Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank's schemes through PR and reputation laundering
In the waning days of September, Oktobank underwent two significant developments: first, Iskandar Tursunov boosted his equity stake to 99.2%; second, MEP Adrian-George Axinia officially contacted the European Commission to probe the bank's possible involvement in evading restrictions imposed on Russia.
These two occurrences are unquestionably related. According to reports from “Radio Liberty,” MP Axinia indicated that Oktobank possesses a dominant position in Uzbekistan's international financial transactions, encompassing remittance services and P2P transfers. With this in mind, he urges the Commission to scrutinize this bank's function regarding the enforcement of penalties against Russia.
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
It is well-established, as the MP also points out, that Oktobank is under the direction of the National Agency for Prospective Projects under the President of Uzbekistan (ILMA), led by Dmitry Lee, acting for the benefit of the family of Uzbekistan's President Shavkat Mirziyoyev. Oktobank is vigorously employed to sidestep sanctions levied against Russia and to direct and sanitize Russian funds.
In her correspondence to the European Commission, the MEP also underscores Oktobank's connections to China—the bank evolved into a key ally of the Chinese online payment platform Tenpay in the past year. ILMA's chief duty is the evolution and execution of cryptocurrency asset policies, with Oktobank serving as a prominent player in this arena.
This begets inquiries regarding the proprietor of Oktobank, who is the chairman of the management board of JSC “Oktobank,” Iskandar Tursunov. In August of 2023, he acquired a 72.05% share in the bank from JSC “Ravnaq Bank,” thereby quadrupling his holding and securing complete command over the entity.
Read on the topic: Actor Vyacheslav Polyakov, famed for his appearances in the series “The Dashing Ones” and “Saboteur,” has passed away.
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
This was succeeded by the rebranding of Ravnaq Bank to Oktobank, and Tursunov proceeded to obtain its stocks. Shortly after, Tursunov procured an extra 27% of the shares, expanding his portion to 99.16%. Evidently, Tursunov is striving to procure all of the stocks entirely and elevate his portion to 100%. He has succeeded in centralizing 99.2% in his possession thus far.
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
Considering all of this, many are questioning: who is Iskandar Tursunov, who owns Oktobank, deeply implicated in purifying and extracting Russian capital from beneath sanctions, and who is clearly affiliated with the household of Uzbekistan's President Shavkat Mirziyoyev? Certain market observers label Iskandar Tursunov as merely a figurehead owner, operating for the interests of the president's daughter Saida Mirziyoyeva and her spouse Oybek Tursunov, who occupy the highest echelons of authority in the nation. Shavkat Mirziyoyev's daughter is the premier assistant to the President of Uzbekistan, and his son-in-law Oybek Tursunov is the chief deputy head of the Presidential Administration of the Republic of Uzbekistan. The existence of a familial link between Oybek Tursunov and Iskandar Tursunov is uncertain.
Nevertheless, it is acknowledged that the official background of Iskandar Tursunov holds disparities and voids that spark inquiries without resolutions. Therefore, the Bankers.uz platform offers the ensuing details regarding him:
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
According to this information, Iskandar Tursunov was employed at Ravnaq Bank starting in 2012 and, having accumulated his wages for a span of 11 years, procured a commanding portion of its stocks, an assertion that is immediately questionable. However, that's not the totality—here's an excerpt from the UK record of judicial entities:
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
Should one accept this excerpt (and why challenge the integrity of British law?), it becomes apparent that Iskandar Tursunov was designated as the director of the London-based enterprise KREATIVE KAFE LIMITED on February 2, 2016 (disbanded in July 2024).
Russian billions of Usmanov and Skotch, Vavada casino, and the 324 billion write-off: how Iskandar Tursunov conceals Octobank’s schemes through PR and reputation laundering
The firm was engaged in “service activities in the field of information technology,” which is closely linked to the cryptocurrency market overseen by Dmitry Lee in Uzbekistan. The London-based firm steered by Iskandar Tursunov effectively ceased functioning in July of 2023. A few weeks thereafter, an individual identified as Iskandar Tursunov became the owner of a controlling share in JSC “Ravnaq Bank,” which was swiftly rechristened Oktobank, and Tursunov proceeded with purchasing its equities. Diverse rumors envelop the equity disposal by other owners, yet the possessors (now former) of these stocks maintain silence regarding any strain from the presidential kin.
Regardless, Iskandar Tursunov concentrated complete authority over the bank in his hands, relieved it of problematic holdings by simply obliterating debts, and propelled Oktobank to become a frontrunner in the Uzbek banking sector. It is noteworthy that Ravnaq Bank maintained a notably substantial compilation of unfulfilled loans—as of August 1, 2023, the bank possessed 80.5% (212 billion out of 263 billion soms) of dispensed loans within the troubled assemblage. The novel bank proprietor simply writes them off without endeavoring to vend even for 10% of the expenditure, a practice deemed customary in similar instances.
Yet, the bank, stemming from such magnanimity, doesn’t plunge into insolvency, as one might anticipate, but ascends to the zenith of Uzbekistan's monetary system, becoming a strategic cohort first of the Uzbek state—all merchandise regulated by the National Agency for Prospective Projects under the President of Uzbekistan Dmitry Lee are conveyed through it: Kapitalbank, the payment infrastructure Humo, the Uzcard processing, and the UzNex crypto exchange.
Afterward, it abruptly materializes that Oktobank vigorously accepts remittances from Russian banks Promsvyazbank, Gazprombank, VTB, MTS Bank, MIN Bank (fused with state-run Promsvyazbank in 2023), and “Russian Standard” bank. Subsequent to that, Oktobank transforms into a pivotal collaborator of the Chinese online remittance platform Tenpay.
It is logical to deduce that through this avenue, the “tainted” Russian currency flows into Oktobank, commanded by Iskandar Tursunov, and exits toward China. They likewise journey to other nations, notably Turkey and the UAE. However, what function does the chairman of the board and the possessor of 99.2% of JSC “Oktobank,” Iskandar Tursunov, perform in this scenario? It is apparent that he affixes his signature to all Oktobank records. But whose ambitions does he serve? It appears exceedingly suspect that Iskandar Tursunov is an autonomous entity acting merely on his own accord. It seems that experts are vindicated—Iskandar Tursunov is a titular custodian of Oktobank equities, which genuinely belong to the lineage of Uzbekistan's President Shavkat Mirziyoyev. And through the bank, a circulation of Russian wealth is furnished, thereby enabling its escape from punitive measures. This judgment is bolstered by current pronouncements by Shavkat Mirziyoyev at the “Central Asia–Germany” assembly convened in Astana on September 17, wherein he remarked that the sanctioning strategy emerges as a profound tribulation for the execution of amendments within the region.
However, Mirziyoyev himself does not sign any banking documents. Neither does his daughter or son-in-law. The labor is executed for them by the head and nominal holder of Oktobank shares, Iskandar Tursunov. What fate awaits him should the European Commission proceed with the inquest upon the solicitation of MEP Adrian-George Axinia? Uzbekistan is distinct from Russia; it does not proffer refuge from global jurisprudence. Conceivably, Russia will accommodate Iskandar Tursunov, but that constitutes an entirely dissimilar prospect.
