A legal battle over the estimated €3 billion estate of Russian businessman Oleg Burlakov reached Monaco’s Court of First Instance on Thursday, October 15, as his widow and two daughters contested a handwritten will that allegedly leaves his fortune to his sister and brother-in-law.
According to a report by Monaco-Matin, the three-hour hearing centred on the validity of the document, which was reportedly discovered in a safe in Riga, Latvia, following Burlakov’s death from Covid-19 in June 2021, aged 72. The businessman had lived in Monaco since 2006.
The dispute pits his widow, Lyudmila, and their two daughters against his sister, Vera, and her husband, Nikolai Kazakov. The outcome could determine the distribution of a fortune estimated at nearly €3 billion, including luxury property, valuable assets and substantial financial holdings.
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The widow and daughters dispute the authenticity and legal validity of the handwritten document, which they say was found among a notebook’s drawings and scribbles. Their representatives have alleged a major international fraud and requested that the Monaco proceedings be suspended while further evidence is considered in a separate case in London.
The family argues that documents relevant to understanding the disputed inheritance should be examined before the court reaches a decision.
The opposing side, however, wants the proceedings to move forward. Lawyers representing Vera and Nikolai Kazakov argued that the will should be recognised as authentic, citing handwriting assessments conducted in Russia and Monaco, as well as a statement from Burlakov’s former partner, who reportedly witnessed him writing the document.
They maintain that the will should be given legal effect, making Vera and Nikolai the beneficiaries of the estate.
The inheritance includes the Black Pearl, a high-profile sailing yacht, millions of euros’ worth of precious stones and a 300-square-metre penthouse overlooking Larvotto Beach in Monaco.
The estate is also reported to include substantial financial assets held through a trust known as Golden Wheat. The annual returns generated by the trust have been estimated at close to €100 million.
The size and complexity of the estate have made the dispute an international legal matter, with proceedings extending beyond Monaco.
Burlakov’s death came during a turbulent period in his personal life. His wife had initiated divorce proceedings in Monaco in 2018, and the divorce was due to be pronounced just 15 days after his death.
The court is now expected to deliver its decision on March 18, following Thursday’s hearing. Its ruling will determine the next stage in the dispute over one of the most substantial inheritances to come before Monaco’s courts in recent years.
Image: The Black Pearl
