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Fiji is investigating the arrival of the luxury superyacht Amadea, which is thought to be owned by Russian billionaire Suleiman Kerimov.
Police are questioning its captain on how he brought the boat to the Pacific island nation without Customs clearance.
Fiji newspapers reported that police had seized the 106-metre vessel Amadea, which is thought to be worth $325 million, and detained its crew.
A superyacht agent in Fiji, who said he represented Amadea, told Reuters the reports were “not fully factual including ownership of the vessel “.
“I do not know who the owner is. There is evidence being released to the police in Fiji,” the agent, Chase Smith of Baobab Marine, told Reuters.
He said two sets of lawyers were handling the situation and he continued to act for Amadea and its crew.
Mr Kerimov has been sanctioned by the US, UK and EU over Russia's invasion of Ukraine.
An official at the National Police Command and Control Centre confirmed to Reuters the captain of the vessel, which arrived on Tuesday, was being questioned about how it came to Fiji without Customs clearance.
Russian President Vladimir Putin, country's lawmakers and businessmen have faced wide-reaching sanctions after the invasion, which Moscow calls a special military operation, while European countries have seized property including villas and boats.
The US Embassy said it was aware Amadea had docked in Fiji's Lautoka port and the Embassy was co-operating with Fijian authorities on the matter.
“The United States is committed to finding and seizing the assets of the oligarchs who have supported the Russian Federation’s brutal, unprovoked war of choice against Ukraine,” the Embassy said.
“We and several of our EU partners have already frozen or seized many assets of these oligarchs. We are working closely with governments and private sector partners in Europe, and the entire world, including Fiji, on this issue.”
Commissioner of Police, Brig Gen Sitiveni Qiliho, told the Fiji Sun newspaper the Attorney General's office had been contacted by a foreign government requesting assistance in a criminal matter, and Fiji had agreements with other countries to enforce sanctions on Russian oligarchs.
The EU delegations in Fiji had also requested cooperation, the Fiji Times reported.
Fiji had been alerted to the approach of Amadea before it moored at Lautoka Wharf, the media reported.
An official in Attorney General Aiyaz Sayed-Khaiyum's office declined to comment saying it was an internal matter for the Fiji government.
Superyachts entering Fiji are required to apply for health clearances before departing the previous port and submit other Customs documents three days before arriving in Fijian waters.
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
MATCH INFO
Tottenham Hotspur 1
Kane (50')
Newcastle United 0
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
The five pillars of Islam
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
More on Palestine-Israeli relations
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
