Russian oligarchs, including steel magnate Alexey Mordashov, operate mailbox firms in the Netherlands that are deemed micro-enterprises despite being worth millions. This classification allows them to avoid comprehensive financial disclosures and accountant verification.
Mordashov’s SMTT Holding BV in Amsterdam, valued at 65 million euros, is classified as a microcompany under Dutch law. Microcompanies require minimal financial reporting and are exempt from mandatory audits, offering a financial shield amid EU sanctions following Russia’s invasion of Ukraine.
The Dutch government’s decision not to include interest or dividend income as revenue has enabled these firms to maintain their micro status. This loophole, acknowledged by the Dutch Ministry, persists despite EU guidelines allowing such income to be considered since 2013.
The ministry plans to await European discussions on the issue before making changes.
Source: NOS