Bayrock Group
| Bayrock Group | |
|---|---|
| legal form | LLC |
| founding | 2001 |
| Seat | New York City |
| Branch | Property developer |
Bayrock Group was a New York real estate development and investment company founded in 2001 by Tevfik Arif . The company was unsuccessful as a real estate developer. No more business activity was observed in 2014.
Corporate structure
Tevfik Arif worked in the Soviet Ministry of Economy and Trade for 17 years. During the collapse of the Soviet Union, he was deputy director of hotel management. In the early 1990s he moved to Turkey and worked as a project developer for the Rixos hotel chain. He moved to Brooklyn, founded Bayrock and opened an office in Trump Tower . Arif started projects with prominent billionaires Donald Trump and Alexander Mashkevich . Arif had close ties to Maschkewitsch's “Eurasia Group”, while Mashkewitsch, along with Patokh Chodiev and Alijan Ibragimov in Kazakhstan, was simply called “the trio” - after the collapse of the Soviet Union they had a considerable part of the country's huge mineral and natural gas reserves under their control brought.
The presentation of Forbes , according to is in the Bayrock group "to a number of jointly controlled, but not properties under full possession of limited liability companies ."
Bayrock Group LLC owned majority interests in approximately twelve subordinated holdings . These holdings in turn owned majority shares in sub-companies that represent individual real estate projects. As represented about Bayrock Spring Street Trump SoHo, Bayrock Camelback Phoenix Hotel project and Bayrock Merrimac Trump Fort Lauderdale hotel. Other sub-companies are Bayrock Whitestone and Bayrock Ocean Club .
From 2002 to 2008 Felix Sater , who had extensive connections to organized crime (as was his father Michail Scheferowski alias Michael Sater, who had contacts to Mafia activities in Russia and to the gangster syndicate of Semjon Judkowitsch Mogilewitsch ), was a senior executive at Bayrock and Adviser to Donald Trump and The Trump Organization during the construction of Trump SoHo in 2006.
Bayrock's bad investments included New York's 46-story Trump SoHo condominium hotel, the main developer of which was a partnership formed by Bayrock and the FL Group, a private Icelandic mutual fund. The FL Group went bankrupt in the great financial crisis of 2008 . According to the indictment, she was a source of easy money from Russia and Kazakhstan. Until the crisis, their income was declared as interest payments and transferred to a subsidiary in the US tax haven of Delaware .
Individual evidence
- ↑ Paolo Sorbello: Football Leaks: The Kazakh Connection . In: The Diplomat , January 3, 2017.
- ↑ https://www.the-american-interest.com/2016/12/19/the-curious-world-of-donald-trumps-private-russian-connections/
- ↑ a b c James S. Henry: How Donald Trump Learned to Love Russia. Deals and partnerships from the times of shock therapy , sheets for German and international politics , February 2017
- ↑ Kelly Phillips Erb: Trump & Kids Named, But Not Charged, In $ 250 Million Tax Evasion Case . In: Forbes , July 28, 2016.
- ^ Reuben Kramer: Former Exec Says Developer Pulled a Fast One . In: Courthouse News Service , September 18, 2009.