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According to information compiled from open-source corporate records, media investigations, and industry data, the entry of Maddox DMCC into the Ukrainian fuel market appears to be linked to a multilayer network of traders, offshore structures, and individuals with ties to Russian-origin fuel supplies.

Several of these individuals are currently subjects of interest in investigations by Ukrainian law‑enforcement bodies.

1. Maddox DMCC and Its Founding Background

Maddoxa DMCC, a Dubai‑registered energy trading company, was founded by Rovshan Tamrazov.

According to industry insiders, the company’s access to the Ukrainian market was facilitated by Adnan Ahmadzade, a former senior SOCAR official who is currently under arrest in Azerbaijan.

https://enkorr.ua/ru/news/Maddox_razgruzil_Mehanik_Pogodin/236838

Recall that the “Mechanic Pogodin”, under the Russian flag, arrived at the port of Kherson on August 10, 2018, carrying 5,113.5 tons of diesel fuel produced by the Turkmenbashi Refinery (Turkmenistan).

At the time of its port entry, the vessel was owned by LLC VEB Leasing, which had been subject to sanctions by the President of Ukraine in May 2018. On the same day, the SBU (Security Service of Ukraine) sent a letter to the border service demanding that the ship not be allowed to leave the port.

2. Internal Network: Key Individuals Connected to Maddox

Maddox DMCC is an exporter and importer company based in Dubai, UAE. According to available Volza trade data:

The company has imported and exported multiple shipments of various products.  Imports come primarily from Russia and Ukraine, and include products under codes like HSN 2709 (which refers to petroleum oils/crude oil).  One of the specific import entries listed is **“CRUDE OIL (REBCO), Russian Export Blend” supplied by JSC Zarubezhneft (a Russian oil company).  The company conducts export shipments to countries like Ukraine and the United States. 

https://www.volza.com/company-profile/maddox-dmcc-9902481/import/

Maryam Almaszade

Previously involved in Maddox DMCC’s management structure. Later appointed CEO of SOCAR Geneva, reportedly through the influence of Adnan Ahmadzade.

https://www.nefterynok.info/novosti/maddox-nachal-import-topliv-rosnefti-

Maddox DMCC – Import Scheme
│
├── PETROLEUM FUEL (Furnace Oil 100)
│ ├─ Sulfur: 0.985%
│ ├─ Supplier: LLC Trade & Industrial Company Sloboda
│ ├─ Origin: Russia🇷🇺
│ └─ Quantity: 5,969,650
│
├── HEAVY DISTILLATES / Liquid Fuels (Sulfur >1%)
│ ├─ Supplier: LLC Trade & Industrial Company Sloboda
│ ├─ Origin: Russia🇷🇺
│ └─ Quantity: 5,350,000
│
├── HEAVY DISTILLATES / Liquid Fuels “Furnace Oil 100”
│ ├─ Supplier: LLC Trade & Industrial Company Sloboda
│ ├─ Origin: Russia🇷🇺
│ └─ Quantity: 6,337,602
│
├── HEAVY DISTILLATES / Liquid Fuels “Furnace Oil 100”
│ ├─ Supplier: LLC Trade & Industrial Company Sloboda
│ ├─ Origin: Russia🇷🇺
│ └─ Quantity: 5,100,000
│
├── HEAVY DISTILLATES / Liquid Fuels “Furnace Oil 100”
│ ├─ Supplier: LLC Trade & Industrial Company Sloboda
│ ├─ Origin: Russia🇷🇺
│ └─ Quantity: 747,080
│
└── HEAVY DISTILLATES / Liquid Fuels (Sulfur 2–2.8)
├─ Supplier: (Not shown)
├─ Origin: Russia🇷🇺
└─ Quantity: Not listed

According to aggregated Volza data (summary of all import activities):

🇷🇺 Russia — ~211 shipments (~77%) 🇹🇷 Turkey — ~51 shipments (~18%) 🇰🇿 Kazakhstan, etc. — smaller number of shipments This highlights that Russia dominates Maddox’s import origins. 

