Former Electrogas director bought €2.5 million London property after Montenegro wind farm deal

Turab Musayev, a close associate of Yorgen Fenech, bought a €2.5 million London property mere months after the two secretly profited millions from Enemalta’s purchase of a wind farm in Montenegro.

According to a Times of Malta report, the former Electrogas director signed a deed to buy a €2.5 million apartment in London six months after proceeds from the wind farm deal were divided between him and Fenech.

Indeed, Fenech appeared as witness for the mortgage deed Musayev signed to buy the flat.

Yorgen Fenech and Turab Musayev made a respective €4.6 million and €2.5 million profit from Enemalta’s purchase of a Montenegrin wind farm in 2015.

The project concerns Montenegro’s Mozura wind farm project, which was launched in 2010. A concession to build and run the wind farm was won by a Spanish company, Fersa Renovables, since merged with another Spanish firm, Audax Renovables.

However, accounts published by Fersa revealed that the company sold its 99% interest in Mozura to an intermediary, a Seychelles-registered company called Cifidex Ltd. The company was owned by Turab Musayev.

The remaining 1% of shares, held by a local Montenegrin company, were also sold to Cifidex.

Cifidex bought the Mozura shares in December 2015 for €2.9 million. Two weeks later, Cifidex sold all the shares to Enemalta for €10.3 million.

After kicking back around €7.8 million to Yorgen Fenech’s Dubai-based 17 Black, Musayev would have been left with €2.5 million. Fenech's share included an original €3 million loaned to Cifidex to acquire the shares, and a €4.6 million profit share.