December 17 is closed, one of the biggest deals in Russia in 2015: second in the world in terms of revenue the company of Sinopec of China, acquired a 10% holding in the chemical "Sibur" (22 th place in the rating of RBC 500). Despite the crisis, customers will appreciate the company more than it ever was worth: $ 13.4 billion in the Chinese partners are the owners of "Sibur" - billionaires Leonid Michelson and Gennady Timchenko, as well as young businessman Cyril Shamalov, which Reuters news agency called the owner of the state. $ 2 billion and spouse alleged daughter of Vladimir Putin Katerina Tikhonova. The president himself, when asked RBC, neither confirmed nor denied the information about this relationship.
As Shamalov became co-owner of "Sibur"?
The only way to appeal to Cyril Shamalova personally presented by RBC in early October in Sochi, the second in the history of Russian race weekend, "Formula 1". Shamalov took place in the VIP-box companies Pirelli and followed the competition closely. "All Shamalova love cars", - told RBC them familiar. Cyril and his older brother - the headGazfonda Yuri Shamalov - regularly participate in the rally retromobiles that in late May in Moscow satisfied with the legendary company Chopard. In 2008, the brothers arrived at the Mercedes-Benz SEC 280 1970, and one of the last races were driving a "posh Mercedes rarity of the 1930s." From an interview with RBC Cyril Shamalov refused to advance considering preparing to become biased.
A graduate of the law faculty of St. Petersburg University, took the chair Shamalov vice president of administrative support "Sibur" business in 26 years. Before that, he had a short time to work in the "Rosoboronexport", "Gazprom" and Gazprombank, and then there was a three-year specialist in the Department of Economics and Finance of the Government. "Sibur" in 2008 was looking for the person responsible for relations with state authorities. The idea to invite her Shamalova belonged to the former president of the company Alexander Dyukov, said a source close to the "Sibur". Djukov himself confirms that he had discussed the appointment with Shamalova: in his words, "political heavyweight" at the time was "Sibur" too tough.
When in "Sibur" there was an optional program Shamalov, among other colleagues, it took (on 30 June 2015 by the former and current managers of the company owned 17.5% of shares). He bought shares in several rounds of the program and by the autumn of 2014 has collected more than 4% of the company.
In early September 2014 he "Sibur" has announced that the owner of 17% stake was sold to OOO "Yauza 12" and Cyril Shamalov is the sole owner of the company. Seller package made Gennady Timchenko. So Shamalov consolidated 21.3% of shares from the main shareholder Leonid Michelson remaining 50.2%, from Timchenko - only 15.3%.
"Sibur" significantly exceeds the cost of evaluation of other known assets Shamalova Bush. RBC found that since February 2013 he owns a house under construction area of 1429 square meters. m, located in the Odintsovo district of the Moscow region near the villages and Usovo Kalchugi (USRR data). In addition, to Reuters reported that at about the same time a young businessman Gennady Timchenko bought out the house and land in French Biarritz worth up to $ 4 million (Timchenko is not representative of the commentsruet). In Shamalova there is also interest in the joint with my father cement business (see. Infographic). What was the revenue Shamalova in "Sibur" is unknown, but it is unlikely to exceed the annual salary of its chief Dmitry Konov, who Forbes at the end of 2014 is estimated at $ 5.5 million. As a young businessman could finance such a big deal?
Dentist with a knowledge of German
Cyril Shamalov comes from a wealthy family. His father Nikolai Shamalov once even appeared on the Forbes list: in 2011, the magazine estimated his assets at $ 500 million (then ranked 198th place). Since then, he never again was one of the 200 richest Russian businessmen. Familiar Nicholas Shamalova say that he is now reportedly more interested in hunting and his livestock farms than large businesses (more on this - in the infographic).
Nevertheless, in 2014 Shamalov Sr. came under the sanctions of the European Union, which the authorities referred to the businessman Putin's inner circle, justifying it by the fact that both were cofounders dacha cooperative "Ozero". Nikolai Shamalov really friendly with Putin, and evenwas on his birthday this year, confirmed a source in the Kremlin administration RBC (President's press secretary, Dmitry Peskov, it does not comment).
