Kirill Shamalov missed up to a billion

The fortune of Kirill Shamalov, whom the media called Vladimir Putin’s son-in-law, was $ 950 million. In 2017, he sold 17% of Sibur below the market.
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Co-owner of Sibur Kirill Shamalov dropped out of the number of dollar billionaires. According to Forbes, his fortune is $ 950 million. Now Shamalov owns only 3.88% of the shares of the petrochemical company, earlier in April 2017 he sold 17% of Sibur to another co-owner of the company, the richest Russian citizen Leonid Michelson. How much did this package cost him, the parties did not disclose, but Forbes found out the details of the deal.

According to a Forbes source familiar with the circumstances of the deal, Shamalov sold 17% of Sibur to Michelson "at about the same price as it bought" in September 2014 from another co-owner of the company, Gennady Timchenko. This is confirmed by the reporting under RAS for 2016 owned by Shamalov OOO Yauza 12, which owned the 17% stake in Sibur, and reporting for 2017 by Trust Mikhelson, which bought this share.

Long-term financial investments of almost 78.6 billion rubles appeared on the Yauza 12 balance sheet in 2014 and did not change over the following years - this is the cost of acquiring a 17% stake in Sibur. In an interview with Kommersant, Shamalov said that he bought this package on credit, which he received at Gazprombank against the security of shares. The Yauza 12 long-term loan was equal to 78.9 billion rubles in 2014, and by 2016 it had grown to 80.3 billion rubles.

Before the purchase of 17% from Timchenko, Shamalov already owned 4.3% of Sibur, he acquired this package during an option program for managers of the company in which he had worked since 2008. In 2015, Shamalov sold Sinopec about 0.42% of Sibur, and he had 20.88% left, which he owned until the deal with Michelson in 2017.

Prior to the acquisition of 17% of Sibur from Shamalov, Michelson owned 34.186%, part of this package was controlled by LLC Trust through OOO Olefininvest. The cost of this package is reflected in the reports of Trust for 2016 and amounted to 45.1 billion rubles. In 2017, the Trust's long-term financial investments increased to almost 123.6 billion rubles, that is, by 78.5 billion rubles - about the same amount as the long-term Yauza 12 investments were estimated. According to the accounting rules of RAS, the receipt of long-term financial investments on the balance sheet should be reflected at the acquisition price fixed by the purchase and sale agreement, if no revaluation was made before the end of the reporting period.

Thus, on possession of 17% of Sibur, Shamalov earned nothing, and having sold this package to Michelson, he also got rid of the debt (now Yauza 12 LLC has been liquidated).

Previously, Forbes estimated his fortune on the basis of his package for Chinese transactions, during which the entire Sibur was valued at $ 13.38 billion. In December 2015, the Chinese Sinopec bought 10% of Sibur for $ 1.338 billion rubles, in December 2016 The Silk Road Fund also bought 10% of Sibur, and Mikhelson told reporters that this deal went at about the same price as the first. However, the reports of Trust indicate that Kirill Shamalov sold his package cheaper.

Kirill Shamalov is the youngest son of Nikolay Shamalov, co-owner of the Bank of Russia, and long-time friend of President Vladimir Putin Prior to joining Sibur in 2008, he worked at Gazprom, Rosoboronexport, Gazprombank and the government staff. According to Reuters, Shamalov was married to Katerina Tikhonova, head of the Innopraktik Fund, who was called Putin’s daughter by Reuters and Bloomberg. In January 2018, Bloomberg, citing its sources, wrote that Shamalov and Tikhonov were divorced.

Shamalov first entered the Forbes list in 2016: the sale of 10% of Sibur to the Chinese state-owned company Sinopec for $ 1.338 billion, held in December 2015, allowed Shamalov Jr. to be assessed at $ 1.2 billion. In 2017, Forbes valued it at $ 1, 3 billion, in 2018 - $ 1.4 billion. He himself did not consider himself a billionaire.