies . All of this suggests that Andreas Ourris, like Tarhanides, is playing a fictitious role.
Thus, Fedilco Group Limited, its owner, Nofal Holdings Limited, Ortasano Investments Limited, and Wimthed Limited, a shareholder of these companies, were established between April and July 2022. The registered owners of these companies were individuals (M. Tarhanidis and A. Ourris) affiliated with GIF Capital Limited, a business services company. This means that these companies were used to conceal the real beneficial owners behind them.
The problem is that in November 2022, the European Court of Justice, the highest judicial body in the European Union, blocked access to data on ultimate beneficial owners (UBOs) registered in EU countries. In other words, official information on the beneficial owners of the aforementioned companies, incorporated in the EU member state of Cyprus, is confidential.
What changed in the fall of 2023? The National Security Service failed to identify any risks.
Thus, in October 2023, Manolis Tarhanidis transferred 75% of Fedilco Group Limited to Nofal Holdings Limited and 25% to Ortasano Investments Limited. The latter is officially owned by Wimthed Limited, which in turn is owned by Andreas Ourris.
A few days later, in early November, MTS Armenia CJSC again applied to the Public Services Regulatory Commission for approval for the acquisition of MTS Armenia CJSC – this time by Fedilco Group Limited. This meant that Fedilco was to become a direct shareholder of MTS Armenia, rather than the owner of the Armenian company, Aramayo Investments Limited. On November 15, just days after the application was submitted, the PSRC approved the deal. This time, the Ministry of High-Tech Industry raised no objections, also reporting no comments from the National Security Service. In other words, this time, the NSS saw no risks related to national security or state interests.
When asked what had changed since April, given that the National Security Council had no objections, Armen Hunanyan, a PSRC representative and rapporteur on the draft decision approving the deal, responded that although the buyer is still Fedilco, there is a difference from the previous application. Hunanyan apparently meant that the buyer immediately becomes a shareholder of MTS Armenia, which, however, does not clarify the situation. On the other hand, Hunanyan noted: “Regarding the National Security Council’s position, the Commission is not the authorized body, so we cannot explain, on behalf of the National Security Council, the criteria used to make this assessment.”
On November 15, the PSRC also decided that Fedilco and the Russian owner of MTS Armenia would sign an agreement within six months and submit it to the Commission. The agreement was signed, and, according to the RA state registry, on January 26 of this year, by decision of the extraordinary general meeting of MTS Armenia CJSC, an amendment was made to the charter, according to which all shares of the CJSC henceforth belong to Fedilco Group Limited. It is noteworthy that although the Armenian company is no longer a member of the Russian MTS Group, it still retains the name MTS Armenia.
In any case, what changed in November compared to April? Our source answered this question for Hetq.am.
Thus, it was only on January 24 of this year that the Armenian operator announced that the beneficial owners of Fedilco Group Limited were Zhe Zhang and Konstantin Sokolov. However, back in November of last year, a Hetq.am source reported that at the time of the transaction, the real owners were Dr. Zhe Zhang and Konstantin Sokolov: Zhang is the owner of Nofal Holdings Limited, which owns 75% of Fedilco, and Sokolov is the owner of Ortasano Investments Limited, which also owns 25% of Fedilco. In other words, while in the spring of 2023, the competent Armenian authorities were unaware of the real beneficiaries of the transaction (it was certainly not Manolis Tarhanidis), now two people have emerged.
However, according to our source, this is how the situation was presented to the Armenian authorities. Zhang and Sokolov cited their family trusts (assets transferred to concession management) as the source of the funds intended for the transaction. Their origins, the details of their activities, and the nature of these trusts, as well as other necessary information, were not disclosed.
After the first deal fell through, MTS wanted to become the direct owner of MTS Armenia
When the Public Services Regulatory Commission (PSRC) rejected a change in the MTS Armenia shareholder chain in April 2023, the Armenian operator again contacted the PSRC on August 29, notifying it that the Russian MTS Group intended to acquire 100% of MTS Armenia’s shares from the Cypriot company Aramayo Investments Limited. This meant that the Russian parent company would become the owner of the Armenian CJSC directly, not through Aramayo and the Luxembourg-registered Allegretto.
It was in August that the PSRC approached the Ministry of High-Tech Industry, which, however, only responded in late October. Apparently, the reason was the situation in Artsakh that arose in September and October and the forced displacement of Artsakh Armenians. MTS Armenia was asked for additional clarification, which it provided in November, after MTS Armenia had already approached the PSRC again about concluding a deal with Fedilco. The Ministry of High-Tech Industry presented its position in December, after Fedilco had already been given the green light. Given this, the ministry opposed MTS becoming the direct owner of the Armenian subsidiary. On this basis, the PSRC rejected the application on January 17.
Who is Dr. Zhe Zhang?
50-year-old Chinese Zhe Zhang , according to his LinkedIn page, is a lawyer by profession, having graduated from Peking and Oxford Universities, as well as the University of International Business and Economics in Beijing, receiving a doctorate in law.