Dentist, before the start of the 1990 Shamalov worked in Leningrad on specialty, says one of the friends Shamalova. Your dentist may have been connected and early Shamalova business: as the data of the Registration Chamber of St. Petersburg (Integrum contained in the database), in 1994 he became one of the founders of the company "Masterdentservis". Experienced physician knowledgeable of the German language, Nicholas Shamalova calls and Alexei Eyrikh, his former colleague in the medical unit of the Siemens Group in St. Petersburg.
Representative Siemens Shamalov began in 1992 and has worked in the company for over 15 years. Eyrikh recalls that Shamalov was "extremely successful" in the medical equipment sales and in some years, "single-handedly made up 80% of the plan." The Germans, he said, did not stint: alone annual bonuses manager could exceed € 100 thousand.
The only version of how at Shamalova Sr. appeared serious capital, outlined in the scandalMr. Sergey Kolesnikov letter entrepreneur Dmitry Medvedev (he wrote it in 2010, when a row with Shamalova and other partners and went abroad). Kolesnikov claimed that Shamalov collaborated with "Petromed-", which was engaged in the sale of medical equipment. Her owners were including Kolesnikov himself and his partner Dmitry Gorelov.
How to write "Vedomosti", with reference to Kolesnikov, "in the early 2000s, Nikolai Shamalov [...] addressed the" PETROMED "with a proposal from the" to provide funding for a number of major in public health contracts "Putin's name. "It has been said that finance contracts will be oligarchs, ready to charity to help the new president, and the funding requirement is translated" PETROMED "33% of the contract amount in the accounts abroad," - recounts the story Kolesnikov edition. Contributions according to a businessman, received from Roman Abramovich ($ 203 million) and Alexei Mordashov ($ 14.9 million). Mordashov later it did not comment, and a representative Abramovich said thatmoney goes to charity.
Newspaper Financial Times (FT), with reference to the documents provided by Kolesnikov reported later that a few tens of millions of dollars in equipment procurement remained in intermediary firms, whose owners were Shamalov, Gorelov himself Kolesnikov. Traces Putin FT documents not found. However, according to the publication, Shamalov and burned in 2004-2005 could spend the money (in the amount of at least 1 billion rubles.) For the purchase by 12.6% of the shares created in 1990 with the participation of Yuri Kovalchuk bank "Russia". "Russia" in turn, also began buying various assets, such as the bank has consolidated about 76% of Gazprom's main insurer SOGAZ.
Now Shamalova about 10% of the bank's shares, and this package is one of its most valuable assets. It is unclear whether it is possible to take into account capital Shamalova SOGAZ, which in 2014 "Russia" had to leave because of the risk of Western sanctions. Over the years, a total of SOGAZ paid more than 17 billion rubles. dividends. But the bank dividends against this background were minor.
Kolesnikov also wrote that seRedin 2000s he and Shamalova Gorelov and participated in the creation of "Rosinvest" through which also invested money from the sales of medical equipment. They "Rosinvest" and its structures bought assets: a shipyard in St. Petersburg, which won contracts to build two platforms for "Gazprom", 12.5% of the shares of the same SOGAZ; built a palace near Gelendzhik (after the letter Kolesnikova media began to call him "Putin's Palace"), participated in the national project "Health" and so forth.
The ultimate beneficiary "ROSINVEST" was Swiss Lirus Management AG. Information about its ownership in the official sources could not be found, but the head of the board of directors Lirus Jung Wissmann told RBC that the original company equally owned Shamalova, Kolesnikov and Gorelov.
"Rosinvest" in 2012 has been eliminated; According to the interlocutor of RBC Shamalova environment, it happened because of the reputational risks after the scandal with a letter Kolesnikov. The liquidation balance sheet "ROSINVEST" (a copy is in the RBC) said that at the end of 2010. Financemarketing investment firms amounted to 7.7 billion rubles, retained earnings -. 623 million rubles.
Donated whether Shamalova Sr. something from those assets, and money?
In late 2009, Shamalov "took full control of the company" Rosinvest "assets that at the time" significantly exceeded $ 500 million, "said Kolesnikov, RBC. Among them he named the land and winery in Gelendzhik district, 25% of Vyborg Shipyard (FAZ) 40% stake in the business terminal at Pulkovo, the land in the Nizhny Novgorod region, which has been allocated for the construction of a timber processing plant, and so on. (See. Infographic).
