--- title: "Owner and group structure of THE ULTIMA WORLD DMCC" language: en canonical: https://dossiertwist.com/dossiers/the-ultima-world-dmcc/ownership-and-group/ as_of: 2026-10-15 keywords: ["THE ULTIMA WORLD DMCC","FG BCS LTD","BCS Financial Group","Oleg Mikhasenko","Alexey Annenkov","Vitaly Shelikhovsky","The Ultima Investments Cyprus","The Ultima Structured Products","The Ultima World (DIFC)","BCS Capital (DIFC)","The Ultima Global Markets (USA)","BCS Americas","The Ultima Global Markets Qazaqstan","BCS Holding","BCS Bank","Dubai Multi Commodities Centre","DFSA","FINRA","CySEC","AIFC"] --- # Owner and group structure of THE ULTIMA WORLD DMCC **Question.** Who controls THE ULTIMA WORLD DMCC, and how has its group of companies changed since 2016? **Answer.** The company's prospectuses and audited statements name Oleg Mikhasenko as sole beneficiary, FINRA records him as indirect owner of 75% or more of the US broker-dealer through his shareholding in the company, and a 2021 bank disclosure showed him holding all the voting shares of FG BCS LTD. FG BCS replaced BCS Holding International as the group's top holding company in 2016. In 2022 and 2023 the group sold Seldthorn Private Equity and Danofe Trading to Mikhasenko, disposed of LLC FG Aviation and agreed to sell its UK broker, and in 2024 it bought two Hong Kong companies from a related party. Its 2025 statements list seven operating subsidiaries, while FINRA names further affiliates described as owned by the company. ## The ultimate owner - Analysis: THE ULTIMA WORLD DMCC's own documents name Oleg Mikhasenko as its sole beneficiary and ultimate controlling party: the April 2025 note prospectus states this for the company and describes him as the sole ultimate beneficial owner of the group, and the audited consolidated statements for 2022 state that he is the sole beneficiary and ultimate controlling party of the group. FINRA's BrokerCheck report on the US broker-dealer lists the company as a foreign entity shareholder owning 75% or more since July 2016 that directs the firm's management or policies, and Oleg Vladimirovich Mikhasenko as the individual through whose shareholding in the company indirect ownership of 75% or more is established, with a relationship established in June 2016. [src-001] [src-015] [src-006] - Analysis: A list of the persons controlling BCS Bank, dated 6 December 2021 and known from a copy published by a bank-analytics website, shows the ownership chain at that time: Mikhasenko held 100% of the voting shares of FG BCS LTD; FG BCS LTD held 99.9994% of the voting interests in Siberian Investments LLC, the earlier name of BCS Holding LLC, and Mikhasenko 0.0006%; and Siberian Investments owned all of the bank's shares, held through BrokerCreditService Company LLC as nominee holder. The bank named Mikhasenko as the person under whose control and significant influence it was. [src-031] - Analysis: In a reply of 17 March 2021 to a demand from the Russian tax authority, quoted in later court rulings, FG BCS LTD described itself as the head holding company of the BCS financial group, whose role is shareholder control and protection of assets, strategic management of the group and centralisation of certain operational functions, including decisions on the use of free cash, among it dividends received from group companies, that is, the redistribution of financial resources within the group. [src-116] ## How FG BCS became the top holding company - Analysis: In 2016 the BCS Financial Group introduced FG BCS Ltd. as its new top-level holding company and said it would eventually liquidate the previous holding company, BCS Holding International Ltd; at the group's request S&P assigned 'B-/C' ratings to FG BCS and withdrew its 'B-/C' ratings on BCS Holding International. The ratings note is retained on the news page of the group's Cypriot investment firm. According to the audited 2018 statements of Brokercreditservice Structured Products Plc, that company was wholly owned by BCS Holding International Limited, a British Virgin Islands holding company previously named Amazon United Limited, until 2016, when BCS Holding International was liquidated and FG BCS Limited, with its registered office at Prevezis 13, Nicosia, became its direct and ultimate holding company. [src-011] [src-067] - Analysis: The same statements record that Flamel Global Limited, Seldthorn Private Equity Limited and Kertina Group Ltd, until then part of the structured-products company's group, were transferred to the parent company FG BCS on 21 June 2017, leaving Routa Luxury Services Ltd and Botimelo Group Ltd as its wholly owned operating subsidiaries. A summary attached to the final terms of the structured-products company's Series 2017-16 notes, dated 8 November 2017 and republished in August 2024 with a notice amending the notes, names FG BCS Ltd.'s other subsidiaries as BCS Prime Brokerage Limited, BrokerCreditService (Cyprus) Limited, Siberian Investments LLC, BCS-Forex Ltd, BCS Investment Management Ltd and BCS Americas Inc., and Oleg Mikhasenko as the ultimate beneficial owner of the