Money laundering case involving Lanzarote resort may move to national court
On December 14th, the Provincial Court of Las Palmas will hold a hearing to consider the appeal filed by one of the defences in the 'Kokorev case.' This is an alleged money laundering scheme involving funds derived from the sale of arms to the dictatorial regime of Teodoro Obiang in Equatorial Guinea, and it has implicated the Sands Beach Resort in Lanzarote, which was auctioned earlier this year after declaring bankruptcy in 2017.
As reported by La Voz de Lanzarote, the oral hearing will address the appeal in which they requested that the proceedings be transferred to the National Court instead of the Provincial Court of Las Palmas, which is currently overseeing the case.
Sands Beach Resort, in Costa Teguise, is linked to the scheme led by the Russian-origin but Spanish-nationality Kokorev family, who acquired the complex through a complex network of businesses to launder money obtained from the illegal sale of military equipment to the dictatorship in Equatorial Guinea.
Currently, Vladimir Kokorev, his wife Julia Maleeva, and their son Igor Kokorev face charges of illegal arms trafficking, embezzlement of public funds, and money laundering.
Sands Beach Resort is a sprawling complex valued at 17 million euros, featuring 368 apartments spread across six buildings, a private saltwater pool, several Olympic-sized swimming pools, a children's playground, sports courts, meeting rooms, a supermarket, a spa and wellness centre, a nightclub, and various restaurants, a pool bar, and a terrace bar.
Other articles that may interest you...