Maddox DMCC’s Import Page (Volza) shows that the company imports large shipments of petroleum fuels and heavy oil products, primarily coming from Russian suppliers. The product list includes fuel oils with specific sulfur contents and other petroleum distillates. A large majority of import shipments are from Russia, indicating that Maddox’s supply chain is heavily tied to Russian-origin petrochemical products

Liana Vachnadze is known as a director and board member of Maddox SA, a Geneva-based commodities trading company active in the international oil and petroleum markets. Her role includes board-level authority and official company representation

https://business-monitor.ch/en/companies/565126-maddox-sa

She also appears in the ICIJ Offshore Leaks / Pandora Papers database as the ultimate beneficial owner of Chaldon Investments Group Limited, a British Virgin Islands entity linked in the leaked documents to a Moscow, Russian Federation address. This offshore profile is the basis for the publicly visible Russia connection attributed to her in the leak records.

https://offshoreleaks.icij.org/nodes/240053801

As investigations into Maddox continue, additional suspicious traces connecting the company to Russia keep emerging, particularly through offshore structures, Russian-origin petroleum trading, and individuals associated with Moscow addresses in leaked datasets.

Nubar Aliyeva

Currently listed in official registries as Director of Maddox DMCC. Reports indicate she was appointed through the influence of Adnan Ahmadzade. Allegedly responsible for key operational signatures, particularly in the transportation and sale of Russian‑origin oil products. Also connected to other entities associated with Ahmadzade and Rovshan Tamrazov

3. Danais Trade Ltd (Malta) – The Secondary Corporate Layer

Nubar Aliyeva is additionally registered as a director of Danais Trade Ltd, a Malta‑based trading entity.

Another key figure in Danais Trade Ltd is Olena Perrin, who appears in official filings as both director and CEO.

Corporate documents show:

Shareholder: Maddox DMCC Directors: Nubar Aliyeva, Olena Perrin Jurisdiction: Malta (C 78381)

https://www.datocapital.mt/companies/Danais-Trade-Ltd.html

Company Information:DANAIS TRADE LIMITED is a Malta company, located in VALLETTA, you can browse DANAIS TRADE
Company Name: DANAIS TRADE LIMITED
Registration Code: C 78381
Country: Malta
City: VALLETTA
Date of Establishment: 2016-11-30
Address: 171 OLD BAKERY STREET
Total No. of Authorised Shares: 1,200 (EUR 1200.00)
Total No. of Issued Shares: 1,200 (EUR 1200.00)
Product Recommendations: Get DANAIS TRADE LIMITED Credit Report

Director: NUBAR ALIYEVA; OLENA PERRIN
Shareholder: MADDOX DMCC
Update Time: 2020-09-25

4. Why Olena Perrin Is Under Ukrainian Scrutiny

Ukrainian law-enforcement agencies (including the SBU and the Office of the Prosecutor General) are reportedly analyzing the connections between:

Rovshan Tamrazov ,Adnan Ahmadzade, Nubar Aliyeva , Maryam Almaszada , Olena Perrin, Nisan Moiseev

The reason:

Olena Perrin simultaneously appears as a director in several companies linked to Russian businessman Nisan Moiseev, whose trading entities have previously handled Russian oil products, sometimes through sanctioned supply channels.

