"In the structure of" Rosoboronexport "I got thanks to Sergei Viktorovich [Chemezov]", - said in 2008 in an interview with the newspaper "Vedomosti" Mikhail Shelkov. In the 1990s, the graduate of MIPT worked at the bank "Yurak", Eurosibbank and the Russian Bank for Reconstruction and Development, and in 2001 became the head of the company "Oboronimpex", established by Rosoboronexport and Vnesheconombank to work with soft currencies.
"Rosoboronexport" was de facto led by Sergei Chemezov, a friend of Vladimir Putin, since his joint work in Germany. "Oboronimpeks", created for settlements with currencies, gradually turned into an investment division of "Rosoboronexport" with investments in shares of enterprises and real estate.
The way to $ 1 billion
In the early 2000s, VSMPO-Avisma, the world's largest titanium producer and supplier for Boeing, Airbus and Embraer, was involved in a shareholder conflict. On the one hand - the general director Vladislav Tetyukhin and his partner Vyacheslav Bresht, on the other - the Renova group of Viktor Vekselberg. When it seemed that in 2005 the conflict ended with the purchase of a block of shares owned by Renova, VSMPO-Avisma was interested in a third party, Rosoboronexport.
VSMPO-Avisma received a check from the employees of the General Prosecutor's Office, and the tax authorities also had complaints. "During the meetings it was clear that the state is committed to complete domination and 100% governance. I expressed my position this way: the life of a person is finite, the state is eternal, "said Tetyukhin Forbes. Shelkov went to the final negotiations in Frankfurt am Main with Bresht. The conversation was tough - threats were already heard from both sides, the source told Forbes. As a result, the transaction took place - in 2006, Oboronimpex became the owner of a 66% stake in VSMPO-Avisma, having borrowed about $ 1 billion in Sberbank and other banks.
The desire of the state to take control of a strategic enterprise evaporated six years later. At the end of 2012, the state corporation Rostekhnologii, which included Rosoboronexport, announced the sale of 45.4% of VSMPO-Avisma to a consortium of investors in Gazprombank and the top management of VSMPO-Avisma (5 people). At the same time, Rostekhnologii retained 25% + 1 share of the company.
According to Forbes, the deal turned out to be profitable for a consortium of investors. For his VSMPO-Avisma package, he paid only $ 180 million in cash, but at the same time he took on Rostekhnologii's debts to Sberbank ($ 495 million) and VTB (about $ 300 million). In the consortium Gazprombank received 25% - 1 share (also the bank owned the shares of VSMPO-Avisma directly), the top management of VSMPO-Avisma - 75% + 1 share. As the shares between the managers were not known, the source of Forbes said that the main beneficiary is Mikhail Shelkov.
Since the transaction took a little more than a year, when in February 2014 the top management of VSMPO-Avisma announced the purchase of 15% of VSMPO-Avisma shares from Gazprombank. According to the newspaper Kommersant, the transaction amount exceeded 14 billion rubles (the loan was again provided by Sberbank), and part of the deal was Gazprombank's withdrawal from the consortium for a "symbolic sum." As a result, the top management of VSMPO-Avisma was 65.27% of the company's shares.
Dividends and debts
In the quarterly report for the II quarter of 2017, VSMPO-Avisma Corporation for the first time fully disclosed the ownership structure. Cyprus Offshore Cador Enterprises Limited and Jivanta Ventures Limited own 30% - 1 share of the corporation, another 5.27% from CJSC Business Alliance Company. "Business Alliance Company" in turn through LLC "Industrial Investments" controls Cador Enterprises Limited and Jivanta Ventures Limited. And 90% of the "Business Alliance Company" belong to Mikhail Shelkov.
As of February 9, 2018 (the cut-off date for the Forbes billionaires rating), 65.27% of VSMPO-Avisma shares owned by Business Alliance and its subsidiaries cost 128.3 billion rubles or $ 2.225 billion.
And what about debts? The debt of Cador Enterprises Limited at the end of 2014 (this is the last disclosed report) was $ 1,047 billion, while the amount of bank loans was $ 406 million, and loans from shareholders (Industrial Investments) and related companies - $ 582 million and $ 32 million, respectively.
Jivanta Ventures Limited had a debt only to the shareholder - $ 318 million.
In "Industrial Investments", according to SPARK-Interfax, long-term debt at the end of 2014 equaled 51.2 billion rubles or $ 910 million.
And this debt coincides with the debts of Jivanta Ventures Limited and Cador Enterprises Limited to the "Industrial Investments" themselves, that is, the loan funds went through the chain - the "Industrial Investments" - Cypriot companies.
But since 2014, debts have declined. After gaining control over VSMPO-Avisma, Shelkov and his partners revised the company's dividend payments. If in 2012 the titanium producer charged 306 million rubles for dividends, then in 2016 - almost 15 billion rubles.
The long-term indebtedness of "Industrial Investments" in 2016, according to SPARK-Interfax, decreased to 42.4 billion rubles or $ 699 million (this is the latest published data). In 2017, after paying a record dividend, this amount could fall to $ 510-520 million, and the total debt of Industrial Investments and its subsidiaries decreased to $ 950 million (including bank loans and other debts of Cador Enterprises Limited).
That is, the "net value" of the assets of Business Alliance Alliance, net of debt, can be estimated at $ 1.275 billion, and 90% owned by Mikhail Shelkov at $ 1.148 billion. Still, Shelkov has a small personal stake in VSMPO-Avisma (1.1 %) worth $ 37 million.