Mikhelson wound-up buying 57.2 % of Sibur and you may Timchenko 37.step 3 per cent. 5 percent. The individuals professionals incorporated Kirill Shamalov. By the 2014, predicated on Sibur’s declarations, Kirill had expanded their own share to cuatro.3 percent out-of Sibur.

KIRILL’S COUP

Immediately following Mikhelson and you will Timchenko had taken command over Sibur, the only way proper to locate a major risk in the the company are for starters of them to invest in sell particular offers. Fortunately to possess Kirill Shamalov, Putin’s buddy Timchenko are ready to sell to your.

Timchenko and president’s the newest boy-in-laws first started discussions during summer out-of 2013, centered on an interview Kirill gave for the Russian newspaper Kommersant in August this year. The start of men and women talks are two months after Kirill had prominent their matrimony to Putin’s girl.

In , Kirill wandered down of their management part during the Sibur. However, the guy remaining his shareholding and you can lived with the because person in the fresh board away from directors. Five days afterwards, into Aug. step one, the guy inserted another type of organization called Yauza twelve which is entirely owned by him.

The following month, Yauza several purchased 17 per cent from Sibur from Timchenko. You to grabbed Kirill’s risk about petrochemical team in order to 21.step three per cent. Putin’s child-in-legislation is today the following prominent stockholder within the Russia’s leading gas and you may petrochemicals chip.

This past season, an excellent spokesman getting Timchenko informed Reuters one to his selling to help you Kirill Shamalov taken place immediately following transactions with many potential buyers and was from the market speed. Brand new spokesman told you this new income reflected an insurance policy regarding Timchenko’s carrying business, Volga Classification, off diversifying its assets.

That it times, a good spokesman to own Volga Classification informed Reuters: “All purchases which were used by the Mr Timchenko’s formations which have offers regarding Sibur – the purchase off offers throughout the providers, the fresh new income out of area of the share construction to help you K. Shamalov – got a market profile and you may taken place in accordance with the sector valuation of one’s business.”

How would the fresh new following-32-year-old Kirill afford particularly a buy? An effective Reuters study of Yauza 12 membership recorded towards the bottom from 2014 signifies that the organization got borrowed 78.nine billion roubles (throughout the $1.step three billion during the time). The source associated with the currency are the financial institution where their cousin try a great deputy president. The financing emerged “off Gazprombank covered to your assets owned by me personally,” Kirill informed Kommersant.

This new regards to the mortgage commonly known, but Kirill’s business seems to have lent the money inexpensively. Notice paid down immediately following he took the loan, depending on the Yauza 12 account, amounted so you’re able to 343 million roubles towards stop off 2014. That compatible a yearly interest of about step one.3 % in the event the mortgage first started when Yauza a dozen purchased the newest Sibur shares, good Moscow-mainly based borrowing specialist told you. New analyst additional one as the loan’s maturity time try unknown, it’s not sure if or not you to definitely rate of interest is different from the market industry rate or otherwise not.

Utilising the borrowed $1.step 3 billion, Kirill been able to choose the 17 % risk when you look at the Sibur. He and his awesome spokesman rejected to help you specify just how much he paid down, besides saying it was an industry rate.

Around three independent analysts told Reuters for the Oct in 2010 you to definitely Kirill’s overall carrying away from 21.step 3 percent try really worth no less than $dos mil. That was basically conventional. Into the Dec. eleven, brand new Chinese oils team Sinopec accessible to shell out $step 1.34 billion for just 10 percent of the business.

Full circle

With his miracle relationship in the Igora ski resorts with his monetary good fortune, Kirill Shamalov encapsulates trick areas of today’s Russia. The Putin time has its sources inside the St. Petersburg, where chairman began his governmental profession. Their family relations about Ozero dacha collaborative, as well as aides the guy worked with in the St. Petersburg mayor’s work environment, went on so you can riches and you can influence as Putin consolidated their stamina.