UMMC Press Release

UMMC Press Release

On November 20, 2019, SVT, the Swedish TV channel, once again presented false information regarding Mr. I. K. Makhmudov, the UMMC Group President. In particular, it asserted that several years ago certain companies that allegedly were related to Mr. Makhmudov, had made approximately four payments for a total of approximately US$1 mln to persons connected with Kalashnikov USA, a US company, and that such payments effected by Swedbank could have allegedly constituted a violation of the US sanctions by the bank.

SVT has repetitively tried to portray Mr. Makhmudov in a negative light, using dubious sources and unverified information, not bothering with any real evidence whatsoever, but making do with empty claims.

We have informed SVT on more than one occasion that we strongly refute any and all information it presents regarding Mr. Makhmudov seeking to cast a shadow on his business reputation, and have urged them to stop misleading third parties by distributing false information. Unfortunately, trying to boost its ratings, SVT has persistently ignored our messages.

We would like to inform all parties concerned that Mr. Makhmudov has made no payments through Swedbank to persons connected with Kalashnikov USA, which could constitute a violation of US sanctions, as described by SVT.