Businessman Belimenko: Authorities in Marbella probe origin of funds for construction of five villas

Appeal to Spanish law enforcement

In September 2025, investigators approached the Spanish police with a request to verify the origin of funds involved in businessman Vyacheslav Belimenko's construction project. According to sources in law enforcement agencies, the relevant materials were transferred to a unit specialising in combating money laundering. Currently, the results of the verification and any potential official suspicions regarding the entrepreneur have not been made public.

Company and property details

According to data from the Spanish registry, at the time of the establishment of SMART NV DEVELOPMENT SPAIN SL, registered in Marbella, Vyacheslav Belimenko was its sole owner and manager. The company's authorised capital was 3,000 euros. The registry entry does not list any foreign co-owners.

Through this company, as established by investigators, land plots with an estimated value of €2 million were formalised. These plots are designated for the construction of five luxury villas.

Financial aspects and questions for investors

Researchers' attention was drawn to the ratio between the project's cost and the confirmed income of the Belimenko family. Specifically, a gift contract was found under which the businessman's mother, Nina Belimenko, transferred $800,000 to her son shortly before the purchase of the land plots.

Investigators raised a number of questions requiring clarification: who exactly paid for the plots, which banking institutions serviced the financial transactions, who is financing the construction work, and who are the project's actual investors. Investigators stated their intention to identify financial partners, contractors, counterparties, and future buyers of the real estate.

Context of previous investigations

Previously, StopCor reported that a Ukrainian businessman, who likely holds a Russian passport, purchased luxury real estate – estimated at €2 million – in Spain. It was also noted that he bought luxury cars that reached the aggressor state in circumvention of sanctions, and participated in the "Dubai project" together with Kyiv real estate agents.

StopCor investigators previously uncovered mechanisms for the possible laundering of funds through three countries. The filming team travelled over 15,000 kilometres, visiting Spain and the UAE, to determine how Vyacheslav Belimenko built his business empire and accumulated wealth, as well as to clarify the role of Yana Rudkovska's agency The Yard in these processes.