Lawyer breaks silence on Dutch structures behind controversial Albanian resort project

Zoya Gyurova, Director of Dutch Trust Management B.V. (DTM), has issued a detailed written response to questions about the opaque Dutch corporate structures previously linked to the controversial luxury resort development in Zvërnec, Albania.

EUalive and its partner BIRD.BG succeeded to identify and contact Gyurova who is also registered as lawyer at the Bulgarian bar. She accepted to answer our questions related to her involvement with the corporate structures.

Gyurova, a Bulgarian-origin corporate lawyer with an LLM from Erasmus University Rotterdam, and Nikita Vinogradov, a Russian-born lawyer specializing in international structures, are managing partners at Strik Tax | Legal and run Dutch Trust Management B.V.

The two lawyers are relevant to the explosive Albanian project because, until its sale in May, they were publicly registered as the beneficial owners of the Dutch shell companies that held full control over Zvërnec South Adriatic Development – the vehicle for the Jared Kushner-linked luxury resort development that has sparked massive protests in Albania.

In her replies, Gyurova strongly denies that she and business partner Nikita Vinogradov are the genuine beneficial owners of the project, describing their registration as 50/50 ultimate beneficial owners (UBOs) in the Netherlands as a purely formal requirement under Dutch law.

“Pseudo-UBOs” only

Gyurova explained that under Dutch legislation, when no natural person holds more than 25% ownership or control, the directors of the trust management company are registered as “pseudo-UBOs”. She and Vinogradov were listed in this capacity as directors of Dutch Trust Management, which provided management and domiciliation services for the three Dutch holding entities: Universal Properties Project BV, Dutch Global Maintenance BV, and Blue Industries Investment Holding BV.

“We are not the actual owners of these companies,” Gyurova stated. “We do not bear the economic risk nor receive the economic benefit.”

She confirmed that the Albanian project company, Zvërnec South Adriatic Development Shpk, was sold on 7 May, meaning the Dutch entities are no longer involved in the project.

No personal investment, no disclosure of backers, no Russian money

Gyurova repeatedly emphasized that neither she, Vinogradov, nor their clients invested any personal funds into the project. She also confirmed that no funding originated from clients of DTM or the affiliated firm Strik Tax | Legal.

Regarding the five unnamed Albanian co-investors reportedly shielded by the Dutch structure, Gyurova declined to disclose their identities, citing legal constraints. However, she confirmed they do not hold public office and stated that, to her knowledge, no politically exposed persons (PEPs) or public officials were involved in facilitating the project.

In the Albanian UBO register, she noted, neither she nor Vinogradov appear as beneficial owners.

Asked whether there are any shareholders/ultimate beneficial owners who are with a Russian nationality or whether Russian capital has been used, Gyurova explicitly confirmed that there were no Russian connections whatsoever – neither in relation to the individuals involved nor to the project/capital itself.

Regulatory defense

Gyurova defended the compliance of the structure, stating that Dutch Trust Management – which holds a valid Wtt license from the Dutch central bank (DNB) since 2005 – conducted standard client due diligence, including verification of ultimate beneficial owners and source of funds.

She added that the Dutch entities are not under investigation by Albania’s Special Anti-Corruption Structure (SPAK).

Separate entities

Addressing questions about the overlap with Strik Tax | Legal, Gyurova insisted the two are completely separate companies with different services and propositions, despite being located in the same Amsterdam World Trade Center building.

Project context

The Zvërnec development has attracted significant scrutiny due to its location in a sensitive coastal area and reported links to high-profile international figures, including associates of Donald Trump and Jared Kushner. Earlier reporting highlighted how Dutch corporate secrecy rules allow the true backers to remain hidden behind professional trust service providers.

Questions about the original land acquisition, whether it involved a public bidding process, and any potential payments to intermediaries were referred by Gyurova to the relevant Albanian authorities. She stressed that the Zvërnec land is privately owned and that the nearby island of Sazan is not part of the project.

This response marks the most detailed public statement so far from the Dutch trust managers at the centre of the controversy. While it provides clarity on their limited role, it leaves the identities and motives of the ultimate Albanian and international investors unresolved – a point likely to fuel continued debate as the project and related investigations develop.

Caption: AI-generated illustrative image