REPORT ON THE RESULTS OF VOTING

AT THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

OF THE OPEN JOINT-STOCK COMPANY “VLADIMIR CHEMICAL PLANT”

Full name of the company: Open Joint-Stock Company “Vladimir Chemical Plant” (hereinafter – OJSC “VCP” or the Company)

Location: 600000, Vladimir, Bolshaya Nizhegorodskaya St., 81

Type of general meeting: Annual General Meeting of Shareholders

Form of the general meeting: Meeting (joint presence of shareholders to discuss agenda items and adopt decisions on matters submitted to a vote)

Date of the Annual General Meeting of Shareholders: May 22, 2014

Deadline for receipt of ballots: May 19, 2014

Postal address for sending completed ballots: 600000, Vladimir, Bolshaya Nizhegorodskaya St., 81, OJSC “VCP”

Agenda of the General Meeting

Approval of the Company’s Annual Report. Approval of the Annual Financial Statements, including profit and loss statements of the Company, and distribution of the Company’s profits for the 2013 financial year. On dividends. Election of members of the Company’s Board of Directors. Election of members of the Company’s Audit Commission. Approval of the Company’s Auditor for 2014. Approval of the Articles of Association in a new edition. Approval of the Regulations on the General Meeting of Shareholders of the Company in a new edition. Approval of the Regulations on the Board of Directors of the Company in a new edition. Approval of transactions for raising loans in the Operational Office in Vladimir of the Branch of OJSC VTB Bank in Voronezh. Approval of transactions for providing collateral to secure obligations under loan agreements concluded with the Operational Office in Vladimir of the Branch of OJSC VTB Bank in Voronezh. Approval of transactions for raising loans with OJSC “Sberbank of Russia.” Approval of transactions for providing collateral to secure obligations under loan agreements concluded with OJSC “Sberbank of Russia.” Approval of Additional Agreement No. 3 to the assignment agreement No. 023-241-2008 dated October 2, 2008, between OJSC “Vladimir Chemical Plant” and CHESHOR ENTERPRISES LIMITED, which constitutes a related-party transaction under Article 81 of the Federal Law “On Joint-Stock Companies”:

CHESHOR ENTERPRISES LIMITED owns more than 20% of OJSC “VCP” shares, which is a party to the related-party transaction. The agreement amends the repayment term of CHESHOR ENTERPRISES LIMITED’s debt under the assignment agreement No. 023-241-2008 dated October 2, 2008. There is no beneficiary of the transaction. No other material terms exist.

Chairperson of the General Meeting: Pavel Vladimirovich Markelov – General Director of OJSC “VCP”

Secretary of the General Meeting: Ekaterina Vladimirovna Lukyanova – Head of the Securities Department of OJSC “VCP,” Secretary of the Board of Directors

Counting Commission: The registrar, represented by the Vladimir branch of CJSC “Industry-REGISTER”

Full name of the registrar: Closed Joint-Stock Company “Industry-REGISTER”

Registrar location: Moscow, Khromova St., 1

Registrar branch location: Vladimir, Gorky St., 77

Authorized representatives of the registrar:

Nikolai Vasilyevich Lugovoy Yulia Valeryevna Melnikova Denis Yuryevich Isaev

The counting commission for the General Meeting is an independent registrar, Vladimir branch of CJSC “Industry-REGISTER,” chaired by N.V. Lugovoy.

The list of persons entitled to participate in the Annual General Meeting of Shareholders was compiled based on the register of holders of registered securities of the Company as of April 3, 2014.

The counting commission of the Annual General Meeting of Shareholders of OJSC “VCP” summarized the registration results.

Total number of the Company’s shares as of the date of the list of shareholders entitled to attend the meeting: 5,005,605 ordinary registered shares. Number of votes held by persons included in the list for agenda items (voting shares of the Company, counted for quorum determination): 5,005,605.

Number of ballots received by the Company no later than two days before the meeting:

Ballots 1–14: between 53–54 each

Number of votes provided by the ballots received:

Question 1–14: ranges from 4,022,084 to 28,154,588

Total number of voting shares considered for quorum determination:

Questions 1–14: 5,005,605

Number of votes held by participants in the General Meeting:

Question 1–14: ranges from 4,791,270 to 33,532,037

Quorum for agenda items:

Questions 1–3, 5–14: 95.72% Question 4: 78.26%

Quorum is present for all agenda items. The Extraordinary General Meeting of Shareholders is entitled to consider and adopt decisions on all agenda items.