On the basis of the documents available to RBC we can conclude only that Nikolay Shamalov participated in liquidation "ROSINVEST". It follows from the minutes of meeting of shareholders of the company, which took place at the end of 2011 (a copy is in the RBC). That he had a power of attorney from Lirus Management founder of management of Russian "daughter". Technically, the liquidator made Elena Yaroshenko - a former colleague Shamalova Sr. at Siemens, thep-manager of several of its companies and the last CEO "ROSINVEST" from 2009 until his liquidation.
During its management "Rosinvest" sold some major assets, such as plant and Vyborg Riviera near Gelendzhik. As a result of a series of transactions Vyborg plant has replaced several owners and eventually came under the control of the state United Shipbuilding Corporation (USC). Package of 80% FAZ USC cost 1.8 billion rubles., 22% of shipyard shares immediately prior to the sale USC owned personally Shamalova (FAZ indicated in reporting). Manor "in the style of an Italian palazzo" near Gelendzhik about $ 350 million spent by businessman Alexander Ponomarenko, who claimed that the seller has performed Shamalov (wrote about it, "Kommersant").
Beneficiary "ROSINVEST», Lirus Management, these transactions have not received a penny, said RBC head of the Swiss company Viessmann. He estimates the loss of the founder of approximately $ 250 million. Lirus tried to challenge the decision on liquidation of the Russian courts, insisting that Shamalova attorney did not provide for rights to the sClosing the company, but lost in all instances.
RBC tried to contact Shamalova Sr. and handed him a request for a meeting by two of his friends. According to them, he refused. A source close to Shamalova argues that the foreign founder really lent "ROSINVEST" money for his projects. But at the time of liquidation, all calculations have been made and liabilities have been settled. Some "ROSINVEST 'assets were severely overvalued, according to the interlocutor of RBC. According to him, the only project "ROSINVEST", the share of which remained Shamalova, it is 40% in the VIP-terminal Pulkovo.
But neither the terminal nor the rest of the detected RBC Shamalova Sr. assets (see. Infographic) are not comparable to the cost of the package "Sibur" shares, which gained Shamalov Jr. Gennady Timchenko.
Some details of the deal with Timchenko Shamalov Jr. opened only a year after the purchase of "Sibur" - in an interview with "Kommersant". Despite the significant amount of the asset, the buyer argued that funded it without the help of his father, taking a pledge etc.rinadlezhavshih him credit in Gazprombank's assets (what it is and how much exactly in the interview was not specified).
Shamalov also said that the deal was cash, and all the "Sibur" for it was estimated more than $ 10 billion (ie a minimum of $ 1.7 billion, or 63 billion rubles. For 17% of the shares at the exchange rate at the time of the transaction). A source close to Gazprombank, says Shamalov almost entirely funded the transaction through a bank, but exactly how much he used personal funds - does not specify.
RBC has studied open data acquiring company, the sole owner of which, according to SPARK, is still Kirill Shamalov. "Yauza 12", according to SPARK, was established in August 2014, a month before the Purchases. Its registered capital is 10 000 rubles. The firm is headed by Larisa Isaeva, which, according to SPARC, in 2014 worked for about a month the CEO of LLC "New" - livestock project Shamalova Sr. in Karelia. From 2002 to 2004 it was headed by a full namesake of "acceptance" through which a distant relative of Vladimir Putin, Mikhail Shelomov owns minority stakes in the bank "Russia"and SOGAZ. She, according to SPARK, led the non-profit partnership "Russian League of Honorary Consular Officials", among the founders of which - the Honorary Consul of Thailand Yuri Kovalchuk, Honorary Consul of Bangladesh Sergey Fursenko (one of the founders of the "Lake") and the Honorary Consul of the Seychelles Victor Hmarin (classmate of Vladimir Putin).
From the balance sheet "Yauza 12" implies that at the end of December 2014 the company had two major financial items: long-term investments and commitments. Financial investments in the balance sheet can be investments in shares, obligations may be meant both to credit institutions and to the founder, says CEO of the audit firm "Starovoitova and Partners" Elena Starovoitova.
