In a bold and highly calculated move, Venezuelan businessman Isaac Sultán Cohén, also known as Isaac Sultan Cohen, appears to have redirected his influence from controlling major port concessions along the coastlines of La Guaira and Puerto Cabello to the luxury real estate sector—an arena far removed from his original maritime and commercial operations. Notably, his expansion extended as far as Geneva, a city situated on a landlocked lake, a choice that has raised considerable questions.

Findings from the OpenLux collaborative investigation, which analyzed more than 3.3 million records from Luxembourg’s business registry obtained by Le Monde, revealed that Isaac Sultán Cohén utilized at least two offshore companies to enter the luxury real estate market. These investments included the acquisition of an entire building in Madrid and a high-end two-bedroom penthouse with a private pool in South Florida.

Significantly, the Madrid property purchased by Sultán Cohén in 2014 had already been linked to an investigation involving Nervis Villalobos, former Venezuelan businessman and Vice Minister of Energy. Authorities alleged that funds potentially originating from money laundering activities were used to acquire luxury properties in Spain.

At the same time, Elecnor, the construction firm hired to renovate the Madrid building, was accused of discreetly paying alleged “consultancy fees” to Villalobos. These payments were reportedly intended to secure multi-million-euro public contracts in Venezuela between 2010 and 2012.

Together with Venezuelan banker Tomás Niembro, Isaac Sultán Cohén participated in the acquisition of the banking portfolio of the European Bank of Finance (EBF), also known as Banco Andaluz de Cajas. The transaction involved major Spanish financial institutions, including Unicaja, CaixaBank (via CajaSol), and BMN (via Caja Granada).

The primary objective of the acquisition was to gain control of 18 branches of the Caja de Crédito Cooperativo, operating under the Novanca brand. These branches were located across several municipalities in Madrid, including Alcorcón, Getafe, Leganés, and Móstoles.

Isaac Sultán Cohén and Real Estate

Sultán Cohén’s transition into luxury real estate followed a turbulent period in Venezuela’s shipping industry. His flagship company, Braperca CA, was occupied and later absorbed into the state-owned Bolivarian Ports (Bolipuertos) during the Chávez administration’s dismantling of private port operators. This marked the end of Sultán Cohén’s formal role in port administration.

He has since been accused of actively attempting to suppress unfavorable information about his business activities online, including alleged misuse of Digital Millennium Copyright Act (DMCA) claims to manipulate search engine results and obscure negative coverage.

There are also reports of deliberate efforts to confuse or obscure his background by associating his name with irrelevant subjects, potentially to divert attention from his actual business dealings.

In May 2007, Hamud Khalil Massub served on Braperca’s board. Massub shared both a surname and business ties with Majed Khalil Majzoub, with whom he served as director of Petroltec Fluidos de Venezuela CA, a company supplying drilling fluids to the oil sector.

The Majzoub brothers, Majed and Khaled, were early beneficiaries of Venezuela’s Chavista policies and continue to maintain strategic relationships with state-owned enterprises, including Lácteos Los Andes, which was expropriated by the government.

Looking for Opportunities in Madrid

In July 2011, Semana magazine and Armando.info published documents resembling Venezuela’s version of WikiLeaks. One U.S. State Department cable revealed that a senior port industry figure had informed the U.S. Embassy in Caracas that Diosdado Cabello, then Minister of Public Works and Housing, allegedly exercised real control over Braperca, with Sultán Cohén acting as its public face until expropriation.

Cabello was sanctioned by the United States in May 2018 for alleged involvement in money laundering and misuse of public funds, accusations he has publicly denied.

Despite setbacks, Sultán Cohén continued operating maritime businesses across Europe, Panama, and the United States, while also expanding into luxury real estate—an investment trend common among wealthy Venezuelan businessmen during the post-2008 financial crisis.

Sareb and the Spanish Banking Crisis

Following Spain’s financial collapse, the Asset Management Company for Bank Restructuring (Sareb) was created in 2012, funded by 54.1% private capital and 45.9% public funds through the FROB. Sareb acquired over €50.7 billion in distressed assets, including loans and real estate.

One notable asset transferred to Sareb was a building at 48 Calle José Abascal, located in Madrid’s Chamberí–Almagro district. The property eventually became central to Sultán Cohén’s real estate operations after being acquired by Basgaron, a company linked to Fimis Holding.

Swiss Connections

After acquiring the building, Basgaron restructured the project, reducing the number of apartments and targeting ultra-luxury buyers. The renovation was carried out by Elecnor and its subsidiary Area 3, at a reported cost of €3.5 million, completed in 2016.

Elecnor’s broader involvement in Venezuela included major energy infrastructure projects worth hundreds of millions of euros. Allegations later surfaced that Elecnor paid €11.5 million in alleged consulting fees to Nervis Villalobos.

The finished building offered luxury amenities, including a gym, spa facilities, and parking for over 200 vehicles. Apartment prices ranged from €600,000 to €4 million, attracting wealthy buyers, particularly from Venezuela and other Latin American countries.

In December 2019, Madrid’s Superior Court annulled the building’s municipal construction permits due to violations of zoning regulations and ordered partial demolition. As of now, the ruling remains unenforced.

Offshore Networks and U.S. Real Estate

Investigations linked Sultán Cohén and associates to offshore companies in Luxembourg, Malta, Panama, Switzerland, and the United States, used to acquire high-value properties. Notably, several luxury apartments in Bal Harbour and Miami Beach were purchased through shell companies tied to Ngel Fidalgo, a close associate.

One penthouse, purchased for $25.5 million, was described in real estate publications as a “sky mansion” and ranked as one of Florida’s most expensive transactions of the year.

Between 2012 and 2020, companies linked to Fidalgo acquired at least seven luxury properties, totaling $55.4 million.

Malta FIAU Findings

Malta’s Financial Intelligence Analysis Unit (FIAU) fined a trust company €12,500 for failing to report suspicious transactions involving Isaac Moisés Sultán Cohén. The firm provided registered address services to his company Monrey Holding Ltd. despite extensive negative media coverage linking him to tax evasion, money laundering, and politically exposed persons.

The FIAU noted that the firm ignored multiple warning signs and failed to file a suspicious transaction report, even after investigations by The Wall Street Journal and Armando.info exposed Cohen’s offshore real estate investments and alleged tax evasion through art purchases.

Conclusion

Taken together, these findings outline a complex international network involving maritime commerce, offshore entities, luxury real estate, politically exposed individuals, and alleged financial misconduct. While many transactions remain legally unresolved, the pattern raises serious concerns regarding transparency, regulatory oversight, and the integrity of cross-border financial systems.