Number of powers of attorney received from shareholder representatives: 3

No complaints or statements regarding registration procedures were received.

Voting Results

Question 1 – Approval of the Annual Report:

“FOR” – 4,023,562 votes (83.98%) “AGAINST” – 150 votes (0.003%) “ABSTAINED” – 40 votes (0.0008%) Decision adopted: Approve the Annual Report of the Company.

Question 2 – Approval of the Annual Financial Statements:

“FOR” – 4,023,548 votes (83.98%) “AGAINST” – 150 votes (0.003%) “ABSTAINED” – 40 votes (0.0008%) Decision adopted: Approve the financial statements, including the profit and loss report, and the distribution of profits for 2013.

Question 3 – On dividends:

“FOR” – 4,023,496 votes (83.98%) “AGAINST” – 150 votes (0.003%) “ABSTAINED” – 120 votes (0.0025%) Decision adopted: Pay dividends of 3.80 RUB per ordinary share in cash. Record date: June 9, 2014.

Question 4 – Election of Board of Directors:

Candidates elected: Mikhail Volkov, Maria Gorozhdanova, Andrey Kiselev, Shadibek Kokanbaev, Ekaterina Krivosheina, Pavel Markelov, Olena Perrin

Question 5 – Election of Audit Commission:

Members elected: Svetlana Bakhtarova, Tatyana Ermilova, Svetlana Stepanova

Question 6 – Approval of Auditor for 2014:

Approved: LLC Audit-Consulting Center “Consuelo”

Question 7 – Approval of the Articles of Association in a new edition: Approved

Question 8 – Approval of Regulations on the General Meeting of Shareholders in a new edition: Approved

Question 9 – Approval of Regulations on the Board of Directors in a new edition: Approved

Question 10 – Approval of loan transactions with VTB Bank: Approved

Question 11 – Approval of collateral transactions for VTB Bank loans: Approved

Question 12 – Approval of loan transactions with Sberbank: Approved

Question 13 – Approval of collateral transactions for Sberbank loans: Approved

Question 14 – Approval of Additional Agreement No. 3 with CHESHOR ENTERPRISES LIMITED:

“FOR” – 769,947 votes (99.81%) “AGAINST” – 188 votes (0.02%) “ABSTAINED” – 215 votes (0.03%) Decision adopted: Approve Additional Agreement No. 3 to the assignment agreement No. 023-241-2008.

Report prepared on 7 pages in two copies

Date of report: May 26, 2014

Chairperson of the General Meeting: P.V. Markelov

Secretary of the General Meeting: E.V. Lukyanova

This overlap of personnel between Maddox‑connected entities and Moiseev‑linked companies triggered deeper scrutiny.

Olena Perrin has worked as an office manager at SOCAR’s Geneva office, and at the same time she appears as the director of Greenenergo Trading SA.on behalf of the Russian businessman Nisan Moseev, same time managed in several companies such as Maddox,Danais Trading Ltd , Argo Navis Limited, Stamford Oil Limited Pte, and Greenenergo Trading SA.

LinkedIn profile:

ICIJ Offshore Leaks record:

https://offshoreleaks.icij.org/nodes/56093551
https://offshoreleaks.icij.org/nodes/55076170

STAMFORD OIL PTE. LTD

Stamford is a company that purchases Russian oil products. Stamford Oil Pte. Ltd. states that they handle refined oil products and maintain logistics operations in Eastern Europe (Ukraine, Russia, etc.). Although their website mentions trading refined oil products and having storage capacities in Russia and neighboring countries:

Presence in the Region: Stamford Oil has logistics and storage in Russia, Moldova, Ukraine, Romania, Georgia, and Bulgaria, placing them in a key position for Black Sea oil trading. Product Focus: They trade refined oil products and use derivatives for hedging. Context of Russian Oil Trade: Trading Russian refined oil products is complex due to sanctions, but many independent traders based in hubs like Singapore (where Stamford is registered) facilitate such flows to India, China, Turkey, and even Europe through complex logistics.