group. [src-067] [src-040] - Analysis: Several of these companies no longer exist. On 15 April 2019 the structured-products company sold Botimelo Group Ltd, a British Virgin Islands company, to Heelveil Ltd; GLEIF records its dissolution as effective on 6 September 2019. Routa Luxury Services Ltd (Cyprus HE 290594) was dissolved on 10 February 2022 on completion of a voluntary liquidation, with Alexey Annenkov listed as its last director and a registered office at Vashiotis Kalande Offices, Mesa Geitonia, Limassol. Kertina Group Ltd (HE 341236), wholly owned by the group at the end of 2021 and 2022, was dissolved on 9 March 2025 on completion of a voluntary liquidation, and its LEI was retired. [src-067] [src-082] [src-083] [src-040] [src-050] [src-167] [src-015] ## The group at the end of 2022 - Analysis: FG BCS LIMITED's audited consolidated statements for 2022 list the group's main operating companies with its ownership or voting interest at the end of 2022 and 2021. In Russia they are Brokercreditservice Ltd. (99.9% in both years), BCS Bank, the management company BrokerCreditService and BCS Wealth Management, formerly URALSIB AM (each 100%), two companies in consulting and insurance (99.9%) and the real-estate fund manager of Brokercreditservice (none at the end of 2022, against 100%). Outside Russia they are BrokerCreditService (Cyprus) Limited, BCS Capital (DIFC) Limited, BCS Prime Brokerage Limited in the UK, Brokercreditservice Structured Products PLC, Kertina Group Ltd. and BCS Americas (each 100%), and Seldthorn Private Equity Ltd. (none, against 100%). The list gives the group's direct or indirect interest without saying which group company holds each stake. The statements add that other, unnamed subsidiaries are consolidated on the basis of trust agreements with their direct owners, the group exercising full control over their financial, strategic and operational activities for its own benefit; neither these subsidiaries nor their direct owners are named. [src-015] ## Sales and disposals, 2022–2024 - Analysis: On 30 May 2022 the group sold its subsidiary Seldthorn Private Equity Ltd to its ultimate shareholder, Oleg Mikhasenko, and recognised RR 1,092,275 thousand, the difference between the subsidiary's negative net assets and the consideration, as a contribution from the shareholder. The Cyprus register lists Seldthorn (HE 330001) as a private company registered on 26 February 2014 at Spyrou Kyprianou & 1 Oktovriou 1, Vashiotis Kalande Offices, Mesa Geitonia, Limassol, with the status 'reminder letter sent' at the time of the research. During 2023 the group also sold Danofe Trading Limited to Mikhasenko, again recognising the difference between net assets and consideration as a contribution from the shareholder; a register copy shows Danofe (HE 250921, registered on 9 June 2009) dissolved after a voluntary liquidation, with Alexey Annenkov among the officers last on file as director. [src-015] [src-023] [src-045] [src-065] - Analysis: On 22 June 2022 the group disposed of its subsidiary LLC FG Aviation to Heelveil Ltd and, on the same day, of Heelveil itself to a third party that the statements do not name. No cash consideration was received: FG Aviation carried property, equipment and intangible assets of RR 1,933,623 thousand and loans payable of RR 2,407,104 thousand, and the group booked a gain of RR 447,542 thousand on the disposal. [src-015] - Analysis: The UK broker BCS Prime Brokerage Limited, renamed GBM Securities limited on 29 July 2024, was sold under a sale and purchase agreement signed on 23 December 2023; the Financial Conduct Authority approved the deal and it was completed on 27 June 2024, for non-cash consideration of USD 49,253 thousand and a net gain on disposal of USD 14,310 thousand. The 2024 statements do not name the buyer. The UK register lists Vitaliy Shelikhovskiy as a director of the company from 20 April 2012 to 2 June 2014 and Edward Golosov from 8 March 2013 to 11 July 2024; for each of them this is the only UK company appointment on record. [src-045] [src-014] [src-087] [src-110] ## The group since 2024 - Analysis: The March 2024 note prospectus listed the guarantor's main operating subsidiaries as BrokerCreditService (Cyprus) Limited, BCS Prime Brokerage Limited, an FCA-authorised UK firm since 19 June 2013, Brokercreditservice Structured Products Plc, BCS Capital (DIFC) Limited and BCS Americas, Inc. The April 2025 prospectus states that the guarantor directly or indirectly owns The Ultima Investments Cyprus Limited (98.0%), Brokercreditservice Structured Products Plc (99.96%), The Ultima World (DIFC) Limited (100%) and BCS Americas, Inc. (100%) as the group's main operating companies, and that the issuer, The Ultima Global Markets Qazaqstan Limited, is wholly owned by it. The 2024 audited statements list the operating subsidiaries at the end of 2024 under their new names: the Cypriot investment firm (98.0%), the DIFC firm, the structured-products company, the US broker-dealer, the Kazakh issuer and The Ultima Investment Hong Kong Limited (each 100%), with GBM Securities, formerly BCS Prime Brokerage, no