Marketscreener.com associates Zhang’s name with educational and entrepreneurial organizations operating in various countries around the world—China, including Hong Kong, the United States, Canada, and the United Kingdom. According to the same source, the Chinese entrepreneur currently holds various management positions in American, British, and Hong Kong companies. He is, in particular, a director of seven British companies , including KX Power Limited, which is engaged in asset management, development, and investment in renewable energy and power generation. Zhang is the CEO of KXP. Moreover, in British companies, Zhang’s country of residence is listed as the United Kingdom. Of Zhang’s companies, SIFT Capital Partners Limited , founded in Hong Kong, specializes in onshore and offshore asset management. Zhang is the founder and CEO of this company. SIFT Capital has branches in many countries, including Cyprus ( SIFT Capital Partners Cyprus Ltd ). It probably won’t seem strange that the director of this company is the above-mentioned Andreas Ourries, and the secretary is “GIF Management Limited”.
But what’s even more interesting is that SIFT Capital Partners was involved in the management of the new foreign owner of the former Armbusinessbank, which was renamed AMIO Bank. Furthermore, as a Hetq.am source notes, Zhe Zhang and his partner Konstantin Sokolov were involved in the purchase of Armbusinessbank.
What is the connection between Zhang and Sokolov and the sale and management of Armbusinessbank?
Armbusinessbank CJSC, owned by businessman Vitaly Grigoryants, was sold to the Swiss company MFM Global Invest AG in December 2021. In January 2022, the refinancing credit organization Housing for Youth acquired a 25% stake in the bank. The Swiss company retained a 75% stake.
Some time after the deal was concluded, the chairman of the Armenian bank’s board, Swiss national Alfred Moechli, stated that the owner of MFM Global Invest was an investment fund operating in Liechtenstein. Although Moechli did not disclose the fund’s name, and the Swiss registry does not list its owners, a Hetq.am source reported that it was the Halcon Innovation Fund. This is one of five subfunds of the Liechtenstein-registered Halcon Investment SICAV . The parent fund is currently managed by ONE Funds AG (Liechtenstein), but management of two of the five subfunds has been delegated to another company registered in Hong Kong.
And, as it turned out, the management of three sub-funds of “Halcon Investment SICAV”, including “Halcon Innovation Fund”, which is an indirect owner of 75% of “Armbusinessbank”, was delegated until March 2023 to Zhe Zhang’s Hong Kong company “SIFT Capital Partners Limited” (see the document below from the report of “Halcon Investment SICAV” for 2022, when this parent fund was managed by the Liechtenstein-registered company “BENDURA Funds AG”).
This means that the company of a Chinese businessman specializing in asset management indirectly controlled 75% of the shares of Armbusinessbank.
As for Zhang’s partner, Konstantin Sokolov, according to our source, he acted as a representative and consultant for the foreign companies that own Armbusinessbank (see top photo). According to the source, Zhang and Sokolov specialize in company acquisitions, where they organize negotiations, coordinate transaction details, and, in this regard, represent the actual beneficiaries (i.e., they are not the beneficial owners themselves), conclude transactions, submit documents to the relevant government agencies, etc.
Our studies also allow us to conclude that Zhe Zhang and Konstantin Sokolov are merely managers, functionaries who work for the owners who remain in the shadows.
Hetq.am has uncovered a number of facts about Konstantin Sokolov, some of his affiliated companies, and his previous transactions, which include questionable incidents. We’ll cover that in our next article.
Individuals named Konstantin Sokolov (U.S. and Russian citizen) and Zhe Zhang (Chinese citizen) have acquired telecommunications operator MTS from sanctioned Russian oligarch Vladimir Petrovich Evtushenkov. The deal involves assets previously controlled by the sanctioned businessman.
Vladimir Evtushenkov, the founder and major shareholder of the Sistema corporation, is subject to extensive international sanctions. According to the OpenSanctions database, he is designated under multiple restrictive measures, including:
Sanctioned Entity & Oligarch: Formally classified as a sanctioned individual and “oligarch” by multiple international bodies.
Australian Sanctions: Listed under the Russia Sanctions Regime by the Australian Department of Foreign Affairs and Trade.
UK Sanctions: Subject to UK sanctions relating to Russia imposed by the Office of Financial Sanctions Implementation (OFSI) and the Foreign, Commonwealth & Development Office (FCDO).
EU Sanctions: Designated under EU sanctions related to Ukraine by the Council of the European Union, with implementation in member states like France (Direction Générale du Trésor) and Belgium.
Swiss Sanctions: Included in the sanctions/embargoes list maintained by the Swiss State Secretariat for Economic Affairs (SECO).
Other Jurisdictions: Also sanctioned by New Zealand (Russia Sanctions Act 2022), Monaco, and Canada (Special Economic Measures Act).
Disqualified Director: Notably listed by the UK Companies House as a disqualified director, preventing him from holding directorship positions in the UK.
Asset Freezes: Subject to asset freezing measures in France, Belgium, and other EU nations.
Evtushenkov is also associated with several family members who are themselves designated as sanctioned entities, including his son Felix Vladimirovich Evtushenkov and daughter Tatiana Vladimirovna Evtushenkova.
The acquisition by Sokolov and Zhang represents a significant transfer of assets formerly controlled by a figure at the center of international sanctions related to Russia’s actions in Ukraine.
