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. His widow, Lyudmila, and their two daughters are contesting a handwritten will that allegedly leaves the fortune to his sister, Vera, and her husband, Nikolai Kazakov.
According to Monaco-Matin, the three-hour hearing centred on the validity of the document. It was reportedly discovered in a safe in Riga, Latvia, after Burlakov died of Covid-19 in June 2021, aged 72. He had lived in Monaco since 2006.
Lyudmila and the daughters dispute the authenticity and legal validity of the handwritten paper, which they say was found among drawings and scribbles in a notebook. Their representatives have alleged a major international fraud and asked that the Monaco proceedings be suspended while further evidence is considered in a separate case in London. The family argues that documents relevant to the inheritance should be examined before the court decides.
Lawyers for Vera and Nikolai Kazakov want the case to proceed. They argued that the will should be recognised as authentic, citing handwriting assessments in Russia and Monaco and a statement from Burlakov’s former partner, who reportedly witnessed him writing the document. They say the will should take legal effect, with Vera and Nikolai as beneficiaries.
The estate is reported to include the sailing yacht Black Pearl, precious stones worth millions of euros, and a 300-square-metre penthouse overlooking Larvotto Beach in Monaco. It is also said to hold substantial financial assets through a trust known as Golden Wheat, whose annual returns have been estimated at close to €100 million.
Burlakov’s wife had begun divorce proceedings in Monaco in 2018, and the divorce was due to be pronounced 15 days after his death. The court is expected to deliver its decision on March 18. The ruling will set the next stage in a dispute that already reaches beyond Monaco.