Phoenix Fund owner Amer Abdulaziz Salman is feeling the heat after Konstantin Ignatov shed light on his involvement in OneCoin.
According to the former OneCoin CEO, Abdulaziz used Phoenix Fund to help mark Scott launder $110 million dollars.
According to Konstantin, whatever OneCoin was paying him was not enough. This prompted Abdulaziz to skim funds off the top.
Amer Abdulaziz, after he stole €100m from OneCoin, he started buying racehorses for, like, €25m. [He was] one of the main money-launderers for Ruja.
As per Konstantin’s quoted testimony above, Abdulaziz (right) is believed to have used stolen OneCoin funds to set up Phoenix Thoroughbreds.
Abdulaziz has used Phoenix Thoroughbreds to create a name for himself in international racing circles.
Dubai-based Abdulaziz, 56, launched Phoenix Thoroughbreds in 2017 as the “world’s first regulated thoroughbred fund” and has since become one of the most high-profile figures in international racing and bloodstock, often flexing the significant financial muscle of his fund at the sales and through private purchases.
When queried on the source of funds used to set up Phoenix Thoroughbreds earlier this year, Abdulaziz refused to answer the question.
In the aftermath of the scandal Abdulaziz’s horse trader quit, citing concern over Abdulaziz’s role in OneCoin.
Earlier today Phoenix Thoroughbred came out swinging in response to Konstantin Ignatov’s testimony.
Phoenix Fund Investments LLC categorically denies all allegations made against , and its owner Mr. Amer Abdulaziz, in legal proceedings against OneCoin and its conspirators in the US.
Phoenix Fund Investments LLC believes that the firm and Mr. Amer Abdulaziz have acted according to the law at all times, and will vigorously content all allegations of wrongdoing.
Phoenix Fund Investments LLC will fully cooperate with relevant authorities should they require assistance.
Phoenix Fund Investments LLC is currently seeking legal advice and will take appropriate action against those involved in the publication of false and defamatory statements.
After that statement was published it came to light Abdulaziz has put Phoenix Thoroughbreds into voluntary liquidation.
The Racing Post asked both the DOJ and FBI whether Abdulaziz was under investigation, however neither agency was willing to confirm he was a person of interest.
The British Horseracing Authority however confirmed to the Irish Field ‘it’s aware of the situation and working with the relevant authorities “as a priority.”’
Phoenix Fund is believed to be tied to Mark Scott’s Fenero Fund through Bank of Ireland accounts.
US authorities have thus far arrested Scott himself and accomplice David Pike.
Scott was convicted last week and is facing fifty years in prison
Amer Abdulaziz Salman is based out of Dubai. Dubai does not have an extradition treaty with the US.
Update 22nd January 2021 – Phoenix Thoroughbreds have now been banned from running horses in Dubai.
As it stands Amer Abdulaziz Salman can’t run horses in the UK, France or anywhere in the UAE.
There was talk of Australia banning Phoenix Thoroughbreds but it doesn’t appear anything came of that.
Update 17th April 2021 – Minor update from Australia, courtesy of the Australian Financial Review;
Contacted this week, the Queensland Racing Integrity Commission said Phoenix allowed the registration of its ownership syndicate there to lapse last June, which meant the state had no reason to investigate.
But, on Friday afternoon, Racing NSW and Victoria Racing said they would freeze Phoenix’s prize money until its legal cases were resolved. The NSW decision was made in January and not disclosed until now.
While the decisions don’t prohibit Phoenix horses from competing, they are a blow to Abdulaziz’s reputation in one of the world’s leading horse-racing nations.
The mind boggles as to why Abdulaziz hasn’t been arrested yet.