Four professionals and you may former executives had the remaining 5

Four professionals and you may former executives had the remaining 5

Mikhelson ended up managing 57.2 per cent of Sibur and Timchenko 37.step 3 %. 5 %. The individuals managers integrated Kirill Shamalov. By the 2014, according to Sibur’s declarations, Kirill had prolonged his very own stake to help you 4.step 3 per cent away from Sibur.

KIRILL’S COUP

After Mikhelson and you can Timchenko got removed power over Sibur, the only method for anybody discover a major stake in the the organization try for one of those to help you invest in sell specific offers. Luckily for us to have Kirill Shamalov, Putin’s buddy Timchenko is happy to sell to him.

Timchenko and the president’s the fresh new kid-in-rules first Dog dating service started conversations during summer out-of 2013, predicated on a job interview Kirill provided into Russian newspaper Kommersant when you look at the August this year. The start of people discussions try a few months immediately after Kirill got distinguished his relationship to help you Putin’s daughter.

In , Kirill moved down out-of his government character in the Sibur. However, he remaining their shareholding and you can stayed for the once the person in the fresh new board of administrators. Four weeks afterwards, towards the Aug. step 1, the guy entered another type of providers entitled Yauza several which is entirely belonging to your.

Next month, Yauza twelve bought 17 per cent off Sibur off Timchenko. You to got Kirill’s stake regarding the petrochemical organization in order to 21.step 3 per cent. Putin’s kid-in-rules is actually today the next largest stockholder from inside the Russia’s leading gasoline and you can petrochemicals processor.

The 2009 year, an effective spokesman to own Timchenko advised Reuters one to their selling to help you Kirill Shamalov occurred once deals with several potential buyers and you will try during the an industry speed. The brand new spokesman told you this new product sales mirrored an insurance plan out-of Timchenko’s carrying providers, Volga Category, off diversifying the assets.

Which week, an effective spokesman getting Volga Group advised Reuters: “All transactions that happen to be conducted because of the Mr Timchenko’s formations that have shares out of Sibur – the purchase of shares regarding the business, the new purchases of part of the express build in order to K. Shamalov – got a market profile and you can taken place in line with the field valuation of your team.”

How would the fresh new upcoming-32-year-old Kirill afford such as for instance a buy? A great Reuters examination of Yauza a dozen levels submitted towards the bottom away from 2014 means that the firm had lent 78.nine mil roubles (on $step one.step 3 mil during the time). The main cause in the currency are the financial institution in which his sibling is actually good deputy president. The financing appeared “from Gazprombank safeguarded toward assets owned by myself,” Kirill advised Kommersant.

The fresh new terms of the mortgage aren’t known, but Kirill’s providers seemingly have borrowed the cash affordably. Desire reduced immediately following the guy grabbed the mortgage, with regards to the Yauza a dozen account, amounted to help you 343 mil roubles with the avoid away from 2014. You to definitely means an annual interest rate of about step one.3 percent whether your mortgage first started when Yauza several purchased the latest Sibur offers, good Moscow-founded borrowing specialist said. The specialist additional one to given that loan’s readiness go out are unknown, it’s uncertain if or not you to interest is different from the market industry rate or not.

Utilizing the lent $1.3 billion, Kirill managed to purchase the 17 % share in Sibur. He along with his spokesman declined to establish exactly how much he paid down, aside from saying it was market rates.

Three independent experts advised Reuters inside the Oct in 2010 one to Kirill’s overall holding out-of 21.3 % are worth at the least $dos mil. Which can was indeed old-fashioned. To your Dec. 11, this new Chinese oil company Sinopec provided to spend $step 1.34 mil for just 10 % of organization.

Full circle

Together with his miracle marriage from the Igora ski resort and his financial good fortune, Kirill Shamalov encapsulates trick regions of today’s Russia. The Putin day and age has its roots in the St. Petersburg, the spot where the chairman first started his governmental occupation. Their family members from the Ozero dacha collaborative, and aides he caused about St. Petersburg mayor’s work environment, continued in order to wide range and you can dictate as Putin consolidated his strength.