The size of long-term investments "Yauza 12" for the reporting period is 78.6 billion rubles. This is the equivalent of $ 2.1 billion at the rate of 5 September 2014, when the deal was announced between Timchenko and Shamalov. Rather, on the basis of rules and data RAS balance this is the purchase price "Yauza" assets, believes Starovaova. This may mean that the entire "Sibur" at the time of the transaction with the company Shamalova was valued at $ 12.35 billion.
Of the balance, you can make a conclusion about the debt "Yauza 12". At the end of 2014 they amounted to 78.9 billion rubles .. The reports also indicated the interest that following the results of 2014 was to pay the company: 343.7 million rubles. (Although it is unclear for how long they have been charged).
A source close to Shamalova insists that to make any payments on the loan on the basis of statements "Yauza 12" is incorrect, because Gazprombank took not this company and its shareholders. How and under what conditions he took Shamalov, whether used in the transaction of his personal funds, RBC interlocutor refused to clarify.
Shamalov caters loan due to the money coming to him as a dividend on the shares of "Sibur", and now these payments him missing, told RBC sources close to the businessman and close to Gazprombank. During 2014 he was to receive about 3.7 billion rubles.
To cater for the credit of the dividend stream of the company, its provisions must be strictly individual, says Director of Corp.porate ratings, managing director of rating agency "Expert RA" Pavel Mitrofanov. When the market rate (not less than 10% per annum at the time, said two bankers RBC) and uniform repayment term of the loan would have been unrealistic long - many tens of years, he said. According to him, the loan was structured specifically for the transaction and takes into account many factors: for example, the payment of principal on the loan could be delayed for several years, and at the beginning of the client puts out interest only. The borrower can thus expect that in the future will sell part of its stake and thus be able to repay the principal part of the obligations, says Mitrofanov. "As a rule, in the banking practice for large transactions formed special conditions" - agrees to S & P analyst Sergey Voronenko.
Nevertheless, no one except Shamalova, did not dare to take on such commitments: Timchenko offered shares "Sibur" and the other managers of the company, according to a representative of a businessman. Among refused and was Dyukov, who now heads the "HARQom oil "and is included in the directors' board of Sibur". "Some [of managers] to find financing and debt service were unrealistic, and some did not want to", - he explained to RBC.
Run the debtor
Can we consider a loan of 60-80 billion rubles. largest in terms of Gazprombank? All of its loan portfolio in September 2014 exceeded 2.5 trillion rubles. Against this background, the alleged loan Shamalova does not seem significant. On the other hand, it is almost a quarter of all bank loans to natural persons (290 billion rubles. At the time).
Nevertheless, the Central Bank set limits for one borrower in a transaction with Gazprombank Shamalova not broken, experts say. "We proceed from the assumption that Gazprombank does not violate regulatory requirements", - says Voronenko from S & P. Under the rules of the Bank shall not issue more than one borrower to 25% of the equity. At the end of 2014 the bank's own funds amounted to about 500 billion rubles., Says Voronenko. It turns out that the bank could safely provide one borrower up to 125 billion rubles.
The Code of Corporate Management of GazprombankOVOR that large transactions should be imposed on the Board of Directors (as far as large, the document is not specified). The Board of Gazprombank enters the elder brother Cyril - Yuri Shamalov. For more than ten years he headed Gazfond - Russia's largest pension funds and major shareholder of Gazprombank.
Any large loans from compulsory discussion process on the credit committee, says Voronenko. Does it require the approval of the board or the board of directors - depends on the bank's internal regulations. But from the standpoint of Russian legislation was no conflict of interest, the expert believes that in Russia is not prohibited banks to lend to affiliated and dependent persons. Press service of Gazprombank on request RBC did not answer.
The agency Fitch on December 11 affirmed the long-term default rating of "Gazprombank" at the level of BB + (outlook - "negative"). "We analyze all major transactions of the bank, but make decisions based on a combination of factors," - said Fitch director Alexander Danilov (it does not deal with the comments Shamalova). Fitch decision due to "very high readinessRussian authorities to provide "support for the bank in case of need, according to a press release from the agency. In 2015, Gazprombank was 164.2 billion rubles. state support.
