By International Correspondent | April 2025
A Lithuanian court’s civil ruling, delivered in March 2025, has revealed a cross-border financial operation involving unauthorized fund transfers, forged records, and suspected abuse of corporate structures. The individual at the center, Aliaksandr Kozyrau (also known as Alexander Kozyrev), is now under active criminal investigation for his role in misappropriating more than €525,000 from a company he once managed.
According to the Vilnius District Court, Kozyrau used falsified shareholder documents to alter ownership records and orchestrate the movement of funds into accounts controlled by entities in Portugal, Turkey, Northern Cyprus, and Paraguay. These transfers were presented as legitimate corporate actions — including dividends, consulting fees, or investment settlements — but were ultimately declared unlawful by the court. The civil judgment has triggered follow-up investigations under Lithuanian criminal statutes, including those addressing embezzlement, forgery, tax evasion, and financial fraud.
A Familiar Tactic: Changing Ownership to Access Assets
The ruling also highlights the appearance of Oleg Shevelev in notarial documents tied to questionable share transfers. He was registered as the final owner of 100% of the company’s shares shortly after the unauthorized financial transfers occurred. The court subsequently invalidated these transactions, citing irregularities in corporate control filings and violations of procedural law.
While Shevelev has not been formally charged in this case, his documented role as recipient of disputed shares — through legal acts now annulled — places him within the frame of the broader inquiry into Kozyrau’s business network.
A Pattern Dating Back Years
The Shevelev name, however, is not new to Baltic business disputes.
In 2010, Baltic Course reported that Oleg Shevelev had been involved in a corporate conflict concerning Concors, a company based in Riga. According to that report, Shevelev allegedly orchestrated the removal of founder Sergei Ratnikov from company registers in what was described as a hostile takeover. The maneuver reportedly involved exploiting legal loopholes to reassign company ownership without the knowledge or consent of the original shareholder.
This historical incident mirrors some of the tactics observed in the Lithuanian case — including strategic notarial filings, fast-tracked ownership changes, and subsequent isolation of original stakeholders.
International Structures and Reputational Risk
As part of the Kozyrau case, funds were directed through firms such as Plantacao de Negocios UNIP LDA and BLATHAN DEVELOPMENT LTD, both registered in jurisdictions with reputations for light-touch financial oversight. Investigators are now assessing whether these firms functioned as operational businesses or were created for the sole purpose of rerouting capital.
Legal experts note that the use of multi-jurisdictional corporate layering — combined with internal manipulation of shareholder structures — often aligns with methods seen in money laundering and tax evasion cases, even when prosecutions are difficult to secure due to legal complexity and cross-border constraints.
Next Steps
Kozyrau’s current location is unknown. His public profiles have been deactivated, and he has yet to respond to formal inquiries. Meanwhile, Lithuanian law enforcement is moving forward with criminal investigations. Depending on findings, additional jurisdictions — particularly those involved in the transfer path — may initiate parallel proceedings.
The situation is being closely watched by compliance units, regulators, and due diligence platforms across Europe.
This article is based exclusively on official court documents, verified public records, and journalistic sources. All persons mentioned are presumed innocent until proven guilty under applicable law.