Mikhelson wound up buying 57.2 per cent away from Sibur and you may Timchenko 37.3 percent. 5 per cent. Those executives provided Kirill Shamalov. By 2014, according to Sibur’s declarations, Kirill got extended his personal share in order to cuatro.3 % away from Sibur.

KIRILL’S COUP

Shortly after Mikhelson and you can Timchenko got pulled control over Sibur, the only method for everyone to locate a major share when you look at the the organization is for example ones in order to invest in sell some shares. The good news is to have Kirill Shamalov, Putin’s friend Timchenko are happy to market to him.

Timchenko and also the president’s the newest man-in-laws first started talks in the summer from 2013, centered on an interview Kirill offered for the Russian magazine Kommersant within the August this present year. The start of men and women talks are a few months immediately after Kirill had renowned his matrimony so you’re able to Putin’s child.

Into the , Kirill stepped off from his management character from the Sibur. However, he kept his shareholding and you may stayed with the because the member of brand new panel from directors. Four months later, on Aug. step 1, he entered a different company named Yauza twelve that is completely belonging to your.

The following month, Yauza a dozen ordered 17 percent from Sibur regarding Timchenko. One took Kirill’s stake from the petrochemical providers so you’re able to 21.3 %. Putin’s guy-in-legislation is actually today next largest shareholder from inside the Russia’s best fuel and you can petrochemicals chip.

Earlier this year, an excellent spokesman for Timchenko advised Reuters one his sales in order to Kirill Shamalov happened immediately following transactions with several audience and you can is actually in the an industry rate. The latest spokesman told you brand new business shown a policy off Timchenko’s carrying business, Volga Class, off diversifying the possessions.

It times, an excellent spokesman to own Volga Group advised Reuters: “The transactions that have been presented from the Mr Timchenko’s structures which have offers out-of Sibur – the purchase out of offers on team, the new income regarding the main display design so you’re able to K. Shamalov – had an industry reputation and you may taken place based on the industry valuation of your company.”

How could the fresh new then-32-year-dated Kirill afford eg a buy? An effective Reuters study of Yauza several accounts submitted towards the bottom regarding 2014 shows that the organization had borrowed 78.nine mil roubles (on the $step 1.3 million during the time). The source from the currency is the lending company where his aunt are an excellent deputy chairman. The credit came “off Gazprombank protected into the assets owned by myself,” Kirill informed Kommersant.

This new regards to the mortgage commonly known, but Kirill’s business seems to have borrowed the bucks affordably. Focus repaid immediately after he took the mortgage, according to the Yauza a dozen membership, amounted so you’re able to 343 billion roubles towards the end regarding 2014. You to means an annual interest around step 1.step 3 % in the event the loan first started whenever Yauza twelve bought this new Sibur offers, a good Moscow-built borrowing from the bank expert told you. The brand new analyst additional that due to the fact loan’s maturity big date is actually unknown, it’s unclear whether that rate of interest is different from the business price or not.

Utilising the lent $step one.step three mil, Kirill been able to find the 17 % share inside Sibur. The guy along with his spokesman refuted so you can specify exactly how much the guy paid, other than claiming it absolutely was market rates.

Three independent analysts advised Reuters during the Oct this present year you to definitely Kirill’s complete carrying of 21.3 percent are really worth at least $2 billion. That may was basically traditional. Towards Dec. 11, the fresh Chinese petroleum business Sinopec agreed to pay $1.34 mil for only ten percent of your organization.

Back to where it started

Together with his wonders marriage on Igora skiing resorts and his monetary fortune, Kirill Shamalov encapsulates key areas of the current Russia. The Putin era has its origins during the St. Petersburg, where president began his governmental field. His family members from the Ozero dacha collaborative, plus aides he caused from the St. Petersburg mayor’s work environment, went on to wealth and you will determine because Putin consolidated their stamina.