longer held, and The Ultima Products HK Limited, whose percentage column is cut off in the retained text; its acquisition in August 2024 is described in the same statements. [src-034] [src-001] [src-045] - Analysis: On 23 August 2024 the group acquired 100% of The Ultima Investment Hong Kong Limited and The Ultima Products HK Limited from a related party that the statements do not name. For The Ultima Investment Hong Kong Limited it paid USD 226 thousand for identifiable net assets of USD 115,739 thousand (total assets USD 593,426 thousand) and recorded USD 115,513 thousand as a contribution from the shareholder; from the acquisition date that company contributed USD 49,504 thousand of the group's net income. [src-045] - Analysis: GLEIF lists five active companies as direct children of THE ULTIMA WORLD DMCC's LEI: The Ultima Global Markets Qazaqstan Limited (created 18 October 2022, formerly BCS Global Markets Qazaqstan Limited); The Ultima World (DIFC) Limited (DIFC company 3568, created 26 November 2019, formerly BCS Capital (DIFC) Limited); The Ultima Global Markets (USA) Inc. (New York registration 2282967, created 27 July 1998, formerly BCS Americas, Inc.); The Ultima Structured Products PLC (created 18 March 2005, formerly Gawling Company Limited and Brokercreditservice Structured Products PLC); and The Ultima Investments Cyprus Limited (created 7 December 2004, formerly BrokerCreditService (Cyprus) Limited). LEI relationship data shown by a company-information aggregator record FG BCS LTD as the highest-level owner of LLC BCS-Commodity Markets from 2 November 2018, of BCS Capital (DIFC) Limited from 26 November 2019 and of The Ultima Structured Products PLC from 1 January 2023. [src-019] [src-085] - Analysis: The audited statements for 2025 list seven operating subsidiaries at the end of 2025 with interests unchanged from 2024: The Ultima Investments Cyprus Limited (98.0%) and, at 100% each, The Ultima World (DIFC) Limited, The Ultima Structured Products PLC, The Ultima Global Markets (USA) Inc., The Ultima Global Markets Qazaqstan Limited, The Ultima Investment Hong Kong Limited and The Ultima Products HK Limited. The list does not include The Ultima Fintech Qazaqstan, The Ultima Asia Limited, Spidertek Ltd, LTM SV LLC or Brokstock SA (Pty) Ltd. FINRA's BrokerCheck report on the US broker-dealer lists each of those five as an affiliate under common control described as owned by THE ULTIMA WORLD DMCC, together with the two Hong Kong companies, the DIFC firm and the structured-products company, and describes The Ultima Investments Cyprus Limited as jointly owned by The Ultima Structured Products PLC and THE ULTIMA WORLD DMCC. FINRA's 'effective dates' are filing dates for each affiliation; GLEIF gives later creation dates for The Ultima Asia Limited (7 November 2024) and Spidertek Ltd (29 December 2017) than the 2016 dates in FINRA's list. [src-051] [src-006] [src-026] [src-041] - Analysis: Since 2021 the group has held a significant-influence stake in Ginmon GmbH, a privately held German robo-advisory company accounted for by the equity method: 28.35% at the end of 2022 and 2024 and 28.26% at the end of 2025. The investment's carrying amount fell to nil in 2024 after a goodwill impairment of USD 1,110 thousand. The group also has significant influence over TFS Hi-Tech, carried at USD 360 thousand at the end of 2023, 2024 and 2025. [src-015] [src-045] [src-051] ## Sources - [src-001] Company statement source · src-001 - [src-015] Company statement source · src-015 - [src-006] FINRA BrokerCheck report: The Ultima Global Markets (USA) Inc. (CRD 47895), Financial Industry Regulatory Authority, 2026-10-15 - [src-031] Regulatory record source · src-031 - [src-116] Court record source · src-116 - [src-011] Company statement source · src-011 - [src-067] Company statement source · src-067 - [src-040] Company statement source · src-040 - [src-082] GLEIF LEI record: BOTIMELO GROUP LTD, Global Legal Entity Identifier Foundation, 2026-10-15 - [src-083] Corporate registry source · src-083 - [src-050] Corporate registry source · src-050 - [src-167] GLEIF LEI record: KERTINA GROUP LTD., Global Legal Entity Identifier Foundation, 2026-10-15 - [src-023] Corporate registry source · src-023 - [src-045] Company statement source · src-045 - [src-065] Corporate registry source · src-065 - [src-014] Companies House: GBM SECURITIES LIMITED (08040031), officers, Companies House (UK) - [src-087] Companies House: appointments of Vitaliy Shelikhovskiy, Companies House (UK) - [src-110] Companies House: appointments of Edward Golosov, Companies House (UK) - [src-034] Company statement source · src-034 - [src-019] GLEIF direct children of THE ULTIMA WORLD DMCC, Global Legal Entity Identifier Foundation, 2026-10-15 - [src-085] Corporate registry source · src-085 - [src-051] Company statement source · src-051 - [src-026] GLEIF LEI record: THE ULTIMA ASIA LIMITED, Global Legal Entity Identifier Foundation, 2026-10-15 - [src-041] GLEIF LEI records: The Ultima Products HK Limited, Spidertek Ltd and LTM SV LLC, Global Legal Entity Identifier Foundation, 2026-10-15