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Jersey freezes $7bn worth of assets linked to Roman Abramovich

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A courtroom within the Channel Island of Jersey has imposed an order freezing greater than $7bn in belongings linked to Roman Abramovich in a major blow to the Russian oligarch’s fortune.

The order comes after the island’s police searched premises “suspected to be related to the enterprise actions of Roman Abramovich”.

“The Royal Court docket additionally imposed a proper freezing order on 12 April . . . over belongings understood to be valued in extra of $7bn, that are suspected to be related to Mr Abramovich,” the federal government stated.

The belongings had been both positioned in Jersey or owned by entities integrated on the island, the assertion stated.

The sheer scale of belongings topic to the freezing order hints on the quantity of wealth Abramovich seems to have sheltered in offshore tax havens, the place opaque company buildings can defend investments from public view. Forbes estimates the oligarch’s internet value at $8.2bn, whereas the Bloomberg Billionaires Index pegs it greater at $13.9bn.

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The $7bn asset freeze in opposition to Abramovich in Jersey is simply shy of the $8bn whole that Switzerland has seized from all 900 Russians on the EU and US sanctions lists.

It’s one other blow to Abramovich, who has been hit with sanctions since Russia invaded Ukraine. UK authorities have compelled him to promote Chelsea Soccer Membership and his yachts had been made to go away harbours to keep away from being seized. Buying and selling in shares in Evraz, the steelmaker that earned him his fortune, stays suspended.

Jersey has beforehand stated it was implementing all of the sanctions launched by the UK authorities following the invasion of Ukraine on February 24.

“In implementing sanctions, the UK can leverage this unbelievable supply of monetary intelligence it has through the Crown Dependencies and British Abroad Territories,” stated Tom Keatinge, director of the Centre for Monetary Crime and Safety Research on the Royal United Companies Institute think-tank.

“The place Jersey leads, will we see the BVI and others comply with?”

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Ian Gorst, Jersey’s minister for exterior relations and monetary providers, stated he couldn’t touch upon issues below “lively consideration” by the dependency’s Legislation Officers’ Division.

“The federal government of Jersey continues to face alongside the UK and worldwide companions and has applied all UK and UN sanctions deployed in response to Russia’s actions in opposition to Ukraine,” Gorst stated. “Our laws to offer pressure to those measures has extreme legal penalties, and any hyperlinks to sanctioned entities or suspected breaches should be reported to the suitable authorities.”

The transfer in opposition to Abramovich is the clearest step but by the Channel Island’s authorities to grab among the billions of {dollars} value of rich Russians’ belongings extensively considered invested within the offshore centre.

Whereas it was not clear on Wednesday which belongings the freeze order affected, Abramovich has moved quite a lot of his investments to Jersey lately from the British Virgin Islands, one other offshore haven.

The newest accounts of Fordstam, the car that controls Chelsea Soccer Membership, present a £1.5bn excellent mortgage to the corporate from Camberley Worldwide Investments. Camberley transferred its registration in 2020 from the BVI to Jersey.

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A number of helicopters linked to Abramovich are owned by Jersey-registered entities, as is Sussurro, the primary superyacht the oligarch purchased in 1998. The Guardian reported final week that Abramovich transferred a Jersey car that owned one other yacht — the 50-metre Aquamarine — to his affiliate David Davidovich on the day Russia invaded Ukraine.

These firms are all registered on the Jersey workplaces of Zedra, a company providers supplier that acts for quite a lot of Abramovich-linked entities. Zedra declined to remark.

The Jersey Night Submit reported in 2018 that the Russian oligarch had been granted residency rights on the island, below a scheme for “excessive worth residents”, however Abramovich had issue renewing his UK visa shortly afterwards.

Eugene Tenenbaum, an affiliate of Abramovich who has served as a director of Chelsea because the oligarch took it over in 2003, is a Jersey resident, in response to British company data.

There was no fast response from a spokesman for Abramovich to a request for remark.

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Joe Biden vows to stay in fight with Trump as pressure to quit mounts

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Joe Biden vows to stay in fight with Trump as pressure to quit mounts

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4 killed, 9 injured after vehicle crashes into Long Island nail salon

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4 killed, 9 injured after vehicle crashes into Long Island nail salon

Four people were killed and nine others were injured after a minivan crashed into a Long Island, New York, nail salon Friday afternoon.