December 11, 2015 Foreign Investment Commission under the leadership of Prime Minister Dmitry Medvedev has approved a major deal with the Chinese petrochemical giant Sinopec: the second largest company in the Fortune Global 500 to buy 10% of shares "Sibur". The fact that the deal is closed, it was announced on Thursday. For her, the Russian company has already estimated at $ 13.4 billion, that is $ 1 billion more than the company expected to cost in September 2014 during the transaction with the "Yauza 12".
Leaders of "Sibur" have long known that the company's strategic partner may appear. Negotiations on the deal with Sinopec began in 2013, RBC reported a source familiar with the negotiations, and the manager of one of the advisory banks. A publicly announced that it was only in September 2015 during a visit to China, Vladimir Putin.
By 2020, the company's value can be increased by the amount still to $ 1.5 billion, according to analITIC Gazprombank's oil and gas sector Dyshlyuk Eugene. So many "Sibur", in her estimation, may add only one project - "Zapsibneftehim", the start of which the company announced in 2014. Thanks to him, the company's revenue will grow by 25-30%, to about $ 11 billion, analysts Moody's wrote in a recent report. For the "Sibur" it will be the largest construction project in the history. The cost of it is estimated at $ 9.5 billion. After the collapse of the ruble in 2014 "Sibur" applied for state support of the project and, unlike many others, got it. In late October, Medvedev signed a decree on the allocation of the company's $ 1.75 billion from the National Welfare Fund.
The officials told RBC that the shares "Sibur" in a deal with Sinopec sold three of the largest shareholders - Michelson, Shamalov and Timchenko. Initially it was a question that the major owners of "Sibur" Sinopes sell securities in proportion to their shares, according to one of them (the main owner of "Sibur" Leonid Michelson told reporters that it was). For Shamalova it would mean the sale of a little more than 2%. But he realized the less contends sourcesto close to the "Ladoga Management": the share Shamalova decreased "significantly less than 1%." Officially, the new shareholders the distribution of shares in the company is not disclosed.
This spring Shamalov left with managerial positions in the "Sibur", retaining the seat on the board. He is ready to invest in other projects (some of them, see. In the infographic). Their selection is engaged in the management company Shamalova "Ladoga Management" led by former lawyer "Sibur" Denis Nikienko. Debt is not a hindrance, if purchased assets will have upside potential and will be able to provide cash flow to pay the creditors, says businessman familiar.
Petersburg communication played a role not only in business Shamalova Nicholas, but his eldest son, George. Own business he has not found out RBC. But more than a decade, Yuri Shamalov is important to management positions: since 2003 he headed Gazfond stretch, the largest NPF in Russia. At the end of September size of pension reserves Gazfonda amounted to 336.8 billion rubles., Nesion savings - 111.8 billion rubles.
Prior to joining Gazfond Yuri, like his father, he worked as a representative of Siemens, not only in St. Petersburg and in Moscow. "Submariner, he graduated from a military school, and knew German better Nicholas Terentyevich", - says Alexei Eyrikh, a former colleague at Siemens Shamalova senior. The appointment was for Yuri Gazfond surprise colleagues. Many decided to communications, believes the financier close to Gazfond: in 1993-1995 Yuri worked as a specialist in one of the offices of the St. Petersburg Committee for External Relations. His immediate superior was the current head of "Gazprom" Alexey Miller.
Six months after his appointment in Shamalova Gazfond NPF in Russia allowed to manage pension savings. Over the next ten years, their volume in Gazfonda increased from 138 million rubles. almost 112 billion rubles. - Now it is 6.7% of total savings under management Russian NPF. More than half a million customers Gazfonda for mandatory pension insurance (OPS) - a monopoly staff and its many former and current structures, "Sibur", "Gazprom-Media", Gazprombank"Gazprom oil" and others.
Major investments Gazfonda management agrees with the head of "Gazprom", says RBC source close NPF. Although formally Gazfond owns huge assets, but much of what is at the NPF - "untouchables assets" from which you can not get rid of without the consent of "Gazprom", says a former manager of the Criminal Code "Leader" (controls Gazfonda reserves). In particular, the package of "Gazprom" shares, shares of Gazprombank, MOESK, RSC "Energy" and others. "Gazprom" press service comment on it did not, saying only that "Gazfond" right to place pension reserves in its sole discretion. Press-service of "Gazfonda" RBC to the request is not answered. The representative of the Criminal Code "Leader" declined to comment.