Top executive of Russian company arrested in the US

RUSSIA / FSU POLITICS - In Brief 25 Sep 2021 by Alex Teddy
On September 24 Mark Gvetvay was arrested in the US and charged with hiding his control of foreign accounts and assets. He made his Russian wife a beneficial owner of the same. He has since divorced her. Gvetvay is an executive of Novatek. The company says the arrests will not disrupt the company's activities. He is a dual US and Russian citizen.Gvetvay is an accountant by training. The US has accused him of not declaring income made in Russia. Americans are required to pay tax on income made abroad even if they do not live in the US. Gvetvay has been charged with wire fraud, tax evasion, false statements and not filing a tax return. The maximum for all of this combined is 28 years in jail.Gvetvay was CFO of Novatek from 2003. He rose to be deputy chairman of the board. Novatek is the second biggest gas producer in Russia and the biggest LNG producer. Novatek shareholders include come Kremlin favorites: Mikhelson and Timchenko.Gvetvay only acquired Russian citizenship 2019 when he said there should be no Western sanctions on Russia. He noted that sanctions make it hard for Novatek to raise capital.

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