The vehicle slammed into Hawaii Nail & Spa on Grand Boulevard in Deer Park shortly before 5 p.m.

A witness told NBC New York that the van plowed through the front of the business and almost came out through the back of the salon.

All of those killed or injured were inside the salon at the time, according to Lt. Kevin Heissenbuttel. Some people were trapped in the salon and had to be extricated by emergency services, he said.

A witness said the vehicle had been racing through a parking lot across the street before crashing and “seemingly in a rush,” NBC New York reported, adding that others said the van was trying to get around another vehicle when it drove into the building.

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The van was seen racing though a parking lot across the street, NBC New York reported. A witness said it was trying to pass another vehicle when it drove into the building, the station reported.

Photos from the scene showed a gaping hole in the storefront.

The Associated Press reported that a witness said he heard a speeding car and then a “shattering” noise.

“It was a sound that I never heard before,” he said.

The vehicle’s driver was among the injured and transported to a hospital.

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The Deer Park Fire Department chief said it was not clear what caused the vehicle to crash into the business.

About 150 firefighters and EMS personnel responded to the scene.

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Trump-Biden debate draws smaller audience as voters tune out US election

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Trump-Biden debate draws smaller audience as voters tune out US election

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Thursday night’s US presidential debate was watched by 48mn television viewers, a sharp drop from the numbers that tuned in to the clashes between Joe Biden and Donald Trump in the 2020 campaign.

CNN, the Warner Bros Discovery-owned network which hosted the event, said just over 9mn viewers had watched on its own channels, narrowly ahead of Fox News and ABC News, with cable rival MSNBC drawing about 4mn viewers. Another 30mn people tuned in on CNN’s digital channels or YouTube, it added.

The combined television audiences were well below the totals for previous presidential debates, however, extending a pattern of US media outlets reporting less interest in their election coverage this year.

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Trump and Biden drew 73mn viewers for their first debate in 2020, while Trump and Hillary Clinton pulled in an audience of 84mn for the opening showdown of their 2016 contest.

With full control over the style, content and format of the debate, CNN inserted rules that are atypical for US political events, such as foregoing a live audience and muting each candidate’s microphones unless it was their turn to speak.

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The debate was also a stark departure in tone from last year’s CNN town hall event with Trump, when a studio audience filled with the former president’s supporters prompted comparisons with his raucous rallies. CNN’s own media commentator slammed the town hall as a “spectacle of lies”, and Chris Licht resigned as CNN’s chief executive just a few weeks later.

By comparison, Thursday’s night’s debate was restrained. With microphones muted, there were no shouting matches, and with no audience or press in the room, it was quiet. The moderators played a background role, leaving the debate largely a back-and-forth dialogue between Trump and Biden. 

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However CNN was criticised for one significant choice: moderators Jake Tapper and Dana Bash largely avoided fact-checking the candidates in real time. The format seemed to favour Trump, who was allowed to make a series of unsubstantiated claims without being challenged during the 90-minute programme. 

The debate was a big test for CNN — the network that pioneered the dramatic, ultra-competitive cable news format in the US in the 1980s, but whose audiences have dwindled in recent years. It was easily the biggest moment yet for CNN chief executive Sir Mark Thompson, who took over as leader of the channel last year and has been tasked with turning around its business and restoring its brand.

CNN landed the sponsorship of the debate in May, beating out competitors including Fox News. The network seized on the moment, promoting the event heavily and forcing its rivals, who simultaneously broadcast the debate, to display CNN’s logo prominently on their screens.

The event was unique for a number of reasons. It was the first presidential debate in decades that was not organised by an independent commission, after Biden and Trump chose to bypass the tradition. It was also scheduled far earlier than usual in the election cycle. In previous years, the initial match-ups between presidential candidates took place in September or October. 

CNN has a fraught history with Trump, who frequently attacked the channel during his presidency. But on Friday morning, the Trump campaign blasted an email out to his supporters titled: “I love CNN . . . Because they gave me the opportunity to wipe the floor with Joe Biden.”

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