The government of Antigua and Barbuda has released a breakdown of how it utilized the US$40 million proceeds from the sale of the controversial megayacht, Alfa Nero. The detailed financial report, sanctioned by the Financial Secretary, was made public in response to questions raised in an Associated Press (AP) article regarding the transparency of the transaction.
According to the report, the funds were allocated across several expenditures, including:
- USD $2.9 million for crew salaries and security expenses
- Almost USD $400,000 in legal fees
- USD $694,000 to the West Indies Oil Company (WIOC) for fuel costs
- USD $5.5 million towards repaying a loan from the Caribbean Development Bank (CDB)
Prime Minister Gaston Browne has strongly denied allegations of financial misconduct surrounding the sale, calling them “falsehoods” propagated by the opposition.
The disclosure comes amid mounting scrutiny from Guryeva-Motlokhov over the government’s handling of the yacht’s sale. She claims rightful ownership of the Alfa Nero and has challenged the legality of its seizure and sale, arguing that the process lacked transparency.
Attorneys for Yulia Guryeva-Motlokhov, daughter of U.S.-sanctioned Russian billionaire Andrey Guryev, have taken legal action in a U.S. federal court to obtain financial records related to the transaction.
Their investigation targets financial dealings over the past five years involving seven individuals, including Prime Minister Browne, his family, key government officials, and 12 entities. The focus includes transactions linked to WIOC and Fancy Bridge Ltd., a Hong Kong-based investment firm with ties to Venezuela’s state-owned oil company, Petróleos de Venezuela S.A. (PDVSA).
King’s Counsel Anthony Astaphan, representing the government, indicated that officials are considering legal action against the AP article and its republication in Caribbean Times, claiming it may be defamatory.
“This case has been going on in the courts for a couple years now. There were numerous applications for injunction. We were able to defeat all of them,” Astaphan stated.
Local legal challenges also persist, as Flying Dutchman Limited and Guryeva-Motlokhov have contested the constitutionality of the sale. “So the matter did go to trial on the merits and the judge has reserved judgment but we expect the judgements at any time on the two matters as to whether or not the decision of the government to seize was unconstitutional, unnecessary to protect the environment in Antigua and Barbuda,” Astaphan said.
The government was able to sell the luxury yacht Alfa Nero by seizing it under the country’s laws after it was abandoned in Falmouth Harbour for over a year. The yacht, which was linked to Russian oligarch Andrey Guryev and subject to U.S. sanctions, was seen as a hazard and liability by local authorities. To facilitate the sale, the Antiguan Parliament passed special legislation allowing the government to take ownership and auction the vessel.