Singapore has emerged as one of the top three importers of Russia’s heavy distillates discharged in 2025, according to CAS, largely due to shadow-fleet operations east of Peninsular Malaysia.

While Russian fuel oil is not considered “illegal,” dealing with it involves significant compliance risks under EU price-cap regulations, a Singapore-based maritime lawyer has stated.

Russia exports large volumes of crude (such as REBCO) and refined products (D2, D6 diesel, JP54) through various global intermediaries.

Stamford Oil website:

What is interesting here is that Olena Perrin, as a foreign national, has apparently been part of Adnan Ahmadzade’s network and was hired by SOCAR in violation of Azerbaijani law like Turab Musayev , since according to the Constitution, only Azerbaijani citizens may work in state bodies. SOCAR is a state-owned company.

Furthermore, this criminal network is allegedly so deeply involved in corruption that this woman, while employed at SOCAR’s Geneva office, also engaged in business activities in violation of Azerbaijani law—several companies were registered under her name and she was involved in the oil trade. Both of these actions constitute criminal offenses under Azerbaijani law.

Olena Perrin and Nubar Aliyeva must therefore be investigated in connection with the Adnan Ahmadzade case, including the transfer of Russian oil through proxy companies linked to this network to the EU, Ukraine, Turkey, and other countries using falsified documents. A criminal case should be opened on the basis of these facts.

According to the information we have obtained, both the EU and Ukrainian investigative authorities are working seriously on all of these matters.

5. Maddox DMCC and Fuel Supply Routes Into Ukraine

Industry reports show that Maddox was among several trading companies delivering fuel to Ukraine, alongside BB Energy, Guron Trading, KazMunayGas Trading, and others.

Key findings:

Diesel volumes declared as SOCAR-origin reportedly arrived via Maddox‑linked supply chains. A portion of fuel was imported through: Turkish ports (Tupras, Marmara) Kulevi (Georgia) Egypt Malaysia

Some of these origins had not previously supplied Ukraine, raising questions about re‑labeling and transshipment practices.

6. The “Mechanic Pogodin” Case and Related Russian Links

The tanker Mechanic Pogodin, under the Russian flag, entered Kherson port in August 2018 with Turkmen diesel.

Because the vessel belonged to VEB Leasing, under Ukrainian sanctions since May 2018, the SBU blocked its departure.

This case is referenced in several investigations for context, illustrating how Russian-origin or Russia-linked oil traders repeatedly appeared around Ukrainian fuel logistics, including traders later connected to Maddox supply channels.

7. Consolidated Analytical Assessment

The combined data points suggest the following structure:

Rovshan Tamrazov, Founder of Maddox DMCC ,Adnan Ahmadzade Former SOCAR official facilitated Maddox’s strategic entry into the Ukrainian market Currently under arrest, Nubar Aliyeva Director of Maddox DMCC Responsible for operational transactions involving Russian-origin fuel Also director at Danais Trade Ltd Maryam Almaszade Former Maddox official Later SOCAR Geneva CEO Danais Trade Ltd (Malta) Offshore layer between Maddox and European operations Directors: Nubar Aliyeva & Olena Perrin Shareholder: Maddox DMCC Olena Perrin Director in multiple Maddox-linked entities Also appears as director in companies tied to Nisan Moiseev, linked to Russian fuel trade Now subject of Ukrainian investigative interest

https://www.northdata.com/Greenenergo%20Trading%20SA,%20Gen%C3%A8ve/CHE-151.177.589

Overall Conclusion:

The network surrounding Maddox DMCC appears to rely on interconnected offshore entities (Dubai–Malta–Geneva), with key personnel overlapping across companies associated with Azerbaijani former officials and Russian-linked fuel traders. Ukrainian authorities are now examining these links within the broader context of Russian-origin fuel entering EU and Ukraine through intermediary traders.