In March 2022, the Seychelles Supreme Court dismissed a lawsuit involving Oldypak Capital LP and GV Holdings Limited against Tempox Holdings Limited (formerly Tradologic HK Limited), Ilan Tzorya, and DTI Group Inc. This case further implicates the beneficial owners of the plaintiffs, Gery Shalon and Vladislav Smirnov, in the massive cybercrime operation surrounding E&G Bulgaria and Tradologic.
Background of the Case
Oldypak Capital LP, a now-dissolved Scottish limited partnership, and GV Holdings Limited, a now-inactive Cypriot company, both beneficially owned by Russian national Vladislav Smirnov and his partner, the Georgia-born Israeli Gery Shalon, filed a complaint against Tempox Holdings, the Israeli Ilan Tzorya, and DTI Group Inc., an International Business Company registered in Seychelles.
The plaintiffs claimed that Tzorya established DTI Group to manage several IT projects globally and entered into various agreements with them for joint investment projects.
Download the Seychelles Court Order here.
Court’s Findings
The plaintiffs alleged that Tzorya breached a Shareholders’ Agreement (SHA) by transferring shares without proper authorization. However, the court found significant issues with the plaintiffs’ case:
- Applicable Law and Jurisdiction: The SHA stated that the governing law was that of the Czech Republic, and disputes were to be settled through arbitration in the Czech Republic. These crucial points were not addressed by the plaintiffs’ counsel.
- Breach of Agreement: The plaintiffs sought to annul a share transfer to Mr. Eluashvily but failed to establish the basis for this claim as Tradologic (Tempox) was not a party to the SHA.
Given these issues, the court dismissed the case.
Broader Implications
This lawsuit is part of a larger, complex web of cybercrime involving high-profile figures such as Gery Shalon and Vladislav Smirnov, who are linked to the E&G Bulgaria and Tradologic fraud cases. Recently, Ilan Tzorya was sentenced to eight years in prison by an Austrian court, with former Tradologic CEO Michael Golod receiving a six-year sentence. Both sentences are under appeal.
Gery Shalon, already convicted in the U.S. for cybercrimes including securities fraud and money laundering, is expected to face further charges for his involvement in the E&G Bulgaria cybercrime case. This case adds to the mounting evidence against Shalon, Smirnov, and their associates.
Read our Gery Shalon reports here.
The DTI Group in Seychelles, mentioned in the complaint, used to be a joint venture among Shalon, Smirnov, and Tzorya, further entangling these individuals in the extensive cybercrime and investment fraud network. This recent judgment underscores the ongoing legal battles and the complexities involved in bringing these perpetrators to justice.
The DTI Group was also the third-largest shareholder in the Veltyco Group of the German cybercrime mastermind Uwe Lenhoff. The latter was arrested in early 2019 as the alleged mastermind of a cybercrime organization linked to Veltcyo. He died of unknown causes in his prison cell in Germany.
In 2017, as CEO of Veltyco, Lenhoff met with Shalon during his house arrest in New York.
Call for Whistleblowers
FinTelegram urges whistleblowers with information about the collapsed E&G Bulgaria cybercrime scheme and its operators to come forward. Your insights are vital in exposing and dismantling these fraudulent operations. Please contact FinTelegram with any relevant details. Stay informed and vigilant. The fight against cybercrime and financial fraud continues, with every piece of information crucial to holding these criminals accountable.
