Specialists from the Czech National Centre for Organised Crime (NCOZ) and the financial intelligence unit (FAÚ) are currently tracing the links between the UAE-based parent company and its Russian origins. A source close to the investigation confirmed that police are examining leads suggesting the company may still be backed by its former Russian owners. “The suspicion is clear that the company may still be backed by its former owners from Russia,” the source stated. NCOZ spokesperson Jaroslav Ibehej declined to provide further details, adhering to the standard practice of neither confirming nor denying active investigations.
Documents in the Czech judicial database indicate that the company is formally controlled by Nikhil Skariah Kolekunnel, a Dubai-based lawyer of Indian origin who provides nominee services for beneficial owners. According to the Abu Dhabi Global Market (ADGM) free zone business register, Kolekunnel is listed as both the sole shareholder and director of Metco Holding. The investigation is complicated by the lawyer’s previous associations with money-laundering probes in Ukraine and Moldova, adding a layer of scrutiny to the corporate structure.
This domestic inquiry unfolds against the backdrop of a broader legal battle in Europe. Last week, the EU’s General Court rejected Abramovich’s bid to overturn the asset freeze and travel restrictions renewed in 2025. This marks his third failed attempt to challenge the sanctions, which have been in place since weeks after the February 2022 invasion. The court also dismissed his claim for 1 million euros in damages, ordering him to pay the Council of the European Union’s legal costs.
The legal ruling hinges on the nature of Abramovich’s economic influence rather than direct political control. The court determined that his 28.64% stake in Evraz, the Russian steel and mining giant, was sufficient to justify the sanctions. Evraz, in which Abramovich is the largest shareholder, generated 66.3% of its 2021 revenue from steel. The judges clarified that the Council did not need to prove that Abramovich controlled the company, supported the Moscow government, or influenced the Kremlin. Instead, the “economic weight” of his long-standing investment was deemed the operative factor. Niall Moran, an assistant professor of EU sanctions law at Dublin City University, noted that while the evidential test is real, the threshold for the Council to satisfy it is not especially demanding, particularly as the war worsened.
Abramovich’s legal team had argued that the sanctions were vague and disproportionate, claiming that overlapping restrictions had trapped him in the Evraz stake. They also invoked rights to dignity and free movement. The court, however, found the rules clear and the measures reviewable. The judges noted there was no proof that selling the stake was impossible, emphasizing that the sanctions were designed to exert economic pressure on Moscow rather than to coerce specific behavioral changes from individual sanctioned persons.
The implications of these legal and investigative developments extend beyond the individual. For the Czech Republic, a significant producer of vanadium, the integrity of its export chain is under scrutiny. Ferrovanadium is mined in Russia, processed in the Czech Republic, and often sent to Abramovich’s factories in the United States. If the Czech investigation confirms that the UAE-based entity is a vehicle for sanctions evasion, it would represent a significant breach of international trade compliance. Conversely, the EU court’s ruling reinforces the precedent that substantial financial stakes in sanctioned industries are sufficient grounds for restrictive measures, regardless of direct operational control.
As the Czech police continue to trace the beneficial ownership of Metco Holding, the outcome could reshape the compliance landscape for European firms with historical ties to Russian capital. The next critical step will be the determination of whether the nominee structure in the UAE effectively shields a sanctioned individual from the full force of the EU’s 21 sanctions packages. For now, the asset freeze remains in effect, and the broader economic restrictions on Russia are set to run until July 31, 2027.
